The weekend before, FTX along with its associated debtors wrote letters to politicians as well as PACs and other beneficiaries of money to repay contributions made by the cryptocurrency exchange, which was once estimated at $32 billion.
Even if recipients made use of the money to pay or for donations, FTX wants them to transfer the money and then return them.
The group, which is self-described “FTX Debtors” did not reveal who was involved, but the letters were sent to people who received payment from FTX creditors or the former CEO of the exchange, Sam Bankman-Fried.
Most of Bankman Fried’s donations were traced back to Democrats However, he said during an interview to reporter Tiffany Fong that he donated “about the equivalent quantity” in his Republican Party as well. “That was not widely known,” he added.
The top one-time recipient is Protect Our Future, a PAC that seeks to “help select candidates who will be advocates for the prevention of pandemics.” It was awarded $28 million in funding from Bankman-Fried according to OpenSecrets.
He also donated to Democratic senators Debbie Stabenow, Kirsten Gillibrand, Maggie Hassan, and Cory Booker in addition to Republican senators John Boozman, Lisa Murkowski, and Susan Collins.
The deadline for remitting funds will be at the end of the month, and candidates and political parties could be able to make an appearance in response to the call for donations. If those donations are returned is yet to be decided, and it could be just the first step in the long, drawn-out legal battle to allow FTX to recover money.
This week on web3
The efforts of FTX to recoup political donations could target the largest recipients, say experts (TC+)
In the past, FTX and affiliated debtors wrote private letters to PACs, politicians, and other donors to refund the funds provided by the previously massive cryptocurrency exchange. This might sound to be a strange request, however, it’s not surprising to legal experts who monitor the market. The most important recipients of donation returns are those with larger amounts who could be sued (if required) and could be worth it, Yesha Yadav, professor of law at Vanderbilt University, told TechCrunch.
The NFT market is showing signs of recovery in the volume of trading in January surpassed the 7-month record
It appears that the NFT market is slowly returning to its feet. Volumes of trading rose for two straight months in January, and the month of January had the highest volume since June of the previous year, as per Dapp Industry Report: January 2023. Dapp Industry Report: January 2023. The rise in January was an abrupt change from the trends of the past couple of months. In October, the volume of trading dropped to an all-time lowest of $662 million and then in November, the market reversed its decline to remain at $662 million as per the report.
Bitcoin being above $20,000 gives miners hope, as margins grow more stable (TC+)
Bitcoin has seen a hefty rise so far in the year as some mining experts consider this to be an opportunity to be able to make a return. The price of Bitcoin has increased by 39%, to about $23,000 so far in 2018 according to CoinMarketCap information. The margins are increasing as well, according to Christian Lopez, director of fintech investment banking and chief of digital assets and blockchain for Cohen & Company Capital Markets. “The cost of Bitcoin is rising and the cost of energy is decreasing, which means you’re experiencing an increase in margins.”
Binance purchases a majority stake in Korean cryptocurrency exchange GOPAX
Binance Holdings plans to return to South Korea after pulling out of the market in 2021. The world’s biggest cryptocurrency trading platform in terms of volume of transactions announced it had bought a majority stake in the South Korean-based cryptocurrency exchange GOPAX. This latest acquisition is nearly two months following the time Binance purchased Sakura Exchange BitCoin (SEBC) in Japan for an unspecified amount as Binance is looking to expand its presence within its East Asian market again.
In a battle that is renowned with the NFT artist, and Hermes The artist has just lost
The artist Mason Rothschild thought he was standing on a “goldmine” at the time he started making digital copies of the famous Hermes Birkin handbag and then selling them as NFTs. Not surprisingly, Hermes was awed by the artwork less than it did, and the renowned brand has just won a copyright infringement lawsuit against Rothschild that could have broad implications for NFT creators who draw inspiration from real-world products which are protected under the laws of intellectual property.
The Most Recent Pod
In this week’s episode, Jacquelyn interviewed Gwendolyn Regina, director of investment at the top layer of Blockchain BNB Chain. Prior to taking on her current job, Gwen worked at Facebook and, as many call it today, Meta, building up a new business unit that focuses on venture capital partnerships as well as startup growth. She’s also the founder of a variety of companies and is a founding team of an early-stage technology venture capital firm called Thymos Capital.
BNB Chain was launched in 2020 and was first launched by Binance the world’s biggest crypto exchange according to the volume of transactions. Since it was launched, BNB Chain aims to become a decentralized, community-owned distinct entity separate from Binance with three main audiences that include builders, retail markets, and developers, as well as bridging web 2.0 companies to web3. Regina explained.
The gaming played on BNB Chain also has grown “organically due to its robustness and lower fees” However, the team behind the blockchain is currently “doubling the effort” in that area to get developers and gamers to join and develop its blockchain, Regina added.
