A group of former FTX and Alameda Research employees have raised $17 million to develop Backpack, a new crypto exchange. With a Series A round valuing the startup at $120 million, Backpack aims to fill the void left by the collapse of previous industry giants. Led by experienced figures from FTX and Alameda Research, the project signals a new chapter in the crypto exchange landscape.
0xScope reports that the Teneo: 3AC liquidator address (0xC7…3741) holds a substantial amount of 75 million WLD tokens, valued at around US$550 million, making it the asset with the highest net worth. These tokens, akin to those received by the bankrupt Alameda, were obtained from Worldcoin in August 2023, and there has been no activity on them since.
Bitcoin has scaled the ever-important $1 trillion market cap again, a feat last achieved in December 2021. This milestone catapults it ahead of financial giants like Walmart, Tesla, and even Berkshire Hathaway. However, experts caution that market cap might not paint the complete picture when valuing digital assets like Bitcoin.
Elon Musk has denied reports that his AI company, xAI, has secured a $500 million investment, but discussions about a potential valuation between $15 billion and $20 billion are ongoing. The negotiations also involve the possibility of obtaining computing power as part of the investment.
Tensions flared in the FTX bankruptcy saga as creditors vehemently challenged the exchange’s proposed method for valuing customers’ digital assets. A December 27 court filing revealed FTX seeking approval to base claims on frozen prices from November 11, 2022, the day of its collapse. This translates to estimates of $16,871 for Bitcoin, just half its current value, and similarly underwhelming figures for Ethereum, Solana, and Avalanche.