As creditor repayments for FTX are scheduled to commence tomorrow, there has been notable activity with Bitcoin moving out of wallets associated with the now-defunct FTX cryptocurrency exchange. According to various reports, the first round of repayments is expected to begin on February 18, 2025. This involves distributing over $18 billion to creditors, with a significant portion expected to flow back into cryptocurrencies, particularly Bitcoin and altcoins.

FTX was primarily a cryptocurrency exchange, allowing users to trade a wide variety of cryptocurrencies. It also offered futures and options trading, staking, and yield farming through its associated platform, FTX.US for US customers. Known for its innovative trading products like leveraged tokens and a tokenized version of its native token, FTT. FTX had a close relationship with Alameda Research, a trading firm also founded by Sam Bankman-Fried, leading to conflicts of interest and financial entanglements.

FTX Filed for Chapter 11 bankruptcy in November 2022 after a liquidity crisis was triggered by reports of financial mismanagement and misuse of customer funds for risky investments via Alameda Research. A significant portion of customer funds was allegedly used to prop up Alameda Research, leading to the inability to fulfill withdrawal requests, which ultimately led to its collapse.

Genesis faced liquidity problems after the collapse of the Terra ecosystem in May 2022, exacerbated by the broader crypto market downturn and the fallout from Three Arrows Capital (3AC), a major borrower from Genesis, defaulting on loans. Genesis Global Holdco and two of its lending subsidiaries filed for bankruptcy in January 2023, marking the beginning of a process to restructure and repay creditors. Genesis began preparing for creditor repayments, with movements of assets like Bitcoin out of its wallets noted as part of this process. A settlement of $2 billion was part of the deal to return assets to creditors.

Post-bankruptcy, efforts have been made to recover assets, with billions in cash and crypto being identified. The plan includes repaying creditors with a significant portion of these recovered assets, starting in February 2025, Ongoing investigations and legal actions against former executives, including Sam Bankman-Fried, who has been convicted on multiple counts of fraud and conspiracy.

There’s been speculation and discussion around how these repayments might affect Bitcoin’s price. The influx of liquidity from these repayments could potentially lead to increased buying pressure for Bitcoin if creditors choose to reinvest their recovered funds into the cryptocurrency market. However, the exact market impact remains uncertain, as some creditors might opt to convert their Bitcoin to fiat for financial security or other reasons.

Given the scale of the FTX bankruptcy, with creditors being owed billions, the volume of Bitcoin moving out of FTX wallets is anticipated to be significant. This could lead to increased market volatility in the short term, depending on how and when these Bitcoins are reintroduced to the market by creditors.

FTX collapse had a significant impact on the trust in centralized cryptocurrency exchanges, leading to increased regulatory scrutiny and calls for better practices, transparency, and security across the industry. The FTX repayments will serve as a beacon on investors whose hopes have been on check for a possible repayment plan since FTX filed for Chapter 25 Bankruptcy in 2022.

A Bold Step Towards a Zero-Waste Future

In a move to address Lagos State’s waste management crisis, the Lagos State Government, through the Ministry of Environment and Water Resources, has signed a Memorandum of Understanding (MoU) with Lafarge Africa PLC to utilize non-recyclable combustible waste as an alternative fuel source.

This strategic partnership is part of the government’s broader agenda to reduce landfill waste, promote environmental sustainability, and achieve a circular economy.

Under the agreement, Lafarge Africa will collect and process non-recyclable waste from companies and landfill sites across Lagos before diverting it to its Ewekoro Plant for use as fuel in its production process.

The development was announced by Tokunbo Wahab, Lagos State Commissioner for Environment and Water Resources, via X (formerly Twitter) on Monday.

Wahab described the initiative as a significant step towards a zero-waste future for Lagos State, adding that it will help reduce the pressure on landfills and create a more sustainable waste management system.

A Sustainable Approach Applauded by Environmentalists

Unlike previous instances where waste-related policies resulted in outright bans that negatively impacted businesses, this initiative has been widely praised for striking a balance between environmental responsibility and economic sustainability.

Environmentalists note that such partnerships offer a more pragmatic and effective approach to waste management than restrictive policies that could stifle industrial activities. Lagos is demonstrating how sustainability and economic growth can coexist by incorporating waste into industrial fuel sourcing.

Key Benefits of the Lagos-Lafarge Partnership

According to the Lagos State Government, this collaboration will bring several crucial benefits, including providing a sustainable and reliable fuel source for Lafarge’s production, reducing reliance on fossil fuels, and integrating waste collection with energy production to cut landfill costs and reduce fuel expenses.

The initiative also aligns with local and international environmental policies, ensuring regulatory compliance, and supports the state’s Environmental, Social, and Governance (ESG) goals.

The MoU signing ceremony was attended by top government officials and corporate executives, highlighting the project’s importance. Key attendees included Lolu Alade-Akinyemi, CEO of Lafarge Africa PLC; Olakunle Rotimi-Akodu, Special Adviser on Environment; Dr. Gaji Omobolaji, Permanent Secretary, Office of Environmental Services; Engr. Mahamood Adegbite, Permanent Secretary, Office of Drainage Services; Mrs. Adetoun Popoola, General Manager of LASPARK; Engr. Mukhtaar Tijani, Managing Director of Lagos Water Corporation; and Engr. Adefemi Afolabi, General Manager of LASWAMO.

Lagos’ Expanding Waste Management Initiatives

This partnership with Lafarge Africa is one of several recent collaborations aimed at overhauling Lagos’ waste management system. In recent months, the Lagos State Government has entered into agreements with international firms to develop innovative waste solutions, including partnerships with Dutch companies, Closing the Loop and Harvest Waste Consortium, for landfill decommissioning, waste-to-energy conversion, and electronic waste management.

The state is also working with Ghana-based Jospong Group, which plans to transform collected waste into compost fertilizers and plastic bins, with operations expected to begin within six to seven months. In addition, Lagos is exploring collaborations with Swedish organizations to convert both solid and liquid waste into energy, further reinforcing its commitment to alternative energy sources.

In October 2024, Lagos signed a Letter of Intent with GreenDeal Chemicals & Recycling and Greenback Recycling Technologies Ltd to launch a plastic waste-to-energy initiative at the decommissioned Abule Egba landfill. This pilot project aims to reduce plastic waste and convert it into energy through advanced chemical recycling, supporting the state’s circular economy goals.

The world of artificial intelligence is evolving at breakneck speed, with companies rolling out new models faster than ever. From tech giants like OpenAI and Google to rising competitors like Mistral and Anthropic, AI models are being released at an overwhelming pace.

Keeping up with these developments is a challenge, especially since most models are marketed with technical benchmarks that don’t always reflect real-world performance.

To help cut through the noise, TechCrunch compiled the most advanced AI models launched since 2024—what they’re designed for, how they perform, and whether they’re worth your time.

AI Models Released in 2025

OpenAI o3-mini

A compact yet powerful reasoning model, OpenAI’s o3-mini is optimized for STEM tasks like coding, math, and scientific research. It’s designed to be cost-effective and is available for free, although heavy users will need a subscription.

OpenAI Deep Research

This model is built for in-depth research and includes clear citations to back up its findings. However, access comes at a steep price—$200 per month for ChatGPT Pro users. While OpenAI claims it’s useful for everything from academic research to shopping advice, hallucinations remain an issue.

Mistral Le Chat

Mistral’s latest AI assistant, Le Chat, is designed for speed. The company claims it responds faster than any other chatbot, with a paid version offering up-to-date journalism from AFP. Initial tests by Le Monde found its performance impressive, though it made more factual errors than ChatGPT.

OpenAI Operator

This AI-powered personal assistant is designed to take initiative—handling tasks like grocery shopping on its own. However, early users have reported glitches, including one instance where it ordered a dozen eggs for $31 without permission. Operator is available only through OpenAI’s $200 per month ChatGPT Pro plan.

Google Gemini 2.0 Pro Experimental

Google’s much-anticipated AI model boasts a massive 2-million-token context window, making it ideal for processing extensive text data. It claims to excel at coding and general knowledge tasks but requires at least a $19.99/month Google One AI Premium subscription.

AI Models Released in 2024

DeepSeek R1

Developed in China, DeepSeek R1 gained attention in Silicon Valley for its strong performance in coding and math. It’s open-source and free to use, but it incorporates Chinese government censorship, leading to bans in some regions.

Google Gemini Deep Research

This model aims to summarize search results into a well-cited document, making it useful for students and professionals needing quick research summaries. However, it falls short of peer-reviewed research quality. Access requires a $19.99 Google One AI Premium subscription.

Meta Llama 3.3 7B

Meta’s latest Llama model is its most efficient yet, excelling in general knowledge, math, and instruction-following. Like its predecessors, it remains open-source and free to use.

OpenAI Sora

A groundbreaking video generation model, Sora can create entire scenes from text prompts. However, OpenAI acknowledges that it struggles with “unrealistic physics.” It’s available only on paid ChatGPT plans, starting at $20 per month.

Alibaba Qwen QwQ-32B-Preview

One of the few models to rival OpenAI’s o1 in industry benchmarks, Alibaba’s Qwen excels in math and coding but falls short in common-sense reasoning. Like DeepSeek, it integrates Chinese government censorship. The model is free and open-source.

Anthropic’s Claude Computer Use

This AI is designed to take control of a user’s computer for tasks like coding or booking flights. While promising, it remains in beta. Pricing is API-based: $0.80 per million tokens for input and $4 per million tokens for output.

x.AI’s Grok 2

Elon Musk’s AI company, x.AI, has launched Grok 2, an enhanced version of its chatbot that is “three times faster” than its predecessor. Free users are limited to 10 queries every two hours, while X Premium subscribers get expanded access. The company also launched Aurora, a photorealistic image generator that has drawn controversy for generating graphic content.

OpenAI o1

Part of OpenAI’s new reasoning-focused AI family, o1 is designed to think through responses before answering. It performs well in coding, math, and safety but has been criticized for its ability to deceive humans. It’s available via the $20-per-month ChatGPT Plus subscription.

Anthropic’s Claude Sonnet 3.5

Widely regarded as a top-tier AI model, Claude Sonnet 3.5 is especially popular among tech insiders for its coding capabilities. It’s accessible for free, but heavy users must pay $20 per month for Claude Pro. Unlike some competitors, it understands images but cannot generate them.

OpenAI GPT-4o-mini

OpenAI’s fastest and most affordable model, GPT-4o-mini, is designed for simple, high-volume tasks like customer service chatbots. It’s available on ChatGPT’s free tier and is more suited for basic applications than complex reasoning tasks.

Cohere Command R+

Specializing in Retrieval-Augmented Generation (RAG), Cohere’s Command R+ is ideal for enterprises needing precise, well-cited information retrieval. Despite its strengths, RAG doesn’t fully eliminate AI hallucinations. Pricing is enterprise-focused.

The AI Race Continues

With major companies rolling out new models at an unprecedented pace, competition in the AI space is fiercer than ever. While some models stand out for their speed, accuracy, or unique capabilities, others still struggle with common AI pitfalls like hallucination and ethical concerns.

As 2025 unfolds, it’s clear that AI development isn’t slowing down. More breakthroughs, controversies, and innovations are expected in the months ahead.

The Federal Government of Nigeria, through the Nigerian Consumer Credit Corporation (CrediCorp), has officially launched a consumer credit scheme aimed at facilitating the purchase of locally assembled vehicles.

The first phase of the initiative, announced by the Minister of Information and National Orientation, Mohammed Idris, focuses on providing credit facilities to buyers of motorcycles and tricycles manufactured by Simba (TVS), Nigeria’s largest assembler of two- and three-wheelers. Future phases of the program will extend to locally assembled cars, further expanding access to affordable mobility solutions.

Announcing the development via a post on X, Idris emphasized the government’s commitment to financial empowerment through consumer credit, a system that remains underdeveloped in Nigeria compared to many advanced economies.

“The Nigerian Consumer Credit Corporation, one of President Tinubu’s flagship initiatives targeted at empowering Nigerians financially, has just recorded another impressive milestone: The rollout of the first set of beneficiaries of a new credit scheme for the purchase of locally-assembled automobiles, in partnership with major assembly firms,” Idris stated.

“This first phase has kicked off with brand-new tricycles and motorcycles, assembled locally by Simba (TVS), Nigeria’s largest assembler of three- and two-wheelers. Future phases will include cars.”

The initiative is part of CrediCorp’s broader mission to expand access to consumer credit under its S.C.A.L.E. (Securing Consumer Access for Local Enterprise) program, which promotes locally produced goods and services across several key sectors, including mobility, energy solutions, digital devices, home improvement, and general household goods.

1 Million Beneficiaries Targeted by 2026

CrediCorp has set an ambitious goal of supporting 1 million Nigerians in purchasing locally manufactured goods through consumer credit by the end of 2026. According to Idris, the scheme is designed to empower Nigerians financially and stimulate the local economy by increasing demand for locally manufactured products.

“CrediCorp has a target to support 1 million Nigerians to purchase locally-made consumer goods by the end of 2026. This is what the Renewed Hope agenda is all about—empowering Nigerians and creating opportunities,” Idris noted.

The Managing Director of Simba Group, Vinay Grover, who was present at the handover ceremony for beneficiaries, highlighted the transformative impact of the initiative.

“Today is not just about handing over the keys to our vehicles. It is about unlocking potentials, igniting dreams, and driving change,” Grover said.

Boosting the Local Auto Industry

The consumer credit initiative is expected to have far-reaching effects on Nigeria’s struggling automotive industry, which has suffered from high import dependence and limited local production. By incentivizing the purchase of locally assembled vehicles, the government aims to create jobs in the local automobile assembly sector, encourage foreign direct investment (FDI) in automotive manufacturing, reduce Nigeria’s reliance on imported vehicles, and enhance accessibility to affordable transportation for lower-income citizens.

The initiative builds upon the December 2024 partnership between CrediCorp and the National Automotive Design and Development Council (NADDC), which provided an N20 billion consumer credit fund to promote vehicle financing.

Nigeria’s Consumer Credit System: Long Overdue?

Nigeria has long struggled with the absence of a robust consumer credit system, which has restricted many citizens from owning vehicles, homes, and essential household goods. Unlike in developed economies, where credit financing is a major driver of economic growth, most Nigerians have historically been forced to make large purchases upfront due to a lack of financing options.

Economic analysts have pointed out that expanding consumer credit could significantly increase purchasing power, encourage local manufacturing, and ultimately drive economic growth. However, concerns remain about the high default risk associated with credit facilities in a country where the cost of living has surged due to inflation and currency devaluation.

Hurdles on Its Way

While there is optimism surrounding the CrediCorp initiative, analysts have pointed out several hurdles that could hinder its success. High interest rates remain a significant concern, as without favorable rates, many Nigerians may still find it difficult to afford credit repayment. There is also economic uncertainty, including the unstable naira and rising inflation, which could impact purchasing power and lead to higher default rates.

The lack of a credit culture in Nigeria poses another challenge, as many Nigerians lack credit history, making it difficult for lenders to assess risk effectively. Additionally, there is a trust deficit in government-backed programs, as similar past initiatives have been plagued by poor execution, lack of transparency, and corruption, leading to skepticism.

However, the launch of the consumer credit scheme marks a significant milestone in Nigeria’s quest for economic transformation through locally produced goods. Financial experts note that if successfully implemented, it could revolutionize the auto industry, stimulate the economy, and enhance financial inclusion. But they warn that the long-term success of the initiative will depend on effective implementation, affordable interest rates, and proper oversight to prevent mismanagement.