FTX

FTX crypto exchange and the IRS reach a $885 million settlement

June 5, 2024 2 mins read

The FTX exchange and the Internal Revenue Service (IRS) have negotiated a deal in which the insolvent exchange would make a payment of $885 million, far lower than the original demand of $24 billion made by the IRS. As per the agreement, FTX debtors are obligated to remit $200 million to the IRS within 60 days of approval. The remaining $685 million will be paid dependent on the availability of

FTX exchange investors might drop lawsuit against SBF if he aids case against celebrity endorsers

April 22, 2024 1 min read

FTX exchange investors are willing to drop their case against Sam Bankman-Fried provided he assists in legal proceedings against celebrities who endorsed the exchange. The proposed settlement included Bankman-Fried offering significant evidence against Tom Brady, Shaquille O’Neal, and Gisele Bundchen, who are accused of sponsoring a Ponzi scheme. As per the suggested agreement, Bankman-Fried would provide comprehensive information on FTX’s activities and associated entities, provide relevant investment records, and submit

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

April 9, 2024 1 min read

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

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

March 26, 2024 1 min read

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

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

March 22, 2024 1 min read

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

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

March 18, 2024 1 min read

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

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

February 25, 2024 1 min read

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

FTX exchange plans to sell $1B worth Anthropic shares

February 23, 2024 1 min read

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

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

February 20, 2024 1 min read

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

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

February 1, 2024 1 min read

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

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

January 29, 2024 1 min read

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

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

January 17, 2024 1 min read

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