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.
KikyoSam 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.
KikyoJudge denies Bankman-Fried's request for sentencing delay; maintains March 28, 2024 date.
KikyoGenesis had estimated that FTX is entitied to nothing.
cryptopotatoThe U.S. government is pushing to have an independent inquiry into the crypto exchange despite concerns over cost.
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Coinlive The tentative order was granted by a New York court on Wednesday after prosecutors asked the former FTX CEO's bail conditions to be amended last week.
OthersPublishing the names of potentially 9 million users of the crypto exchange could endanger privacy, the company had argued.
CoindeskJudge John Dorsey didn't seem impressed by the bipartisan communication from Elizabeth Warren, Cynthia Lummis and two other senators.
CoindeskA modification was made to FTX founder Sam Bankman-Fried’s bond agreement on Tuesday.
decryptAccording to court documents, Sam Bankman-Fried (SBF) is set to be arraigned by the federal court in the Southern District of New York (SDNY) on Jan. 3, 2023.
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