FTX has unexpectedly changed its payout plans, allocating only 10-25% of recovered assets to crypto holders while setting aside $230 million for preferred shareholders. Many creditors are outraged, feeling blindsided by these revisions and frustrated that reimbursements are based on much lower asset prices from the time of bankruptcy.
JoyBankrupt exchange FTX announced that 98% of creditors will receive a 118% cash repayment, with disbursement starting as early as September.
MiyukiThe announcement came through a letter submitted to New York federal court on Friday.
AlexRipple Labs Singapore emerges as a major creditor in FTX bankruptcy with a significant $11.4 million claim, revealing complex ties in the cryptocurrency ecosystem.
BrianFTX's bankruptcy plan raises critical valuation and repayment issues, leaving creditors and the crypto industry in limbo.
KikyoFTX 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.
EdmundSam 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.
BerniceThe 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.
Cheng YuanThis crypto exchange presents a self-custodial solution that incorporates a multiparty computation technique, ensuring the utmost security for entrusted funds.
KikyoUsers are advised to exercise caution to avoid potential risks associated with fake accounts or phishing links during this transition.
BrianHe had previously been arrested at Podgorica airport for using a fake passport, after having been on the run for about a year.
AlexThis technology aims to mitigate risks associated with manual handling of assets while maintaining a secure separation from online environments.
AlexHis co-founder Julian Hosp, however, is none too keen to allow the liquidation to happen.
AlexBinance has denied any links between this move and CZ's guilty plea
AlexCo-founder Do Kwon faces extradition from Montenegro to the U.S., entangled in a global legal battle with potential charges in both nations.
Hui XinCake Group faces turbulence as one of its co-founders, Chua U-Zyn, files for the company's winding up, escalating a clash within the organisation. The move, initiated through the Singapore High Court, adds to the strain within the company, exemplified by the recent restructuring announcement in mid-November.
JoySuccessful applicants, upon investing $1 million in BTC or USDT, secure a free visa and citizenship.
BrianUS Congress paves the way for a blockchain-driven future with the approval of the Deploying American Blockchains Act.
Hui XinThe world of Non-Fungible Tokens (NFTs) takes a tangible leap into reality with the much-anticipated Prime Planet Inflatable Park, presented by Trip.com. Running from 8th December 2023 to 1st January 2024, this immersive event promises a unique amalgamation of physical and digital experiences.
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