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Unveiling the Solana Saga: From Microwaves to NFTs

The recent stunt involving a Solana Saga smartphone being microwaved by influencer Bangerz has sparked both controversy and intrigue within the crypto community. Here's a breakdown of the events and the aftermath: The Saga of the Solana Saga Smartphone Microwaving Incident Bangerz, a self-proclaimed "washed-up influencer" and CEO of NFT launchpad 3land, posted a video of herself microwaving one of the limited 20,000 Solana Saga smartphones. The video depicted the smartphone emitting crackling sounds, steaming, and eventually dripping a mysterious liquid as the screen bubbled off the hardware. Following the microwave stunt, Bangerz minted 3,333 commemorative Solana NFTs inspired by the video, all free to mint via 3land. Solana co-founder Anatoly Yakovenko and other Solana users reacted to the NFT release, with the message "Saga phones are now deflationary" gaining attention. The Saga Microwave NFTs were quickly minted and started trading on secondary marke

FTX Introduces Revised Plan to Return Creditor Holdings: A Major Milestone in the Bankruptcy Process

FTX Introduces Revised Plan to Return Creditor Holdings

In a bid to address the aftermath of its November 2022 collapse, bankrupt crypto exchange FTX has unveiled a revised plan to return more than 90% of creditor holdings. The debtors' group overseeing the bankruptcy process intends to file the proposal with a U.S. Bankruptcy Court by December 16, 2023. If approved by the court by the end of the second quarter of 2024, the plan is estimated to provide over 90% of the distributable value worldwide to customers of FTX.com and FTX US, amounting to $8.9 billion and $166 million respectively. FTX CEO John J. Ray III described the proposed settlement as "another major milestone in our case," highlighting the creation of substantial value for customers from what could have been a significant loss.

Addressing Customer Property Issues

One notable aspect of the plan is the potential exclusion of insiders, affiliates, and customers who had knowledge of the commingling and misuse of customer deposits and corporate funds, or those who altered their Know Your Customer (KYC) information to facilitate withdrawals when the exchange halted operations. The proposal suggests that the payouts for these customers may not reflect the fair value of the FTX Debtors' claims.

Dividing Missing Customer Assets

Under the proposed plan, missing customer assets would be divided into three distinct pools based on the circumstances at the beginning of the Chapter 11 cases. The pools include assets set aside for FTX.com customers, assets for FTX US customers, and a "General Pool" for other miscellaneous cases.

Moving Forward

FTX's revised plan to return creditor holdings marks a significant step in addressing the impact of the exchange's collapse. By aiming to provide more than 90% of the distributable value worldwide to customers, FTX is working towards rectifying the financial disaster that occurred. The potential exclusion of parties involved in misconduct, as outlined in the proposal, demonstrates a commitment to ensuring fairness and transparency in the distribution of assets. As the bankruptcy process progresses, it will be interesting to see how the plan is received by the U.S. Bankruptcy Court and what impact it will have on the affected customers.

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