Daily Archives: 3. Januar 2023

SCB Denies FTX’s Claim of $300M FTT Token Minting in 2022

Published by:

• On December 12th and 13th, 2022, John J Ray III, CEO of FTX and representative of the Chapter 11 Debtors in the U.S., made a statement claiming the Securities Commission of the Bahamas (SCB) had instructed FTX to mint $300 million in new FTT tokens in 2022.
• On January 2, 2023, the SCB released a statement denying these allegations and claiming that they were promoting mistrust in public institutions in the Bahamas.
• The SCB also addressed how it took possession of digital assets under the custody of FTX Digital Markets Ltd (FTXDM) and accused Mr. John of not contacting the SCB to address his concerns.

On December 12th and 13th, 2022, John J Ray III, CEO of FTX and representative of the Chapter 11 Debtors in the U.S., made a startling claim. In court filings, Mr. John claimed that the Securities Commission of the Bahamas (SCB) had instructed FTX to mint $300 million in new FTT tokens in 2022. This statement was made without evidence before the United States House Financial Services Committee and received widespread international media coverage. The Chapter 11 Debtors also alleged that digital assets controlled by the SCB in trust for the benefit of FTX customers and creditors were stolen, without providing any substantiating evidence.

On January 2, 2023, the SCB released a statement denying these allegations and claiming that they were promoting mistrust in public institutions in the Bahamas. The SCB also addressed how it took possession of digital assets under the custody of FTX Digital Markets Ltd (FTXDM) and accused Mr. John of not contacting the SCB to address his concerns. The SCB sent a letter to Mr. John on December 7th, 2022 offering cooperation with the Chapter 11 Debtors, but has not received a response.

The SCB also noted that the false and misleading statements made by Mr. John could have a negative effect on the reputation of The Bahamas in the global financial system. The SCB clarified that the digital assets under the control of the SCB are not stolen, but are instead being used to protect the interests of FTX customers and creditors. The SCB also noted that it has implemented appropriate measures to ensure the safety of customer funds and that it has not authorized any minting of FTT tokens.

The SCB concluded its statement by stressing that it is committed to protecting the integrity of the financial system in The Bahamas. The SCB also warned that it will take necessary action to protect its reputation and that of The Bahamas if it becomes necessary.

MakerDAO Set to Reach New Heights: Long-Term Prospects Remain Promising

Published by:

• MakerDAO is a prominent project that focuses on the promotion of decentralized exchanges and stablecoins.
• Maker had shown an immense price surge in the past, attracting many to invest huge liquidity.
• The crypto market has been in a bearish trend for over a year, wiping out billions in valuation from the industry.

Cryptocurrency has become an increasingly popular means of exchanging value, and with the rise of decentralized exchanges and stablecoins, the industry has witnessed a massive boom in the past few years. One of the leading projects in this field is MakerDAO, a decentralized finance (DeFi) platform based on the Ethereum blockchain. MakerDAO offers a range of services, including a stablecoin called DAI, a decentralized autonomous organization (DAO), and a decentralized margin trading platform.

In recent times, Maker has shown immense price appreciation, with the MKR token surging to an all-time high of $763.89 in December 2020. This immense price appreciation has led to a surge in the liquidity of Maker tokens, as many investors are looking to invest in the MKR token in order to take advantage of the potential upside.

However, despite the immense potential of the Maker project, the crypto market has been facing a bearish trend for the past year, wiping out billions of dollars in valuation from the industry. This has led many investors to become wary of investing in cryptocurrencies, as there is no guarantee of any significant price appreciation in the near future.

Despite this, the long-term prospects of MakerDAO are still very promising. The team behind the project has been working tirelessly to ensure that the platform continues to function efficiently and that users have access to the most up-to-date features. The team is also in the process of building a decentralized derivatives exchange, which would allow users to trade derivatives on the platform.

If the team is able to deliver on their promises, then the MKR token could have the potential to surge as high as $4165.32 by the end of 2025. This would mark an incredible price appreciation for the token and could pave the way for the industry to become even more competitive.

Therefore, while the current bearish trend may be dampening the sentiment in the market, the long-term prospects of MakerDAO remain very promising. With the right strategies and plans in place, Maker could be the catalyst that drives the market back to its bullish state in the upcoming years.