Evening News ｜SBF released on $250 million bail; FTX and its creditors争夺 $450 million Robinhood stock

Organizer: flowie, ChainCatcher

"What Important Events Happened in the Last 24 Hours"

1. SBF Released on $250 Million Bail

SBF was taken to the U.S. by the FBI overnight after being released from the Bahamas on Wednesday, making his first appearance in a New York court facing felony charges in the U.S. SBF was released on a $250 million bail, secured by his parents. It is reported that SBF's release was secured by his parents' house in California and includes a long list of requirements. According to the agreement, he is not allowed to engage in financial transactions exceeding $1,000, cannot open new lines of credit, must stay home except for exercise, and must undergo drug abuse and mental health treatment. (Source link)

2. FTX and Creditors Compete for Approximately $450 Million Worth of Robinhood Shares

FTX has requested the U.S. bankruptcy court to assist in its fight for approximately $450 million worth of Robinhood shares. These shares are currently owned by Emergent Fidelity Technologies Ltd., which is 90% controlled by SBF. Besides SBF, FTX's creditor BlockFi and FTX creditor Yonathan Ben Shimon are also trying to gain control of these shares. It is reported that FTX creditor Yonathan Ben Shimon has been authorized by a local court to handle the Robinhood shares and is preparing to sell them. FTX claims that these shares actually belong to FTX and is seeking to freeze them until a bankruptcy resolution is implemented. (Source link)

3. Terra Founder Do Kwon Recently Found to Have Exchanged Bitcoin for Cash While on the Run

According to Digital Asset, on-chain data confirms that Terra founder Do Kwon recently transferred 9.64 BTC (worth nearly $190,000 at the time) from the LFG wallet to a Binance wallet after entering Serbia on November 8, marking the first time he was found to have exchanged Bitcoin for cash while on the run. It is reported that South Korean prosecutors believe Do Kwon recently entered Serbia, where cryptocurrency withdrawals are easier, and withdrew funds for his escape, and they are currently investigating further. (Source link)

4. Data: North Korean Hackers Have Stolen $626 Million in Cryptocurrency This Year, Setting a Record

According to data disclosed by South Korea's National Intelligence Service, state-sponsored North Korean hackers have stolen approximately $1.2 billion in cryptocurrency worldwide since 2017. Of this, about $626 million was stolen this year alone. The National Intelligence Service believes that North Korea's ability to steal digital assets is now considered the strongest in the world and states that since the United Nations strengthened economic sanctions in 2017, North Korea has focused on cybercrime. (Source link)

5. Core Scientific Approved for $37.5 Million Bankruptcy Loan from Existing Creditors

According to Reuters, U.S. Bitcoin mining company Core Scientific received court approval on Thursday to obtain a $37.5 million loan from a group of existing creditors to fund its Chapter 11 bankruptcy case. Core Scientific's lawyers stated that they are willing to accept better financing options from other lenders. Kris Hansen, representing the creditors providing the new loan, stated in court that despite the challenges Core Scientific has faced recently and the continuous decline in Bitcoin prices, existing stakeholders remain confident in the company's long-term viability. (Source link)

6. OKX Releases Second Proof of Reserves Report, Promises Regular PoR Reports

OKX released its second PoR report on December 23 on its official website. According to data from the OKX website, the reserve ratios for Bitcoin, Ethereum, and USDT all exceed 100%, standing at 101%, 103%, and 101%, respectively. Additionally, OKX has committed to regularly releasing PoR reports, with the next report expected to be published before January 20, 2023. Users can view the results of the two PoR audits on the page and can use self-verification features and open-source tools to verify their assets on OKX, with the option to download the data files from both audits when self-verifying on-chain assets. (Source link)

7. Proposal to Establish Ren Foundation and Mint New REN Tokens Approved

The proposal to establish the Ren Foundation and mint new Ren tokens has been approved, with voting ratios for minting amounts of 200 million, 150 million, 100 million, and 50 million tokens being 80.78%, 1.08%, 2.05%, and 10.97%, respectively. According to the proposal, the final number of new tokens minted will be the weighted average based on the voting ratios. (Source link)

8. Block.one's Bullish Cancels Merger with Far Peak

According to CoinDesk, Block.one's cryptocurrency exchange Bullish has canceled its merger plans with Far Peak Acquisition. Previously, in July 2021, Bullish announced a merger with the special purpose acquisition company Far Peak Acquisition, planning to go public on the New York Stock Exchange at a valuation of $9 billion. However, the merger faced multiple delays, and the parties set the termination date for the agreement as December 31, 2022, allowing either party to terminate the deal if the transaction could not be completed by the termination date. (Source link)

"What Interesting Articles Are Worth Reading in the Last 24 Hours"

1. “A Comprehensive Analysis: Why Does the SEC Believe FTT is a Security?”

The current assertion that FTT is a security comes from the perspective of the U.S. SEC, but it is not a final conclusion. In the U.S., whether a product or instrument qualifies as a "security" in a legal sense is ultimately determined by the courts. When the SEC believes that a market participant has issued unregistered securities and there is a dispute over whether such products qualify as securities, the SEC has the authority to file a lawsuit in court, seeking a final ruling on the nature of the disputed products.

The lawsuit filed by the SEC currently falls into this category. After all, when FTT is recognized as a security, the SEC's jurisdiction over the matter gains legitimacy. This article is divided into three parts to explain: What is a security under U.S. Securities Law? What types of cryptocurrency assets are considered securities? Why does the SEC believe FTT is a security?

2. “Binance Research: Summary of Layer 1 Developments in 2022 and Expectations for 2023”

In 2022, many noteworthy events occurred in Layer 1. From Ethereum's transition from PoW to PoS in September to the collapse of the Terra ecosystem in May. New Layer 1 projects also made significant progress, such as Aptos launching its mainnet, while Sui is expected to launch early next year. Binance Research summarizes the developments of Layer 1 in 2022 and the expected timelines for 2023.

3. “Looking Back at 2022, What Innovations Did Promising DEXs Bring?”

With the collapse of CEX giants, skepticism and demands regarding centralized trading platforms have increased, leading most attention to shift towards DEXs. The progress of DEXs in 2022 has been relatively steady, unlike the rapid advancements seen in CEXs, as they strive to innovate and contribute to crypto. Renowned DeFi researcher Lgnas summarizes the trends of DEXs in 2022, featuring both established DEXs and emerging industry players.