Bankrupt cryptocurrency trading platform FTX has recovered $5 billion of liquid assets, including cash and digital assets, according to attorneys. The news comes after federal prosecutors announced plans to seize $500 million in assets connected to FTX.

Amazon Web Services (AWS) has formed a partnership with the company building out layer-1 blockchain Avalanche, Ava Labs, to help scale blockchain adoption across enterprises, institutions and governments.

The Legislative Assembly of El Salvador has passed a law enabling the issuance of digital assets, clearing the way for the creation of bitcoin bonds, which have been announced by President Nayib Bukele.

Top stories in the Crypto Roundup today:

• FTX Recovers $5 Billion of Liquid Assets
• AWS Partners with Avalanche to Scale Blockchain Enterprise Solutions
• El Salvador Moves Closer to Bitcoin Bonds Launch
• BTC Trading Dominance Nears Yearly Highs

FTX Recovers $5 Billion of Liquid Assets

Bankrupt cryptocurrency trading platform FTX has recovered $5 billion of liquid assets, including cash and digital assets, according to attorneys. The news comes after federal prosecutors announced plans to seize $500 million in assets connected to FTX.

Attorneys said that there’s still a sum missing in what is owed to customers and the amount is still unclear. Landis Rath & Cobb attorney Adam Landis said on FTX’s behalf:

"We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities measured at petition date value. [It] just does not ascribe any value to holdings of dozens of illiquid cryptocurrency tokens, where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token.”

The recovery substantially increases the total assets FTX claims it holds, after the company’s new leadership suggested it could only find just over $1 billion in December. The total amount FTX owes its creditors Is unclear, with the company checking the box indicating between $1 billion and $10 billion in its initial bankruptcy filings.

AWS Partners with Avalanche to Scale Blockchain Enterprise Solutions

Amazon Web Services (AWS) has formed a partnership with the company building out layer-1 blockchain Avalanche, Ava Labs, to help scale blockchain adoption across enterprises, institutions and governments.

Howard Wright, VP and global head of startups at AWS, was quoted saying that “web3 and blockchain is inevitable,” adding that no one can tell when the technology will go mainstream, but that “we’ve seen cycles of growth before.”

The partnership is set to make it easier for individuals to launch and manage nodes on the Avalanche network, while aiming to strengthen the network and improve flexibility for developers.

AWS will provide support for Avalanche's infrastructure and dApp ecosystem through its marketplace, including one-click node deployments. Additionally, Ava Labs will also join the AWS Activate program, which assists startups and early-stage entrepreneurs in getting started on the AWS platform.

Ava Labs intends to make its Subnet deployment available as a managed service on the AWS marketplace, allowing both individuals and institutions to easily launch custom Subnets. These Subnets are a part of Avalanche's scaling solution and allow traffic to be diverted away from the main blockchain, enabling projects to stake AVAX and create their own layer-1 or layer-2 blockchains.

Ava Labs also became a member of the AWS Partner Network (APN), allowing it to deploy its offerings on AWS alongside more than 100,000 partners in over 150 countries.

El Salvador Moves Closer to Bitcoin Bonds Launch

The Legislative Assembly of El Salvador has passed a law enabling the issuance of digital assets, clearing the way for the creation of bitcoin bonds, which have been announced by President Nayib Bukele.

The recently passed law establishes a legal framework that provides clarity for the transfer of any type of digital asset used in public offerings in El Salvador. Additionally, it establishes a government agency to oversee the administration of digital assets in the country. The move towards creating bitcoin bonds has been under consideration since early 2022.

Opposition parties have alleged the regulations facilitate money laundering, tax evasion, and further indebtedness. Under the proposed law, digital asset service providers in the country would have to complete a registration process and follow several rules.

These rules include providing a list of digital assets that they intend to offer, while mentioning their “benefits, restrictions and limits.” Bitcoin became a legal currency in the country in September 2021.

BTC Trading Dominance Nears Yearly Highs

In December, Bitcoin's trading volume made up 47.0% of the total spot volume on centralized exchanges, which is the second-highest level this year, coming in just behind the market share in August.

Despite the fact that the price of Bitcoin fell 64.2% to $16,531 in 2022, its low downside volatility and relatively strong performance compared to other cryptocurrencies made it a preferred asset for traders and investors this year.

Read more on CryptoCompare’s latest Asset Report.

State of the Crypto by Top Tier Exchange Volume

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