Crypto is never short for news. This week we've seen Gemini continue to face off with Digital Currency Group, FTX's new leadership said it located $5 billion of assets and crypto prices rallied.
DCG vs. Gemini continues
FTX finds $5 billion
Collapsed crypto exchange FTX located $5 billion in assets this week, tied up in cash and liquid crypto. FTX attorney Andy Dietderich said during a bankruptcy court hearing in Delaware on Wednesday morning that the firm had located the assets.
Currently, FTX's new leadership is prioritizing the sale of four of its entities: LedgerX, Embed, FTX Japan and FTX Europe.
While names of major equity holders in FTX, including venture capitalist Peter Thiel and celebrities Tom Brady and Kevin O'Leary have become public in court, Judge John Dorsey decided to keep most customer and creditor names private for at least three more months.
Crypto says new year, new me
Rather than plummeting in price, cryptocurrencies began trading higher during the tail end of the week. Underpinned by heightened activity in the digital asset futures market, the price of Bitcoin was trading at $20,692 at 6:35 a.m. ET Saturday.
Elsewhere, Solana was trading up more than 30% over the last 24 hours, while ether was trading up 7.7%. Crypto's rally is also tracking with upticks in traditional U.S. markets, notably the S&P 500 and Nasdaq.
Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions.
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