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.
KikyoGolden Finance launches Golden Web3.0 Daily to provide you with the latest and fastest news on games, DeFi, DAO, NFT and Metaverse industries.
JinseFinanceAvail's unified layer consists of three core modules: Avail DA, Avail Nexus, and Avail Fusion. Avail DA solves the problem of data availability, Avail Nexus solves the problem of cross-chain coordination, and Avail Fusion solves the problem of shared security.
JinseFinanceGrayscale offloads 3,443.1 BTC, shaking the cryptocurrency market. This strategic move raises questions on investor strategies amidst evolving regulatory landscapes and management fee disparities.
WeiliangThe newly acquired funds will play a pivotal role in expediting the development of Quora's AI chatbot platform, Poe.
AlexBinance founder CZ released on $175 million bond after guilty plea. Resigns amid $4.3 billion penalties for allowing improper platform use by U.S. customers. Sentencing set for Feb. 23, 2024.
BerniceThe community criticized the airdrop announced by the AllianceBlock team.
BeincryptoHuobi Token (HT) appears to be in a vulnerable state as it continues to deal with the drama that is happening within the Huobi cryptocurrency exchange.
BitcoinistDCG CEO Barry Silbert sought to reassure investors today following the collapse of FTX, detailing its intercompany loans with Genesis.
Ethereum had entered a period of reversal after hitting $2,000 following the announcement of the date for the Merge.
BitcoinistBTC futures data shows bulls are not sure that Bitcoin price will hold above $24,000, but range-bound action could help them profit from Aug. 12’s $475 million options expiry.
Cointelegraph