China News Official TheBitTimes.com

The crypto market continues to be in a macro-bear run. At the peak of 2021’s bull market, the worth of all assets in the crypto market stood around $3 trillion. However, the number is down to $1 trillion at the moment. As illustrated below, the market initially corrected for a period of seven months between mid-November 2021 and early June 2022. Right after, it stepped into its consolidation phase and has been stuck in that zone ever since. Crypto Total Market Cap by TradingView Also Read: Bitcoin Market to See Capital Influx of $300 Billion: Morgan Creek CEO Is the Crypto Market Gearing to Recover? Over the past six months, BTC has lost 4.8% of its value. However, in the year-to-date frame, it was up 58%. Likewise, ETH was up 32%, while ADA was in a break-even state. Thus, even though the state of affairs looks bleak in the short term, it should be noted that gradual progress is being made by individual crypto assets. Source: Vecteezy Also Read: 97.5% of New Bitco...

FTX intensified its asset recovery operations under legal scrutiny as founder Sam Bankman-Fried prepares for his October trial in October.  Spearheaded by FTX Chief Executive and Restructuring Officer John J. Ray, the company aims to reclaim billions of dollars that were lost. In a recent development, the exchange initiated legal proceedings against the parents of Bankman-Fried. The litigation accused Allan Joseph Bankman and Barbara Fried of manipulatively siphoning off “millions of dollars” by exploiting their familial connection and influence within the company, thereby defrauding creditors and stakeholders.  FTX is chasing funds across borders Additionally, FTX Trading Ltd targeted former associates in Hong Kong with legal action. The company is seeking to claw back $153 million in asset s from four ex-employees of Salameda Ltd, an affiliated Hong Kong-based corporation. These individuals are alleged to have given preferential treatment to their own funds and digita...