Hello fellow traders, I hope you’re all doing well. There’s so much happening in the crypto market lately. I was originally working on a blog about another topic, but I decided to cover these recent events instead. So, let’s start:
FTX announced the release of $16 billion in repayments to creditors, with $6.5–$7 billion being distributed in the first phase. Customers with account balances under 50K USDT began receiving funds, while those with higher balances will start receiving payments from May 30th. This significant liquidity injection could impact the market in the coming weeks.
Crypto exchange Bybit suffered a 1.4 billion USDT hack involving ETH and stETH. According to ZachXBT, the breach occurred during an attempted transfer from a cold to a hot wallet. CEO Ben Zhou stated that all signers saw a musked UI displaying the correct address, but the actual signing message modified the destination.
Franklin Templeton launched a new crypto ETF (EZPZ) holding both Bitcoin and Ethereum. Meanwhile, Bitcoin ETF fund flows turned negative, historically signaling a local market bottom. The SEC acknowledged multiple filings for a Spot XRP ETF from Bitwise,
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