OMG NEWS OF THE DAY

FTX Burns Through $53K Every Hour in ‘Bankruptcy Fees’

In a three months ending October 31, FTX, the now-defunct crypto exchange, has been draining approximately $53,000 per hour to cover bankruptcy lawyers and advisers. Latest compensation filings reveal a staggering $118.1 million billed between August and October, averaging $1.3 million per day. The lion’s share went to management consulting firm Alvarez and Marshall, racking up $35.8 million, followed closely by global law firm Sullivan & Cromwell at $31.8 million. The sum total of legal fees fully paid since the bankruptcy case began is estimated at a $350 million, raising concerns about billing practices.

US Ambassador Hails Innovative Bitcoin Mining in Argentina

The U.S. Ambassador to Argentina, Marc R. Stanley, praises the collaboration between Unblock Computing and Crusoe Energy Systems. Their inventive use of flared gas in bitcoin mining not only aids Argentina in achieving climate goals but also promotes energy conservation. With a $15 million investment secured, the initiative in Vaca Muerta, home to one of the world’s largest shale gas reserves, aims to produce $200 million worth of oil with reduced emissions. Stanley commends the companies, stating, “Brilliant.”

NFT Trader Recovers Stolen Apes After Bounty Payment

A quick community initiative led by Boring Security, a non-profit Web3 security project, successfully recovers all stolen Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs after a 120 Ether bounty payment. The hacker returned 36 BAYC and 18 MAYC after receiving the bounty, valued at around $267,000. The exploit, attributed to a smart contract upgrade, prompted calls to revoke permissions granted to specific contracts to prevent future theft. Yuga Labs co-founder Greg Solano paid the bounty, facilitating the return of the stolen NFTs.

Helium Mobile Price Surges 100% Amid NFT Demand

While major altcoins face retracement, small-cap altcoin Helium Mobile (MOBILE) experiences a 100% surge in the last 24 hours, reaching $0.0070 with a trading volume of $18 million. The surge follows Helium Mobile’s introduction of nationwide unlimited mobile services at $20 per month, attracting an estimated 8,000 subscribers.

Users opting for NFT incorporation assist in location monitoring, earning $MOBILE rewards and reducing MVNO network-usage payments. Insights suggest around 8,000 recipients of Helium Mobile’s NFT, with a potential customer count of 34,000, showcasing the growing demand for NFTs in the Helium ecosystem.

TWEETS OF THE DAY

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