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.
BerniceRecent 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.
Huang BoThe 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.
KikyoUntil now, cryptocurrency assets were considered indefinite-lived intangible assets under Generally Accepted Accounting Principles (GAAP).
BrianOpenAI partners with Axel Springer to integrate AI into journalism, aiming to enhance news access and accuracy while navigating challenges of misinformation and the need for human oversight.
YouQuanHitachi and Concordium are developing a biometric crypto wallet in the proof-of-technology stage, enabling secure access through fingerprint or facial scans.
Hui XinThis stash, known as protocol owned liquidity (POL), belonged solely to Yearn's treasury and did not involve any user funds.
BrianAmidst a dynamic shift in the crypto exchange market, DEXs experience a surge in trading volumes while CEXs like Binance and Coinbase maintain a dominant market share.
YouQuanLine Next, the NFT subsidiary of Line, the Japanese messaging giant, successfully concluded a substantial $140 million funding round. Spearheaded by Crescendo Equity Partners, this investment stands out as the most substantial support for an Asian blockchain company this year.
JoySnapchat+ transforms creativity for 7 million users with AI features, offering enhanced images, instant snaps, and upgraded Dreams effects, marking strategic advances in engagement and growth.
Hui XinInvestors in Australia are counting losses in the wake of crypto investment schemes, such as HyperFund and HyperVerse, escaping regulatory scrutiny despite international alerts branding them as potential scams. The schemes, led by Sam Lee and Zijing "Ryan" Xu, founders of the now-collapsed Blockchain Global, have left thousands globally unable to withdraw funds. Concerns arise about Australia's regulatory role in warning investors and addressing high-risk schemes.
JoyKuCoin settles for $22 million, ending operations in New York to comply with regulations—a significant move in the crypto industry's compliance journey.
Hui XinFlutterwave expands its executive team with experienced hires from leading firms like Binance.US and PayPal, signalling ambitious global growth and a strategic shift in leadership.
YouQuan