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January 30, 2024

💰Victims Of Major CeFi Insolvencies To Receive Payouts

The Defiant

DeFi Alpha

GM Defiers!

The major CeFi insolvencies of the 2022 bear trend are beginning to yield compensation for users. Celsius began distributing $3B in crypto and fiat to customers on the same day that a U.S. bankruptcy court approved FTX's plan to pay $7B to users.

However, FTX clients are unhappy the payouts are based on the value of account balances from November 2022.

In related news, a Singapore court backed DeFiance Capital's claim that its $140M in assets should be treated separately from Three Arrows Capital — the $10B failed VC firm.

Plus, Protocol Guild wants Ethereum ecosystem projects to donate 1% of their tokens' supply to support future development, Blast is facing renewed controversy after allegedly dishonestly altering Optimism's code, and Vector Reserve has launched a new token backed by liquid staking and restaking tokens.

✍️ In today’s newsletter:

  • Celsius and FTX's creditor payouts progress
  • DeFiance Capital secures win against 3AC
  • Protocol Guild rallies Ethereum teams to support development
  • Blast in hot water over codebase
  • Vector Reserve's staking derivative token

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Check out our guide to launching asset-backed stablecoins using Reserve Protocol. Also watch our podcast with Mustafa Al-Bassam, CEO and Co-Founder of Celestia Labs, to learn more about modular blockchain architecture and data availability.

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