Riding The Wave News Summary 137
FTX has recovered $7.3B in assets, will consider rebooting exchange, Spain’s Crypto Tax Warnings Mirror Broader Effort in US, UK, & more.
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FTX has recovered $7.3B in assets, will consider rebooting exchange
The U.S. Cracked a $3.4 Billion Crypto Heist—and Bitcoin’s Anonymity
Tweets
https://twitter.com/BTC_Archive/status/1646250907183505411
https://twitter.com/BTC_Archive/status/1646147246109388800
https://twitter.com/CryptoMichNL/status/1646130874503553024
https://twitter.com/BTC_Archive/status/1646137454179622912
https://twitter.com/rektcapital/status/1646129180801749002
https://twitter.com/WhaleChart/status/1645930937824190464
https://twitter.com/intocryptoverse/status/1646129013432147969
https://twitter.com/WatcherGuru/status/1646128590851911680
https://twitter.com/StockmoneyL/status/1645657472093368321
https://twitter.com/therationalroot/status/1645839251505049600
https://twitter.com/Schuldensuehner/status/1645807250697785346
https://twitter.com/StockmoneyL/status/1645783629975687168
https://twitter.com/CryptoMichNL/status/1645734686583320577
https://twitter.com/rektcapital/status/1645773284007374849
https://twitter.com/thepowerfulHRV/status/1645592265686126592
https://twitter.com/WatcherGuru/status/1645824001149743105
https://twitter.com/rektcapital/status/1645799490048397321
https://twitter.com/BTC_Archive/status/1645798295485419521
https://twitter.com/rektcapital/status/1645773455365750784
https://twitter.com/WhaleChart/status/1645693228941824000
https://twitter.com/BTC_Archive/status/1645743603564662786
https://twitter.com/rektcapital/status/1645768565226602497
https://twitter.com/therationalroot/status/1645565042736398337
https://twitter.com/WhaleChart/status/1645536260570886145
https://twitter.com/intocryptoverse/status/1645490766054080513
https://twitter.com/WatcherGuru/status/1645484632027144195
https://twitter.com/WatcherGuru/status/1645519440484728846
https://twitter.com/WatcherGuru/status/1645308526913257480
https://twitter.com/BTC_Archive/status/1645096092139241473
FTX has recovered $7.3B in assets, will consider rebooting exchange
Cryptocurrency exchange FTX may be considering restarting in the future, according to the legal team behind the debtors.
In an April 12 hearing in the United States Bankruptcy Court for the District of Delaware, lawyers with Sullivan & Cromwell representing FTX said the crypto firm had recovered roughly $7.3 billion in liquid assets. A March filing from the debtors reported the four FTX company silos had roughly $4.8 billion in scheduled assets as of November 2022, with an investigation into the assets ongoing.
According to the legal team, FTX will also consider restarting its crypto exchange operations sometime in the second quarter of 2024 — suggesting a reboot as early as April. FTX CEO John Ray was reportedly mulling reviving the bankrupt exchange in a January interview.
At the same hearing, the bankruptcy judge denied a motion that would have allowed the court to prioritize reimbursing former FTX CEO Sam “SBF” Bankman-Fried’s legal fees. He left the door open for SBF to present evidence to the court in the future regarding the motion.
Spain’s Crypto Tax Warnings Mirror Broader Effort in US, UK
The Spanish Tax Administration Agency’s warnings to crypto holders in Spain are part of a larger crackdown as governments seek to combat the potential underreporting of taxable dealings in the sector.
The agency was set to issue 328,000 crypto-related notices to taxpayers this year, Spain-based newspaper El Mundo reported Tuesday — a 40% increase from the year before.
Despite the year-over-year growth, the current number is still “moderate” considering the large number of investors who trade crypto, a spokesperson for the Spanish Tax Administration Agency told Blockworks in an email.
The spokesperson said current methods for obtaining information used to issue these crypto-related notices stems from information requirements for financial entities, but declined to comment further.
Governments that issue these types of warnings often know which citizens are using particular services within the country, according to CoinLedger CEO David Kemmerer. The Spanish government has likely requested taxpayer information directly from crypto exchanges operating in Spain, he added.
“The evolution of technology in things like data analysis and blockchain forensics are now more readily available for tax authorities to effectively identify potential crypto traders,” Larsen said. “Large blockchain forensics companies are certainly working with EU governments on the regulation front.”
The U.S. Cracked a $3.4 Billion Crypto Heist—and Bitcoin’s Anonymity
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