Sui USDC, FTX Repays Billions, Bybit & Moonveil Updates

October 10, 2024

Crypto World

Maciej Zerelik

Stay updated with the latest from StealthEX and CryptoDaily! Each week, we bring you the hottest news in the crypto space. Curious about what’s happening? We’ve got a simple, easy-to-read recap just for you. Our brief summary breaks down the key events in the world of crypto. Get the highlights and stay informed with the most current trends. Let’s dive right in!

FTX Bankruptcy Plan Approved: Billions to Be Returned to Customers

FTX’s bankruptcy plan has been approved, marking a major step toward compensating its former customers. The plan, endorsed by Judge John Dorsey, ensures billions will be returned to those affected by the company’s collapse. Unusually, this plan promises to pay back customers in full, including interest, which is rare in bankruptcy cases where creditors often receive only a portion of their claims.

The plan was supported by FTX creditors and involves $16 billion in recovered assets. These funds will be used to repay FTX customers, making this one of the more favorable outcomes for unsecured creditors. The settlement also includes agreements with various U.S. government agencies, liquidators, and creditors, allowing payments to customers first.

Once the customers are repaid, other claims from regulatory bodies may be addressed. Interestingly, FTX customers will receive at least 118% of their account values as of November 2022. However, the exact timeline for these repayments remains undecided.

Government entities, such as the IRS, have agreed to suspend larger claims until customers are fully compensated. The IRS, though, will receive $200 million upfront as part of the deal.

While the plan is seen as a victory for creditors, some customers expressed frustration. Many believe they should receive more, given the recent surge in cryptocurrency prices, which makes their holdings worth significantly more today than during the bankruptcy filing.

Sui Network Launches Native USDC

Sui blockchain has introduced native USDC on its network, a major step forward for users seeking better liquidity and security. The collaboration between Sui, a high-performing Layer 1 blockchain, and Circle, the issuer of USDC, means that the popular stablecoin is now directly accessible on Sui without relying on external bridges. This eliminates the need for lock-and-mint bridges, reducing potential risks and offering a more secure experience for those transferring assets.

With native USDC now live, users on the Sui Network can enjoy a smoother and safer method for managing stablecoin transactions. This direct integration simplifies the process, enhancing both liquidity and user confidence. DeFi applications on Sui are expected to benefit greatly, as they can now leverage native USDC to improve trading and lending options, making the network even more attractive to developers and investors alike.

The upcoming addition of Cross-Chain Transfer Protocol (CCTP) will also enable seamless transfers of USDC across supported blockchains, including Sui, providing even more flexibility for users. Key protocols like Aftermath Finance, Cetus, and others have already integrated native USDC, marking a significant milestone for Sui’s ecosystem. This launch opens up numerous opportunities for decentralized finance on Sui, positioning it as a competitive platform in the blockchain space.

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Bybit Expands Launchpool with New SUI Ecosystem Token Pool

Bybit, the second-largest cryptocurrency exchange by trading volume, has announced a major update to its Launchpool platform by introducing ecosystem token pools. Building on previous successes like Mantle, the platform now includes the SUI token pool. This marks an important milestone, offering token holders more targeted opportunities and expanding support for various blockchain ecosystems.

The addition of SUI to Bybit’s Launchpool highlights the exchange’s commitment to fostering blockchain development. As the first ecosystem native token pool on Bybit, this initiative provides users with increased flexibility while aligning with the growing needs of the SUI project.

Emily Bao, Head of Spot and Web3 at Bybit, emphasized the importance of healthy ecosystems and quality projects. She noted that Bybit’s continued success is tied to its strong partnerships within the blockchain industry. Bybit was one of the first to support tokens from the TON ecosystem and recently introduced PYUSD on the Solana network. Now, with the rapid growth of the SUI ecosystem, Bybit has listed NAVI protocol and introduced staking for SUI tokens.

This expansion represents Bybit’s commitment to offering a dynamic and rewarding user experience. As the platform grows, more ecosystem token pools will be introduced, further driving the development of blockchain ecosystems.

Moonveil Launches Layer-2 Chain Testnet, Revolutionizing Web3 Gaming

Moonveil, a leading Web3 gaming studio, has launched its highly anticipated Layer-2 Chain testnet, marking a significant step towards reshaping the gaming landscape. Built using Polygon CDK and AggLayer, this new testnet is designed to offer gamers and developers a faster, more scalable, and secure environment.

The testnet is powered by ZK-rollup technology from Polygon Zero, making it one of the fastest blockchain solutions available. By leveraging this technology, Moonveil aims to reduce transaction costs and improve network efficiency. Developers can benefit from its modular design, which distributes essential tasks across layers, reducing operational expenses and streamlining integration.

Moonveil’s CEO, M.J Wang, expressed excitement about the testnet launch, highlighting how it will enhance scalability and performance for both developers and gamers. Alongside the launch, Moonveil will soon begin node sales, inviting community participation.

A key feature of Moonveil’s testnet is the use of Polygon zkEVM, which simplifies the development of decentralized applications (dApps) and games. This framework allows developers to build without rewriting code, speeding up the creation process. The platform also uses $MORE tokens as gas, eliminating the need for multiple tokens during gameplay, improving user experience.

In addition to the testnet, Moonveil is set to release Flaming Pets, a multiplayer strategy game that showcases the Layer-2 technology. Backed by investors like Animoca Ventures and Spartan Group, Moonveil is positioned to lead innovation in Web3 gaming.

Investors Demand Investigation into Missing CEO of Smart Contract

A group of former investors in the Japanese company Smart Contract is calling for an investigation into the disappearance of its CEO, Satoshi Kobayashi. They accuse him of defrauding them out of millions by promising high returns on cryptocurrency investments.

Kobayashi presented himself as a blockchain expert and convinced these investors to trust him with large amounts of money. In early 2023, he introduced what he claimed to be a profitable crypto opportunity. However, the investors now allege that the reports Kobayashi sent were fake, designed to create the illusion of growing profits.

Instead of investing their money, Kobayashi is accused of using it to fund his lavish lifestyle, which reportedly included a drug addiction and connections to Japan’s criminal underworld. According to the investors, he may have used their money to settle debts and secure protection from the mafia.

As suspicions grew about the status of their funds, Kobayashi disappeared, leaving the investors without answers and millions of yen missing. Despite private attempts to locate him, no one has been able to find the CEO. The involvement of organized crime has only added to the complexity, raising questions about whether Kobayashi’s disappearance was part of a larger scheme.

The investors are urging authorities to take action and find Kobayashi, hoping to uncover the full truth behind the scandal.

Bybit Partners with Nordic Blockchain Association to Boost Regional Innovation

Bybit has also announced a new partnership with the Nordic Blockchain Association (NBA), a major force behind the largest blockchain and Web3 event in the Nordics. This collaboration is set to strengthen connections within the regional blockchain community while encouraging global partnerships aimed at driving industry-wide growth and innovation.

The NBA has been working hard to create a united and thriving blockchain ecosystem in the Nordic region. With the help of its steering committees, the association has provided valuable guidance, promoting education and supporting both startups and established businesses in overcoming challenges related to blockchain adoption.

A highlight of this partnership will be the Nordic Blockchain Conference 2025 (NBC25), set for next summer. As the biggest blockchain and Web3 event in the region, NBC25 will bring together global innovators and thought leaders to explore emerging trends, regulatory issues, and groundbreaking blockchain solutions.

Bybit’s Chief Operating Officer, Helen Liu, expressed enthusiasm for the partnership, noting that it aligns with Bybit’s global mission to support blockchain ecosystems. Jakob Mikkel Hansen, CEO of the NBA, also highlighted the significance of this collaboration, recognizing Bybit’s involvement as a positive step for the region’s role in the global blockchain scene.

Together, Bybit and the NBA are dedicated to advancing the Nordic region’s presence in the global blockchain and Web3 sectors.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.