DWF Labs head predicts increased competition in the crypto market due to FTX payouts
The exchange will pay creditors $16 billion
03.09.2024 - 15:45
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What’s new? The head of the leading cryptocurrency market maker DWF Labs Andrei Grachev has made another prediction regarding events in the crypto market in the near future. This prediction was made in connection with the payment of compensation to customers of the bankrupt crypto exchange FTX. The entrepreneur reminded that in the fourth quarter of this year, the exchange will unblock a large amount of retail investors’ funds.
What else is known? Grachev believes that after FTX customers will finally be able to access the funds blocked on the exchange since its collapse in November 2022, the market will have the following situation:
“I think that a battle to attract retailers to deposit the funds on certain products and buy certain coins should start soon.”
This month it became known that FTX will return $16 billion to creditors, payments will begin in the fourth quarter of this year.
Earlier, the US Securities and Exchange Commission (SEC) warned that it could challenge any payments to FTX’s creditors in stablecoins and other cryptocurrencies.
The regulator noted that payments in stablecoins are not illegal, but officials reserve the right to challenge transactions involving crypto assets.
If the SEC is successful in challenging FTX’s use of stablecoins, it could set a precedent that would affect other companies and creditors involved in similar bankruptcy proceedings.
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