FTX creditors only getting '10-25% of their crypto back' creditor

Following the collapse of the FTX exchange, the FTT token collapsed by more than 80% and wiped away over $2 billion in customer value. 

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FTX creditors only getting 10-25% of their crypto back Creditor

Following the collapse of the FTX exchange, the FTT token collapsed by more than 80% and wiped away over $2 billion in customer value. 

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Colossal Buying Pressure For Bitcoin And Solana As FTX Plans $16B Distribution, Expert

In a significant development for the cryptocurrency industry, FTX, the exchange that collapsed in November 2022 under the leadership of convicted Sam Bankman-Fried, is preparing to distribute a staggering $16 billion in cash to its customers, which could lead to significant gains for Bitcoin (BTC) and Solana (SOL) prices.  Crypto researcher Xremlin has predicted that [...]

The post Colossal Buying Pressure For Bitcoin And Solana As FTX Plans $16B Distribution, Expert appeared first on Crypto Breaking News.

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FTX Seeks Customer Consensus: Multi-Billion Dollar Compensation Plan Goes To Vote

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo’s journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this [...]

The post FTX Seeks Customer Consensus: Multi-Billion Dollar Compensation Plan Goes To Vote appeared first on Crypto Breaking News.

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Analyst Sees FTX Token (FTT) Potential for 279% Upside

FTX Token (FTT) is on the verge of recovery, FTT has increased by 7% in the past seven days. These gains signal a resurgence for the token sailing through troubled waters since the collapse of its associated exchange, FTX. It all began on November 10, 2022, when the company stopped activity, froze customer withdrawals, and […]

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FTT Surges 50% On FTX Creditors Claims Settlement And Billions In Compensation: How High Can It Rise?

In a significant development, defunct cryptocurrency exchange FTX has unveiled a reorganization plan to reimburse almost all of its customers.  The announcement has sparked a substantial surge in the exchange’s native token, FTT, which recorded an uptrend of 52% over the past seven days, reaching a monthly high of $2.29 during Wednesday’s early trading session. FTX Unveils Debt Repayment Strategy FTX estimates its outstanding debts to creditors to be approximately $11.2 billion, as revealed in the reorganization plan published late Tuesday. The company has disclosed that it possesses between $14.5 billion and $16.3 billion, which it intends to distribute among the creditors. Under the proposed plan, customers with $50,000 or less claims will receive approximately 118% of the allowed claim amount. This compensation is slated to be disbursed to around 98% of the creditors, relieving FTX customers who have experienced locked funds since the exchange filed for bankruptcy protection in November 2022.  Related Reading: Bitcoin Suffers Massive Outflows Amid Crypto Market Uncertainty, Tops $284 Million FTX stated in a press release on Wednesday that the company could not utilize the appreciation of the missing tokens during the Chapter 11 cases. Instead, FTX had to identify other recoverable sources of value to repay creditors.  Following the departure of founder Sam Bankman-Fried, FTX appointed John Ray III as CEO. Ray, speaking on the matter in November 2022, expressed his astonishment at the “complete failure of corporate controls and such a complete absence of trustworthy financial information” witnessed at FTX. Ray further stated in the press release on Wednesday:  We are pleased to be in a position to propose a Chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors.  FTX’s founder, Sam Bankman-Fried, faced legal consequences, being convicted on seven criminal counts, including charges related to embezzling billions of dollars from FTX’s customers. Bankman-Fried was subsequently sentenced to 25 years in prison. FTT Bulls Eyeing $2.55 For Potential Breakout Continuation As of the latest update, the price of FTT has corrected to $2.050 after reaching its monthly high. This breakout occurred after consolidation between the $1.17 and $1.48 levels. At the current price level, FTT faces a significant resistance at $2.169, which has led to the ongoing correction. If FTT sustains its bullish momentum, the next resistance level to watch is $2.55 in the token’s daily chart.  A successful breakthrough of this level could potentially lead to a retest of the $3 mark, which has not been revisited since January. Related Reading: Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff On the other hand, if the price experiences a further correction, FTT bulls should closely monitor the $1.95 and $1.765 levels, as they serve as crucial support levels. It is essential to prevent a loss of the gains achieved over the past month, which amounts to an 18% increase during this period. Featured image from Shutterstock, chart from TradingView.com

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FTT, ZEC and JASMY Lead Binances Latest Community Delisting Vote

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FTX Co-Founder Sam Bankman-Fried Appeals 25-Year Conviction And Makes Unusual Request

In a dramatic turn of events, Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has been sentenced to 25 years in prison for defrauding users. The judgment was handed down by US District Judge Lewis Kaplan during a hearing in a Lower Manhattan federal courtroom on March 28.  Bankman-Fried, who had publicly announced [...]

The post FTX Co-Founder Sam Bankman-Fried Appeals 25-Year Conviction And Makes Unusual Request appeared first on Crypto Breaking News.

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FTT Token Surges 70% as FTX Exchange Gears Up for Relaunch

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BREAKING: Sam Bankman-Fried Sentenced To 25 Years In Prison

In a highly anticipated courtroom verdict, Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, has been sentenced to 25 years in prison for defrauding users. US District Judge Lewis Kaplan delivered the judgment during a Lower Manhattan federal courtroom hearing. Related Reading: The Bulls Are Back: Spot Bitcoin Inflows Surge With New Records FTX Founder Sam Bankman-Fried Sentenced Judge Kaplan sternly criticized the defense’s argument, labeling it as misleading, logically flawed, and speculative. As reported by our sister site, Bitcoinist, Kaplan highlighted Bankman-Fried’s obstruction of justice and witness tampering during his defense, which were significant factors considered in the sentencing decision. Bankman-Fried expressed remorse in a statement, acknowledging that his series of “selfish” decisions as the leader of FTX had led to the exchange’s downfall. He admitted to having “thrown it all away” and expressed regret that continues to haunt him daily. Prosecutors had initially sought a maximum sentence of 50 years, while Bankman-Fried’s legal team argued for a maximum of 6 years. In November, Bankman-Fried was found guilty on seven criminal counts, and he has since been held at the Metropolitan Detention Center in Brooklyn. Life Plans Shattered Late Tuesday, prosecutors submitted documents containing testimonies from victims, shedding light on the impact of Bankman-Fried’s actions. One victim, whose name was redacted, wrote a letter dated March 15, describing the destruction of their entire life and the emotional toll it had taken on their family.  They emphasized that they had entrusted their funds to FTX as a custodian, not consenting to the risks Bankman-Fried had taken with their money. The victim shared the suffering that had led to depression and even thoughts of suicide. Related Reading: Fantom: Market Slowdown Chops Off 10% From Gains Heres Why During the trial, prosecutors revealed that Bankman-Fried had diverted funds from FTX customers, amounting to as much as $8 billion. These funds were allegedly used to finance a wide range of external interests, including political initiatives, speculative investments, and funding the lifestyles of FTX executives. Featured image from Shutterstock, chart from TradingView.com

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FTT Flies 45% On Rumors Of FTX Planned Relaunch

FTT, the native currency of FTX and its ecosystem, is up 45% when writing on June 28. This positive price action follows a report by the Wall Street Journal that the exchange’s new management has started receiving proposals from parties interested in restarting the exchange. The unconfirmed report cited the chief executive officer, John J. Ray III, who took over FTX when it officially filed for bankruptcy in mid-November 2022. Will FTX Be Restarted? Sources report that the management team of the cryptocurrency exchange has been in discussions with investors interested in seeing the platform back up and running.  Different ownership and management structures are being considered as part of this effort. A joint venture is one option, which would involve compensating existing clients affected by the FTX bankruptcy through stakes in the new organization. Additionally, when the exchange is relaunched, it will operate under a new brand name to improve its reputation and regain trust. Related Reading: BNB Market Cap Down By 25% In June Amidst Binance Regulatory Pressure Rumors of this restart are six months after Ray III said he was setting up a task force to explore resuming operations. The CEO also added that despite the alleged illegal activities committed by executives, mainly Sam Bankman-Fried and Alameda Research, the exchange’s business model was feasible. A restructuring and a restart of the exchange, observers note, will be a better outcome for its millions of clients who were adversely affected after the exchange unexpectedly filed for bankruptcy last year. Following the collapse of FTX, the cryptocurrency market tanked, with Bitcoin and Ethereum sinking to new 2022 lows. In a bear market of last year, the FTX collapse forced BTC prices below $16k.  At the same time, FTT, the native currency of FTX, sank 92%. Despite the current expansion, the token is far from its October 2021 highs when each FTT was changing hands at over $69. When writing on June 28, FTT is trading at $1.73 with a market capitalization of $576,331,728. Charges Against Sam Bankman-Fried And Alameda Research Sam Bankman-Fried, the founder of FTX, is charged with wire fraud, commodities fraud, money laundering, and bribery, among others, following an investigation by the United States Commodity Futures Trading Commission (CFTC). The agency sought to discover whether FTX and Alameda Research knowingly engaged in market manipulation and if there was a conflict of interest. The CFTC also alleges that FTX and its trading wing, Alameda Research, failed to disclose their trading activities to clients while using their funds to support FTT prices.  Related Reading: Michael Saylor Doubles Down On Bitcoin, Adds 12,333 BTC To MicroStrategy’s Holdings Amid this, Bankman-Fried is accused of using Alameda funds to cover his expenses, including donating $10 million to a political party. He has pleaded not guilty to all charges, and a trial is planned for October 2023. Feature Image From Canva, Chart From TradingView

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BREAKING: FTX Founder SBF On The Brink Of Jail: Judge Set To Rule On Bail

According to a recent report by Reuters, Sam Bankman-Fried, former CEO and founder of the bankrupt cryptocurrency exchange FTX, has had his bail conditions tightened by a US judge following allegations of witness tampering.  While the judge declined to jail Bankman-Fried immediately, he imposed a “gag order” requested by prosecutors and gave both sides until August 3 to submit written statements detailing their positions.  FTX Founder Accused Of Witness Tampering By U.S. Prosecutors Per the report, U.S. Prosecutors had requested that Bankman-Fried be jailed, accusing him of crossing a line by sharing the personal writings of his former partner, Caroline Ellison, with a journalist. This was said to be a second instance of witness tampering. Related Reading: FOMC Delivers Expected 0.25% Rate Hike, Bitcoin Holds Steady Above $29,000 Bankman-Fried is facing trial over the collapse of FTX, with prosecutors alleging that he stole billions of dollars in customer funds to plug losses at his crypto hedge fund, Alameda Research. He has pleaded not guilty to the charges. Ellison, who was Alameda’s former CEO, has pleaded guilty to fraud charges and has agreed to cooperate with prosecutors. Bankman-Fried has mainly been confined to his parent’s home in California since his extradition from the Bahamas in December 2020, where FTX was based. Related Reading: Bitcoin: What On-Chain Data Says About The Latest Dip Below $30,000 However, Bankman-Fried’s lawyer Mark Cohen argued that his client was merely trying to protect his reputation through his contacts with journalists and that it would be challenging to prepare for trial if he were jailed. Overall, investors and industry participants will closely watch the outcome of Bankman-Fried’s case. The FTX former CEO is a prominent figure in the cryptocurrency world, and his case will serve as a key test of the industry’s legal and regulatory framework. Featured image from Unsplash, chart from TradingView.com

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Bankrupt Crypto Exchange FTX Continues to Explore Potential Relaunch, Court Records Reveal

Recently submitted court records in the FTX insolvency case reveal that the exchange’s new CEO, John Ray III, has been exploring a revival plan for the now-disabled trading platform and the “preliminary formation of restructuring strategies.” FTX’s Revival Prospects Surface as New CEO Explores Reboot Plans and Bidder List The current CEO and main restructuring [...]

The post Bankrupt Crypto Exchange FTX Continues to Explore Potential Relaunch, Court Records Reveal appeared first on Crypto Breaking News.

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FTX Token FTT Pumps As Holders’ Hopes Of Exchange Reopening Soon Swell

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FTX token jumps 12% after news of possible restart emerges

Bankrupt FTX’s native token FTT surged more than 10% after court filings showed CEO John J. Ray III has considered a restart plan for the failed exchange. FTX restart According to a May 22 court filing,  Ray’s billing report for April highlighted several activities he performed toward a possible restart of the platform. According to […]

The post FTX token jumps 12% after news of possible restart emerges appeared first on CryptoSlate.

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FTX: $8.9 Billion Customer Funds Missing – Here’s What Happened

New FTX documents reveal how FTX burned through an astonishing $8.9 billion in customer funds.

Continue reading at DailyCoin.

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Alameda Wallets Spark Controversy with Million-Dollar Crypto Transfers: Report

Wallets linked to the bankrupt Alameda Research recently sparked concern in the crypto community after transferring millions worth of FTX Tokens on February 7th, according to a report. The wallets’ activity post-FTX bankruptcy filing has raised questions about the effectiveness of law enforcement agencies and access to these wallets. An address belonging to Alameda, named […]

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FTX-SBF: As Legal Fees Stack High, SBF Turns to Substack

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Mystery Alameda Research’s Transfer Of Over $9 Million Worth FTT Token

Whale Alert has reported a massive transfer of funds from cryptocurrency trading firm Alameda Research to an unknown wallet. The transfer, which occurred on January 18th, involved a staggering 5,002,584 FTT, equivalent to approximately $9 million. The news of the transfer has sent waves throughout the crypto community, as Alameda Research has been at the center of […]

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FTT surges 48%; other bankrupt tokens also rise

Bankrupt FTX’s native token FTT is one of the best-performing digital assets in the last 24 hours, surging by over 48% to $2.58, according to CryptoSlate’s data.

The post FTT surges 48%; other bankrupt tokens also rise appeared first on CryptoSlate.

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