FTX

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

bitFlyer acquires 100% of FTX Japan shares and will rebrand the platform

July 26, 2024 1 min read

bitFlyer Holdings, a Japanese crypto exchange, has successfully acquired FTX crypto exchange Japan, thereby establishing it as a fully-owned subsidiary of the firm. On July 26, the exchange based in Tokyo declared the acquisition, affirming that it had obtained all of the remaining shares of FTX Japan. By August 26, 2024, BitFlyer will rename FTX Japan and introduce a new crypto custody firm that provides sophisticated security services to institutional

BlockFi completes the sale of its FTX claims, enabling final creditor payouts 

July 24, 2024 1 min read

BlockFi, a crypto lending company, has successfully sold its FTX claims, a significant step towards finalizing its bankruptcy process. The sale was completed at a premium to their face value, ensuring a near-term final distribution of 100% to all allowed customers and general unsecured creditors. Mohsin Y. Meghji, BlockFi’s plan administrator, confirmed the transaction in a report to the United States Bankruptcy Court for the District of New Jersey. In

FTX agrees to a $12.7 billion settlement with the CFTC over its collapse

July 17, 2024 1 min read

FTX, the defunct cryptocurrency firm, has reached a settlement with the Commodity Futures Trading Commission (CFTC) to pay $12.7 billion to resolve a complaint. The case was initiated in 2022 after to the decline of FTX. The settlement comprises $4 billion in disgorgement fees and $8.7 billion in restitution fees, subject to court approval. According to the court filing, the settlement ensures clarity about the size of the approved CFTC

FTX exchange agrees to a $4 billion settlement with the CFTC

July 14, 2024 1 min read

FTX, a bankrupt crypto exchange, has agreed to a $4 billion settlement with the US Commodity Futures Trading Commission (CFTC), a significant reduction from the initial demand of $52.2 billion. The settlement aims to expedite asset distribution to creditors affected by FTX’s collapse in 2022. The agreement is pending approval from US Bankruptcy Judge John Dorsey, with a hearing set for August 6, 2024. If approved, the settlement will ensure

FTX disputes the $264 million claim by Jump Trading over SRM tokens

July 12, 2024 1 min read

FTX exchange is contesting a $264 million claim by Jump Trading subsidiary Tai Mo Shan for 800 million Serum (SRM) tokens obtained through a loan agreement with Alameda Research. The collapse of FTX in 2022 led to the decline of Serum, a decentralized exchange that used SRM as its native cryptocurrency. Jump Trading seeks compensation using an options model considering SRM’s market price, volatility, and other financial factors. FTX’s legal

Former FTX exchange executives will be sentenced after pleading guilty

July 10, 2024 1 min read

Two former FTX executives, Nishad Singh and Gary Wang, will be sentenced in New York this fall. Singh, a former Director of Engineering, pleaded guilty to four federal charges in February 2023, testifying that Alameda Research took billions from FTX under Bankman-Fried’s orders. Wang, a former Chief Technology Officer, pleaded guilty to fraud and conspiracy in December 2022, testifying against Bankman-Fried. He revealed he gave Alameda Research special advantages, leading

FTX Founder’s family handles over $100 million in political donations

July 6, 2024 1 min read

Bankman-Fried family is currently embroiled in a $100 million financial scandal, which revolves around the misuse of commercial assets for the purpose of making political contributions. The family, which includes the creator of the now-closed FTX exchange, has been accused of illicitly utilizing FTX clients’ assets to exert influence over the 2022 election. The Wall Street Journal’s emails disclosed that SBF’s father, Joe Bankman, engaged in illicit campaign fundraising endeavors.