FTX

Former Alameda to hand over bulk of her assets to settle FTX lawsuit

October 10, 2024 1 min read

Caroline Ellison, the former co-CEO of Alameda Research, has reached a settlement with the FTX bankruptcy estate, agreeing to transfer most of her assets to help resolve a lawsuit stemming from FTX’s collapse. In a recent court filing, it was revealed that Ellison will hand over nearly all her assets, excluding those already forfeited to the government or used for legal expenses. Additionally, she has committed to cooperating fully with

FTX to repay 98% of its users around 119% of their claim value

October 8, 2024 1 min read

In a significant development for the beleaguered crypto exchange FTX, a US judge has greenlit a bankruptcy plan that will allow the company to repay users nearly two years after its dramatic collapse. Judge John Dorsey of the US Bankruptcy Court for the District of Delaware approved the plan, which aims to return 98% of users’ claims, translating to approximately 119% of their claim value as of November 2022, when

FTX creditors to recover just 10-25% of their funds as the restructuring plan faces legal hurdles

October 1, 2024 2 mins read

As the FTX saga continues to unfold, creditors of the beleaguered cryptocurrency exchange are holding their breath, hoping for restitution following the platform’s dramatic collapse in November 2022. Recent insights from creditor activist Sunil Kavuri suggest that affected parties might expect to recover between 10% to 25% of their holdings. This estimation comes as stakeholders grapple with the ongoing restructuring process and the impending court hearing scheduled for October 7,

Former Alameda CEO Caroline Ellison sentenced to 2 years in prison for her role in FTX’s fraud

September 26, 2024 1 min read

Caroline Ellison, the ex-CEO of Alameda Research, has been sentenced to two years in prison for her part in the FTX fraud scandal. She cooperated with authorities against Sam Bankman-Fried (SBF), who got 25 years, but the judge emphasized the seriousness of the fraud. Ellison admitted to misusing billions in customer deposits and despite recommendations for no prison time, the judge felt a sentence was necessary. As she starts her

FTX crypto exchange prepares to distribute $16 billion to creditors

September 24, 2024 1 min read

As the year concludes, the allocation of funds from FTX, the defunct crypto exchange, is approaching finalization. Reports indicate that $16 billion has been allocated for FTX creditors, with users suggesting that the process is approaching finalization. A customer, who had liquidated the majority of their funds before FTX’s insolvency, indicated that they are poised to get a modest amount and intend to reinvest in Bitcoin, characterizing the dividend as

FTX co-founder and former CEO Sam Bankman-Fried appeals his fraud conviction

September 14, 2024 1 min read

FTX co-founder and former CEO Sam Bankman-Fried has filed an appeal to overturn his fraud conviction, claiming that he did not get a fair trial and should be tried again before a new judge. Bankman-Fried’s attorneys believe that FTX was never insolvent and had billions of dollars to reimburse clients despite the liquidity crisis that killed the platform. They argue that FTX’s legal consultants took over when market conditions rattled

FTX exchange settles $600M Robinhood shares dispute with Emergent for $14M

September 11, 2024 1 min read

The insolvent cryptocurrency exchange FTX has finalized a deal with Emergent Fidelity Technologies concerning roughly $600 million in Robinhood shares. The agreement, revealed in a filing by FTX CEO John Ray III in a Delaware Bankruptcy Court, included FTX disbursing $14 million to address administrative expenses related to Emergent’s retraction of its claim to the contested shares. The agreement seeks to optimize value for creditors while reducing litigation expenses. Emergent

The US SEC raises objections to FTX’s bankruptcy plan, citing legal concerns

September 3, 2024 1 min read

The U.S. Securities and Exchange Commission (SEC) has raised concerns regarding FTX’s proposed bankruptcy restructuring plan, despite receiving significant support from creditors. The SEC may raise objections to the ratification of the proposal unless certain adjustments are implemented, which represents a substantial obstacle for the ailing cryptocurrency exchange. Additionally, the SEC has demanded the removal of the discharge provision and offered additional modifications to the plan and the proposed confirmation

Blockchain Life 2024 in Dubai: Top Companies and Key Industry Figures Gather in the World Crypto Capital

September 3, 2024 1 min read

On October 22-23, Dubai will host the 13th international forum Blockchain Life 2024 – one of the largest global events in the field of web3, cryptocurrencies, and mining. The forum will feature over 10,000 leading experts, crypto entrepreneurs, and enthusiasts from 120 countries. Participants and speakers will discuss earning strategies, current issues of crypto market development and new trends ahead of the bull cycle. Among the speakers at the forum:

The SEC has issued a warning about FTX’s plans to use stablecoins and other crypto assets

September 2, 2024 1 min read

The US Securities and Exchange Commission (SEC) has warned FTX exchange about its strategy for repaying creditors, suggesting a possible objection to using stablecoins or other crypto assets. The SEC’s filing to the Delaware Bankruptcy Court highlights issues with FTX’s proposed use of stablecoins, particularly if they involve cryptocurrency assets. The agency has reserved the right to contest their use, particularly if they involve cryptocurrency assets. The SEC has also

Former FTX executive Ryan Salame challenges his conviction, claiming prosecutors broke their deal

August 22, 2024 1 min read

Ryan Salame, a former executive of FTX exchange, is appealing to a US judge to review his conviction, alleging that US prosecutors violated their agreement to cease pursuing his partner, Michelle Bond. Salame contends that this violation of the agreement should exclude any additional charges against Bond, emphasizing the conflicts arising from the plea deal he agreed to. According to his legal team, the government reneged on its promise to

FTX exchange and trading firm Alameda Research to pay $12.7 billion to creditors

August 8, 2024 1 min read

A New York judge has approved a consent order for FTX exchange and Alameda Research to pay $12.7 billion to creditors, ending a 20-month lawsuit from the Commodity Futures Trading Commission (CFTC). The order does not include civil penalties but bans FTX and Alameda from trading digital assets and acting as intermediaries in the market. FTX filed for bankruptcy in late 2022, destroying billions of dollars in investor wealth. The