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Binance’s research team publicly disclosed their role in the arrest of the ZKasino scammer. The bankrupt cryptocurrency exchange FTX plans to repay its creditors more than 100% of their claims, pending court approval. Meanwhile, the cryptocurrency sector is becoming a hot topic for US voters. Here are three significant developments in the crypto market over the last 24 hours.
Major Success from the Binance Team
The research team behind the world’s largest cryptocurrency exchange, Binance, played a crucial role in leading law enforcement to arrest the ZKasino fraud suspect. Widespread public outrage initially led Binance’s Crime Compliance and Investigation team to investigate the fake gambling platform.
Researchers used a combination of blockchain data tracking and open-source intelligence (OSINT) methods to locate the attacker, and the Binance research team made a special statement on the matter:
“We examined all the smart contracts of ZKasino with a type of behavioral network study to find out who was behind the contract and also who the signatories behind these addresses were.”
Significant Step from the FTX Team
FTX plans to pay billions in compensation for all creditor claims as well as the time value of their investments, with 98% of investors expected to recover up to 118%. This process is only for investors claiming $50,000 or less. The bankrupt cryptocurrency exchange announced on May 7th that the plan is subject to finalization and approval by the Delaware Bankruptcy Court.
Only creditors with allowed claims under $50,000 will be eligible for 118% recovery; FTX’s anticipated figure covers 98% of creditors. FTX CEO and restructuring officer John J. Ray III shared the following statement:
“We are pleased to be in a position to propose a Chapter 11 plan that anticipates full repayment of bankruptcy claim amounts, as well as interest refunds for civil society creditors.”
FTX estimates that the total funds to be distributed to creditors will range between $14.5 and $16.3 billion. However, FTX’s plan is still repaying the value of creditors’ assets during the bankruptcy in November 2022, which has met with some reactions on social media.
US Election Process Continues
The cryptocurrency sector ranks high for voters in key US states; this indicates that voters may support candidates who have a positive stance on crypto assets. According to a survey conducted by Digital Currency Group and The Harris Poll, more than two-thirds of respondents somewhat or definitely agree that cryptocurrency is fairer for people like them and the financial system.
In key states including Michigan, Nevada, and Pennsylvania, more than 90% of survey respondents said they plan to vote in the 2024 presidential elections.
