ChainCatcher news, in recent days, Bitcoin has recorded its largest three-day drop (-15%) since the FTX collapse. Markus Thielen, founder of 10x Research, stated in a report to clients on Wednesday that in the worst-case scenario, Bitcoin could drop to the range of $72,000-$74,000, followed by a potential rebound, and noted that there is a lag in the correlation between Bitcoin and global central bank liquidity indicators.Markus Thielen identified a key level of $82,000 by analyzing the realized price of short-term holders, which is the average price at which addresses holding tokens for less than 155 days purchased BTC, indicating that the potential demand zone is around $82,000 (which has been reached).Markus Thielen explained that historically, Bitcoin rarely stays below this level (the realized price of short-term holders) for an extended period during bull markets, while in bear markets, Bitcoin tends to remain below this level for a longer duration.

ChainCatcher news, former Alameda Research CEO Caroline Ellison will be sentenced on September 24. At the suggestion of U.S. prosecutors, she may receive a lenient sentence.In court documents submitted on September 17, U.S. prosecutors mentioned that Ellison provided "substantial cooperation" in the case against former FTX CEO SBF and assisted in the investigation of "the wrongdoing of Alameda Research and FTX." The prosecution stated that she provided "credible and compelling testimony" for the trial and admitted her serious misconduct in the collapse of FTX.Prosecutors seem to attribute most of the charges in the indictment to SBF but acknowledge that Ellison, as CEO of Alameda, "voluntarily participated in the wrongdoing."Ellison has previously pleaded guilty to seven counts of fraud and money laundering, and her attorney has requested that she be sentenced to time served and receive three years of supervised release.

ChainCatcher news indicates that according to recent court documents, FTX is seeking court approval to propose compensation to customers at an estimated value of $16,871 per BTC, $1,258 per ETH, and $16 per SOL. Additionally, FTX estimates the compensation price for AVAX to be $14.19 per unit, while stablecoins USDT, TUSD, and BUSD are trading a few cents below their $1 peg.FTX creditors have expressed strong criticism regarding this and suggested that customers who wish to oppose the motion should write to the judge overseeing the bankruptcy case. It is reported that customers holding opposing views will be able to submit their objections by January 11, 2024.

ChainCatcher News, U.S. Federal Judge Lewis Kaplan denied SBF's request to extend the sentencing process and postpone the acceptance of interviews with the U.S. probation and pretrial services system. SBF's lawyers requested on Wednesday to delay the sentencing hearing originally scheduled for March 28 next year by four to six weeks, stating that the U.S. Department of Justice may conduct a second review of the bank fraud and Foreign Corrupt Practices Act conspiracy charges on March 11.The judge denied the motion, stating that the defense did not raise any objections when the date for the sentencing hearing was initially set. If the Department of Justice does decide to pursue additional charges, the sentencing may be delayed.

ChainCatcher message, Lookonchain monitoring shows that 2 hours ago, FTX associated address unstaked 1.5 million SOL (90 million USD) and transferred it to a new address, which had previously transferred 4.13 million SOL (approximately 248 million USD) to Coinbase.

ChainCatcher News, U.S. CFTC Chairman Rostin Behnam stated in an interview with CNBC that the current cryptocurrency landscape has not changed since the FTX collapse and may face another FTX-type event. The CFTC lacks the authority to comprehensively regulate the digital commodity market.To prevent this from happening again, Congress must provide the CFTC with appropriate powers. The CFTC Chairman had urged the Senate Banking Committee in December 2022 that lawmakers need to take swift regulatory action to establish guardrails and mitigate risks; otherwise, cryptocurrencies will be unsafe for investors and could pose greater risks.

ChainCatcher news, according to court documents cited by Bloomberg, Ross Rheingans-Yoo, a former trader at Jane Street who was hired by SBF to assist with FTX's charitable donations, stated that FTX owes him a remaining $275,000 bonus and denied allegations from FTX's new management that he assisted and conspired with SBF in misconduct while working with the company's charitable department. The dispute involves approximately $71.5 million of mixed funds from customers and the company, which FTX's bankruptcy advisors believe was taken by the exchange's charitable organization, the FTX Foundation, and a nonprofit called Latona Bioscience Group led by Rheingans-Yoo.

ChainCatcher news, according to CoinDesk, the proposed settlement agreement by FTX seeks to pay 90% of the remaining assets after the FTX bankruptcy proceedings to creditors. Lawyers representing some creditors are currently working to garner enough investor support to realize this agreement.This 90% allocation represents a portion of the remaining funds after the bankruptcy proceedings conclude, rather than 90% of the funds that people initially invested in FTX.com. Therefore, when all is said and done, the amount of funds returned to FTX users remains uncertain.If the settlement proposal is approved by creditors, it will still require approval from the bankruptcy court.

ChainCatcher news, the official account of FTX creditors stated on social media that, after extensive discussions with the special committee for non-US customers, the unsecured creditors committee, and the plaintiffs in the class action lawsuit, a settlement has been reached regarding the customer property dispute: if approved by the bankruptcy court, the settlement agreement will create a special deficiency claim to benefit customers. As proposed by the FTX debtors in July, it will also facilitate making offers to eligible customers for the agreed amounts. All relevant creditor representatives have agreed to support the related amended reorganization plan to be submitted on December 16, 2023.

According to ChainCatcher news and a report by CoinDesk, based on a legal document, FTX founder Sam Bankman-Fried (SBF)'s lawyers want to ask FTX co-founder Gary Wang whether he relied on legal advice when agreeing to a series of loans to the affiliated hedge fund Alameda Research. Prosecutors have been investigating the approximately $200 million to $300 million in loans Gary Wang received from Alameda Research, which he used for venture investments and to purchase a house for himself in the Bahamas. SBF believes that the involvement of lawyers indicates he was unaware that the company loans were improper, and thus requests Judge Lewis Kaplan to allow questioning Gary Wang on this matter.Gary Wang is expected to complete his testimony later on Tuesday, followed by former head of Alameda Research and SBF's ex-girlfriend Caroline Ellison. Both Gary Wang and Caroline Ellison have pleaded guilty and are cooperating with investigators.

ChainCatcher news, according to Bloomberg, after the collapse of FTX last November, Binance launched the Web3 Industry Recovery Initiative (IRI) and publicly disclosed a wallet address containing 1 billion BUSD. However, wallet analysis to date shows that less than $30 million has been deployed since the project's launch. Of the nine designated participants, only one has committed all of its promised funds. As part of the program, the only investment publicly disclosed by Binance is the announcement in February to purchase a majority stake in the South Korean cryptocurrency exchange GOPAX for $15 million. Binance stated that it is awaiting final approval from local regulators to complete the transaction.A Binance spokesperson stated that the IRI has funded 14 projects but declined to disclose the names of these projects or the specific amounts of funding provided, and that the IRI is still accepting applications. A source familiar with the matter indicated that cryptocurrency market maker GSR evaluated 60 applications received through the IRI, but none aligned with its strategy. It was previously reported in March that approximately 985 million BUSD was transferred from Binance's industry recovery fund to Binance.Meanwhile, the crypto asset industry continues to face a cash shortage, and the company is laying off employees to stay afloat. PitchBook data shows that the funds raised in September amounted to $508 million, the lowest level since November 2020.

ChainCatcher news, according to The Block, U.S. Federal Judge Lewis Kaplan has ordered that several witnesses proposed by SBF be prohibited from testifying in next month's trial, including British lawyer Lawrence Akka, president of consulting firm Tom Bishop & Associates LLC Thomas Bishop, head of consulting firm Maxwell Consulting Joseph Pimbley, director of consulting firm Guidepost Solutions Brian Kim, law professor at Capital University Law School Bradley Smith, managing director of consulting firm PVA Toucan International Peter Vinella, and assistant professor at the University of Michigan's Ross School of Business Andrew Di Wu. The prosecution had previously requested the judge to bar these 7 witnesses from testifying, partly because they do not meet the standards for expert testimony.Additionally, despite objections from SBF's lawyers, government expert Peter Easton will be able to testify and discuss the client's fiat currency deposits.

ChainCatcher news, according to Blockworks, FTX has opposed BlockFi's bankruptcy plan, stating that there are still certain fundamental flaws and that the plan unfairly discriminates against FTX claims in some aspects, requesting the court to dismiss the plan.The document states that FTX debtors do not seek to prevent BlockFi debtors from returning funds to creditors, but must ensure that any plan is fair to FTX creditors in the absence of a consensus resolution.

ChainCatcher news, Tron founder Justin Sun stated on social media that he is considering acquiring the tokens and assets held by FTX to mitigate the impact of its sell-off on the crypto community.Previous news shows court documents indicating that FTX has approximately $7 billion in assets, of which $3.4 billion is in cryptocurrency, including $1.16 billion in Solana (SOL) and $560 million in BTC.

ChainCatcher news, FTX's debtors submitted a document to the bankruptcy court detailing the massive cash transfers and purchases made by former FTX CEO Sam Bankman-Fried and other company insiders. It is reported that the section titled "Non-Personal Bankruptcy Financial Statements" indicates that SBF received over $1 billion in cash transfers in the year leading up to FTX's bankruptcy.According to court documents, SBF received a cash transfer of $68.3 million on August 8, 2022, and a cash transfer of $200 million on May 26, 2022. The document lists other transfers made to SBF, including $100 million received on June 7, 2022, as well as several transfers of $10 million each. The document also shows that FTX funds were used by former Alameda Research co-CEO Samuel Trabucco to purchase a yacht valued at over $2.5 million.Additionally, the document details other significant purchases, including real estate worth millions of dollars purchased in the names of insiders such as former Alameda CEO Caroline Ellison. Transfers made by insiders to political groups are also listed, such as a $500,000 donation made in the name of FTX co-founder Nishad Singh to the People for the Progressive Governance organization.

ChainCatcher news, according to CoinDesk, reports that Genesis has submitted a revised liquidation plan according to court documents, while mediation talks regarding the funds owed by its parent company DCG are still ongoing. The document states that the latest restructuring plan "reflects a substantial agreement on certain key issues."The plan indicates that there are disputes over claims between DCG and the bankrupt Three Arrows Capital (3AC), suggesting that creditors will not be able to recover all of their claims.Additionally, DCG's creditors will be treated the same as other unsecured creditors but will not benefit from any proceeds arising from the debts owed by the parent company. In January of this year, DCG stated that it owed Genesis Capital $526 million, which is due in May 2023, along with another $1.1 billion in promissory notes due in June 2032.Claims related to FTX and Alameda Research should not be allowed to benefit from any recovered fraudulent transfers. FTX claims that Genesis owes it $3.9 billion, which Genesis denies. In another document submitted on Tuesday, FTX stated that its claims against Genesis should be adjudicated as part of its litigation proceedings in Delaware. (CoinDesk)