FTX Delivers $1.6B Payout as NBA Star Recovers Bitcoin after 10 Years
FTX is still making it rain, guys. There’s a whole $1.6 billion about to hit creditor wallets. Meanwhile, the executive and judicial arms of government are not giving Binance a breather, with Elizabeth Warren still out there playing crypto police.
Up north, Canadian police are doing their bit with some crypto seizure from some shady exchange that thought KYC was optional… They always learn the hard way, don’t they? 😄
Elsewhere, and in the most crypto relatable story ever, NBA star Kevin Durant spent nearly 10 years locked out of his Coinbase account before finally getting his Bitcoin back. This is when we say “a win for one is a win for all.”
Here are the Highlights:
- FTX creditors set to receive $1.6B in third payout on Sept. 30
- Elizabeth Warren probes Justice Department over Binance 2023 settlement terms
- Canadian Police Make Their Largest Crypto Seizure In History
- NBA star Kevin Durant recovers Coinbase account after nearly 10 years
FTX creditors set to receive $1.6B in third payout on Sept. 30
On Friday, September 20, the FTX Recovery Trust announced that FTX’s creditors will receive $1.6 billion, a third round of payments, intended to compensate clients on September 30. FTX, once a leading cryptocurrency exchange founded by Sam Bankman-Fried, imploded in November 2022 amid revelations of multi-billion-dollar fraud. Concerning the third round of payment mode, creditors in groups of four will secure their share of the funds at the end of this month, with a distribution rate ranging from 78% to 120%.
Elizabeth Warren probes Justice Department over Binance 2023 settlement terms
Senator Elizabeth Warren pressed Attorney General Pam Bondi for details on whether Binance complies with its 2023 settlement agreement, as Bloomberg News reported on Sept. 18. Warren cited inadequate responses from federal prosecutors regarding the world’s largest cryptocurrency exchange in a letter co-authored by Democratic senators Mazie Hirono and Richard Blumenthal. The letter demanded confirmation of Binance’s adherence to “ongoing requirements” from the $4.3 billion deal that resolved money-laundering and sanctions violations.
Canadian Police Make Their Largest Crypto Seizure In History
Canada’s police made their largest asset seizure ever, confiscating over $40 million from a crypto exchange. However, they haven’t yet arrested any employees or other suspects. TradeOgre, the exchange in question, completely disregarded mandatory KYC and registration requirements. Police believe that most of its trade volume came from illegal sources. Crypto crime is at an epidemic level right now, but law enforcement agencies are still working to fight bad actors. According to local media, police in Canada made a breakthrough today, seizing over $40 million in crypto from an illicit exchange:
NBA star Kevin Durant recovers Coinbase account after nearly 10 years
Nearly 10 years after buying Bitcoin on Coinbase, NBA superstar Kevin Durant has regained access to his holdings thanks to a completed account recovery. The news was announced via an X post by Coinbase CEO Brian Armstrong on Thursday evening. “We got this fixed. Account recovery complete!,” Armstrong wrote. Durant, a 15-time NBA All-Star who will suit up for the Houston Rockets this season, shared the story of his lost Bitcoin on Tuesday at the annual Gameplan Summit in Santa Monica.
Other Highlights Worth Mentioning
Coinbase adds USDC lending with Morpho on Base - Blockworks
Crypto traders bet on YouTuber Lord Miles dying in the desert - Protos
UAE Signs Crypto Tax Reporting Agreement, Opens Industry Consultation - Decrypt
Bitcoin shows signs of ‘cycle exhaustion’ as BTC price tumbles to $112K - Cointelegraph
COINIGY FACT OF THE DAY
On this day in 2021, Robinhood announced they will being testing crypto wallets
September 22, 2021 Reuters reported Robinhood would begin testing cryptocurrency wallets that month with a broader rollout planned for early 2022 — a meaningful step for retail on-ramps into Web3.