FTX Settles for a Whopping $12.7 Billion With CFTC After Crash
Daily Top Performer — Dymension (DYM)
The SPX index was up by 0.64%, as positive U.S. retail sales data supported the belief that the Federal Reserve will drop rates to reduce inflation. The broader cryptocurrency market was also up, with Bitcoin and Ether rising by 1.47% and 0.33%, respectively, in the past 24 hours.
Today's top performer is DYM, which surged 17.1% after Dymension announced that Dymension Name Service (DymNS) is coming soon.
Dymension (DYM), launched in February 2024, is a blockchain focused on improving the crypto user experience. They have announced the upcoming launch of its Integrated Name Service (DymNS), which is similar to the Ethereum Name Service (ENS). DymNS will allow users to use human-readable usernames instead of complex blockchain addresses, and it will work across multiple blockchains and RollApps under one unified system to improve user experiences across different blockchains and applications within the Dymension network. Set to launch as part of Dymension's upcoming "3D upgrade," DymNS could significantly lower the barrier to entry for new crypto users by simplifying complex wallet addresses into familiar, email-like formats.
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Talk of the Town:
FTX has agreed to a $12.7 billion settlement with the Commodity Futures Trading Commission (CFTC) following its collapse last year. The fallout ensued after an alleged misappropriation of customer assets prompted legal action, leading to the company's closure in November 2022. FTX will pay $4 billion in disgorgement fees as part of the settlement. This arrangement clarifies the size of the allowed CFTC claim and helps expedite the Chapter 11 cases toward resolution, potentially leading to faster payouts for other creditors and customers. Known for enabling customers to buy, sell, and wager on future cryptocurrency prices, FTX drew significant attention following the arrest of co-founder Sam Bankman-Fried. The CFTC first raised accusations of fund misuse in December 2022. With the hefty settlement, FTX's major missteps seem nearing resolution.
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Spot Bitcoin ETF Flows:
Category | Flow (millions) |
GBTC | 0.0 |
Non-GBTC | 162.3 |
Total | 162.3 |
Bitcoin's recent surge to $65,210 on July 16 can be attributed to a break from heavy selling, as indicated by on-chain data from Glassnode. A significant factor in this rally was the end of a sell-off by the German government, which had largely occurred when Bitcoin's price was around $54,000, preventing it from dropping further. The slump to $53,000 was also influenced by anticipated repayments from the defunct Japan-based crypto exchange Mt. Gox and additional Bitcoin sales by the German government. On July 15, over $300 million was invested in 11 US-based ETFs, reflecting strong market sentiment for Bitcoin.
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Airdrop to Watch:
Infinex is enhancing its UX layer with an airdrop of 1,000,000 $PYTH to users who opened crates within the first 24 hours of crate opening for Craterun. This distribution, taking place on July 13, 2024, will see each 2,023 eligible users receive 494.32 $PYTH. The Infinex Treasury has aligned with Pyth Network, using Pyth Entropy to ensure prize randomness. Infinex’s engaged community, Pythians, recently benefited from a Governance Point airdrop under XIP-44. The $PYTH airdrop aims to strengthen the connection between Infinex and Pyth protocols. Eligible users will see $PYTH as a liquid asset in their Infinex Account and can stake it to boost Craterun rewards. Additionally, users will earn an “Early Craterunner” badge, marking their early platform involvement. Infinex plans to expand partnerships with protocols like Curve, Wormhole, and Synthetix to provide more functionality for its community.