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.
KikyoBitFlyer 计划以数十亿日元收购 FTX Japan，旨在将其重新定位为面向机构投资者的数字资产管理公司。 FTX 的重组涉及出售子公司以偿还债权人，目前关于现金与加密货币偿还的争议持续存在。
ZeZhengBitFlyer plans to acquire FTX Japan for billions of yen, aiming to reposition it as a digital asset management firm for institutional investors. FTX's restructuring involves selling subsidiaries to repay creditors, with ongoing disputes over cash versus crypto repayments.
ZeZhengRay told the court that when he took over, the exchange's coffers were nearly empty - just 105 Bitcoins were left on the platform, out of the nearly 100,000 Bitcoins to which customers were entitled.
JinseFinanceFTX wins court approval for Anthropic stake sale, advancing customer reimbursement efforts.
Xu LinExplore the strategic disposal of GBTC shares by FTX Estate and its market implications in our comprehensive analysis. Uncover insights on the GBTC to ETF transition, legal dynamics, and the significant market reactions shaping the future of cryptocurrency investments.
WeiliangIn a shrewd financial maneuver, Dave Inc. secured FTX Ventures' convertible debt at a discounted rate of $71 million. The completion of the deal is subject to court approval, with stringent conditions to prevent alternative transactions. Dave Inc.'s CEO, Jason Wilk, expresses confidence in the move, while FTT, FTX's native cryptocurrency, sees a 15% surge. FTT is currently trading at $2.99.
Cheng YuanReport Provides High-Level Overview of Control Failures by Previous Management Team Across Critical Functions
Others
Coinlive This article summarizes the FTX drama that broke out in the crypto market.
CointelegraphBoth the major crypto exchange and its U.S. arm closed on separate $400 million funding rounds in January.
Cointelegraph