FTX PayDay! 💰
What's up Homies 🖖
Welcome to another edition of your favorite weekly news round-up.
First, The Treasury's in for a legal thug of war after Elon Musk's DOGE team got their hands on some spicy data, we’re gonna be seeing court cases soon. Talking about courtrooms, the homies at Coinbase are gonna need reinforcement as now they’re back in court too, and FTX is finally opening its wallet to the little guys. Better late than never, right? For today’s heartbreaker, ETH just had its worst performance against BTC since your last failed relationship. Someone’s gonna need a hug when the Valentine’s Day blues come on.
Here are the Highlights:
- US Treasury sued for giving Elon Musk’s DOGE access to sensitive info
- Coinbase Faces Lawsuit Over Unregistered Securities Sales
- FTX to begin payout distributions for small creditors on Feb. 18, large claims remain pending
- Ethereum loses momentum, falls to 5-year low against Bitcoin
US Treasury sued for giving Elon Musk’s DOGE access to sensitive info
Union groups have sued the US Treasury, accusing it of breaking federal laws by giving Elon Musk’s Department of Government Efficiency enforcers access to sensitive financial and personal information. The American Federation of Labor and Congress of Industrial Organizations, the country’s largest union group, sued the Treasury and Secretary Scott Bessent in a Washington, DC, federal court on Feb. 3 to stop what it alleged is an “unlawful ongoing, systematic, and continuous disclosure of personal and financial information” to Musk and DOGE.
Coinbase Faces Lawsuit Over Unregistered Securities Sales
A U.S. federal judge ruled that Coinbase must face a lawsuit over allegations of selling unregistered securities. The court rejected Coinbase’s argument that it does not meet the definition of a “statutory seller” under federal law. According to a Feb. 7 Reuters report, U.S. District Judge Paul Engelmayer ruled that Coinbase directly transacts with customers, making it a seller under the law. The lawsuit claims Coinbase sold 79 cryptocurrencies classified as securities without proper registration. This case was initially dismissed in February 2023 by the District Court of Southern New York but was later revived by the Circuit Court of Appeals.
FTX to begin payout distributions for small creditors on Feb. 18, large claims remain pending
FTX is set to begin distributing funds to small creditors on Feb. 18, marking a key development in the defunct crypto exchange’s bankruptcy process. The Joint Official Liquidators (JOLs) of FTX Digital Markets Ltd. confirmed Tuesday that creditors with approved Convenience Class claims — valued at $50,000 or less — will receive full repayment along with post-petition interest of 9% per annum. The funds will be credited to verified BitGo accounts linked to the claimants’ registered email addresses, and a formal record of the payout calculations will be uploaded to the FTX Digital Claim Portal in the weeks following the distribution.
Ethereum loses momentum, falls to 5-year low against Bitcoin
Ethereum’s value against Bitcoin has hit a new low, with the ETH/BTC ratio slipping to 0.027 — its weakest level in over five years, according to CryptoQuant data. The downward trend began after Ethereum’s 2022 transition to a proof-of-stake network. Since then, its ratio against Bitcoin has plummeted by nearly 70%, reflecting waning demand compared to its larger counterpart. Ethereum’s struggles have worsened since the approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the US. Bitcoin ETFs have seen inflows surpassing $40 billion and attracted strong institutional interest across the globe.
Other Highlights Worth Mentioning
Base denies selling ETH, says the network is committed to Ethereum - Cryptoslate
Bitcoin stumbles as Trump announces 25% steel and aluminum tariffs - Cointelegraph
Hong Kong Recognizes Bitcoin and Ethereum for Investment Immigration Applications - BeInCrypto
Bybit Offers Teslas, Rolexes In Kazakhstan To Expand User Base, Unveils Crypto Arc Experience In Dubai - Bitcoins