SUI Token listed on Binance and OKX; FTX wants to buy back $3.9 billion in assets from Genesis; Coinbase will remove Bitcoin-backed loans.
Major cryptocurrency exchanges around the world have started trading the Sui (SUI) token with the launch of the mainnet of Sui Network on May 3.
According to the official statement by the Sui Foundation, the Sui mainnet went live at 12:00 UTC. Many global crypto trading platforms choose to support the launch of the Sui mainnet, allowing investors to buy and sell the new SUI token.
Other major exchanges such as Binance, Huobi, KuCoin, ByBit, OKX and Poloniex also announced their SUI listings. KuCoin also states that it plans to list SUI USDT margin futures and SUI/USDT isolated margin trading pair if liquidity meets the requirements.
Poloniex, on the other hand, stated that the total supply of SUI is capped at 10 billion tokens.
Some South Korean exchanges investigated by local authorities for listing domestic coins have also joined the global SUI caravan. Upbit exchange is also among the borons participating in this caravan. Upbit is gearing up to begin SUI operations on May 3.
According to data from CoinGecko, the value of the SUI token has lost more than 40 percent shortly after the start of trading. While the token was valued at its opening price of $2 prior to its launch, it fell below $2 just five minutes after trading started.
What is SUI token?
Sui Network is a Tier 1 blockchain and smart contract platform designed to increase Web3 adoption with high speed and high scalability.
The Sui platform runs on Proof-of-Stake (dPoS), while the Bitcoin or Ethereum blockchains operate in a proof-of-work (PoW) and proof-of-stake (PoS) consensus mechanism, respectively. This means that SUI network users can elect and vote on delegates to approve the next block.
FTX wants to buy back $3.9 billion in assets from Genesis
According to Bloomberg’s report, FTX is seeking to buy back $3.9 billion in assets from bankrupt crypto lending platform Genesis. These assets include cash along with cryptocurrencies.
According to court documents, these assets are associated with a $1.8 billion loan and $273 million collateral given to Genesis shortly before the bankruptcy of FTX and Alameda Research.
FTX lawyers also claimed that Genesis Global Capital received $1.6 billion in assets from FTX, while GGC International also claimed $213 million.
FTX continues its efforts to recover its funds under established bankruptcy laws. Attempts to recover funds made during the bankruptcy process are not always successful.
FTX and Genesis have yet to respond to requests for comment.
Scaramucci talks about the collapse of FTX
Skybridge founder Anthony Scaramucci said many FTX employees didn’t know what was going on behind closed doors until the stock market went bankrupt.
Referring to the claim that Binance CEO CZ had a share in the collapse of FTX, Scaramucci claimed that this did not reflect the truth.
According to Scaramucci, the main reason for CZ to sell FTT tokens was the leaking of the balance sheets of FTX and Alameda.
Scaramucci said the reason for FTX’s collapse had to do with the way Sam Bankman-Freid ran things. Stating that he also went to the company’s headquarters, Scaramucci stated that the liquidity deficit increased from $ 1 billion to $ 4.5 billion in just one day.
Coinbase will remove Bitcoin-backed loans
Cryptocurrency exchange Coinbase is discontinuing new loans through its Borrow service, which allows certain customers in the US to get cash loans by collateralizing their cryptocurrencies.
In an email sent to Coinbase Borrow customers on May 3 and shared on Twitter, the exchange stated that as of May 10, it will not be possible to obtain new loans using Coinbase Borrow. Coinbase did not disclose the reason for the shutdown of the service.
In the statement made later, it is stated that it will not have any impact on existing loans and that customers do not need to take any additional action.
The announcement comes against the backdrop of a regulatory dispute between Coinbase and the Securities and Exchange Commission (SEC). In March, the SEC sent the Wells notice to the exchange stating it was involved in “possible violations of securities laws.”
The email to users came before Coinbase announced Q1 results, which is expected to be released on May 4.
This week, amid the apparent pressure on crypto firms in the US, Coinbase decided to move its exchange to the global arena, and on May 2, Coinbase International Exchange launched its derivatives trading platform.