👨‍⚖️ FTX Bankruptcy Hearing

Markets

Bitcoin futures ETFs retain allure despite crypto winter (3 minute read)Investors piled money into bitcoin futures ETFs in 2022, even though the price of the cryptocurrency plunged 65 per cent. Investors ploughed $241mn into the six US bitcoin futures ETFs during the first 11 months of 2022, according to data from Morningstar Direct. And most of that money — $198mn — was added after June, which bitcoin payment service provider Bitpay marks as the start of a crypto “deep freeze”.

According to a developer, the Ethereum Shanghai public testnet will launch at the end of February (3 minute read)Developers of Ethereum want to send the Shanghai upgrade to the public testnet in February. Enabling withdrawals of staked Ether will be given priority in the upgrade, which is scheduled for March (ETH).

FTX's Next Bankruptcy Hearing: Deadlines, Leases, and SBF's Attorneys Step Forward (4 minute read)Deadline extensions and auctioning distressed assets are on the schedule along with Sam Bankman-Fried’s attorneys entering the chat during the next FTX bankruptcy hearing. The court hearing is scheduled for Wednesday, January 11 at 9 a.m. EST in the District of Delaware Bankruptcy Court and will be livestreamed on YouTube.

Web3: DeFi & NFTs

BONK NFTs Boom—But Solana-Based Meme Token Is Down 69% Since PeakBONK fever is still raging in the Solana community, as an NFT collection inspired by the dog-themed meme token launched, quickly sold out, and now is trading for 10 times the original sale price. However, the actual Solana-based BONK token is still shedding value after last week’s surge, now down 69% from the peak price. BONKz, a Solana NFT collection co-created by the contributors behind the BONK token, debuted this morning on the Magic Eden marketplace and sold through all 15,000 of the tokenized profile pictures (PFPs) in a matter of hours.

Misc

Coinbase lays off a fifth of staff as crypto downturn continuesCryptocurrency exchange Coinbase is the latest tech company to announce mass layoffs. In an email to staff on Tuesday, CEO Brain Armstrong said the company would be letting 950 employees go as it attempts to “weather downturns in the crypto market.” The email was made public on the Coinbase blog, and the company also submitted an 8-K filing with the news.

BlockFi Creditors Battle to Keep Their Details SecretBlockFi creditors are seeking to keep their personal details secret, arguing in a Tuesday court filing that they will be at risk of hacks or identity theft if their names are revealed as part of bankruptcy proceedings. Creditors of the bankrupt crypto lender are seeking to avoid a situation seen in the case of Celsius – where the financial details of hundreds of thousands of users were published as part of standard judicial procedure.

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