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The FTX Recovery Trust has taken another step forward in its complex, multi-jurisdictional effort to return billions of dollars to creditors worldwide. In a recent motion filed on Wednesday, the Trust asked the court for permission to implement new legal procedures to handle claims from creditors located in what it calls “restricted jurisdictions.” According to the filing , the Trust has pinpointed 49 countries—including China, Russia, Ukraine, Pakistan, and Saudi Arabia—where local laws or geopolitical complexities could make it legally challenging to distribute funds to creditors. While these regions account for only about 5% of the total estimated $16 billion in claims, the majority of that slice—82%—is tied to claimants in China alone. The challenge is rooted in sanctions regimes, capital controls, and regulatory hurdles that vary from country to country. For FTX, which collapsed spectacularly in late 2022 , recovering and fairly distributing billions is already a monumental task without the added burden of navigating conflicting foreign laws. The new filing outlines a multi-step plan for how the Trust intends to address this legal tangle. First, it wants to hire local attorneys in each of these jurisdictions to examine whether distributions to creditors can be done lawfully and in compliance with both local and U.S. law. If local legal counsel determines that compliance is possible, the Trust says it will move ahead with distributions using licensed service providers. However, if compliance cannot be ensured, the Trust plans to notify affected creditors and seek a court order to formally designate that country as a restricted jurisdiction. Under the proposed procedures, if a jurisdiction is officially designated as restricted, creditors in that country will have 45 days to object to the ruling. If no objection is filed, or if objections are overruled by the court, creditors’ claims in those regions will be marked as “Disputed Claims.” In practical terms, that means any funds earmarked for those claimants will be forfeited and revert back to the FTX Recovery Trust for redistribution among eligible creditors elsewhere. In its filing, the Trust stressed that no payments would be made if doing so would violate local laws: “Distributions that cannot be made due to the illegality of doing so under the laws of a Restricted Foreign Jurisdiction will not be made and any interest in such Distribution shall revest in the FTX Recovery Trust.” The FTX Recovery Trust made clear that these restrictions are not necessarily permanent. It said it is actively trying to reduce the number of countries on the restricted list by working with legal experts to clarify local regulations. If circumstances change—such as a relaxation of capital controls or improved legal clarity—jurisdictions could be removed from the list, and creditors there might see distributions resumed in the future. However, not all creditors are optimistic. Some have taken to social media to protest the move. One creditor, @zhetengji on X, who claims to be based in China, posted: “I will definitely take action and will raise objections at every stage... This is absolutely unreasonable.” This sentiment highlights the frustration among creditors who feel shut out of recovery efforts due to geopolitics rather than any fault of their own. The court is scheduled to review this motion on July 22. If the plan is approved, the Trust will immediately engage local legal counsel, notify creditors, and manage any objections as it pushes ahead with its plan to return as much money as possible to rightful owners. This comes as the Trust continues to expand its distribution network. Just last month, Payoneer was brought on as a third-party distributor, expanding coverage to creditors in 93 jurisdictions. Still, many creditors in restricted regions remain out of reach of Payoneer and other distribution channels, fueling discontent and further complicating the path to closure. The FTX collapse remains one of the biggest black swan events in crypto’s short history, and the road to restitution is proving just as complex as the downfall itself. This latest legal maneuver shows that the Trust is aware of both legal realities and creditor sentiment—but striking a balance between the two won’t be easy. If the proposed Restricted Jurisdiction Procedures are approved, some creditors may find themselves locked out of recovery for the foreseeable future. For others, the Trust’s cautious legal approach might be the only viable way to ensure that distributions are lawful, sustainable, and protected from future clawbacks. All eyes will be on the court hearing later this month. For thousands of creditors worldwide, it could decide whether long-frozen funds finally start moving—or remain tangled in a web of cross-border legal uncertainty. $FTX, $FTXRecoveryTrust

In a historic on-chain anomaly, four long-dormant Bitcoin wallets, each holding 10,000 BTC, have been activated after more than 14 years of inactivity. These wallets, likely mined or acquired in Bitcoin's earliest days, collectively held just $30,800 in 2011—now worth over $4.36 billion. Market watchers are stunned by the scale of reactivation in a single day. Some interpret this as potential early-adopter reshuffling, while others fear a major sell-off. Meanwhile, institutional confidence is on full display. Recent reports confirm that BlackRock, Fidelity, and ARK Invest have collectively purchased $575.8 million in Bitcoin . This move supports: The scale of institutional buying sharply contrasts the dormant whale movements—fueling a wave of bullish speculation. Institutions aren’t just buying Bitcoin. Ethereum has also attracted attention : Traders are betting that $ETH could soon reach $10,000, backed by Layer-2 growth and renewed institutional trust. Tether has minted another $1 billion in USDT, adding liquidity to markets. Market watchers see this as yet another signal of rising demand across the board. Senator Cynthia Lummis has introduced legislation to: If passed, it could significantly boost retail crypto adoption across the United States. President Donald Trump’s wide-reaching economic bill has passed the House. The legislation includes: The bill is being celebrated in crypto circles as a turning point in U.S. digital asset policy. With: July 2025 may go down as the spark that ignited the next crypto supercycle . $BTC, $ETH, $USDT

RT @KundaliniKrypto: $HOLD conservative view @everybodyholdX could easily reach $1+ when the supply squeeze hits Screenshot this and don’t…

3 ) The Sei Ecosystem As outlined earlier, gaming applications emerged as @SeiNetwork's breakout sector during Q4 2024, with transaction volume surging >1,600% quarter-over-quarter to reach 2.9 million monthly transactions, with the @Galxe Arcade campaign launched in December 2024 likely having further accelerated adoption. This explosive growth transformed gaming into the network's leading activity category, surpassing DeFi in transaction volume and driving significant user acquisition, which remains true up to this day. The leading gaming apps driving this growth are: - @worldofdypians: A multiplayer role-playing game (MMORPG) available on Epic Games. Similar to World of Warcraft, players control heroes to interact with the game world. The game is multichain, available on many networks including Sei, and features onchain elements such as the WOD token and two NFT collections. World of Dypians led gaming transactions on Sei in Q1 with an average of >61k per day, a 151.5% QoQ increase. - @archerhunter_HQ: A mobile game available on the Apple App Store and Google Play where users play in a roguelike style game in various modes. Archer Hunter saw an average of >45k transactions per day in Q1, a 37.4% QoQ increase. Other notable gaming ecosystem highlights include: - @FEFLOfficial - @hotspring_HQ - @FishWarOfficial - @PlayQuizmatch - @Dragon_Slither - @seiyara_io - @thepiratopia - @SpinCityAi - @capyvsmonsters - @playAstroKarts - @grandgangstaci - @Play_Dawnshard - @0xHeliumWars However, despite gaming's emergence, the DeFi ecosystem has also been expanding, demonstrating remarkable resilience and growth. TVL expanded from $208M in January 2025 to $611M million by the time of writing, marking a >194% increase. The steep growth was largely driven by the borrowing and lending sector, which is dominated by @YeiFinance, controlling $370M (equalling 61% of the networks TVL). Together with @TakaraLend (offering assets incl. $SEI, $iSEI, $USDT, $USDC, $fastUSD, and $uBTC, as well as in-app swaps), which accounts for $74M in TVL, the two leading lending protocols hence account for 73% of TVL. Another emerging player in this segment is @avalonfinance_, a protocol focused on Bitcoin borrowing and lending, and collateralized debt positions (CDP). Avalon primarily offers borrowing and lending for @SolvProtocol's $SolvBTC and $SolvBTC.BBN, but also enables users to mint its CDP products, which are $USDa and $sUSDa. Alongside a growing lending sector, DEX activity exploded with daily volume growing from $23M in June 2024 to >$982M in June 2025, marking a new monthly ATH and a steep 43x increase YOY. The leading DEXes on the network are: - @SailorFi: Biggest DEX in the ecosystem by TVL and volume (consistently >$10m in daily volumes in June), mainly focused on majors & stablecoins. - @dragonswap_dex: Second largest AMM DEX by TVL and volume on Sei, reaching peaks of up to $26M in daily volume in June. - @jlyvrs: Serves as Balancer’s friendly fork on Sei, which in January 2025 notably launched its jAssets primitive, which are tokens that bring real-world assets onchain. Powered by @PythNetwork’s price oracles, users could mint tokenized stocks such as $jTSLA and $jMSTR. Thanks to the upcoming Giga upgrade, Sei is also one of the few real-time blockchains scalable enough to support onchain CLOB DEX infrastructure like @MonacoOnSei, which will be another major leap for the maturity of the ecosystem. That's a topic we will explore in a different report though. Meanwhile, the stablecoin ecosystem expanded to over $280 million in market cap, with the integration of native $USDC via @Noble_xyz and $USDT via @KAVA_CHAIN, along with the innovative $fastUSD yield-bearing stablecoin, created robust financial infrastructure. This foundation supports both DeFi applications and positions @SeiNetwork for potential regulatory-compliant use cases through the Wyoming partnership.