ChainCatcher news, Treasure DAO's chief contributor John announced that due to deteriorating financial conditions, they are facing a restructuring and will terminate game operations and Treasure Chain. Documents show that their annual operating expenses reach up to $8.3 million, while the current treasury only has $2.4 million left, which is expected to last only until July 2025.Chief contributor John has resumed a leadership role, revealing that the team size once reached 40 people, with an annual labor cost of $6.1 million and infrastructure costs of $3 million, of which the fixed annual cost for Treasure Chain is $450,000. Facing survival pressure, the DAO has laid off 15 people and decided to terminate game publishing support and Treasure Chain, assisting partners in migrating to other chains.To extend the funding runway, John proposed to withdraw the idle $785,000 from the market maker Flowdesk. If approved, the stablecoin balance will increase to $3.2 million, allowing operations to be optimistically extended until February 2026. Additionally, the ecological fund holds 22.3 million MAGIC (valued at $2.3 million), but if the MAGIC price plummets, the DAO may struggle to survive between December this year and February next year.The future strategy will focus on four major products: Market, Bridgeworld, Smolworld, and AI agent expansion technology, aiming to showcase the application potential of MAGIC through Smols and Bridgeworld, and to develop the Neurochimp agent to enhance market competitiveness. Community conference calls and governance proposals are forthcoming, including the retirement of Treasure Chain and adjustments to market positioning, with the goal of reversing the current downturn through streamlined operations.According to the crypto asset data platform RootData, Treasure DAO completed a $3.5 million financing through token sales in 2022, led by Digital Strategies Guild, with participants including 1kx, Neon DAO, ID Theory, Arbitrum, Skycatcher Crypto, IOSG, Alchemy Ventures, IndiGG, StreamingFast, and others.

ChainCatcher news, according to official news from Mask Network, the decentralized social protocol Mask Network has announced a significant restructuring of its ecosystem MaskDAO. In this restructuring, three Web3 social projects, Next.ID, Web3.Bio, and Firefly, will operate as independent projects, all under the management of MaskDAO.Mask Network founder Suji Yan stated that this spin-off will allow each project to independently expand their teams, promote product innovation, and conduct token economic simulations for fundraising.

ChainCatcher news, the court has approved the FTX Chapter 11 reorganization plan to take effect on January 3, 2025, and today has been set as the record date for the first distribution. BitGo and Kraken have been designated as the FTX distribution partners to assist customers and creditors in the allocation of recovery funds. Users are required to complete requirements including KYC verification, tax form submission, and coordination with designated service providers. Claiming users must complete the necessary steps in a timely manner to ensure a smooth distribution process. The first distribution is expected to be completed within 60 days after the effective date.

ChainCatcher message, according to Arkham monitoring, the address marked as MicroStrategy: Coinbase Prime Custody transferred 3,174 BTC, 3,269 BTC, and 2,026 BTC to three new addresses 6 hours ago, totaling approximately $794 million.It is understood that a similar operation had previously occurred with MicroStrategy-related addresses, which were later confirmed to be another Coinbase custody address of MicroStrategy, so it is speculated that this transfer is for internal reorganization.

ChainCatcher news, according to a press release, FTX and its affiliated debtors announced that the court-approved Chapter 11 reorganization plan will officially take effect on January 3, 2025. The first round of distributions will commence within 60 days after the effective date, exclusively for approved creditors in the Convenience Classes. FTX has reached agreements with cryptocurrency custodian BitGo and exchange Kraken to provide asset distribution services for retail and institutional clients.To qualify for the first round of distributions, users must complete the following steps before January 3, 2025:Log in to the FTX debtor client portalComplete KYC verificationSubmit the necessary tax formsOpen an account with BitGo or KrakenFTX CEO John Ray III stated, "Over the past two years, our professional team has successfully recovered billions of dollars in assets. The effectiveness of the reorganization plan in January 2025 and the commencement of distributions reflect the significant results of our asset recovery efforts." For transferred claims, only assignees who complete processing before the record date of January 3, 2025, and whose 21-day objection period has expired will be eligible for distributions. FTX Digital Markets Ltd. (FTX DM) will announce its client distribution process separately.

ChainCatcher news, according to CryptoSlate, a creditor group led by Sunil Kavuri opposes the reorganization plan proposed by the FTX bankruptcy administrators. According to documents submitted to the court on June 5, the creditors pointed out that the plan did not pass the best interest test and contained terms that were not in the creditors' interests, while also ignoring property rights issues.The creditors stated that cash payments would result in customers needing to pay taxes on the cash received. They suggested using physical payments to avoid tax issues. The creditors further stated that FTX must update the disclosure statement regarding the settlement with the Internal Revenue Service (IRS). Under the settlement plan, the IRS will receive $200 million in priority claims within 60 days of approval. An additional $685 million in subordinated priority claims will be paid after customers receive full compensation.It is reported that on May 7, the FTX bankruptcy administrator announced the reorganization plan, under which creditors would receive full cash repayment. According to the plan, creditors with claims under $50,000 would be eligible for 118% compensation within 60 days of court approval. Other non-government creditors would also receive full compensation and up to 9% interest compensation.

ChainCatcher news, the final joint hearing for the bankruptcy exit of Bitcoin mining company Core Scientific has been postponed from December 22 to January 10 next year. An additional global settlement plan has been reached, and the deadline for equity issuance has been extended to December 28.

ChainCatcher message, according to Cointelegraph, FTX debtors submitted a revised reorganization plan. According to the plan documents, the value of the debt will be determined by converting the value of the crypto assets into cash at a specified conversion rate based on the token value as of November 11, 2022.

ChainCatcher message, Arkham data shows that at 17:06:08 Beijing time today, 10,000 BTC were transferred from Binance cold wallet to Binance hot wallet.

ChainCatcher news, according to CoinDesk, an email sent by BlockFi to creditors shows that BlockFi's creditors have approved its bankruptcy reorganization plan. BlockFi stated that this reorganization plan has received approval from over 90% of creditors, which will allow BlockFi to recover assets lost due to the collapse of cryptocurrency exchange FTX and Three Arrows Capital. BlockFi also mentioned that the plan still requires approval from the bankruptcy court to be finalized.

ChainCatcher news, according to the official Twitter, the official committee of unsecured creditors of Celsius will hold a webinar on August 21 to disclose the Celsius bankruptcy reorganization plan, launching several sessions on specific topics, including the voting that creditors can undertake under the plan and how to fill out the ballot.