As cryptocurrencies continue to reshape the financial landscape, many investors are turning to cloud mining as a way to passively earn digital assets like Dogecoin, Bitcoin, and Bitcoin—without investing in costly mining equipment. But with a growing number of platforms, distinguishing legitimate services from scams has become more challenging than ever. To help, we’ve curated a list of 8 top-rated, authentic, and 100% legit free crypto mining platforms. These sites offer secure infrastructure, reliable returns, and many include risk-free contracts or trials. Let’s explore the platforms in detail and understand why they’ve gained global trust in the crypto mining space. 1. QFSCOIN – Trusted Cloud Mining Sites in 2025 Supported Cryptocurrencies: Bitcoin, Litecoin, EthereumMinimum Contract Purchase: $100 (with a free starter contract)Location: USA, with data centers in Canada, Norway, and IcelandBest For: Passive income, fast returns, and zero electricity costs QFSCOIN stands out as a leading cloud mining service for several reasons. Founded in 2019 in the United States, QFSCOIN has rapidly gained global trust by offering user-friendly, secure, and highly profitable mining contracts. What truly makes QFSCOIN unique is its free cloud mining package that allows users to test the service before investing. The platform offers a $30 registration bonus and allows users to mine Bitcoin, Litecoin, and Ethereum with daily payouts and no hidden fees. All contract options are pre-configured and transparent, which makes the experience accessible to both newcomers and professionals. QFSCOIN employs advanced SSL and DDoS protection for user security and boasts 24/7 customer support. Users can also benefit from up to 3% affiliate commissions. Key Plans Include: Contract Price Contract Term Fixed Return Daily Rate $30 (Free) 1 Day $30 + $0.90 3.00% $100 2 Days $100 + $5 2.50% $300 2 Days $300 + $19.2 3.20% $1,200 3 Days $1,200 + $144 4.00% $3,500 3 Days $3,500 + $630 6.00% $10,000 6 Days $10,000 + $5,400 9.00% With zero maintenance or electricity fees and lightning-fast withdrawals, QFSCOIN remains a top-tier choice for daily passive mining returns. Top Features Commission of up to 3% via the affiliate program. Enhanced security with SSL and DDoS protection. Daily automated payouts. Free mining package available. A wide range of cryptocurrency contracts. 24/7 customer support. No additional costs for electricity. $30 registration bonus. Website: https://qfscoin.com Twitter: https://x.com/qfscoin YouTube: https://www.youtube.com/@qfscoin 2. BitFuFu – Professional Cloud Mining Backed by Bitmain Supported Cryptocurrencies: Bitcoin, Ethereum, LitecoinMinimum Contract: Varies by hashrate and planBest For: Institutional-level performance with Bitmain partnership BitFuFu is a premium cloud mining platform with a major advantage—it’s officially backed by Bitmain, the world’s largest ASIC manufacturer. This endorsement brings unmatched hardware performance, mining stability, and infrastructure reliability to retail and institutional users. Users can choose between cloud mining contracts and standard hosting services for ASIC devices. Mining is conducted in Bitmain-owned facilities, ensuring low downtime and consistent returns. BitFuFu’s plans are highly customizable based on hashrate, duration, and power usage, which appeals to both casual investors and mining pros. The platform’s clear dashboard, real-time earnings display, and transparent fee structure make it one of the most trusted platforms globally. It also features: Daily payouts in Bitcoin Industrial-grade data centers Instant plan activation after payment Options for joint or solo mining contracts Whether you’re just starting out or scaling large operations, BitFuFu’s connection with Bitmain provides industry-grade trust and performance. 3. Binance Mining – Built-In Mining Power by the Crypto Giant Supported Cryptocurrencies: Bitcoin, Ethereum, LitecoinMinimum Contract: No upfront contract cost; mining begins via Binance PoolBest For: Exchange-integrated mining and beginner-friendly access Binance Pool, developed by the world’s largest crypto exchange, allows users to mine directly through their Binance accounts—no need to sign up on separate platforms. Offering a Full Pay Per Share (FPPS) reward system, Binance Mining ensures consistent and fair returns. Miners can connect ASIC machines or join as investors using smart mining pool contracts. The platform supports merged mining, where users mine multiple cryptocurrencies simultaneously to maximize output. With low fees, global server access, and seamless integration with Binance Wallet and Binance Earn, this platform is ideal for anyone already active in the Binance ecosystem. Other notable features include: Real-time monitoring of hashrate and rewards Professional mining infrastructure User protection via Binance’s SAFU insurance fund Dedicated support and performance reports Binance Mining offers one of the safest, simplest ways for new users to explore cloud mining while leveraging the trust of an established brand. 4. BeMine – Group ASIC Mining Without Equipment Hassle Supported Cryptocurrencies: Bitcoin, LitecoinMinimum Contract: As low as $20 for miner sharesBest For: Fractional ownership of real miners BeMine launched in 2018 and provides a unique approach to mining—group purchasing and shared mining. Instead of renting cloud computing power, users can buy fractions of real ASIC miners (like Antminer S19) housed in professional facilities in Russia and CIS countries. This fractional ownership model means you can start mining with a minimal budget while still benefiting from industrial-grade hardware performance. The platform handles everything from installation and cooling to electricity and maintenance. Key benefits of BeMine: Share-based ASIC miner purchases No shipping, no personal rig needed 24/7 miner management Daily payouts based on your miner’s share Access to used ASICs and buy-back options BeMine is perfect for users who want real ownership in mining operations without the technical complexity or upfront equipment cost. 5. NiceHash – Flexible Hashpower Marketplace Supported Cryptocurrencies: Bitcoin (others via buyer-defined algorithms)Minimum Contract: Free to register; pay-per-use miningBest For: Renting or selling mining power with full transparency NiceHash isn’t your typical cloud mining site—it’s a hashpower marketplace. Here, users can either rent computing power or sell their hardware’s processing capacity to buyers looking to mine specific coins. Launched in 2014, NiceHash supports a wide range of mining algorithms, making it versatile for those mining Bitcoin and altcoins indirectly. It’s known for its easy-to-use interface, real-time earnings display, and dual role for both miners and buyers. Highlights include: Marketplace with bidding system for hashpower Payouts in Bitcoin regardless of mined coin Integrated wallet with fast withdrawals Compatibility with ASICs and GPUs Multilingual support and live mining stats If you prefer flexible, demand-based mining, or want to mine altcoins through algorithm-based rentals, NiceHash offers a reliable, dynamic platform. 6. ECOS – Regulated Cloud Mining with Smart Contracts Supported Cryptocurrencies: BitcoinMinimum Contract: $50Best For: Compliance-focused users and mobile miners ECOS, based in Armenia’s Free Economic Zone, is one of the few regulated cloud mining platforms in the world. Since 2017, it has operated with government support and is known for its tax benefits, legal standing, and reliable data center infrastructure. Users can choose between daily and long-term contracts using an intuitive contract builder. ECOS also includes a crypto wallet, exchange, and savings service under one roof—making it a complete ecosystem for digital asset management. The mobile app allows users to monitor profits in real-time, track hashrates, and reinvest earnings instantly. ECOS also provides: Customized contract duration and hashpower Auto-calculated ROI estimates Educational resources and mining profitability calculator 30-day free trial for new users ECOS is ideal for investors seeking a transparent and compliant entry into mining, especially for long-term holdings. 7. MinerGate – Smart Mining with CPU and GPU Flexibility Supported Cryptocurrencies: Monero, Zcash, Ethereum Classic, Litecoin, BitcoinMinimum Contract: Free (software-based)Best For: Personal device mining with smart optimization MinerGate, founded in 2014, offers a unique proposition: rather than relying on cloud-based farms, it allows users to mine using their own CPUs and GPUs through downloadable software. Its Smart Mining algorithm automatically chooses the most profitable coin to mine based on your hardware and market conditions. The platform supports a wide range of altcoins, including privacy-focused coins like Monero (XMR) and ZCash (ZEC). MinerGate is highly beginner-friendly, with real-time dashboards, in-app wallets, and a strong community base. Users can also join mining pools for increased profitability or solo mine select coins. Additional features include: Automatic coin switching Detailed miner performance stats Free downloadable miner for Windows, Linux, and macOS Built-in wallet and fast withdrawal options MinerGate is perfect for users who want to start mining instantly with their own hardware and no initial investment. 8. Gminer – Advanced Mining Software for GPU Rigs Supported Cryptocurrencies: Ethereum, Ravencoin, Beam, Bitcoin GoldMinimum Contract: Free (hardware required)Best For: Advanced miners using NVIDIA/AMD GPUs Gminer is one of the most popular GPU mining software tools, supporting a wide variety of algorithms and coins. It doesn’t offer cloud contracts but is widely used in professional mining farms and by individual miners with rig setups. The software is optimized for high performance and low developer fees, typically ranging from 0.65% to 2%, depending on the algorithm. Gminer supports dual mining (e.g., Ethereum + Zil) and includes detailed metrics to monitor hardware efficiency. Why advanced users love Gminer: Superior stability and uptime Multi-coin, multi-algorithm support Real-time rig monitoring Dual mining support for increased profits If you’re already mining with hardware or looking to maximize GPU performance, Gminer offers precision and efficiency unmatched by many other tools. Conclusion Free and low-cost crypto mining has never been more accessible. Platforms like QFSCOIN provide instant mining with zero risk and fast returns, while others like BitFuFu, ECOS, and BeMine offer scalable and transparent contract-based mining. Whether you're a beginner experimenting with NiceHash’s flexibility, or a pro leveraging Gminer for GPU optimization, there’s a legit solution for every user. Always remember to verify each platform’s authenticity, read terms carefully, and monitor your returns consistently. With the right choices, mining Dogecoin, Litecoin, and altcoins can become a consistent stream of passive income—without upfront investment. Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
While tensions in the Middle East have been rapidly increasing with the US attack on Iran, new developments have brought a decline in the cryptocurrency market. While Bitcoin and altcoins experienced significant declines, an institutional investor who turned these declines into an opportunity made an unrealized profit of approximately $79.9 million from the short positions he opened. On-chain analyst The Data Nerd X shared on his account that investment manager Abraxas Capital opened short positions in Bitcoin (BTC), Ethereum (ETH), Hyperliquid (HYPE), SUI and Solana (SOL). The analyst stated that the 2 wallets identified as belonging to Abraxas Capital had 5x-10x leveraged short positions in BTC, ETH, HYPE, SUI and SOL, and that they made an unrealized profit of approximately $79.9 million. “2 wallets (owned by Abraxas Capital) are currently short BTC, ETH, HYPE, SUI and SOL. They are making a total of approximately $79.92 million in unrealized profits.” Abraxas Capital’s decision to open a highly leveraged short position at 10x indicates that the company is focusing more on risk management in the crypto space and aims to protect its portfolio against potential price fluctuations by employing significant risk mitigation strategies amid the current market volatility. Bitcoin began to recover after the decline and rose above $102,000. *This is not investment advice. Continue Reading: The Company That Started the Great Rally in Ethereum (ETH) Has Now Shorted Bitcoin (BTC) and These Four Altcoins!
The cryptocurrency market continues to experience heightened volatility, which is evident in the elevated liquidation levels across the derivatives market. Bitcoin has reclaimed the pivotal $100K mark but the broader situation remains uncertain as the industry remains under the heavy influence of macroeconomic and geopolitical events. Bitcoin Price Bounces to $102K As we reported yesterday, the conflict between Israel and Iran escalated. The US joined the war and striked three strategic Irany sites, causing immediate turmoil on international markets with crypto being no exception. In response, Iran threatened to close the Straits of Hormuz – a critical chokepoint for oil transport, which resulted in even more highly elevated oil prices. Amid all of this, Bitcoin’s price tumbled below $100,000 for the first time since May and reached an intraday bottom at around $98,000. The bulls took control, however, and managed ot stage a recovery, with the price currently trading at slightly less than $102,000. The situation remains obviously uncertain, however, and very volatile, which can be seen by the elevated liquidaitons across derivatives markets. Coinglass reports over $600M liquidated in the past 24 hours – that figured surpassed $1 billion yesterday. Source: TradingView Altcoins Remain Shaky Some altcoins managed to recover better than BTC throughout the same period, while others remain largely in the red. A notable example here is HYPE, which is up by almost 6% in the past 24 hours, where the broader majority of major altcoins are trading either flat or continue losing value against BTC. Source: Quantify Crypto Story (IP), alongside Sonic (S), and KAIA are the best-performing cryptocurrencies for the day, up in the range between 7.5% and 10%. On the other hand, Mantle’s MNT and Bitget Token (BGB) failed to capitalize on the recovery and are down by 3.7% and 2.9%, respectively. The post Bitcoin Bounces to $102K but Crypto Market Tensions Remain (Market Watch) appeared first on CryptoPotato .
Sequans Communications S.A. (NYSE: SQNS), a leading developer in the 5G and 4G IoT semiconductor sector, has officially announced the initiation of a Bitcoin Treasury program. This strategic move signifies
BitcoinWorld Algorand Foundation and Paycode Announce Partnership to Expand Financial Inclusion on Blockchain New partnership aims to bring secure, offline-first digital payment infrastructure worldwide SINGAPORE, June 23, 2025 /PRNewswire/ — The Algorand Foundation today announced a new strategic partnership with Paycode, a global leader in biometric and offline digital payment systems, to advance inclusive financial infrastructure across underserved and remote communities. Paycode operates in countries including Afghanistan, Ghana, Zambia, Mozambique, and the Democratic Republic of Congo, where large segments of the population remain offline and excluded from formal financial services. Through this collaboration, Paycode and Algorand will explore integrating public blockchain technology to strengthen digital identity systems, improve transparency, and unlock new models for delivering secure, inclusive payments at scale. “This partnership brings blockchain into direct service of people who need it most,” said Staci Warden, CEO of the Algorand Foundation. “Paycode is already reaching some of the most difficult places to serve. Together, we have the opportunity to make those systems more transparent, efficient, and trusted.” As part of the partnership, Paycode has selected Algorand as the blockchain to migrate its digital payment infrastructure on-chain, leveraging Algorand’s high speed, security, and energy efficiency to power future offline-first payment systems. Paycode’s technology is currently used by more than 6 million individuals across 8 countries, many of whom live in offline, remote, and underserved regions. To date, Paycode has facilitated the secure disbursement of $250m in aid and social payments, helping drive financial inclusion through biometric identity, offline digital wallets, and real-time payments. The two organisations will work together to host elements of Paycode’s digital payment infrastructure on the Algorand blockchain, with a focus on supporting transparent disbursement of aid, integrating stablecoin-based settlement mechanisms, and building resilient, offline-first financial tools. The partnership reflects a shared mission to deliver systems that are scalable, interoperable, and secure, even in regions with little or no connectivity. “This collaboration supports our goal to extend secure, offline digital finance to those most excluded from the formal economy,” said Gabe Ruhan, CEO at Paycode. “With Algorand, we can explore ways to future-proof our infrastructure and unlock new use cases for public-good payments.” The partnership builds on Algorand Foundation’s broader commitment to supporting digital public infrastructure and financial access in frontier markets. About Algorand Foundation Algorand’s mission is to power a world where information has integrity and innovative ideas can scale. The Algorand Foundation supports Algorand’s rapidly growing ecosystem by providing a best-in-class developer environment, supporting key infrastructure and setting technical standards, offering comprehensive support to builders and entrepreneurs, and providing the framework for decentralized governance. Launched in 2019, the Algorand (ALGO) blockchain has grown into a vibrant ecosystem of developers, entrepreneurs, and enterprise partners that benefit from institutional-grade certainty and resilience. Its low fees, instant finality, and minimal carbon footprint appeal to the protocol’s millions of retail users, and developers of all kinds appreciate the ability to use common programming languages like Python. Builders on Algorand are creating protocols and companies that solve important problems at a global scale: instant payments in war and disaster zones, self-sovereign identity for the disenfranchised, supply-chain traceability for global commerce, permissionless protocols addressing financial inclusion, and the creation of entirely new markets through tokenization, to name a few. To learn more, visit algorand.co . About Paycode Paycode provides secure end-to-end payment technology that makes sending and receiving money easy. Its industry-leading payments solution, EDAPT, works for anyone, anywhere, using custom-designed technology for security, biometric identification, verification and authentication, fraud prevention, agent banking, offline real-time transacting, know-your-customer (KYC) data and digital money. Paycode’s mission is to give biometric identity and affordable access to basic financial services to the unbanked and underserved in Africa and beyond. To learn more, visit paycode.com . This post Algorand Foundation and Paycode Announce Partnership to Expand Financial Inclusion on Blockchain first appeared on BitcoinWorld and is written by chainwire
Institutional investors led by Metaplanet and Cardone Capital went on a buying spree over the weekend as Bitcoin’s ($BTC) value fell below $100K due to geopolitical tensions in the Middle East. If you’re looking for a similar investment, the best altcoins also offer great buying opportunities during these uncertain times. Crypto presales , in particular, offer investors of all sizes to grab tokens cheaply. They typically cost several cents and undergo regular price increases, which drive up their value. We’ll show some of the most promising ones later in the article. But first, what happened in Iran, and how is this impacting crypto markets? Bitcoin Slips Below $100K as US Bombs Iran On Friday, the US attacked several Iranian nuclear facilities , which came after Israel launched a preemptive strike on the Islamic country the week prior. The strike codenamed ‘Operation Midnight Hammer’ caused further shocks in the market including the crypto market. According to data from CoinMarketCap , $BTC’s market capitalization dropped to $2.01T over the past 24 hours, which also saw the cryptocurrency’s value briefly drop to $98.5K. Metaplanet, Cardone Capital Save the Day Institutional investors immediately bought the dip led by Japanese investment firm Metaplanet, which bought $118M worth of Bitcoin . The purchase put its holdings at 11,111 $BTC, which is valued at around $1B. Meanwhile, US real estate company Cardone Capital bought 1K $BTC worth around $100M over the same period. Its CEO Grant Cardone revealed on X that they are planning to purchase an additional 3K $BTC this year. If you’re looking for buying opportunities at the current market situation, these three top trending crypto are some of the most promising around: 1. Snorter Token ($SNORT) – Find the Latest Presales at Lightning Speed The current chaos around the market shows how difficult it is to stay ahead of the curve, especially in crypto. This is especially true with presales, which bots and whales typically find before anyone else. Snorter Bot wants to change that. As a Telegram-native trading bot, Snorter Bot lets you find new crypto presales before anyone else. You can also buy crypto, manage your portfolio, and even copy trades all within the Telegram messaging app. Powering this bot is Snorter Token ($SNORT) . Buying the project’s native tokens gives you exclusive perks, including low transaction fees, staking rewards, and everything else the bot has to offer. To get $SNORT, go to the Snorter Token presale page , connect your crypto wallet (e.g., Best Wallet ), enter how many tokens you want to buy, and pay using your credit/debit card or crypto (e.g., $SOL, $ETH, $BNB, or $USDT). It only costs $0.0959, making it a pretty affordable investment. You also have the option to stake your tokens for a 269% APY, which allows you to earn passive rewards. If you prefer to HODL, then you could get the opportunity to see your tokens’ value appreciate up to $3.25 each by 2030, according to our Snorter Token price prediction . 2. Best Wallet Token ($BEST) – Store Your Crypto in a Highly Secure Crypto Wallet If you decide to stock up on crypto, it’s also essential to have a secure crypto wallet in your pocket. This is where Best Wallet comes in. It’s a non-custodial crypto wallet , which means that you own the private keys. This gives you total ownership and control over your keys and tokens. As long as you keep these keys secure, no one else will have access to your digital assets. To get the most out of Best Wallet, you can get its native Best Wallet Token ($BEST) . As a token holder, you’ll get low transaction fees, early access to presales on its Token Launchpad, and governance rights that let you vote on key decisions on the Best Wallet ecosystem. At the moment, you can buy $BEST for only $0.025225 each. But there’s a price increase happening tomorrow, so better grab tokens while they’re still this cheap. For more information about getting $BEST, check out our Best Wallet Token buying guide . 3. Neo Pepe ($NEOP) – Support the Return of Crypto Decentralization With the entry of institutional investors and great adoption by traditional banks and governments, cryptocurrencies have truly become mainstream. But along with that came the erosion of decentralization, which used to lay at the heart of these digital assets. Neo Pepe ($NEOP) aims to fight this growing crypto centralization. By supporting the project, you’ll be able to help bring back decentralization to the forefront with its emphasis on authentic community governance. As an investor, you’ll have a direct influence on the project’s strategic decisions, including exchange listings and important developments in the project. Its token presale, which was launched earlier this month, has already raised a whopping $2M and shows no signs of slowing. With Great Uncertainty Comes Great Opportunity The likes of Metaplanet and Cardone Capital are great examples of finding opportunities in a highly volatile market. While not many of us can spend hundreds of millions of dollars on $BTC in one go, altcoins like Best Wallet Token ($BEST) and Snorter Token ($SNORT) provide alternative investment options that are kinder to our pockets. But if you’re considering investing in this highly volatile market, be sure to do your own research first. This article isn’t financial advice and should only be used for educational purposes.
BitcoinWorld FTX Slams 3AC’s Shocking $1.53B Claim as Baseless The saga of collapsed crypto giants continues to unfold in courtrooms. This time, it’s the defunct exchange FTX pushing back hard against a massive claim from fellow fallen firm, Three Arrows Capital (3AC). At the heart of the dispute is a staggering $1.53 billion claim filed by 3AC against the FTX estate. FTX’s stance? It’s completely unfounded. Why is FTX Calling 3AC’s $1.53 Billion Claim Baseless? According to reports from The Block, FTX has formally objected to the hefty claim lodged by the liquidators of Three Arrows Capital in a Delaware bankruptcy court. 3AC initially sought a much smaller $120 million, but dramatically increased this to $1.53 billion in November 2024. They attributed the jump to what they claim is newly discovered evidence related to asset liquidations carried out by FTX. FTX’s legal team isn’t buying it. Their core argument is straightforward: 3AC’s significant losses were a direct result of its own highly leveraged and risky trading strategies and, critically, its failure to meet margin requirements on FTX’s platform. They argue that FTX’s actions were not misconduct but necessary steps taken under their agreement with 3AC to mitigate losses when 3AC defaulted. The Events Leading to the Dispute: A Look Back at 3AC’s Collapse To understand the genesis of this conflict, we need to rewind to the turbulent crypto market conditions of mid-2022. This period saw the implosion of the Terra (LUNA) ecosystem, which sent shockwaves across the industry and triggered a liquidity crisis for many firms, including Three Arrows Capital . 3AC, known for its aggressive leverage, was particularly vulnerable. FTX details that in June 2022, following the Terra crash, 3AC’s account on their platform fell below the required margin threshold, specifically dropping below $240 million. At this point, FTX initiated outreach to 3AC, requesting they add funds to meet the margin call. However, instead of injecting capital, 3AC reportedly ignored FTX’s communications and, even more critically from FTX’s perspective, withdrew $18 million in Ethereum (ETH) from their account. This failure to meet the margin call and the subsequent withdrawal prompted FTX to liquidate 3AC’s account. FTX states they recovered $82 million through this process. FTX maintains this liquidation was permissible under the terms agreed upon with 3AC and was a necessary action to prevent further losses for the exchange and its other users. 3AC’s Position: Newly Uncovered Evidence? While FTX paints a picture of a straightforward margin call default, 3AC ‘s decision to drastically increase their claim suggests a different interpretation of events. Their filing in November 2024, citing ‘newly uncovered evidence,’ implies they believe FTX’s liquidation process itself, or other actions taken by FTX, contributed to their losses beyond what was justified by their trading positions. The nature of this ‘new evidence’ is not fully detailed in the initial report but will likely be central to their arguments in court. It’s possible 3AC might argue that the liquidation was handled improperly, executed at unfavorable prices, or that FTX owed them assets or value that wasn’t accounted for during the process. Given the complex and often opaque nature of crypto trading platforms and liquidations, dissecting these claims requires deep analysis of trading records, platform rules, and communications between the parties. The Stakes: Impact on FTX Creditors This dispute has significant implications, particularly for the many individuals and institutions who are FTX creditors . The FTX bankruptcy estate is tasked with recovering assets to repay those who lost funds when the exchange collapsed. Every large claim against the estate, like the one from Three Arrows Capital , potentially reduces the pool of funds available for distribution to legitimate creditors. FTX’s lawyers explicitly argue that 3AC is attempting to ‘shift the blame’ for its own catastrophic failure onto the FTX estate. They contend that allowing such a claim would be detrimental to the real creditors who are already facing substantial losses. The outcome of this objection will directly affect the total amount of liabilities the FTX estate must account for, thereby influencing the recovery percentage for other creditors. Here’s a simplified view of the conflict’s impact: If 3AC’s claim is accepted (in full or part): Less money available for other FTX creditors. If 3AC’s claim is rejected: The FTX estate preserves more assets, potentially increasing the recovery for other creditors. The court’s decision will be a critical moment in determining the final payout structure for FTX creditors . What Happens Next in the Court Battle? The legal process is now in motion. Following FTX’s formal objection, 3AC is required to file a response. The deadline for 3AC’s response is July 11. This response will likely detail their arguments, explain the basis for the $1.53 billion figure, and elaborate on the ‘newly uncovered evidence’ they mentioned. After 3AC files its response, a hearing is scheduled for August 12 in the Delaware bankruptcy court. During this hearing, both parties will present their arguments to the judge, who will then decide whether to dismiss 3AC’s claim, allow it to proceed (potentially for a different amount), or require further proceedings to determine its validity. This case highlights the complex and often contentious nature of unwinding large, interconnected crypto failures. The legal battles are as intricate as the financial web that connected these firms. Key Takeaways from the FTX vs 3AC Dispute This ongoing legal clash offers several insights: Interconnectedness of Failures: The dispute underscores how the failure of one major crypto entity (3AC) can directly impact another (FTX), even in bankruptcy proceedings. Importance of Margin Rules: FTX’s defense heavily relies on 3AC’s failure to meet margin calls, highlighting the critical role of risk management and adherence to platform rules. Challenges in Crypto Bankruptcy: Valuing claims, tracing assets, and determining liability in the volatile and sometimes undocumented world of crypto trading presents unique challenges for courts and liquidators. Impact on Creditor Recovery: The resolution of large inter-estate claims like this one is pivotal for determining the ultimate recovery for ordinary FTX creditors . The court’s decision will not only settle a major dispute between two collapsed firms but also potentially set precedents for how similar claims are handled in future crypto bankruptcy cases. Summary: A Critical Juncture for the FTX Estate FTX’s forceful objection to Three Arrows Capital ‘s $1.53 billion claim marks a critical point in the FTX bankruptcy proceedings. FTX argues that 3AC’s own reckless behavior, not any action by the exchange, caused its losses and that the massive claim is an attempt to unfairly extract value from the FTX estate at the expense of legitimate FTX creditors . With 3AC set to respond and a court hearing scheduled for August, the outcome of this dispute will significantly influence the total liabilities of the FTX estate and, consequently, the potential recovery for those who lost funds in the FTX collapse. All eyes will be on the Delaware court as this high-stakes legal battle unfolds. To learn more about the latest crypto bankruptcy trends and the challenges facing FTX creditors , explore our article on key developments shaping crypto insolvency proceedings. This post FTX Slams 3AC’s Shocking $1.53B Claim as Baseless first appeared on BitcoinWorld and is written by Editorial Team
Bitcoin’s recent price volatility has sparked renewed debate on its role as a safe haven asset amid global economic uncertainties. Industry leaders like Arthur Hayes and Michael Saylor remain optimistic,
Crucial Seedphrase safety tips issued by DOGE developer to crypto newbies and even experienced traders
I’ve been saying that gold is for war, but dialing that back, you can certainly say “gold is for conflict.” If you do, it’s hard to guess the top of this bull market.