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FTX to Pay Over $5B to Creditors as Bankrupt Exchange Gears Up for Distribution

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FTX creditors are set to receive over $5 billion in distributions starting May 30, as part of the second phase of the bankrupt exchange’s court-approved recovery plan, the FTX Recovery Trust said Thursday.

The estate will pay out to four classes of creditors, with recoveries ranging from 54% to 120% of their original claims. The amounts are based on the U.S. dollar value of customer holdings at the time of FTX’s collapse in November 2022.

BitGo and Kraken, two custodians overseeing the distribution process, are expected to transfer funds to eligible claimants within one to three business days from May 30.

The payout breakdown includes “Class 5” creditors, or Alameda Research counterparties, lenders, and trading vendors, who are set to receive between 54% and 72% of approved claims.

Small, unsecured claimants are recovering about 61%. Meanwhile, intercompany claims involving FTX’s various subsidiaries are being repaid at 120%.

Over 90% of all claims have entered the distribution pipeline, the Repayment Trust said in its release.

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Filmmaker David Goyer Bets on Blockchain for Next Sci-Fi Franchise

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TORONTO — David Goyer, the filmmaker whose credits include the Blade trilogy, The Dark Knight, and Apple TV’s Foundation series, said Friday he is building a new blockchain-based science-fiction universe called Emergence.

The world of Emergence, according to Goyer, features spaceships, relic-hunting and white holes — science-fiction staples that will serve as the foundation for a sprawling transmedia project built inside Incention, Goyer’s new blockchain platform.

In a panel discussion at CoinDesk’s Consensus conference in Toronto, Goyer appeared alongside SY Lee of Story Protocol, the intellectual property-focused blockchain upon which Incention and Emergence are based. There, Goyer laid out his vision for Incention, saying the platform will allow fans to co-create the Emergence universe alongside professional storytellers.

“The idea is that we’re going to involve the community in all of this, and they’ll have an opportunity to create characters who will be joining the podcast, joining the animation, etc.,” he said.

Goyer criticized Hollywood’s approach to IP-building, calling it “very top down” and slow to adapt. “Franchises are built in the film and television industry [on] models that are a century old,” he said. “It’s very hard to innovate. It’s very hard to break into Hollywood if you’re a newcomer.” Web3, he added, could help change that.

Story Protocol, launched in 2023, has raised more than $80 million from backers including a16z, Hashed, and Endeavor. The platform offers tools for registering, tracking and monetizing intellectual property on the blockchain.

“Each intellectual property has its own program, licensing and royalty-sharing rights,” Lee explained on Friday. “Without any middleman, someone can remix, license, and basically build upon someone else’s IP,” he added. “According to the rules set by the IP owner […] they could share the upside together.”

Goyer said he wrote a 2,500-page story bible to anchor the Emergence universe. “We hired a bunch of really talented concept artists that had worked on the Harry Potter and Star Wars franchises, and a number of Hugo and Nebula Award-winning science fiction authors to write stories within the universe using the bible that I created,” he said.

That material also served as the training data for an AI agent, dubbed “Atlas,” which Goyer said will help contributors co-create within a pre-defined narrative framework.

“This is what I would say is sort of a sanctioned use of AI, where we’re not just scraping information,” he said.

Visitors to the Emergence platform can read about its characters and settings or generate their own. The community may then upvote user-generated stories and visuals. An editorial board — chaired by Goyer — will determine which submissions become part of the official canon.

“We’ll let our community up-vote the characters that the community themselves have created,” he said. “Then the editorial board — which is myself and a few other people — will decide which of these characters best suits the overall franchise.”

“AI, Web3, blockchain — none of this stuff is going away, right? The whole world’s becoming tokenized,” Goyer said. “So, for my sake, I just thought this is something I need to learn about and get involved in.”

While AI and blockchain have raised fears of job loss and the commodification of creative labor, Goyer said his hope is to use the technology in ways that empower artists.

“It’s really about deciding whether I’m going to stick my head in the sand, or I’m going to have a seat at the table and see, in my own small way, whether or not I can help guide this in a way that’s beneficial to creative types like myself,” he said.

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CoinDesk Analyst Advises UK Crypto Firm to Set Up Bitcoin Treasury

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U.K.-based Coinsilium Group (COIN:AQSE), which became the first blockchain firm to IPO in 2015, has announced a £1.25 million raise as it looks to establish its bitcoin BTC treasury initiative.

The raise came alongside a record high in trading volume of Coinsilium Group shares, with 14 million shares changing hands on Friday. Shares are currently trading at £0.04, having risen by 24% over the past 24 hours.

The company is advised by CoinDesk analyst James Van Straten, who told CoinDesk that it was «great to see record trading volumes as Coinsilium announces a bitcoin treasury.»

He added: «I remain focused on helping educate the UK market on bitcoin and helping the UK become a leader in this space.»

The move to set up a bitcoin treasury follows in the footsteps of several other companies including Strategy (formerly MicroStrategy) and Metaplanet, with the U.S. Government also outlining plans to stockpile BTC in March.

Disclaimer: James Van Straten is a CoinDesk employee that owns Coinsilium Group and MSTR shares.

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CoinDesk 20 Performance Update: AAVE Jumps 7.4%, Leading Index Higher

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CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 3238.87, up 1.3% (+41.2) since 4 p.m. ET on Thursday.

Nineteen of 20 assets are trading higher.

9am CoinDesk 20 Update for 2025-05-16: full chart

Leaders: AAVE (+7.4%) and ETH (+2.9%).
Laggards: XRP (-0.6%) and APT (+0.2%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

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