Crypto Shenanigans: FTX, JUP, and MELANIA – Oh My!

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Ah, darlings! Gather ’round as we dive into the delightful chaos of the crypto world this week. From the ghost of FTX to the whimsical escapades of Jupiter and Hyperliquid, it seems our dear traders and investors are in for a rather tumultuous ride. Buckle up, it’s going to be a bumpy one! 🎢

Now, my dear speculators, it might be wise to adjust your trading strategies, lest you find yourself swept away in this week’s market melodrama.

FTX Repayments

Our old friend, the defunct exchange FTX, is set to start paying its Bahamas creditors on Tuesday, February 18. According to BeInCrypto, they’ll be prioritizing claims under $50,000, processed through the ever-reliable BitGo. Those poor souls outside the Bahamas will have to twiddle their thumbs until March 4 for their turn at the reimbursement buffet.

In a rather cheeky email sent to FTX creditors earlier this month, details about the reimbursement for lost assets were revealed. The payouts will commence at the delightful hour of 10 AM ET on February 18. How charming! ⏰

And let’s not forget, creditors will earn a fabulous 9% annual interest on their lost assets since November 11, 2022, as crypto values have soared like a soufflé since FTX’s grand collapse.

“Creditors in the Bahamas process have email confirmation that repayments will start on 18 Feb 2025 9% interest per annum from 11 Nov 2022,” chirped FTX creditor activist Sunil Kavuri, ever the optimist.

But wait! There’s more! Our dear Kavuri has warned of phishing emails targeting FTX creditors. Apparently, these fraudulent missives are masquerading as FTX and Ledger. How original! Creditors are advised to steer clear of any suspicious links. 🕵️‍♂️

“Scam Emails posing as FTX, Ledger—be vigilant!” Kavuri cautioned, channeling his inner detective.

Meanwhile, BeInCrypto reports that FTX’s token, FTT, is trading at a modest $2.22, a delightful 2.36% increase since Monday. How thrilling! 💃

Jupiter’s JUP Buybacks

Next on our list of crypto capers is Jupiter DEX’s JUP token buyback. This little gem is part of their transparency initiative, following some rather spirited discussions about platform improvements and potential acquisitions within the Solana ecosystem. How very avant-garde!

With this announcement, Jupiter has committed to allocating a whopping 50% of protocol fees to buy back and lock JUP tokens for three years. Talk about a long-term relationship! 💍

“…we want more JUP. So buybacks start on Monday. 50% of all protocol fees will go towards buying JUP and locking it for 3 years,” Jupiter declared, with all the flair of a Broadway star.

These developments align with the discussions at the Catstanbul Conference, where Jupiter laid out its grand plans for platform enhancements and acquisitions. How very cosmopolitan! 🌍

In a delightful twist, Jupiter pulled a similar stunt in January, resulting in a 60% increase in token value. BeInCrypto data shows JUP is up by almost 10% since Monday. Bravo! 👏

Hyperliquid Spot Trading

Adding to our list of crypto curiosities is Hyperliquid’s plans to support Ethereum (ETH) and Solana (SOL) spot trading. Recently, Shoku, a builder on Hyperliquid, hinted at this exciting addition. How positively thrilling! 🎉

Hyperliquid is a high-performance layer-1 blockchain, built with native spot and perpetual trading support. Quite the overachiever, wouldn’t you say?

“Trading on Bybit, Binance, OKX or Coinbase means paying 10x to 25x more fees which kills your profit,” one astute user on X observed. How very astute indeed!

Hyperliquid recently launched spot Bitcoin (BTC) trading alongside Unit, a new decentralized asset tokenization layer. With the addition of ETH and SOL,

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2025-02-17 16:15