3AC Creditors’ Deadline Approaches; Trump Warms to Bitcoin; Kraken Fights SEC Lawsuit; Pixels Valuation Soars
Summary:
Creditors of the bankrupt crypto hedge fund Three Arrows Capital (3AC) have until mid-March to file for dividend claims, as disclosed by Teneo, the company overseeing 3AC's liquidation. In the meantime, Ex-US President Donald Trump accepts Bitcoin's growing demand and popularity, while cryptocurrency exchange Kraken seeks the dismissal of an SEC lawsuit. Additionally, web gaming platform Pixels values at nearly $3 billion after being listed on Binance, despite a previous massive security breach.
Claims for dividends from the bankrupt cryptocurrency hedge fund, Three Arrows Capital (3AC), must be submitted by creditors before March. In other news, Donald Trump, a contender for the presidency in the US, has shown indications of acceptance towards Bitcoin, stating that he could find a way to deal with cryptocurrency in some respect. Meanwhile, Kraken, a crypto exchange, has joined forces with Binance, Coinbase and Terraform Labs in a bid to dismiss a lawsuit raised against it by the U.S. Securities and Exchange Commission. Creditors of 3AC have until March 14 to put forward their claims for the upcoming dividend payment, as per the instructions from Teneo, the company in charge of liquidating the defunct crypto hedge fund's resources. Based on an announcement made on Feb. 23, any creditors yet to submit their claims have a period of nearly three weeks to do so to be eligible for a provisional dividend payment at the end of March.
The blow caused by the 3AC collapse led Su Zhu and Kyle Davies into establishing new businesses, serving prison sentences, having their assets frozen, and incurring a debt of $1.1 billion. Teneo has projected that the creditors will receive almost half of their claims by December 2023, which translates to a recovery of assets amounting to $1.16 billion. The company estimates a total payout of $2.7 billion. 3AC declared bankruptcy under Chapter 15 on July 1, 2022, and its founders, Su Zhu and Kyle Davies have managed to avoid the liquidators since then.
The stance of former U.S. president Donald Trump has evolved towards Bitcoin. Once vocal in his criticism of Bitcoin, calling it a scam during his presidency, Trump seems to have grown more amenable towards Bitcoin's increasing demand in recent times. In his Fox News interview, Trump emphasized that the U.S. dollar remains the primary currency, but he also acknowledged the steady rise in Bitcoin's popularity and adoption.
Kraken has moved to dismiss a lawsuit from November 2023 raised against it by the SEC, terming it a potential gateway to the overstepping of the agency's mandate. On February 22, Kraken submitted its motion for dismissal to a federal court in San Francisco. The crypto exchange company views the SEC's theory behind the investment contract as one that doesn't limit itself and gives the agency uncontrolled power over trade.
Web3 game Pixels has seen its valuation grow to almost $3 billion soon after getting listed on Binance. The blockchain's total worth has rebounded to $214 million after a significant $600 million security breach in 2022. Sky Mavis co-founder Aleksander Larsen told Cointelegraph that Ronin would facilitate broader integration of Web3 games with the Mavis Hub, driving game curation. Ronin signed up 16 blockchain games in 2023. Please do your research before making any investment or trading decisions.
Published At
2/23/2024 9:43:54 PM
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