Bankrupt crypto exchange FTX has revised its settlement motion after objections from the U.S. Trustee, proposing revisions to address concerns such as reducing the maximum settled value for claims covered by the procedures from $10 million to $7 million and including the U.S. Trustee as a noticed party.
Bankrupt crypto exchange FTX seeks to protect its remaining assets through hedging arrangements and generating yield, while also enlisting Mike Novogratz and Galaxy Digital as its investment adviser to preserve value for stakeholders and sell recovered digital assets.
Defunct crypto exchange FTX experienced a cybersecurity breach involving its claims agent Kroll, resulting in the exposure of non-sensitive customer data linked to its ongoing bankruptcy case, while fraudulent emails posing as entities involved in the proceedings are already being sent to clients.
Digital asset management firm Galaxy Digital is set to manage bankrupt exchange FTX's cryptocurrency holdings and facilitate the staking of certain tokens to generate passive yield.
Ethereum mixer Tornado Cash co-founders Roman Storm and Roman Semenov have been charged with money laundering over $1 billion in criminal proceeds, while FTX-affiliated Farmington State Bank has been shut down for attempting to create a stablecoin without proper approval. Prime Trust has filed for bankruptcy after losing $6 million of customer money in Terra-Luna gambling, and Binance has lost its UK payment processor Checkout.com over money laundering concerns. Furthermore, Sam Bankman-Fried plans to blame FTX's lawyers for his decision-making in his legal defense. The SEC has sued Titan for promising unrealistic investment returns, Coinbase has suspended certain stablecoins for Canadian users, and the Centre consortium that issued the USDC stablecoin is being dissolved.
FTX Derivatives Exchange has temporarily suspended accounts of impacted users accessing its claims portal as a precautionary measure following a recent cybersecurity breach, ensuring that all submitted claim data remains secure.
FTX Debtors have disclosed payments benefiting company executives leading up to the collapse of the cryptocurrency exchange, including a $2.51 million transaction to former Alameda Research co-CEO Sam Trabucco and the purchase of Robinhood shares by FTX co-founders Bankman-Fried and Wang.
FTX's transfer of $10 million worth of digital assets from the Solana network to Ethereum has raised concerns about potential token dumps amid the exchange's bankruptcy proceedings.
FTX, a prominent cryptocurrency exchange, favored top executives with transactions that enriched them just before its downfall in 2022, according to financial statements presented to the United States Bankruptcy Court for the District of Delaware.
The bankrupt crypto exchange FTX recently transferred $10 million worth of Solana (SOL) tokens to the Ethereum network, a move that may create instability in the cryptocurrency market, as FTX undergoes a bankruptcy review and proposes a structured approach to the sale of its digital assets.
Investors who lost money when FTX went bankrupt can now file claims to recover their funds by September 29, 2023.
Cryptocurrency exchange FTX is expected to receive court approval to liquidate $3.4 billion in cryptocurrencies, causing concern among stakeholders and potentially impacting Ethereum, Solana, and altcoins.
Crypto exchange FTX has filed a lawsuit against LayerZero Labs, seeking the return of $21 million in funds that were allegedly illegally withdrawn prior to FTX's shutdown in November 2022.
A bankrupt crypto firm holding billions of dollars in digital assets could cause a price collapse, with traders selling due to fears of FTX liquidating its $3 billion crypto holdings.
The bankrupt FTX estate has amassed around $7 billion in assets, including $1.16 billion in solana tokens and $560 million in bitcoin, as it seeks to return funds to creditors through the sale of its crypto holdings.
FTX has released the presentation materials for its shareholder meeting, revealing that over 2,300 non-customer claims worth $65 billion have been filed against the cryptocurrency exchange, while 36,075 customer claims worth $16 billion have been filed, with 10% already agreed upon. FTX's assets amount to over $7 billion and include digital assets, cash, brokerage investments, venture portfolio, tokens, and real estate. The company is also considering potential actions against insiders, political and charitable donation clawbacks, and actions against vendors. Over 75 potential bidders have been contacted for the relaunch of FTX, and a recovery plan confirmation is expected in Q2 2024. There are reports that FTX may liquidate a significant portion of its crypto holdings.
FTX estate has contacted over 75 bidders to explore the possibility of relaunching the bankrupt crypto exchange, with Figure and Tribe Capital among the potential investors, according to a stakeholder briefing.
Major cryptocurrencies experienced a decline due to concerns over the potential selling pressure from FTX's bankruptcy, as the exchange seeks regulatory approval to liquidate $3.4 billion in crypto assets.
Crypto exchange FTX has amended its proposal to sell billions in crypto assets, addressing concerns raised by the U.S. Trustee, by agreeing to keep them privately informed alongside creditors' committees.
Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware has granted FTX permission to sell, invest, and hedge its crypto holdings, valued at over $3.4 billion, in order to pay back creditors.
The collapsed crypto exchange FTX has been granted permission to liquidate its digital assets to repay creditors, including Bitcoin, Ether, and Solana, amounting to around $3.4 billion. The founder of FTX, Sam Bankman-Fried, is facing charges of fraud and conspiracy, with his bail being revoked last month.
Trevor Lawrence, Tom Nash, and Kevin Paffrath have settled lawsuits related to sponsorship deals with FTX, a failed crypto-exchange, before its collapse, with the terms remaining undisclosed.
FTX's sale of tokens held by the bankrupt crypto exchange will not cause a market shock, as liquidations are limited and there are strict controls and restrictions in place, according to a research report by Coinbase.
Crypto exchange FTX has filed a lawsuit against the parents of its founder and former CEO, Sam Bankman-Fried, seeking to recover millions of dollars in fraudulently transferred funds and alleging misappropriation and malicious conduct. The filing accuses Bankman's parents of using their expertise in law to enrich themselves and divert funds from FTX, and also claims that Bankman attempted to sell the exchange to Binance. Bankman-Fried is currently in jail awaiting trial, and his parents have not responded to the lawsuit.
The bankruptcy estate of FTX has sued the parents of founder Sam Bankman-Fried, alleging that they fraudulently transferred and misappropriated millions of dollars from the cryptocurrency exchange, while also playing a role in covering up allegations of fraud. The estate is seeking to recover the funds as part of the bankruptcy process.
Bitcoin traded slightly downward, Toncoin and Chainlink's LINK token were top performers, FTX sued former employees to recover $157.3 million, and Binance and Zhao filed to dismiss a SEC lawsuit in Thursday's cryptocurrency news.
Investors are actively trading FTX debts in an unregulated market for bankruptcy claims, with debts trading at 35% of their original claim value, as FTX customers have a week to contest claims and submit proof of claim if they dispute their scheduled claim.