📱 You used to call me on my Solana phone

Advertise with us | Our Newsletters

Good Morning!

FTX has revised its bankruptcy reorganization plan, and people are not happy. The new proposal values claims in cash based on their worth at the time of filing back in 2022, which is significantly lower than current crypto prices.

While Bitcoin and ETH appear steady over the weekend, Solana fans went crazy over the Solana phone, as an interesting arbitrage opportunity went viral on Twitter.

Let’s dive in. 👇️ 

Markets

FTX's revised reorganization plan values crypto claims at time of bankruptcy (2 minute read)
The FTX debtors' estate has submitted its revised Chapter 11 Plan of Reorganization, delineating the treatment of bankruptcy claims. A big provision in the plan assesses the value of cryptocurrency claims in cash based on their worth at the time of the bankruptcy filing on November 11, 2022.

As of that date, the price of Bitcoin was approximately $17,000, contrasting with its current trading value exceeding $42,000. Despite the market upheaval caused by FTX's collapse, the cryptocurrency landscape has rebounded, witnessing a surge in the global market cap from around $856 billion to 1.6 trillion today. Even FTX's native token has nearly doubled in value since the incident.

If the proposed plan is approved, creditors may face potential losses amounting to millions due to missed gains during the market recovery. Sunil Kavuri, a vocal FTX creditor, contends that the reorganization plan contradicts FTX's Terms of Service, asserting that digital assets are owned by customers, not the exchange.

Bitcoin Hovers Over $41K as Memecoin, Ordinals Frenzy Clogs up Blockchains (3 minute read)
Bitcoin (BTC) began the trading week with a modest uptick, surpassing $41,000, while Ether (ETH) also saw a slight increase, trading above $2,100. The overall market remains resilient despite the recent Ledger hack, with anticipated rate cuts and growing interest in bitcoin. Meanwhile, escalating gas fees are observed on Ethereum and various layer-1 chains like Avalanche, as an influx of new meme coins enters the market. Avalanche has recorded $5 million in fees over the past 24 hours, and despite Ethereum's significantly larger market cap, it generated $13.52 million in the same period.

Solana fans suddenly BONKers over the Saga phone (3 minute read)
Solana Mobile reported a sold-out status for its Saga phones in the US market, marking a significant turnaround from a few months ago when the startup had reduced prices due to low sales volume. The surge in demand is huge, with virtually all Saga phone owners set to mint the "Saga Genesis NFT" upon the device's first use, unlocking rewards such as a "welcome pack" featuring $20 in USDC stablecoins.

Tracking data from Flipside Crypto reveals that only around 300 new Sagas minted these NFTs since the end of July, indicating a recent spike in sales. The sudden uptick is attributed to the Solana memecoin, BONK, which offers new Solana phone owners an allocation of 30 million BONK tokens. Originally airdropped in June at a low value, BONK has experienced a remarkable surge, presenting an arbitrage opportunity for Saga buyers as the appreciating value of BONK offsets the cost of the phone, showcasing a 10x increase seemingly overnight.

Tech

36 BAYC and 18 MAYC NFTs Successfully Retrieved from Hackers (2 minute read)
A Web3 security firm recently reported the successful recovery of 36 Bored Ape Yacht Club NFTs and 18 Mutant Ape Yacht Club NFTs. This achievement resulted from a dedicated and coordinated effort by the firm's team, who worked diligently over the weekend to restore these valuable digital assets. With 2 high profile NFT hacks over the past week, there is a renewed interest in security in the NFT space.

Arbitrum network went offline for 78 minutes because of inscriptions (2 minute read)
On December 15, Ethereum layer-2 network Arbitrum One encountered a downtime lasting approximately 78 minutes, as revealed by the network's Discord community manager, Ricardo "Gordan." Despite the restoration of service, gas fees on the network remain unusually high, with expectations for normalization. The disruption was attributed to a sequencer "stalling" at 10:29 am ET (13:29 UTC) amid a significant surge in network traffic, according to an alert on Arbitrum's official status page.

Subsequently, at 5:58 pm UTC, the block explorer Arbiscan displayed blocks being produced, albeit processing only two transactions per block. Speculation on Twitter emerged regarding the cause of the outage, with some users suggesting inscriptions as a potential culprit. The team later confirmed this speculation, pointing to inscriptions— a data format originating from Bitcoin and recently utilized on Arbitrum through the MemeOrdi protocol—as the cause for the disruption.

Misc

Improbable sells gaming venture for $97m as analysts skeptical on commercialization (3 minute read)
Improbable has reportedly sold its multiplayer games developer, The Multiplayer Group (MPG), to Keywords Studios, an Irish video game industry services company, for $97.1 million, aligning with Improbable's broader venture builder strategy. However, analysts express concerns about Improbable's ability to effectively commercialize its technology, citing perceived technical limitations and high associated costs.

Greg Martin, co-founder and managing director of Rainmaker Securities, notes that Improbable's business model remains uncertain, stating that "the jury is still out if they have a viable business model going forward." Despite these concerns, Improbable has been actively involved in the metaverse space, organizing 30 events in 2023 alone, with plans to elevate the number to 300 in 2024, as the company aims to establish a network of sovereign metaverses.

VanEck predicts record-breaking highs for Bitcoin in 2024 (3 minute read)
VanEck has forecasted that Bitcoin will achieve record-breaking highs by November 2024, aligning with the cryptocurrency's historical three-year price cycles. This optimistic outlook extends beyond Bitcoin, presenting positive prospects for altcoins like InQubeta (QUBE) and Injective (INJ). Meanwhile, the rapid progress of artificial intelligence (AI) has given rise to numerous tech startups poised to reshape various industries.

Unfortunately, many investors lack direct access to these promising ventures. InQubeta aims to bridge this gap by introducing a platform that democratizes investment in AI startups through its native token, QUBE. VanEck's prediction holds significance beyond Bitcoin, potentially influencing the broader crypto market, including altcoins like InQubeta and Injective.

🐥 Best of Twitter

Thanks for reading, if you enjoyed, tell your friends!

P.S: If you're interested in the wider investing world. Check out our flagship publication.