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 YuanWith projects leaving Ethereum and weak revenue generation, Polkadot, which has missed out on countless hot spots, may really not have much time left.
JinseFinanceOn June 1, Children’s Day, the Hong Kong Securities and Futures Commission gave the virtual asset market a big gift.
JinseFinanceThe top three privacy blockchains are Mina Protocol (23.2% market share), Oasis Network (13.6%), and Aleph Zero (6.1%), all of which have surpassed Zcash and Dash in market capitalization.
JinseFinanceThe names of the people in the list might be “under seal” as a safety measure.
cryptopotatoHe accused them of conspiring to attack Luna and stETH.
BeincryptoIn his first court filing, new FTX CEO and bankruptcy trustee John Ray III revealed yesterday an even greater extent of the fraud and chaos behind the collapse.
Bitcoinist
NellNellDAI tops it off as the strongest stablecoin to date despite Terra’s plunge. USDT and UST may have plummeted – ...
BitcoinistAs explained by Near Foundation’s Nicky Chalabi, projects like Tracer seeks alignment with the core values of the ecosystem that can support the company’s roadmap in time to come.
Cointelegraph