what will FTX customers do next

Plus: Hackers are concentrating on LastPass – transfer quick

GM. Welcome to the Every day Squeeze, the place we zest the crypto world till it is out of juice – no rind left unturned.

💰 FTX collectors are lastly getting their money again – repayments kick off this January.

🍋 Information drops: one other $5M in crypto obtained stolen from 40 LastPass customers, 792 folks had been arrested in Nigeria for working pig butchering scams + extra

🍍 Market taste at the moment

In some alternate universe, crypto is as thrilling as observing a clean white wall – no motion, no hype, just a few numbers sitting there. However we landed on this one, the place it is dangerous to blink ‘trigger you would possibly miss the subsequent massive factor 🪐

The Concern and Greed Index is in 87th gear, drifting in “Excessive Greed.” In the meantime, Bitcoin set a brand new all-time excessive above $107K and hasn’t even regarded within the rearview mirror.

In accordance with CryptoQuant’s Avocado_onchain, buying and selling exercise has been rising in each futures and spot markets since October, driving the rally. Nevertheless, currently, futures volumes have cooled a bit, whereas spot demand remains to be heating up – this implies that the market’s leaning much less on hypothesis and extra on accumulation. This might imply fewer liquidations forward, steadier worth development, and much more shopping for strain as BTC continues to interrupt new floor.

And the urge for food for Bitcoin? Huge:

There’s additionally a gentle stream of capital into spot Bitcoin ETFs – $2.16B final week, pushing complete web belongings previous $114.97B.

So what’s subsequent? Analysts are taking a look at targets like $115K or $120K, although whispers of a correction have not disappeared – particularly with the Fed dropping rate of interest information tomorrow.

Btw, Ethereum is doing its personal factor within the background. Knowledge from Santiment reveals that 104 whale wallets now maintain at the very least 100K ETH, controlling 57.35% of all ETH, whereas smaller wallets are shrinking. Santiment’s calling it a bullish sign, and a few analysts are already betting ETH may hit a brand new all-time excessive by early subsequent yr.

Perhaps in that alternate universe, issues are calmer… however let’s be actual, we would get bored in a second 🥱 I am going to take this chaos any day, thanks.

🥝 Memecoin harvest

Seems like some memecoins have been hitting the gymnasium (no skipped leg days right here) – ‘trigger these gainz are trying swole 💪

Title

Market Cap

Lordy LORDY

▲463%

$895K

Plankton in Ache AAAHHM

▲88%

$53M

AgentTank TANK

▲69%

$33M

Basenji BENJI

▲68%

$34M

Knowledge as of 08:30 AM EST.

For those who ask a normie what occasions they keep in mind from November 2022, you will in all probability hear stuff like Black Panther: Wakanda Endlessly dropping, everybody binging Tim Burton’s Wednesday, or the world collectively shedding its thoughts when Rihanna lastly made her musical comeback.

However ask anybody who’s into crypto? Yeah…

November 2022 was the month tens of millions of FTX customers watched billions of {dollars} vanish because the change collapsed. Two years and swimming pools of tears later, FTX’s chapter plan obtained accredited this October (tho’ not everybody was tremendous glad about it – this is why).

Effectively, the most recent replace to that story: repayments are set to start out on January 3, 2025 – which, btw, simply so occurs to be Bitcoin’s genesis block anniversary. How poetic.

The primary group of consumers will begin having access to their funds inside 60 days, and everybody is predicted to be repaid by March.

Kraken and BitGo would be the ones to assist distribute the funds, which can are available in both money or stablecoins.

FTX CEO John J. Ray III mentioned that they are able to get this a refund into folks’s palms – simply ensure you’ve accomplished the required steps so you’ll be able to truly obtain it “in a well timed method.”

Now, this is not only a W for collectors – it is enormous for the remainder of the crypto group, too. Give it some thought: you’ve got obtained a bunch of degens abruptly having access to enormous quantities of cash. The dots join fairly simply – there is a massive likelihood that the cash will go proper again into crypto.

Justice served, wallets refilled, and bulls able to cost – seems like 2025 would possibly truly kick off the best way all of us deserve 🥰

🍋 Information drops

🚨 The Grinch got here early for some LastPass customers – hackers stole one other $5.36M in crypto from 40 victims. Safety group SEAL warned that passwords or seed phrases saved in LastPass earlier than 2023 are nonetheless in danger and suggested: “Transfer your belongings earlier than hackers transfer them for you.”

🚓 792 folks had been arrested in Nigeria for working pig butchering scams. Their scheme? Candy-talk victims within the Americas and Europe, construct belief, then strain them into sending cash to faux crypto initiatives.

📃 The SEC despatched a Wells discover to CyberKongz over their use of an ERC-20 token tied to a blockchain recreation, arguing it ought to’ve been registered as a safety. CyberKongz plans to combat again and warns that this might affect the entire Web3 gaming trade.

😐 US lawmakers are making one final push to substantiate Caroline Crenshaw for an additional SEC time period earlier than the Democrats lose their majority in January. Critics say Crenshaw’s even more durable on crypto than Gary Gensler. Massive yikes.

👛 Mt. Gox moved $172.5M value of Bitcoin to an unknown pockets. Nobody is aware of precisely why, however final time this occurred, it led to payouts for collectors.

🚀 Hedera dropped some massive information: Chainlink Knowledge Feeds and Chainlink Proof of Reserve are formally dwell on their community. This implies devs can now faucet into dependable, tamper-proof information and reserve verification – good for constructing safe DeFi apps and tokenized RWA initiatives.