Court Allows FTX’s Liquidation Plan of Assets Like BTC, ETH, and SOL – Investors fleeing to this BTC Fork

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With Sam Bankman-Fried being denied pretrial release ahead of his trial and the court allowing FTX’s liquidation of assets Like BTC, ETH, and SOL, investors are notably fleeing to a BTC fork known as Bitcoin Spark (BTCS).

Who is Sam Bankman-Fried?

Sam Bankman-Fried was the founder and CEO of the cryptocurrency exchange FTX and associated trading firm Alameda Research. Before the FTX collapse, Bankman-Fried was ranked the 41st richest American in the Forbes 400 and the 60th richest person worldwide by The World’s Billionaires.

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What happened to FTX?

FTX collapsed in November 2022 after a catastrophic sequence of events that sent shockwaves through the cryptocurrency world. The trouble began with a damning report by CoinDesk on November 2nd, which exposed Alameda Research for holding an alarming $5 billion in FTT, the native token of FTX. This revelation, combined with Binance announcing plans to sell its stake in FTT, immediately triggered FUD which led to an increase in customer withdrawals. Desperate for a lifeline, FTX declared a liquidity crisis on November 7th, seeking financial aid from venture capitalists and even Binance itself. However, these efforts were in vain, as on November 8th, Binance abruptly abandoned its plans to acquire FTX’s non-U.S. business.

Bahamas authorities froze assets linked to FTX’s subsidiary on November 10th in response to the liquidity crisis. On the same day, the California Department of Financial Protection and Innovation announced that it had initiated an investigation into FTX. Bankman-Fried admitted that FTX’s non-U.S. exchange had insufficient funds to meet customer demands. The following day, he stepped down as CEO, with FTX filing for Chapter 11 bankruptcy protection. The crisis turned a sinister turn when, within hours of the bankruptcy filing, FTX reported a purported hack, where hundreds of millions of tokens were allegedly stolen.

These events culminated in Sam Bankman-Fried’s arrest by Bahamian authorities on December 12th, with a litany of fraud charges tied to the collapsed FTX.

Bitcoin Spark

Bitcoin Spark is not a mere fork, it is a forward-thinking blockchain solution that aims to overcome the limitations of Bitcoin (BTC) and usher in a new era of digital currency. While it shares the foundational principle of a maximum supply of 21 million with its predecessor, it distinguishes itself through a host of technological improvements. These include reduced block time, increased transaction capabilities per block, and a significantly higher number of nodes, resulting in faster and more cost-effective transactions.

Additionally, Bitcoin Spark will have a seamlessly integrated smart contract layer. This layer is designed to support a variety of high-level and low-level programming languages with its multiple execution systems that all achieve finality on the main network. This ensures scalability and promotes diversity, positioning Bitcoin Spark as a robust platform capable of hosting a wide array of smart contracts and decentralized applications (DApps).

Unique to Bitcoin Spark is its consensus mechanism, Proof-of-Process (PoP), which nonlinearly rewards miners for block confirmation and their processing power. The nonlinear approach, combined with Bitcoin Spark’s extensive nodes, democratizes mining, enabling even miners with less powerful devices to earn substantial rewards. Notably, the Bitcoin Spark application, which also serves as the network’s native wallet, will enable Windows, Mac OS, Linux, iOS, and Android users to mine by simply permitting access to their device’s processing unit. The project’s dev team has made notable steps to ensure the security and usability of the application.

The processing power contributed by miners will be leased as remote computing power to individuals and organizations in need, with payments done in BTCS. Furthermore, Bitcoin Spark is set to feature ad slots on its application and website, which will be governed by the community and paid for using BTCS, adding an additional layer of utility to the token.

In line with its commitment to openness, Bitcoin Spark has outlined the allocation of the BTCS supply in its whitepaper. 78.33% will go to mining, 19.05% to the ICO, 2.38% to pre-network launch liquidity pools and exchanges, and only 0.24% will go to the project’s team.

The Bitcoin Spark Initial Coin Offering (ICO) is currently in Phase 5, selling BTCS at $2.50 and offering a 9% bonus with a guaranteed 436% increase in investments as BTCS will launch at $10.

For more information about Bitcoin Spark:

Website: https://bitcoinspark.org/

Buy BTCS: https://network.bitcoinspark.org/register

 


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