Some investors of FTX, the collapsed crypto exchange, that has resulted in federal prosecution of its cofounder and former CEO, Sam Bankman-Fried, and his associates, now have hope to recover their lost funds.

The company’s officials handling its bankruptcy have recovered over $5 billion worth of liquid assets, including cash and digital assets, FTX’s bankruptcy lawyers said during a hearing on Wednesday.

The news now raises hope that creditors who lost money to the company’s implosion will be repaid. Federal prosecutors had earlier announced plans to seize at least $500 million worth of FTX-connected assets as part of their ongoing prosecution of Bankman-Fried.

There have been arguments over how much of creditors’ fund and FTX’s assets were lost after the exchange filed for bankruptcy in November.

That disclosure significantly raises the estimated amount of funds FTX claims to hold. Last month, FTX lawyers submitted filings that showed the company and its affiliates had a total of $1.2 billion in cash, per CNN.

FTX went down with about $10 billion investors’ fund. The company’s new CEO, John J. Ray, said earlier that at least $8 billion of customer assets were unaccounted for in the “worst” case of corporate control he’d ever seen.

Before it filed for bankruptcy, Bankman-Fried had approached Binance CEO Changpeng Zhao, seeking a bailout fund. He said FTX needed about $9 billion to enable enough withdrawal liquidity for the exchange’s traders.

The company’s lawyers also said they had identified more than 9 million creditors, toppling the 1 million earlier estimate.

According to FTX attorney Adam Landis, the $5 billion figure doesn’t include any illiquid cryptocurrency assets. He told the court that the company’s holdings are so large that selling them would substantially affect the market, driving down their value.

FTX’s implosion threw the crypto industry into disarray late last year, driving the market value further down.

Bankman-Fried and his former associates Alameda Research CEO Caroline Ellison, and Gary Wang, are facing several criminal and civil charges by the US Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the federal government.

Both Wang and Ellison have pleaded guilty and are cooperating with prosecutors, while Bankman-Fried, last week, pleaded not guilty. He had, from the beginning, blamed FTX’s collapse on ignorance and oversight, an excuse that has been largely discarded.

FTX’s collapse has been attributed mainly to fraud and reckless spending of creditors’ funds, but it is also related to, among other things, a failure to correctly mark illiquid assets to market.

FTX executives, including Bankman-Fried and Ellison, borrowed against the value of the FTX-issued token FTT, per CNBC. Alameda controlled the vast majority of FTT coins circulating, similar to a publicly traded companies float, and could not have liquidated their position at full book value, CNBC noted.

From cryptocurrency to tokenization; blockchain technology is revolutionizing the gambling industry in many ways. And it’s not just limited to making payments and withdrawals – with the potential for greater security and transparency, blockchain can hugely impact how we play our favorite games. In this blog post, we’ll explore how blockchain is changing the online gambling landscape, from enabling faster fund transfers to increasing the fairness of game outcomes. With revolutionary tech such as smart contracts streamlining traditionally difficult processes and delivering innovative solutions, this is one area of gaming that definitely shouldn’t be overlooked.

Blockchain technology and how it is revolutionizing the gambling industry

Blockchain technology is revolutionizing the gambling industry by providing a secure platform for people to play games, invest in cryptocurrency and manage finances. The technology is decentralized, meaning all transactions are recorded across a network of computers, making it virtually impossible for any one person or entity to interfere with or manipulate the data. This provides unprecedented security and trust for players and investors, who can be sure that when they play at online casinos for real money, their funds are safe from being tampered with or stolen.

The blockchain also allows players to access game results that are completely transparent and verifiable. Players can receive instant notifications when new games become available, as well as real-time updates on the progress of each game they’re playing.

Additionally, providers such as Ethereum enable smart contracts that allow players to lock in a bet before the game’s outcome is known, ensuring fairness and eliminating any possibility of fraud.

The blockchain also gives developers flexibility when creating new online gaming experiences; they can build custom platforms based on certain rules and parameters set out by users. This flexibility opens up the exciting potential for developers looking to create unique gaming experiences tailored towards different types of players. For instance, gamers could set up automated tournaments with predetermined rules so that anyone in the world could join and compete against each other at any time – anywhere in the world.

Blockchain technology provides incredible benefits to players and developers alike within the gambling industry by increasing security levels while encouraging innovation through its flexibility. The potential applications of this revolutionary technology stretch far beyond just gaming – but it’s certainly having a transformative effect on how we gamble today.

Benefits of Blockchain for Gambling

Blockchain technology offers many benefits to the online gambling industry. It enables faster fund transfers, improved security, and increased fairness of game outcomes. With the help of blockchain, payments can be made in near real-time, allowing players to access their winnings or deposits quickly and securely. This reduces transaction costs associated with traditional payment methods and improves overall customer experience.

From a security standpoint, blockchain provides a much more secure framework for online transactions as all records are stored on distributed ledgers that cannot be altered without authorization from multiple parties. As such, blockchain helps deter fraud and unwanted interference from malicious actors. In addition to greater security, blockchain also increases fairness regarding game outcomes. Through its decentralized nature, all bets are recorded on the blockchain so that no single user can manipulate results or tamper with the data. This ensures that the games are fair and impartial for everyone involved.

Potential developments that could arise from blockchain technology

The use of blockchain technology in the gambling industry could enable a range of further potential developments.

1. Blockchain could facilitate improved traceability, allowing casinos to monitor customers’ betting activities more closely and accurately. This enhanced tracking capability would help them to spot any signs of problem gambling, enabling them to take the necessary steps to protect the customer and facilitate responsible gaming practices. A greater level of transparency could also be achieved thanks to blockchain’s immutable ledger system, allowing operators and regulators to keep track of transactions more easily.

2. Furthermore, a decentralized ledger could improve payouts and commissions between operators. Removing traditional intermediaries from the equation would enable faster payments that are more secure and harder for bad actors to interfere with. Blockchain-based transfers can be conducted instantly and at much lower costs than current systems. This is especially beneficial for smaller businesses that could now enter into agreements with larger companies without requiring an extensive legal framework or expensive middlemen services.

3. Another benefit provided by distributed ledgers is that they can be used as a platform for creating new forms of digital currency specific to online casinos or sportsbooks. This digital money would offer players more freedom when making deposits and withdrawals while providing the casino or operator with additional control over their funds and transaction costs. Moreover, it might provide users with alternative ways to receive rewards, such as bonus points or exclusive promotions, depending on how they spend their virtual currency within the gaming platform environment.

4. Finally, blockchains can also improve data management capabilities, providing helpful insights into customers’ gambling habits and preferences that operators otherwise wouldn’t have access to. This data collection process will help businesses better tailor their offerings towards their target audience and optimize marketing campaigns to gain maximum returns on investment from each client.

Final thoughts

Ultimately, this blockchain technology has tremendous potential for revolutionizing many aspects of the online gambling industry if utilized correctly, resulting in more efficient processes for business owners and players.

Once again, the Nigerian Association of Resident Doctors (NARD) has threatened to embark on a nationwide strike if the federal government fails to meet its demands before the end of January.

NARD made its intention known in a letter signed by its president, Dr. Emeka Innocent Orji, which was addressed to the Minister of Health, Dr. Osagie Ehanire. The association listed many issues that needed to be addressed by the federal government, and said that processes for the strike would commence if they are not addressed before its National Executive Council (NEC) meeting billed to take place from January 24 to 28.

“Our January 2023 National Executive Council meeting has been scheduled for January 24th to 28th, 2023, and we can confirm very clearly feelers that if these issues are not sorted out before that meeting, our members will likely give us a mandate to immediately kick-start processes that will lead to a nationwide industrial disharmony in the health sector,” part of the letter said.

NARD has been going on and off with strike and threats to go on strike since 2020. The association embarked on strike in 2020, in the face of covid-19 pandemic. The doctors also went on strike in 2021, a move that was challenged by the government, which took the matter to the National Industrial Court.

Following the court’s judgment ordering NARD back to work, 2022 passed by without much strike issues by the doctors. But six months ago, the association issued an ultimatum to the federal government, reiterating its readiness to commence industrial action due to their concerns yet to be resolved by the government.

Some of the issues were listed as follows: the irregularities in the new circular on an upward review of the Medical Residency Training Fund (MRTF), outstanding payment of the arrears of the new hazard allowance, non-payment of the skipping arrears for 2014, 2015 and 2016, and non-payment of the consequential adjustment of the minimum wage to some of NARD members.

In addition, the doctors complain about delay in the upward review of the Consolidated Medical Salary Structure (CONMESS), salary arrears of its members in state tertiary health institutions running into several months, including Abia, Imo, Ondo, Ekiti and Gombe States, and non-domestication of the Medical Residency Training Act (MRTA) in most states across the federation.

Some state chapters of NARD had in the past embarked on strike to protest non-payment of their arrears and other issues by state governments. In 2020, the Ondo State government sacked doctors who had gone on strike in protest to the issues mentioned above.

In its letter, which was also sent to the Senate President, Speaker of the House of Representatives, Secretary to the Government of Federation, Ministers of Labour  and Employment and Finance respectively, as well as the Chairman of the Nigerian Governor’s Forum (NGF), among others, NARD said though some of the issues have been resolved, the government has failed to address the rest of them.

NARD said the major issues yet to be addressed are forcing it to initiate industrial action which will be detrimental to the Nigerian health sector. The doctors said the issues are as follows: “Omitted 2020 MRTF payment, irregularities in the new MRTF circular inconsistent with the Medical Residency Training Act, existing collective bargaining agreements and current economic realities and review of CONMESS salary structure.”

The association, while issuing the ultimatum, urged the government to act fast to address the issues before its Jan 2023 NEC meeting.

“We know how critical this period is and the chaos that will ensue if the government does not take steps to prevent this from happening, and so we humbly implore you to use your good office to resolve these issues before our January NEC meeting. Sir, we trust in your fatherly disposition and believe that you will come to our aid and save this nation from this imminent industrial disharmony,” it said.

The Nigerian health sector has been severely impacted by the emigration of health professionals seeking higher pay and better work conditions abroad. The resulting brain drain has left Nigeria with about 24,000 licensed physicians to care for its population of more than 206 million people, according to the Nigerian Medical Association. Against this backdrop, a fresh strike action by NARD will further harm the depleted health sector.