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.
KikyoFormer FTX CEO Sam Bankman-Fried receives 25-year prison sentence, highlighting legal scrutiny in crypto. Judge cites $1.7B investor loss, $1.3B lender loss, and $8B customer shortfall. Complex sentencing reflects industry complexities. Victim testimonies underscore human toll. Defense emphasizes intent. Case shapes digital asset regulation discussions.
Huang BoThe FTX community is speculating various theories to explain the mysterious disappearance of former Alameda boss Sam Trabucco. His resignation from Alameda, coupled with the catastrophic collapse of FTX, raises questions about his whereabouts. The community's diverse speculations and the lack of transparency make it challenging for FTX creditors to ascertain the truth behind the losses.
SanyaFTX founder SBF faces eight criminal charges, ranging from fraud to conspiracy to commit money laundering, in connection with the collapse of his once-dominant exchange.
decryptUpon the news that the founder of the collapsed crypto trading platform FTX has been arrested, many crypto, BTC and ETH included, are recording modest gains.
FinboldHis arrest is the first concrete move by regulators to hold individuals accountable for the multi-billion dollar implosion of FTX last month.
OthersMichael Saylor addresses the leveraged borrowing between FTX and Alameda Research.
BeincryptoSam Bankman-Fried is still listed to speak at this year's New York Times DealBook Summit, despite being axed as FTX CEO.
BeincryptoBahamian police interviewed SBF on Saturday, according to a Bloomberg report.
BeincryptoFTX’s collapse has significantly damaged both the crypto and broader financial ecosystems.
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