On Dec. 29, 2023, past 6 p.m. Eastern Time (ET), the Department of Justice (DOJ) conveyed in a letter to Judge Lewis Kaplan its decision to not move forward with a subsequent trial against Sam Bankman-Fried, the ex-CEO of FTX. FTX’s Bankman Fried Avoids Second Trial According to several reports on Friday evening, prosecutors have…
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Source: Adobe / Александр Поташев FTX Trading Ltd. affiliated debtors have submitted a motion for the entry of an order estimating the value of claims related to digital assets and fiat currency, including customer entitlement claims. In a filing made on December 27 in the United States Bankruptcy Court for the District of Delaware, the…
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On Dec. 27, 2023, FTX debtors released a projected valuation of claims involving digital assets, with the proposal suggesting conversion of claims into dollar amounts pegged to crypto asset values as of Nov. 11, 2022. Consequently, an individual who held bitcoin on FTX would receive $16,871 for each coin, in contrast to the current value…
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On Saturday, the smart contract platform Solana’s token, solana (SOL), eclipsed the $100 threshold, achieving a weekly growth exceeding 36% against the U.S. dollar. Throughout the year, investor sentiment toward solana (SOL) has remained overwhelmingly positive, intensifying following the conviction of ex-FTX chief Sam Bankman-Fried on multiple charges on Nov. 2, 2023. Solana’s Market Triumph…
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Galaxy Digital, a digital assets and blockchain financial services company, is seeking to score deals with defunct cryptocurrency companies to acquire their assets. According to reports, the company is eyeing FTX’s venture capital portfolio, which has a sizable stake in artificial intelligence (AI) disruptor Anthropic, among others. Galaxy Digital Aiming to Complete Bankruptcy Sales for…
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FTX Trading Ltd. and its affiliated debtors have announced a landmark settlement with their Bahamian subsidiary, FTX Digital Markets Ltd., amid ongoing liquidation proceedings. This agreement, pending court approval, promises a novel approach to handling the complex legal challenges stemming from the group’s collapse. FTX Strikes Deal with Bahamian Subsidiary, Paving Way for Fair Asset…
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Source: Adobe Bankrupt digital asset exchange, FTX has paid hundreds of millions in legal fees in a few months sparking reactions as creditors seek to recover their losses. Court filings show that over $118 million were billed on the exchange between August and October for professional legal fees with investors and creditors yet to recoup…
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Source: Adobe / Александр Поташев Now-defunct crypto exchange FTX has revealed its latest proposal aimed at returning billions of dollars to customers and creditors, marking the start of the final stage in resolving its bankruptcy case. While the proposal addresses several critical aspects, there are still unanswered questions that remain, such as whether FTX will…
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Source: Adobe / Ascannio The debtors of now-defunct cryptocurrency exchange FTX have submitted an amended Chapter 11 plan of reorganization, suggesting that customer asset claims should be valued retroactively to the date of the exchange’s collapse in November last year. In a recent court filing at the United States Bankruptcy Court for the District of Delaware, the…
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So-called “scandal” tokens are seeing a massive pump as risk appetite in the broader crypto market amps up as Bitcoin (BTC) hits fresh highs for the year above $42,000. Scandal tokens are cryptocurrencies/tokens associated with failed or defunct crypto projects/firms that were struck down by high-profile scandals. While the failure of their associated project/firm renders…
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