Browsing:FTX

FTX exchange divested a substantial percentage of its Solana (SOL) assets following bankruptcy in order to settle debts with creditors
6 days ago 1 min read

FTX exchange offloads Solana at big discount, raising $1.9B amid creditor repayment efforts

FTX exchange divested a substantial percentage of its Solana (SOL) assets following bankruptcy in order to settle debts with creditors, causing apprehension among investors on the potential repercussions on the market. The court-sanctioned auction generated $1.9 billion through the sale of 30 million SOL tokens to prominent investors, such as Galaxy Trading and Pantera Capital. In addition, the tokens that have been sold are restricted from being accessed until January 2028. FTX, the company, now possesses 21 million SOL tokens, which are estimated to be worth over $3.75 billion. Despite the adverse consequences of FTX’s collapse in 2022, Solana has

FTX exchange plans $884M stake sale in AI startup Anthropic to repay creditors
3 weeks ago 1 min read

FTX exchange plans $884M stake sale in AI startup Anthropic to repay creditors

The insolvent crypto exchange FTX plans to divest a substantial chunk of its stake in the artificial intelligence firm Anthropic for $884 million. This move aims to repay its creditors and enhance its financial well-being. The transaction will include investors such as ATIC Third International Investment Company LLC, Jane Street, Fidelity Management and Research, and HOF Capital. FTX made a $500 million investment in Anthropic in 2021, however Anthropic went bankrupt because of accusations of fraud. The startup has achieved substantial success in the field of artificial intelligence, securing investments from Amazon and Google’s Alphabet Inc., which have elevated its

The US Marshals Service is holding a Bombardier Global tied to FTX exchange,
3 weeks ago 1 min read

US authorities seek court clearance to sell Sam Bankman-Fried’s private planes

The US Marshals Service is holding a Bombardier Global tied to FTX exchange, and prosecutors are attempting to transport an Embraer Legacy aircraft to Florida for sales proceedings. The government has proposed an interlocutory sale of the two private aircraft to prevent their devaluation. Furthermore, the Bombardier Global and Embraer Legacy aircraft were argued to be subject to forfeiture due to their ties to Sam Bankman-Fried’s (known as SBF) criminal case. The government intends to reimburse up to $1.8 million for maintenance and upkeep and $183,000 for delivery of the Legacy, assuming the proceeds from the sale are sufficient. Prosecutors

The US Department of Justice (DOJ) has recommended a jail sentence of 40-50 years for Sam Bankman-Fried
4 weeks ago 1 min read

DOJ wants 40-50 years prison and $11B fine for FTX’s Sam Bankman-Fried for fraud

The US Department of Justice (DOJ) has recommended a jail sentence of 40-50 years for Sam Bankman-Fried, the former director of FTX. Additionally, they have suggested imposing penalties and forfeitures amounting to $11 billion. In November, SBF was convicted on seven counts of fraud and conspiracy. The prosecutors contend that his behaviors, which included misleading investors, disseminating forged papers, and financing political campaigns, justify a significant period of incarceration. The DOJ has successfully retrieved over $1 billion and is now focused on recovering monies that were used for political donations, marking it as the most significant breach of campaign financing

FTX exchange wins court approval to sell AI startup stake, plans full customer payback
2 months ago 1 min read

FTX exchange wins court approval to sell AI startup stake, plans full customer payback

FTX crypto exchange has received court permission to sell its stake in AI firm Anthropic as part of its efforts to repay customers following its financial troubles. In 2021, the FTX exchange and sister firm Alameda invested $500 million in Anthropic, which, by the end of 2023, had a valuation of up to $18 billion. The exchange’s share value is now around $1.4 billion. In February 2024, FTX proposed selling over 7.80% of its holdings in Anthropic after a dispute with a group of customers was resolved. The sale was approved under the agreement that the proceeds might later be

FTX exchange plans to sell $1B worth Anthropic shares
2 months ago 1 min read

FTX exchange plans to sell $1B worth Anthropic shares

FTX, the defunct crypto exchange, has been approved by the Delaware bankruptcy court to sell 7.84% stake in AI startup Anthropic, which is worth around $1.4 billion. According to reports, the sale is expected to add around $1 billion to FTX’s existing $6.4 billion cash. Note that FTX’s former CEO, Sam Bankman-Fried, invested $500 million in Anthropic in April 2022. In addition, the sale is part of a larger scheme of customer fund reimbursement. Since the fall of FTX exchange in November 2022, the exchange owes over $3 billion to around one million customers. The exchange has sought several strategies,

The lawsuit says that the FTX crypto exchange allegedly profited from Tether (USDT) by using a covert agreement with Deltec Bank.
2 months ago 1 min read

FTX exchange’s secret bank deal to profit from Tether revealed in court

Bloomberg published the lawsuit on February 17. The lawsuit says that the FTX crypto exchange allegedly profited from Tether (USDT) by using a covert agreement with Deltec Bank. As per Caroline Ellison, the former CEO of Alameda Research, the company could produce USDT on credit and sell it for a profit through an unauthorized line of credit with Deltec without having to pay for it right away. Alameda generated billions of dollars in USDT through the arrangement in 2020 and 2021 by selling the crypto for a profit and then paying for the expenses. By using this strategy, referred to

FTT token dropped by over 40% on the day and is now trading at $1.8.
2 months ago 1 min read

FTX’s FTT token falls by over 40% as the exchange relaunch denied

FTX exchange of Sam Bankman-Fried has pledged to fully reimburse customers and creditors affected by its current bankruptcy proceedings. The company assured the overseeing judge that affected individuals, if they could prove their losses, would receive their entire investment. However, the promise of complete asset recovery is not without caveats. The reimbursement values are linked to the official declaration of bankruptcy by FTX, which occurred during a period of turbulent market conditions. This condition has been approved by US Bankruptcy Judge John Dorsey, emphasizing the situation’s complexities. There’s no indication of an FTX 2.0 on the horizon. Andrew Dietderich, a

FTX Exchange Struggles to Settle Debts
3 months ago 1 min read

FTX Exchange Struggles to Settle Debts, Raises $4.4 Billion Amid Uncertainty

The embattled crypto exchange FTX is facing challenges as it attempts to repay customers following a significant downturn. To raise funds for this purpose, FTX has sold off its crypto holdings. In the turbulent events of 2022, FTX’s collapse had a profound impact on the crypto market, resulting in significant debts owed to customers. In the aftermath, FTX has been diligently investigating ways to keep its promises to users. In August 2023, they presented a proposal to settle debts in cash and relaunch the platform for international users using the domain FTX.com. According to Bloomberg, FTX is on track to

SBF's Parents Seek Dismissal of Lawsuit, Reject Fraud Allegations
3 months ago 1 min read

SBF’s Parents Request Dismissal of their Lawsuit, Denying Involvement in any Fraud or Bad Management

The parents of former FTX CEO Sam Bankman-Fried (SBF) have categorically denied any involvement in fraud or mismanagement within the FTX organization. The lawsuit, filed in September 2023, accused SBF of misusing funds and directing donations for personal gain, prompting a strong defense from his parents. SBF’s parents, represented by a lawyer, emphasized their lack of executive positions at FTX and Alameda Research, the two companies at the center of the controversy. The defense argued that SBF’s parents cannot be held liable for their son’s actions as FTX CEO, pointing out that the lawsuit only addresses limited company interactions. One

Judge denied former FTX CEO Sam Bankman-Fried a sentencing delay on Wednesday
4 months ago 1 min read

Former FTX CEO Sam Bankman-Fried Denied Sentencing Delay and Faces Up to 110 Years in Prison

Judge Lewis Kaplan denied former FTX CEO Sam Bankman-Fried a sentencing delay on Wednesday, adding to the legal saga surrounding him. Bankman-Fried’s legal team had asked for more time to prepare for his sentencing and possibly another trial. However, his request for an extension was denied, paving the way for his sentencing on March 28. The ex-CEO faces a sentence of up to 110 years in prison. The defense team requested more time to gather materials and prepare for possible additional charges. These previously dropped charges allege that Bankman-Fried provided around $100 million to politicians. Despite the possibility of extradition

FTX Trading Ltd. is nearing the end of its bankruptcy proceedings
4 months ago 1 min read

FTX exchange is nearing the end of its bankruptcy proceedings

The embattled crypto exchange, FTX Trading Ltd., is nearing the end of its bankruptcy proceedings and has proposed a plan to repay billions to customers and creditors. This is the conclusion of a complicated case stemming from a major fraud scandal involving FTX’s former CEO. To settle outstanding debts, the proposed plan calls for a comprehensive restructuring of the company’s assets and finances. Stakeholders are eager to learn about the future trajectory of FTX’s crypto exchange and how digital token valuations will be determined, leaving creditors wondering how much money they might be able to recover. Following the completion of