Secure, Overcollateralized Stablecoin Djed Launches on Cardano Network

• Djed, a Cardano-based stablecoin, is set to launch next week.
• Djed is overcollateralized, meaning that it requires more than 400% in collateral value to be posted before it is issued to a user.
• DjedPay, a payments application that uses djed, will enable users to transfer the tokens to merchants and businesses.

Cardano-based decentralized stablecoin djed is set to launch next week, bringing a much-needed financial option to the Cardano network. Developed jointly by Cardano code maintainer IOG and Coti, a layer 1 blockchain, djed has been designed to be an overcollateralized stablecoin. This means that, before djed is issued to a user, more than 400% in collateral value must be posted. Such a system would allow djed’s value to remain steady during market stress, thereby avoiding a repeat of the infamous terraUSD, the stablecoin linked to luna which plummeted over 99% in May.

In addition to djed, developers have also built DjedPay, a payments application that uses the stablecoin. Users will be able to use DjedPay to transfer tokens to merchants and businesses, allowing for a more seamless transfer of funds. Djed will also be integrated into over 40 Cardano-based decentralized finance applications (dapps) at launch, as per a November report on The Block. This will allow users to take advantage of the advantages of djed, such as low fees and quick transfers.

The Cardano dapp ecosystem currently locks up over $72 million worth of tokens, according to DefiLlama data. With the launch of djed, users will be able to access a reliable and secure financial option that is backed by Cardano’s robust blockchain technology. This will help to further promote the Cardano network and its use cases, while also providing a reliable source of stablecoins to users. The launch of djed is an exciting development for the Cardano network, and it is expected to be a major success.

Creditors Bail Out Digital Surge Exchange After $33 Million Loss

• Digital Surge, an Australian cryptocurrency exchange, has been bailed out after creditors approved a long-term recovery plan.
• The exchange had held $33 million on FTX, a cryptocurrency exchange that collapsed in November.
• In December, Digital Surge passed into voluntary administration, which gave control to licensed insolvency practitioners.

Digital Surge, an Australian cryptocurrency exchange, recently received a bailout from creditors after passing into voluntary administration in December. The Brisbane-based exchange had held $33 million on FTX, a cryptocurrency exchange that collapsed in November. In response, 25 prominent institutions in Australia have come together to start a research program to explore digital asset opportunities.

Michael Bacina, partner at law firm Piper Alderman, explains why the country is the prime location to test asset digitization. He said, “Australia’s financial services industry is well regulated and provides a safe and secure environment for users of digital assets. This should help the Digital Surge situation, as well as the broader digital asset industry in Australia.”

The creditors of Digital Surge have approved a long-term recovery plan that will allow the exchange to pay back its customers. More than 22,000 customers had their digital assets frozen since November 16th, and the recovery plan will help them get their money back.

The recovery plan comes after Digital Surge lost $33 million in the collapse of FTX. FTX was a Hong Kong-based cryptocurrency exchange that had been operating since 2014. The exchange was shut down in November after it ran into financial difficulty.

The Australian Securities and Investments Commission (ASIC) is investigating the collapse of FTX and has urged customers to contact their exchange’s customer service department if they have any questions or concerns. The ASIC also said that customers should not attempt to access any funds held on the exchange as this could result in further losses.

Digital Surge’s customers are now able to access their digital assets and have their funds returned. The exchange has also implemented a number of measures to prevent similar incidents in the future. These measures include improved customer service procedures, enhanced anti-fraud and anti-money laundering processes, and improved Know Your Customer (KYC) procedures.

The collapse of FTX and the subsequent bailout of Digital Surge is a stark reminder of the risks associated with cryptocurrency trading. It is important for investors to do their own research and ensure they are trading on secure and regulated exchanges. Additionally, investors should not store large amounts of funds on any exchange and should always use secure wallets to store their digital assets.

FTX Debtors Uncover $5.5B in Liquid Assets, But Substantial Shortfall Exists

• The FTX Debtors group has identified $1.6 billion of digital assets associated with FTX.com and $181 million connected to FTX US.
• A total of about $5.5 billion in liquid assets have been identified, consisting of $1.7 billion in cash, $3.5 billion of crypto assets and FTT tokens and $300 million of securities.
• The group affirmed that there is a “substantial shortfall” at both FTX.com and FTX US based on current estimates of the amount of digital assets.

The FTX Debtors group, consisting of FTX Trading and its affiliates, have provided details on the digital assets they’ve identified during their attempts to recover funds from the bankrupt crypto exchange and its subsidiaries. According to a press release on Tuesday, the group identified a total of about $5.5 billion in liquid assets, which includes $1.7 billion in cash, $3.5 billion of crypto assets and FTT tokens, and $300 million of securities.

Half of these digital assets are already under the control of FTX Debtors, while the other half has been subject to unauthorized third-party transfers after FTX filed for bankruptcy protection and transferred to the control of the Securities Commission of the Bahamas in the case of FTX.com.

The group confirmed that the digital assets associated with FTX.com and FTX US amount to a total of $1.6 billion and $181 million, respectively. Based on current estimates, the group affirmed that there is a “substantial shortfall” at both FTX.com and FTX US.

In addition to the digital assets, the group also identified various assets subject to control by the Securities Commission of the Bahamas, including FTT tokens, crypto assets and cash. However, the FTX Debtors have not yet obtained control of these assets, and it is unclear when or if they will be able to do so.

The FTX Debtors are working with their advisors and the Securities Commission of the Bahamas to identify and recover additional assets, including digital assets and other assets subject to control by the Commission.

The FTX Debtors are also in the process of filing claims against various parties, including FTX’s former management and shareholders, to recover additional assets. The goal is to maximize the value of the estate for the benefit of all creditors and stakeholders, according to the group.

The FTX Debtors are calling on all FTX stakeholders to provide information on any additional assets that may be held by FTX or its affiliates. They are also working with law enforcement authorities to identify any additional assets that may have been transferred without authorization.

It remains to be seen how the FTX Debtors will be able to recover the assets and how the funds will be distributed among the creditors and stakeholders. However, the group is confident that it will be able to maximize the value of the estate for all involved parties.

Bitcoin Breaks $20K: Mining Companies and Token Holders Reap Profits

– Bitcoin has been rallying and is now trading above $20,000.
– Many crypto mining companies and token holders are now in profit as a result of the rally.
– The rally could be attributed to signs of cooling U.S. inflation.

The world’s largest cryptocurrency by market value, Bitcoin (BTC), has seen a notable rally after months of laggard movements downward. The digital asset is now trading above $20,000, marking a significant milestone not only because it’s the first meaningful jump since the collapse of the FTX exchange, but also because it’s appreciated by enough to put many crypto mining companies and token holders in profit.

Since the beginning of last week, Bitcoin’s price has risen steadily, accelerating rapidly over the weekend. Analysts from Glassnode suggest that the rally could be attributed to signs of cooling U.S. inflation. With the price above $19,000, miners now have the potential to earn more from mining Bitcoin than it costs to run their energy-intensive machines.

The average holder has also bought into Bitcoin at a lower price, meaning that they are now in profit. This is an important psychological factor, as it tends to act as a significant resistance level during bear markets. Glassnode analysts suggest that this makes the current event noteworthy.

The implications of this rally are far-reaching. Not only could it mean more profits for miners and token holders, it could also indicate a shift in the overall market sentiment. This could lead to more investors entering the market and an increase in trading volume, both of which could help to drive prices higher.

Despite the positive news, it’s still important to remember that the price of Bitcoin is volatile and can go both up and down. Therefore, investors should proceed with caution and be mindful of the risks associated with investing in digital assets.