Here are the updates from the crypto world
A Hedge fund is being sued by an FTX customer allegedly because the firm owes him additional recovery after he sold his claims in the collapsed trading platform. An FTX user from California, Nikolas Gierczyk, reportedly sued the company, claiming that it could gain more than $1 million from their deal. He alleges that the hedge fund failed to honor a right to further recovery he had negotiated in their agreement.
As per a Bloomberg report, Gierczyk sold his $1.59 million claim against FTX to the hedge fund at a 42% discount, receiving a $930,000 payout. However, with FTX’s reorganization plan approved, customers are now expected to receive 129% to 146% of their claims.
A significant growth in the third quarter was seen by the Prediction markets, driven by bets on the upcoming United States presidential election, which could have a huge impact on cryptocurrency regulations.
The betting volume on prediction markets surged by 565.4% in the third quarter, reaching $3.1 billion across the three largest markets, compared to $463.3 million in the second quarter of 2024.
According to an Oct. 14 CoinGecko report, the significant growth was mainly attributed to increasing bets on the outcome of the US elections.
“Prediction markets picked up steam in 2024 Q3, growing 565.4% due to pundits betting on the upcoming US elections,” the report read.
The recent significant increase in the Sui token's value has led to accusations of insider selling among cryptocurrency investors, despite its notable price rise.
Sui SUI$2.22 climbed over 120% in the past month, reaching $2.25 by 10:13 am UTC on Oct. 14. The token has increased more than 16% in the last week, according to Cointelegraph data. However, despite the bullish trend, allegations of insider selling have surfaced.
Wallets linked to the SUI initial coin offering (ICO) have allegedly sold over $400 million worth of tokens during the rally, as reported by pseudonymous crypto analyst Light on X on Oct. 14.