Bahamas Securities Commission Takes Control of $3.5 Billion in Assets to Protect FTX Customers

• The Securities Commission of the Bahamas is temporarily holding more than $3.5 billion in FTX client assets.
• The assets were given to the commission on Nov.12. following the filing for bankruptcy by FTX and its affiliates.
• The commission found a considerable risk of impending dissipation regarding the digital assets in FTXDM’s custody or control, which would be detrimental to its clients and creditors.

The Bahamas Securities Commission recently revealed that it is holding more than $3.5 billion in assets on behalf of FTX customers. The assets were given to the commission after FTX and its affiliates declared bankruptcy in the United States and FTX’s Bahamas headquarters was closed.

The commission took the decision to take control of the assets after it found a considerable risk of impending dissipation regarding the digital assets in FTXDM’s custody or control, which would be detrimental to its clients and creditors. The commission explained that the assets were taken in order to protect them from any potential losses that could be incurred by the customers if the assets were left in FTX’s hands.

The commission is currently holding the assets until the Bahamas Supreme Court orders it to return the funds to customers and creditors, or the liquidation administrator. This decision has been met with approval by many FTX customers, as it will ensure that their funds are safe and secure. The commission has also indicated that the theft of at least $372 million worth of crypto during a cyberattack on the defunct exchange ultimately led to the decision to seize FTX customers‘ assets for safekeeping.

The Bahamas Securities Commission’s decision to take control of the assets is a good example of how financial regulators can protect customers from potential losses. It also shows the commitment of the commission to ensure that customers’ funds are safe and secure. As the commission awaits further instruction from the Bahamas Supreme Court, FTX customers can be reassured that their funds are in good hands.

Sam Bankman-Fried Accused of Breaking House Arrest Conditions, Funds Recovered?

• Blockchain analyst BowTiedIguana released data showing FTX exchange founder, Sam Bankman-Fried, may have broken one of his release conditions by transferring $684k to a Seychelles-based centralized crypto exchange.
• Bankman-Fried was released from prison and placed under house arrest, with one of the conditions being that he cannot conduct transactions worth more than $1,000 without prior court permission.
• Bahamian authorities have signalled plans to retrieve funds from Bankman-Fried’s wallet as part of their investigation into the FTX crash.

Sam Bankman-Fried, the founder of the FTX exchange, may have broken one of his release conditions by transferring $684k to a Seychelles-based centralized crypto exchange. On-chain data released by blockchain analyst BowTiedIguana via Twitter on Dec.30 shows that the embattled FTX founder could already be violating his release conditions.

Bankman-Fried was released from prison and placed under house arrest following a $250 million bond, with one of the conditions being that he cannot conduct transactions worth more than $1,000 without prior court permission. As such, the latest funds transfer may further hamper the freedom of the highly connected FTX founder, who currently faces trial for money laundering, fraud and other serious crimes, which could put him behind bars for life.

The crypto world anxiously awaits the final outcome of the SBF case, while Bahamian authorities have signalled plans to retrieve funds from Bankman-Fried’s wallet as part of their investigation into the FTX crash. Despite the controversy surrounding the FTX founder, some glimmer of hope exists for FTX crash victims, as the possibility of retrieving funds from Bankman-Fried’s wallet is being considered.

The potential violation of Bankman-Fried’s release conditions is a reminder of the dangers of engaging in unregulated activities. This incident serves as a stark warning to those considering operating outside of the legal and regulatory framework that the consequences of such activities could be severe.

As the FTX founder awaits the outcome of his case, the crypto community is holding its breath, hoping that justice will prevail and that the victims of the FTX crash will be adequately compensated.

Binance’s $1B Industry Recovery Fund Remains Inactive: Questions Loom

• Binance’s $1 billion Industry Recovery Fund has been inactive since its launch in November.
• An onchain analysis by Wu Blockchain, citing Scope Protocol’s data, revealed that there had been no significant movement of funds from the tracked address apart from the initial funding transfer made over four weeks ago.
• The unexpected inactivity, despite the initial fanfare, has raised questions about the status of the fund and how the ramp plans to proceed going forward.

Binance, one of the world’s largest exchanges, launched its $1 billion Industry Recovery Fund back in November in an attempt to help bail out or inject momentum to worthy crypto projects under distress due to liquidity problems caused by the failure of the Sam Bankman-Fried-led exchange. Binance had promised that only projects with solid fundamentals would be considered.

However, according to an onchain analysis by Wu Blockchain, citing Scope Protocol’s data, the fund has been inactive since its launch, with no significant movement of funds from the tracked address apart from the initial funding transfer made over four weeks ago. There has even been a series of dust, test transfers totaling $57.

This unexpected inactivity has raised questions about the status of the fund and how the ramp plans to proceed going forward. Some members of the crypto community are speculating that Binance may be presently combing through applications, or that the fund may no longer be a priority due to the recent surge in the crypto market.

Whatever the reason may be, it is clear that Binance’s $1 billion Industry Recovery Fund remains inactive, which is a stark contrast to the initial fanfare it was met with when it was first announced. It remains to be seen if and when the fund will be put to use.

Streamflow Launches on Aptos Mainnet: Revolutionizing Fund Distribution and Making Crypto Accessible

• Streamflow launched on the Aptos mainnet, allowing organizations, small businesses, and individuals alike to distribute funds in a simple, straightforward manner.
• Streamflow software development kit allows programmatic transfers of value in DeFi, NFTs, and gaming.
• Aptos is a layer 1 blockchain that uses the programming language Move and aims to offer additional features to make crypto more accessible to the typical user.

Today marks a milestone in the crypto industry as Streamflow launches on the Aptos mainnet blockchain. Streamflow is a revolutionary token distribution platform that enables organizations, small businesses, and individuals to distribute funds in a secure and efficient manner. Built on top of the Solana blockchain, Streamflow provides users with a simple and straightforward way to send and receive payments.

The Streamflow software development kit (SDK) allows for programmatic transfers of value in various forms, including DeFi, NFTs, and gaming. Thanks to Streamflow, users can now easily and securely program recurring payments through payment streams, allowing those who receive funds to do so in real time. With a total value locked of over $1 billion, Streamflow has seen tremendous success on the Solana network, and its launch on the Aptos mainnet is expected to yield similar or even better results.

Aptos is a layer 1 blockchain that utilizes the programming language Move to provide users with a more secure and efficient way to transact. It features a parallel execution engine, high-level security features, and low transaction costs. Furthermore, Aptos strives to create universal and fair access to decentralized assets for billions of people by providing additional features that make crypto more accessible to the typical user. With the help of the $150 million series financing it has recently raised, Aptos has been able to bring developers and new projects on board, including Streamflow.

In conclusion, Streamflow’s launch on the Aptos mainnet is a major step forward for both the Solana and Aptos networks. With its user-friendly platform, Streamflow is revolutionizing the way funds are distributed, while Aptos is making crypto more accessible to the general public. Together, the two projects are striving to make the crypto industry more secure, efficient, and user-friendly.

BMW Partners With Coinweb & BNB Chain to Launch Blockchain Loyalty Program

• BMW is partnering with Coinweb and BNB Chain to develop a blockchain loyalty program.
• The two-phase project execution plan will involve Coinweb and BNB Chain offering BMW access to DLT, as well as developing blockchain-based customized SaaS web3 loyalty programs with incentives for BMW customers.
• BNB Chain has been chosen as the anchor chain to ensure minimal cost, better speeds, and higher scalability.

German luxury automaker BMW is partnering with Coinweb and BNB Chain to develop a blockchain loyalty program for their operations and customer services in Thailand. The two-phase project execution plan will involve Coinweb and BNB Chain offering BMW unfettered access to decentralized ledger technology (DLT), as well as developing blockchain-based customized SaaS web3 loyalty programs with incentives for BMW customers.

In the first phase, Coinweb will conduct a comprehensive feasibility assessment for cross-chain parallel-executing smart contracts meant to automate and streamline all finance operations of BMW. This will include the integration of anti-money laundering (AML) and know-your-customer (KYC) features with Thailand’s National Digital Identity (NDID).

The second phase will involve building the loyalty programs with modalities for incentivizing BMW customers. All incentives or rewards earned by customers through activities will be linked to their tier in the BMW ecosystem, and the number of dividends they have will determine their tier. Due to the immutability and scalability of blockchain technology, the connected ecosystem makes it easy for rewards owners to quickly redeem their rewards for products and services.

To ensure minimal cost, better speeds, and higher scalability, BNB Chain has been chosen as the anchor chain for the BMW loyalty program. Bjorn Antonsson, CEO of BMW Leasing (Thailand), expressed his excitement about the partnership, stating that it “will open up new opportunities for customers to benefit from the advantages of blockchain technology.” He added that “This initiative will create a better customer experience and enable BMW to better serve its customers.”

The partnership between BMW and Coinweb and BNB Chain is a major step towards incorporating blockchain technology into the automotive industry. It will not only open up new opportunities for customers, but will also help BMW better serve its customers. The loyalty program will provide more convenience and rewards for customers, as well as better security and transparency.