Tag Archives: after

Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

Binance co-founder Changpeng “CZ” Zhao donated over half a million dollars worth of crypto to the earthquake disaster relief effort in Thailand and Myanmar, in another testament to the growing utility of blockchain-based emergency charity efforts.

Zhao donated 1,000 BNB tokens worth almost $600,000 to the disaster relief funds for the region on March 3, blockchain data shows.

“Sent 1000 BNB for the donation for Myanmar and Thailand,” wrote Zhao in an April 3 X post.

The crypto donation comes after Thailand and Myanmar were hit by a 7.7 magnitude earthquake on March 28, causing severe damage to buildings and widespread flooding.

At least 2,719 people have been confirmed dead in Myanmar and 18 in Thailand, with 76 people still unaccounted for, according to the latest figures shared by Reuters.

The $600,000 donation comes nearly a week after Zhao pledged to donate 500 BNB for the relief efforts, an initial commitment that he doubled. Cryptocurrency-based donations have emerged as a significant lifeline for the region, due to banking restrictions caused by damaged infrastructure.

Crypto donations exceeded $1 billion in 2024, spurred by increasing digital asset valuations and growing crypto regulatory clarity. About 16% of the donations went toward education, while 14% went toward medicine and health-related efforts.

The Giving Block has launched a crypto-based emergency relief effort for Myanmar and Thailand to raise $500,000 for the devastated region.

The organization expects crypto donations to reach $2.5 billion in 2025 on growing crypto wealth generation and increasing adoption due to a more favorable political landscape.

Crypto donations gain traction for emergency relief efforts

Zhao’s donation is a testament to the growing role of cryptocurrency in humanitarian aid, according to Anndy Lian, author and intergovernmental blockchain expert.

“Crypto donations, compared to traditional fiat contributions, offer unique advantages, especially in emergencies,” Lian told Cointelegraph, adding:

“Speed is a key factor—transactions on blockchain networks can settle in minutes, bypassing the delays of banks or intermediaries, which is critical when time saves lives.”

“In disaster-stricken areas like Myanmar or Thailand, where infrastructure might be compromised, crypto can reach recipients directly via digital wallets, no SWIFT codes or wire transfers required,” Lian explained.

Lian also donated 44 BNB tokens to the relief efforts in Myanmar and Thailand, a move that was publicly praised by Zhao.

Ethereum co-founder Vitalik Buterin has been known for his crypto donations. In October, Buterin donated over $180,000 in Ether to the biotech charity Kanro.

 

Source: https://cointelegraph.com/news/cz-donates-1000-bnb-thailand-myanmar-earthquake-relief

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Bybit Hack Update: Reserves Under Pressure After $1.4B Loss – Will It Recover?

Bybit Hack Update: Reserves Under Pressure After $1.4B Loss – Will It Recover?

The recent Bybit hack has sent shockwaves through the crypto industry, with attackers stealing $1.4 billion in digital assets. The breach triggered widespread panic, but it also led to an unexpected show of support as large amounts of BTC, ETH, XRP, and USDT flowed into Bybit. Many saw this as a sign that investors and platforms were backing the exchange despite the crisis.

Hacker Now Holds More ETH Than Vitalik Buterin

A major concern is that the hacker now controls over 500,000 ETH, more than Ethereum co-founder vitalik buterin’s reported holdings of 240,000 ETH. The stolen assets are spread across 53 wallets, closely monitored by security teams. Since this is a high-profile attack, selling such a large amount without getting caught will be difficult.

Despite the situation, Bybit CEO Ben Zhou assured users that no customer funds were lost and that the exchange remains financially stable. He also confirmed that Bybit successfully processed over 350,000 withdrawal requests following the hack.

https://twitter.com/benbybit/status/1892969284587966869

Was Binance Involved? CZ Shuts Down Rumors

Some speculated that Binance might have helped Bybit stabilize by transferring Ethereum to the exchange. However, Binance CEO Changpeng Zhao (CZ) quickly denied this. In a post on X (formerly Twitter), he explained that the ETH inflows were simply user transactions or whale activity, not Binance stepping in to assist.

Crypto analyst Anndy Lian praised Binance’s leadership but advised his followers to withdraw funds from Bybit, not due to a lack of trust but as a precaution against any unexpected risks.

Meanwhile, on-chain data from Lookonchain showed that a whale withdrew 11,800 ETH ($31 million) from Binance and deposited it into Bybit’s cold wallet. Soon after, another 36,000 ETH ($96.5 million) moved from Binance’s hot wallet to Bybit. Reports suggest these may be loans aimed at helping Bybit manage customer withdrawals.

https://twitter.com/lookonchain/status/1893169990704169427

Whale Moves Shake Up the Market

Despite concerns, large investors and rival exchanges have backed Bybit with major deposits. Whale Alert reported that an unknown wallet sent nearly 3,000 BTC ($285 million) to Bybit, while another transferred 39,998 ETH ($105.5 million).

Bitget also contributed significant funds, and HTX co-founder Jun Du announced he would deposit 10,000 ETH into Bybit, promising not to withdraw it until next month as a sign of support.

Withdrawals Surge as Users React

While some whales and platforms are supporting Bybit, many users remain cautious. Arkham Intelligence reported that Galaxy Digital’s OTC trading desk withdrew 25,000 ETH ($67 million) and 200,000 USDC within hours of the attack. Another 700 BTC ($68.8 million) was also withdrawn by an anonymous wallet, adding to the growing outflow of assets.

Bybit Still Holds Billions—What’s Next?

Even after the hack and withdrawals, Bybit still holds significant reserves. Reports show it has 450,462 ETH ($1.2 billion), along with BTC, USDT, USDC, and MNT, totaling billions in assets.

Bybit is now focused on restoring confidence and stabilizing its operations. The market is watching closely to see how the exchange recovers from one of the biggest crypto hacks in history.

 

Source: https://coinpedia.org/news/bybit-hack-update-massive-eth-transfers-user-withdrawals-explained/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

FTX to begin distributing $1.2B to creditors after Trump inauguration

FTX to begin distributing $1.2B to creditors after Trump inauguration

FTX is preparing to distribute more than $1.2 billion in repayments to the bankrupt former cryptocurrency exchange’s users.

FTX, once the world’s second-largest centralized cryptocurrency exchange (CEX), is set to begin repaying users who have been unable to access their funds for over two years.

Exchange users who are owed up to $50,000 worth of digital assets have until Jan. 20 to fulfill their repayment requirements.

FTX will likely start repaying claims of up to $50,000 after Jan. 20, according to FTX creditor Sunil, who is part of the largest group of more than 1,500 FTX creditors, the FTX Customer Ad-Hoc Committee.

“Jan 20th: FTX has given until 20th Jan to fulfill pre-distribution requirements for initial distribution. Repayments likely won’t start before then,” Sunil wrote in a Jan. 11 X post.

The Jan. 20 deadline coincides with US President-elect Donald Trump’s inauguration, which has sparked expectations of more crypto regulatory clarity and the possible acceptance of the Bitcoin Act. The act proposes creating a Bitcoin BTCtickers down$96,880 reserve for the US, the world’s largest economy.

Combined with new capital from the upcoming FTX repayments, Jan. 20 could catalyze the next leg up in the 2025 crypto market cycle, which could see Bitcoin surpass $200,000, according to some industry watchers.

Will FTX repayments lead to crypto market volatility?

Users claiming up to $50,000 are the first group of investors to receive repayments, according to FTX’s restructuring plan, which was approved in October 2024. The plan stated that 98% of FTX users could expect to be paid 119% of the declared value of their funds.

However, some creditors have criticized the repayment model, which reimburses claimants based on cryptocurrency prices at the time of bankruptcy. Bitcoin prices, for example, have increased by more than 370% since November 2022.

While some crypto investors expect heightened market volatility, the FTX repayments are crucial for rectifying past damages and repairing the industry’s reputation.

The repayments will lead to mixed investor reactions, depending on individual risk appetite, according to Anndy Lian, author and intergovernmental blockchain expert.

Lian told Cointelegraph that some of the repayments may flow back into other cryptocurrencies:

“Smaller investors, who’ve been hit hard by FTX’s collapse, might be more inclined to sell for financial security. Those with a bit more faith in the long-term prospects of crypto might stick it out, betting on future growth. It’s all about individual circumstances and risk appetite.”

“The MT. Gox scenario does set a precedent, where a lot of folks chose to hold onto their coins hoping for better days,” Lian added.

Most Mt. Gox creditors have opted to hold their BTC despite Bitcoin’s over 8,500% value appreciating in the 10 years since the Japanese exchange collapsed.

On July 30, Mt. Gox completed 41.5% of its Bitcoin distribution to creditors, who received a total of 59,000 Bitcoin.

Despite receiving nearly $4 billion worth of Bitcoin, the Mt. Gox creditors weren’t selling, according to a July 29 Glassnode report, which stated:

“Creditors opted to receive BTC, rather than fiat, which was new in Japanese bankruptcy law […] As such, it is relatively likely that only a subset of these distributed coins will be truly sold onto the market.”

The incoming $1.2 billion could be a “significant liquidity event for crypto,” according to Philipp Zentner, co-founder and CEO of LI.FI protocol. He told Cointelegraph:

“Overall it’s a macro-positive moment for the industry, particularly given the favorable current market conditions, also prices right now feel like a ‘Black Friday’ sale for crypto.”

Crypto firms BitGo and Kraken announced in December that they would assist in distributing recoveries to FTX users. Assuming all users file complete claims, the exchange could be expected to pay out roughly $16 billion.

 

Source: https://cointelegraph.com/news/ftx-distribute-1-2-b-trump-inauguration

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j