);)
Justin Sun, the founder of Tron, purchased the installation art 'The Comedian' for about $6 million (approximately 83.988 billion won) at Sotheby's auction in New York, USA on the 20th. The Comedian is a 'controversial work' by Italian artist Maurizio Cattelan, consisting of a single banana attached to the wall using strong adhesive tape. .Justin Sun said in his X post on the 20th, "I am honored to be the proud owner of a banana and hope to inspire and influence more art lovers around the world."
Sun added a playful twist to the purchase and said he plans to eat the banana as part of this unique artistic experience.
2. Shanghai High Court Declares Ownership of Bitcoin and Cryptocurrencies Legal
The High Court of China recognized cryptocurrencies as 'property' under Chinese law on the 20th. The Shanghai High Court declared in the ruling that "cryptocurrencies can be treated as commodities, but are not recognized as currency or means of business." However, it emphasized that "while providing legal protection, the court still considers token issuance or fundraising through circulation to be illegal."
4. "US SEC Likely to Approve Solana Spot ETF Amid Political Changes"
Eleni Varvitsioti, a Fox Business reporter, hinted at the possibility of approving a Solana (SOL) spot exchange-traded fund (ETF). Varvitsioti claimed on her X account on the 21st that the US Securities and Exchange Commission (SEC) is quietly discussing the approval of the Solana spot ETF with several issuers. With the election of President-elect Trump as the 47th President of the United States, there is a widespread market sentiment that a 'crypto-friendly administration' will soon be in place, and the Solana spot ETF is expected to be approved soon.
5. "FTX to Start Compensating Users from March After Bankruptcy Restructuring in Early January 2025"
The debtors of FTX Trading announced on the 22nd that they have paved the way for FTX to distribute compensation to creditors and customers. The debtors stated that the final conditions of the bankruptcy restructuring plan approved by the court have been completed, and FTX is now ready to begin the actual debt repayment. The implementation of the bankruptcy reorganization plan means that the court-approved reorganization plan has officially commenced. This is generally interpreted as the bankrupt company having completed the key stages of the reorganization process, reached an agreement with creditors and other stakeholders, and is now prepared to proceed with the actual debt repayment and asset distribution in accordance with the plan.
Reporter Oh Hye-seong, oh@blockstreet.co.kr
