💰Victims Of Major CeFi Insolvencies To Receive Payouts
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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