Top Stories This Week
Paxos confirms it’s responsible for paying a $500K Bitcoin transaction fee
The Bitcoin miner who received 19.8 BTC in fees from blockchain infrastructure firm Paxos has returned the funds following Paxos’ claim that it made a mistake in paying over $500,000 in transfer fees. On Sept. 10, Paxos paid the six-figure fee to move $2,000, with the average network fee typically being around $2. The company later acknowledged the mistake, confirming the transfer came from its servers. Almost a day after Paxos’ claims, the Bitcoin miner who received the funds went on X (formerly Twitter) to express frustrations after agreeing to refund the amount to Paxos. The funds were returned on Sept. 15.
Court approves sale of FTX digital assets
A bankruptcy court has approved the sale of FTX digital assets in weekly batches through an investment adviser and under preestablished guidelines. The sale does not include Bitcoin, Ether and “certain insider-affiliated tokens,” which can be sold through a separate decision by FTX after 10 days’ notice. FTX sales are not expected to have a heavy impact on markets. According to a recent shareholder update, the bankrupt exchange has $833 million worth of Bitcoin and Ether. A total of $3.4 billion is held in Digital Assets A — the top 10 assets the company holds — which include Solana, Bitcoin, Ether, Aptos and others.
Gemini Earn users could recover all funds in new DCG remuneration scheme
Digital Currency Group has proposed a new agreement plan for the creditors of the now-bankrupt Genesis Global. The plan estimates unsecured creditors will receive “a 70–90% recovery with a meaningful portion of the recovery in digital currencies.” Additionally, the remuneration plan says the recovery of claims for Gemini Earn users would be projected at “approximately 95–110%” without any contribution from Gemini. According to the filing: “If Gemini were to agree to provide $100 million to Gemini Earn users under the Proposed Agreement, as it previously did, there would be little doubt Gemini Earn users would receive more…
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