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New CEO hired to tidy up the wreckage of collapsed FTX is billing $1,300 per hour

According to court documents filed on Sunday at the US Bankruptcy Court for the District of Delaware ahead of the first hearing on Tuesday, John Ray who is the seasoned expert brought in to tidy up the wreck of the collapsed FTX is billing $1,300 per hour. The first hearing is aimed at shedding more […]

The post New CEO hired to tidy up the wreckage of collapsed FTX is billing $1,300 per hour appeared first on CoinJournal.

According to court documents filed on Sunday at the US Bankruptcy Court for the District of Delaware ahead of the first hearing on Tuesday, John Ray who is the seasoned expert brought in to tidy up the wreck of the collapsed FTX is billing $1,300 per hour. The first hearing is aimed at shedding more light on the insolvency proceedings.

The documents further show that the restructuring experts are seeking to go ahead with paying the wages of the senior staff at the collapsed exchange despite a freeze on its funds and lack of a clear record of who is owed what by the exchange.

Continued payment of salaries

About 1 million creditors including crypto users may have their funds locked up in FTX after the exchange collapsed leading to a freeze on its funds.

But even then, Edgar Mosley, the managing director of the restructuring consultancy firm, Alvarez & Marsal hired to clean up the mess, has maintained that continued payment of salaries will help preserve resources and value of FTX’s estate.

Edgar Mosley in his filling said:

“Continued payment of salaries is necessary for the preservation of the resources and value of the FTX estate. Without it, I believe that even more employees may seek alternative employment opportunities … likely, diminishing stakeholder confidence in the Debtors’ ability to successfully reorganize.”

Edgar insisted that the payments made to CEO Ray and also the $975 hourly billing of Chief Administration Officer Kathryn Schultea, Chief Information Officer Raj Perubhatla, and Chief Financial Officer Mary Cilia are important in maintaining and administering what remains of the company as it tries to repay its debts.

According to the court filing, non-employee directors hired for proper governance during the insolvency process will earn a fee of $50,000 per month. They shall also be entitled to some other allowances.

Though the fees seem to catch the attention of the general public, the fees are a drop of water into the ocean in the pricey world of corporate restructuring. Ray’s total fees only account for a fraction of the total amount of money that the $3.1 billion that the FTX allegedly owes to its principal creditors.

Lastly, Mosley also recommended that FTX should go ahead and pay an extra $17.5 million to its critical contractors, especially those that will ensure the security of the crypto assets is maintained to avoid hacking and stealing of the assets.

The post New CEO hired to tidy up the wreckage of collapsed FTX is billing $1,300 per hour appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Best exchange cryptocurrencies to buy this week

UNI and SUS are native tokens of the leading decentralised exchanges and have been performing well today. BNB is underperforming today but could rally higher over the coming days.  The total crypto market cap could reach the $900 billion mark in the near term. The cryptocurrency market is trading in the green zone for the […]

The post Best exchange cryptocurrencies to buy this week appeared first on CoinJournal.

  • UNI and SUS are native tokens of the leading decentralised exchanges and have been performing well today.

  • BNB is underperforming today but could rally higher over the coming days. 

  • The total crypto market cap could reach the $900 billion mark in the near term.

The cryptocurrency market is trading in the green zone for the second consecutive day this week. The total market cap stands above $850 billion and could rally higher over the next few hours.

With most cryptocurrencies performing well this week, we will focus on exchange-based tokens and look at the top five you can buy before the end of the week.

Top five exchange tokens to buy this week

Uniswap (UNI)

UNI, the native token of the Uniswap decentralised exchange, is one of the best-performing exchange tokens this week. The token has added more than 4% to its value in the last 24 hours. At press time, the price of Uniswap stands at $5.73 per token.

UNI is an excellent choice because Uniswap remains the number one decentralised exchange in the world, processing over $700 million in daily trading volume. 

Where to buy Uniswap now

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy UNI with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy UNI with Bitstamp today

Sushiswap (SUS)

Sushiswap is the second decentralised exchange to make this list. SUS powers the Sushiswap exchange and has been performing well over the last 24 hours. The token is up by more than 4% in the last 24 hours and is now trading at $1.41. 

Uniswap remains ahead of Sushiswap, with Sushiswap processing roughly $20 million in daily trading volume. However, its SUS token is still a leading exchange coin. 

Where to buy Sushiswap now

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy SUSHI with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy SUSHI with Bitstamp today

Cronos (CRO)

The native coin of the Crypto.com cryptocurrency exchange is also trading in the green zone today. Cronos is up by less than 1% in the last 24 hours but could rally higher over the coming hours and days.

At press time, CRO is trading at $0.06447. Crypto.com is one of the top 20 cryptocurrency exchanges by trading volume and processes more than $220 million daily. 

Where to buy Cronos now

CoinEx

Founded in December 2017, CoinEx is a global and professional cryptocurrency exchange service provider. CoinEx supports multiple languages and are providing global trading services in nearly 100 countries/regions.

Buy CRO with CoinEx today

Okcoin

Okcoin is a globally licensed exchange with offices in San Francisco, Miami, Malta, Hong Kong, Singapore and Japan. Okcoin's mission is to help decentralize finance and level the economic playing field for everyone around the world. Serves 190+ countries with over 100K+ active traders and investors.

Buy CRO with Okcoin today

Binance Coin (BNB)

BNB, the native coin of the Binance cryptocurrency exchange, is also one of the exchange tokens to consider. At press time, the price of Binance Coin stands at $300.19, down by 1% in the last 24 hours.

Binance is the world’s leading crypto exchange. Earlier today, the exchange announced that it had acquired the Japanese-regulated Sakura Exchange BitCoin. Thus, allowing Binance to operate legally in Japan following its exit from the country four years ago. 

Where to buy Binance Coin

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy BNB with eToro today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy BNB with Binance today

KuCoin Token (KCS)

The last token on this list is the KuCoin Token (KCS). Similar to BNB, KCS has been underperforming so far today. However, it could recover and rally higher in the coming hours or days. 

KCS is currently trading at $6.71 per coin. KuCoin is the fourth-largest crypto exchange and processes nearly $500 million in daily trading volume. 

Where to buy KuCoin Token now

As KCS is such a new asset, it's yet to be listed on major exchanges. You can still purchase KCS using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy KCS right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it's one of the world's leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It's also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You'll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and 'connect' your wallet to it.

4. You can now swap your ETH for KCS

Now that you're connected, you'll be able to swap for 100s of coins including KCS.

The post Best exchange cryptocurrencies to buy this week appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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