Customers of the collapsed cryptocurrency exchange FTX are set to recover all of the money they lost in the company's 2022 collapse, and even receive interest on top of it, with a new proposed reorganization plan suggesting 98% of creditors will get back 118% of their claims in cash.

Digital banking platform Revolut, which has over 40 million users globally, has unveiled Revolut X, a standalone cryptocurrency exchange aimed at professional traders that sees the firm start competing with leading cryptocurrency exchanges.

Quantitative trading giant Susquehanna International Group has invested over $1 billion in Bitcoin exchange-traded funds (ETFs) during the first quarter of 2024, according to a 13-HR filing with the Securities and Exchange Commission (SEC).

Top stories in the Crypto Roundup today:

• FTX Creditors to Receive 118% Cash Payout
• Revolut Launches Dedicated Crypto Exchange for Experienced Traders
• Trading Giant Susquehanna Bets Over $1 Billion on Bitcoin ETFs
• Chart of the Week: Grayscale Sees First Daily Inflow Since ETF Launch

FTX Creditors to Receive 118% Cash Payout

Customers of the collapsed cryptocurrency exchange FTX are set to recover all of the money they lost in the company's 2022 collapse, and even receive interest on top of it, with a new proposed reorganization plan suggesting 98% of creditors will get back 118% of their claims in cash.

Under the plan, which was submitted to the federal bankruptcy court in Delaware, these payouts would come from a pool of recovered funds gathered by FTX's legal team over the past 17 months.

The recovery amount is based on the value of customer holdings at the time of FTX's bankruptcy filing in November 2022, which means that customers won't benefit from the recent surge in cryptocurrency prices, which saw Bitcoin briefly surpass the $70,000 mark.

A customer who lost one Bitcoin during the FTX collapse would receive less than $20,000, despite Bitcoin's current value exceeding $60,000. The payout process is expected to take months to begin, if it’s approved by Judge John T. Dorsey, who is overseeing the FTX bankruptcy proceedings.

The news of potential full recovery stands in stark contrast to the bleak outlook following FTX's collapse, which saw its founder and CEO Sam Bankman-Fried resign and hand over control to turnaround specialist John J. Ray III.

Bankman-Fried was subsequently convicted of a massive fraud scheme, involving the diversion of billions in customer funds for personal ventures, political donations, and other unauthorized expenditures. He was sentenced to 25 years in prison in March of this year.

Revolut Launches Dedicated Crypto Exchange for Experienced Traders

Digital banking platform Revolut, which has over 40 million users globally, has unveiled Revolut X, a standalone cryptocurrency exchange aimed at professional traders that sees the firm start competing with leading cryptocurrency exchanges.

Unlike the standard Revolut app, Revolut X caters specifically to experienced traders with features like real-time trading, advanced order types, and in-depth market analytics.

To incentivize users, Revolut will implement a zero-fee structure for makers (those adding liquidity) and a 0.09% fee for takers (those removing liquidity).

Trading Giant Susquehanna Bets Over $1 Billion on Bitcoin ETFs

Quantitative trading giant Susquehanna International Group has invested over $1 billion in Bitcoin exchange-traded funds (ETFs) during the first quarter of 2024, according to a 13-HR filing with the Securities and Exchange Commission (SEC).

The filing reveals Susquehanna's ownership of a significant stake in the Grayscale Bitcoin Trust (GBTC), with over 17 million shares valued at roughly $1.09 billion as of March 31, as well as $83.74 million worth of shares in the Fidelity Wise Origin Bitcoin Fund (FBTC).

The quantitative trading firm also increased its stake in the ProShares Bitcoin Strategy ETF (BITO) – a Bitcoin futures ETF – by around 57.59% from its last filing to 7,907,827 shares worth around $255.42 million.

While Susquehanna previously held an indirect stake in Bitcoin through its investment in MicroStrategy, a publicly traded firm that holds over 214,000 BTC on its balance sheet, the filing shows a reduction of nearly 15% in that position.

Susquehanna's cryptocurrency allocation remains a relatively small portion of its overall portfolio, valued at more than $575.8 billion at the end of the first quarter of the year. The firm's primary holdings continue to be in traditional assets like technology giant NVIDIA and the popular index tracker SPDR S&P 500 ETF Trust.

Chart of the Week: Grayscale Sees First Daily Inflow Since ETF Launch

This week's Chart of the Week shows Grayscale's GBTC Spot ETF recorded a daily net inflow of $63 million on May 3, marking its first such inflow since the ETF's were launched in January.

This development signifies a notable change as Grayscale moves away from its original GBTC product, now allowing investors to convert their GBTC holdings into BTC on a one-to-one basis.Parte superior do formulário

The inflows came as all US spot Bitcoin ETFs enjoyed a net inflow of around $378 million, which signals stronger market sentiment after recent volatility.

Global Finance Convenes in London: City Week 2024 Kicks Off

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The 14th annual edition of City Week will be held in-person in Central London, and also live streamed, over two days between 20-21 May 2024. As in previous years, CW2024 is being organized in partnership with the UK Government, the City of London Corporation, TheCityUK and UK Finance.

City Week brings together more than 1,000 top-level senior decision-makers from UK and overseas financial institutions for a comprehensive programme of cutting-edge presentations, panel discussions, social events and networking. Like previous editions, this year’s forum will feature many well-known names from the global financial services industry, the world of politics and the international regulatory community.

At the core of City Week are four separate summits (see below), which reflect the boardroom agenda of leading financial institutions from across the world.

Day One (20 May): The International Capital Markets Financial Leaders' Summit

Day One (20 May): The Climate Change and Natural Capital Financial Leaders' Summit

Day Two (21 May): The Tokenisation and Digital Assets Financial Leaders' Summit

Day Two (21 May): The AI and Technology Financial Leaders' Summit

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• Website: https://www.cityweekuk.com/city-week-2024/ccdata-discount
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