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The litigation supporting claims against its commercial counterparties is set to make a difference “in excess of $1 billion” to creditors, court filings say.

Episode 47 of Season 5 of The Scoop was recorded with The Block’s Frank Chaparro and Loomdart, co-founder of eGirl Capital.

Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher, or wherever you listen to podcasts. Please send feedback and revision requests to podcast@theblock.co.

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Loomdart, a veteran member of the crypto community and the co-founder of eGirl Capital, is advocating for an FTX reboot.

In this episode, Loomdart explains why ‘FTX 2.0’ could represent an opportunity for over a million FTX creditors to be made whole in a unique way.

As Loomdart explains,

“My quickest pitch for FTX 2.0 is you effectively get to ‘airdrop’ an exchange to over a million people who have a big vested interest in using this exchange.”

Last month, a potential reboot plan for FTX reportedly caught the attention of venture capital firm Tribe Capital.

During this episode, Chaparro and Loomdart also discuss:

• The ‘institutionalization’ of $PEPE
• Making sense of memecoin mania
• Alameda’s billion-dollar tax bill

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This episode is brought to you by our sponsor CleanSpark.

About CleanSpark

CleanSpark (NASDAQ: CLSK) is America’s Bitcoin Miner™. Visit cleanspark.com/theblock to learn more about the CleanSpark way.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Lawmaker Kim Nam-kuk resigned from the opposition party after his crypto transfers incited controversy.

In Q1 2023, the bitcoin miner’s net loss per share narrowed to 1 cent, from 8 cents the previous quarter.

The maneuver represents one of the largest transfers of funds for Celsius Network since it filed for bankruptcy protection in July.

The latest price moves in bitcoin (BTC) and crypto markets in context for May 15, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.

Analysts expect the U.S. dollar to continue gaining ground in the near-term, keeping risk assets under pressure.

DeFi protocol Ribbon Finance launched Aevo, an on-chain platform for trading altcoins with institutional-grade liquidity providers.

The liquidity providers will include Galaxy, GSR and Orbit, which offer market making services.

The platform enables users to access leverage and hedge against tail events. Users can buy call options for leveraged exposure to the underlying asset or buy put options to hedge against downside movements.

Aevo OTC will initially support trading across weekly, biweekly and monthly maturities, on a rotating list of 13 different altcoins. The debut list includes bitcoin, ether and newer coins like pepe, arbitrum, optimism and aptos.

The platform’s dynamic margin system requires liquidity providers to initially deposit a 30% margin in USDC and prompts market makers to deposit additional margin based on a trade’s mark-to-market value.

The roadmap includes plans for a secondary market, more exotic options, the ability to choose counterparties and customized margin requirements for pro traders.

This article was created with the assistance of OpenAI’s ChatGPT 3.5 and 4.0.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Users will be able to trade options tied to coins like LDO, PEPE, SUI, ARB, LTC, APT, and others, which was previously possible only through an over-the-counter desk. .

Representatives for the seven advanced economies signaled a commitment to following norms set by standard-setters FSB and IMF on crypto and central bank digital currencies.