What's Going On? FTX Announces a Rare Move, Causing FTT Token to Surge Over 40%
Bankrupt exchange FTX announced that 98% of creditors will receive a 118% cash repayment, with disbursement starting as early as September.
![image Miyuki](https://image.coinlive.com/24x24/cryptotwits-static/fd40efae039c8f6e22c6ac73b2efe899.png)
Bankrupt exchange FTX announced that 98% of creditors will receive a 118% cash repayment, with disbursement starting as early as September.
The announcement came through a letter submitted to New York federal court on Friday.
Ripple Labs Singapore emerges as a major creditor in FTX bankruptcy with a significant $11.4 million claim, revealing complex ties in the cryptocurrency ecosystem.
FTX's bankruptcy plan raises critical valuation and repayment issues, leaving creditors and the crypto industry in limbo.
FTX Judge's intervention sparks hope for quicker customer fund recovery in the bankruptcy case, yet uncertainties persist, with IRS cautioned about potentially lower-than-expected recoveries amid complex proceedings.
Sam Bankman-Fried's prison experience, marked by unconventional currency use and alleged challenges to living conditions, adds an unexpected chapter to his legal saga. As the legal proceedings continue, the controversy surrounding SBF's actions inside the prison walls raises questions about the complexities of adapting to a new reality while facing serious legal consequences.
Recent court hearings disclosed that the bankrupt crypto exchange FTX utilized customer funds to repurchase its entire stake held by competitor Binance. The revelation came as part of ongoing investigations related to the trial of Sam Bankman-Fried, with the U.S. Department of Justice hiring an accounting professor to trace the funds between Alameda and FTX.
The estate of bankrupt crypto firm FTX has filed a lawsuit against Bybit, seeking to recover $953 million transferred to Bybit's investment arm. The legal complaint alleges misappropriation of funds and points to VIP status and questionable withdrawals leading up to FTX's bankruptcy filing.
This crypto exchange presents a self-custodial solution that incorporates a multiparty computation technique, ensuring the utmost security for entrusted funds.
FTX initiates legal action against Bybit and associates in a $953 million asset recovery effort, amidst broader bankruptcy proceedings and ongoing efforts to reclaim funds.
Dymension's 125% surge post-launch showcases its innovative modular blockchain approach, bolstered by market integration and Cosmos Interchain technology, potentially reshaping the cryptocurrency landscape.
South Korea has introduced life imprisonment for cryptocurrency crimes, targeting offences like price manipulation and insider trading. The new law aims to safeguard digital asset investors and ensure market integrity within the cryptocurrency industry.
Cryptocurrency ads at the Super Bowl have decreased due to FTX's collapse, regulatory challenges, and a market downturn, prompting the industry to explore innovative marketing strategies beyond traditional advertising.
Following a social media breach, SEC Chairman Gary Gensler reaffirmed the agency's commitment to cybersecurity, emphasizing swift action, collaboration with law enforcement, and ongoing efforts to strengthen digital defenses.
South Korea enacts stricter crypto regulations, including life sentences for major crimes, to enhance investor protection and ensure market integrity through increased oversight and business compliance.
PlayDapp, a Web3 gaming platform, suffered a $31 million cyber attack, with immediate actions taken to secure assets and efforts made to engage with the hacker for asset recovery.
Solana Mobile's Chapter 2 phone, launched with a Preorder Token incentive, aims to boost demand by leveraging digital asset airdrops, surpassing Saga phone's first-year sales.
The Apple Vision Pro excludes adult content due to Apple's policies, sparking user disappointment and efforts to find workarounds, despite technical limitations.
Arbitrum leads Ethereum's L2 scaling and DeFi sectors, facing competition from zkSync Era. The upcoming Dencun upgrade aims to reduce fees, boosting its dominance despite ARB's market fluctuations.
Prominent authors sued OpenAI for copyright infringement by ChatGPT, highlighting legal, ethical, and technological debates on AI's use of copyrighted material and the need for balanced innovation and rights protection.