Bankrupt FTX’s Big Asset Sale: The $744M Move

READING TIME: 4 mins 29 secs

Diving deep into today's web3 currents:

📜 John Deaton Weighs In on Ripple's Potential $20M Settlement

🤝 Yuga Labs & Magic Eden Launch Royalty-Focused NFT Marketplace

📈 Bitcoin ETF Interest Fuels Blockchain Gaming Surge: Yat Siu

🔍 FTX to Liquidate $744M in Grayscale, Bitwise Assets

Prominent cryptocurrency attorney, John Deaton, opined that a $20 million or less settlement in the SEC vs.

Ripple's lawsuit would be a major legal victory for Ripple, a perspective widely echoed by the cryptocurrency community. Meanwhile, Ripple's Swell event is slated for November 8 and 9 in Dubai, amidst heightened anticipation of announcements related to Ripple's potential IPO and licensing agreements. Speculations of an IPO were fueled by a Ripple job listing for a "Senior Shareholder Communications Manager." Wrath of Kahneman, a leading XRP figure, believes the event might reveal announcements about IPO, VARA license, CBDC, and stablecoin/tokenization projects. At present, XRP's value has seen a surge, registering an 8.94% increase, trading at $0.679837.

Yuga Labs, the company behind Bored Ape Yacht Club, is partnering with NFT platform Magic Eden to develop a new Ethereum-based marketplace.

This collaboration aims to safeguard creator royalties as a contractual commitment, addressing ongoing debates about NFT royalties in the industry. Both entities emphasize a future where creators are the cornerstone of the ecosystem, and their rights are permanently encoded in the blockchain. This alliance is set to redefine industry standards and is underscored by Yuga Labs' significant $450M seed funding at a $4B valuation earlier in 2022.

Yat Siu, founder and CEO of Animoca Brands, asserts that the rising interest in a potential spot Bitcoin ETF has not only boosted Bitcoin's price but also renewed excitement for blockchain games.

In a discussion at Hong Kong Fintech Week, Siu emphasized the importance of on-chain activity as a reliable indicator of growth in the GameFi sector, rather than solely relying on a project's token price. Recent data from DappRadar reveals that blockchain game Axie Infinity experienced a 50% increase in transaction activity over the past month. Siu contends that while Bitcoin remains the foundational asset in the crypto realm, the sector will gradually become less dependent on it. He remains confident that the approval of a spot Bitcoin ETF will legitimize the industry and attract more investment.

Bankrupt cryptocurrency exchange, FTX, plans to liquidate $744 million of its Trust assets held with Grayscale and Bitwise, as revealed in a November 3 court filing.

These assets encompass a variety of exchange-traded products managed by Grayscale, with Bitwise overseeing the 10 Crypto index funds. Grayscale is responsible for approximately $691 million in FTX assets, while Bitwise manages about $53 million. FTX's decision to sell these assets aims to guard against potential market declines, optimize the value of the debtor's assets, and make upcoming distributions to creditors in dollars. This liquidation is a part of FTX’s ongoing efforts to compensate its customers and investors after its collapse, with a recent proposal suggesting a potential return of up to $9 billion to clients.

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