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Almost 400,000 individuals who are owed money by the collapsed crypto platform FTX stand a chance to lose access to a combined $2.5 billion in repayments due to not starting the required Know Your Customer (KYC) process verification that was to end on the 3rd of March. On the 2nd of April, a court filing […]
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.
The bankrupt crypto exchange FTX has just unstaked a significant batch of Solana tokens set for potential liquidation.On-chain data reveals that FTX unstaked 186,300 SOL tokens worth roughly $21.56 million from the wallet address "H4yiPZ6agF" earlier today. The unlocked funds remain in the wallet at press time, with no further actions.Meanwhile, the wallet still holds a massive 5.36 million SOL worth roughly $619 million, which remains staked but is in the process of unlocking.FTXs Ongoing Solana LiquidationThis isnt the first time FTX-related wallets have raised alarms within the Solana community. The latest unstaking is part of what appears to be the defunct exchanges monthly token liquidation cycle.Just a month ago, an FTX-associated address unstaked 185,345 SOL tokens, valued at approximately $23 million. Shortly after, it distributed the funds across 38 addresses, including major exchanges like Binance and Coinbase.As one of the largest holders of SOL, FTXs continuous unstaking sparks recurring concerns about market dumps. Since November 2023, data indicates that FTX has unstaked and sold off around 8 million SOL tokens, with a total value exceeding $1 billion.https://twitter.com/spotonchain/status/1899992964296040930With the latest unstaking event, market observers are closely monitoring the situation, particularly during a turbulent time for Solana, which has seen its price crash by 43% over the past eight weeks.If the newly unlocked SOL is liquidated, it will bring the total amount sold by FTX to approximately 8.2 million, with an estimated value of $1.05 billion. This could jeopardize Solanas recent rebound. The token has seen a 6% gain in the past 24 hours, pushing the price to $119.65.FTX Repayment Efforts UnderwayMeanwhile, repayment efforts are ongoing in the FTX bankruptcy proceedings. Recent reports indicate that around 400,000 former FTX users have not completed the required identity verification process.Collectively, these users risk losing over $2.5 billion in potential repayments if they fail to verify their identities before the extended deadline of June 1.The upcoming repayment round will distribute more than $11 billion to creditors. Under the proposed plan, 98% of creditors could receive at least 118% of the value of their original claims.
Sam Bankman-Fried, the disgraced founder of FTX, has been moved to the Oklahoma City Federal Transfer Center (FTC) as part of the next steps in serving his fraud sentence. The move follows a controversial incident earlier this month when Bankman-Fried conducted a remote interview with Tucker Carlson while being held at the Metropolitan Detention Center in Brooklyn. The interview, which aired without prior approval from prison officials, resulted in the resignation of his crisis manager, Mark Botnick.Notably, the FTC is a central hub in the U.S. federal prison system and temporarily houses inmates before they are transferred to other facilities. The move is an early step toward his permanent placement at a lower-security prison, potentially in Californias Bay Area, closer to his family.Bankman-Frieds Controversial ClaimsIn the interview with Carlson, Bankman-Fried reiterated his belief that he was wrongfully convicted. He boldly asserted, "I dont think I was a criminal," downplaying the severity of the charges against him. Furthermore, Bankman-Fried claimed that FTX was solvent and could have reached $93 billion in assets had it not collapsed. In his words:"Had nothing intervened, today FTX would have about $15 billion in liabilities and approximately $93 billion in assets. There was enough money to pay everyone back in full at the time."In addition to his defense, Bankman-Fried has attempted to align with right-wing political figures. He hinted at a shift in his political views, possibly to gain political favor and leverage potential clemency options as the wave of presidential pardons continues to sweep through the U.S.The Road Ahead for the FTX FounderLast year, a jury convicted Bankman-Fried of seven counts of fraud and money laundering related to the $11 billion collapse of FTX and its sister company, Alameda Research. He is set to serve a sentence that could stretch until November 2044.During his interview with Carlson, he voiced concerns about his ability to endure the full term, suggesting the possibility of suicide. He pointed out that the suicide rate in prison is three times higher than average, citing the psychological toll the environment can take on inmates.
|A document submitted late Thursday on behalf of previous customers of BlockFi, a crypto lending firm that filed for bankruptcy last year, accuses CEO Zac Prince of ignoring from his own risk-management team's warnings about the company's overexposure to FTX and its FTT token.
The dramatic collapse of the FTT token ended up taking both companies.
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As the date of November 6 approaches, which will be two years since the FTX exchange collapsed, the crypto industry is still working towards building more trust with customers. FTXs tragedy, one of the worst disasters in the crypto world, raised concerns about reserve management and raised alarm bells across the market. FTXs failure to […]
A US bankruptcy court has officially approved crypto exchange FTX liquidation plan, paving the way for it to repay customers using $16 billion in recovered assets, according to Reuters, which reports that the ruling was made by Judge John Dorsey during a court hearing in Wilmington, Delaware, on Monday. Court Approves FTX Settlements The approved plan includes a series of settlements with FTX customers, creditors, US government agencies, and liquidators tasked with managing the companys operations outside the United States. Related Reading: Heres Where We Are In The Bitcoin Bull Cycle According To The Wall Street Cheat Sheet These settlements prioritize the repayment of customers before addressing claims from government regulators, allowing FTX to utilize its assets effectively in the repayment process. Under the approved plan, FTX customers will receive at least 118% of the value of their accounts as of November 2022, the month the failed crypto exchange filed for bankruptcy. Customer Reactions Remain Mixed According to Reuters, FTX has characterized this outcome as a triumph for its creditors, attributing it to the successful recovery of cash and crypto assets that had initially gone missing amid the chaos surrounding the companys collapse. Additionally, FTX has raised further funds by liquidating other assets, including its investments in various technology firms, such as the artificial intelligence (AI) startup Anthropic. Related Reading: Dogecoin Analyst Expects A Multi-Year Bullish Breakout 200% Surge Potential However, customer reactions to the repayment plan have been mixed. Many former users of the exchange have expressed disappointment, feeling that the collapse of FTX prevented them from taking advantage of a significant rebound in cryptocurrency prices since the market hit its lowest point in 2022. Some customers have voiced objections to the plan, arguing for higher repayments that reflect the recent increases in crypto values. FTX has maintained that it cannot simply return the cryptocurrency assets originally deposited by customers, as those assets were misappropriated by founder Sam Bankman-Fried. Bankman-Fried, who was sentenced to 25 years in prison in March for defrauding FTX customers, has since appealed his conviction, further complicating the aftermath of the exchanges failure. At the time of writing, the exchange’s native token, FTT, has jumped 20% to the $3 mark for the first time in nearly 8 months amid the first quarter of the year’s uptrend. CoinGecko data also shows that FTT has seen a notable 176% increase in trading volume in the last few hours, but is still down nearly 97% from its all-time high of $84, reached in September 2021. Featured image from DALL-E, chart from TradingView.com
On Monday, a US bankruptcy court officially approved the liquidation plan for cryptocurrency exchange FTX, allowing the company to repay its customers using approximately $16 billion in recovered assets. This decision comes at a critical time for the crypto market, as creditors are poised to receive more than $12 billion through the court-sanctioned payout plan, [...]
The post FTX Bankruptcy: Key Dates For The $16 Billion Payout And Potential Market Effects appeared first on Crypto Breaking News.
The Backpack crypto exchange has acquired the European arm of the collapsed FTX exchange, FTX EU, and is planning a first-quarter launch. Backpack CEO Armani Ferrante confirmed the acquisition in a tweet today. The deal reportedly received approval from the Cyprus Securities and Exchange Commission (CySEC) and the FTX bankruptcy court. It sets the stage for Backpack to broaden its presence across the European Union.Notably, the acquisition comes as part of Backpacks strategic growth plan. Backpack EU, the new European entity, will offer a wide range of crypto derivative services, including perpetual futures, across the EU. Furthermore, the company emphasized its commitment to returning funds to FTX EU customers as quickly as possible as part of the ongoing bankruptcy claims process. CEO Armani Ferrante stressed the importance of customer restitution in rebuilding trust within the crypto industry.Ferrante promising swift refundsFerrante promising swift customer refundsFTX EU Path to Re-ActivationBackpack EU is set to relaunch in Q1 2025 after securing a license reactivation. The exchange will provide further details on its support channels, including how FTX EU customers can access their funds and how new users can sign up.This acquisition marks a significant milestone in the FTX EU saga, which had seen multiple ownership changes since FTXs collapse in November 2022. FTX EU, originally Digital Assets AG, was acquired by FTX in 2021 before eventually being sold back to its founders for $32.7 million in early 2024.Former FTX Employees Found Backpack Ferrante, a Solana developer, founded the Backpack exchange in 2022. He reportedly raised $20 million in FTX and Jump Crypto investments to support the platform's development. His journey began with introducing the Backpack Wallet, a non-custodial service. Before launching Backpack, Ferrante developed Anchor, a security protocol and developer tool for Solana.Tristan Yver, another co-founder of Backpack, previously worked at FTX for over two years before departing the company in May 2022.Following FTX's downfall in 2022, Backpack faced significant losses, with $14.5 million88% of its operational fundswiped out.
Defunct cryptocurrency exchange FTX has resumed its customer recuperation process, targeting the convenience class in the initial distribution.The FTX bankruptcy estate kicked off its reorganization plan on January 3. From Friday, the team will fully resume the processes involved in repaying affected investors in the exchanges bankruptcy filing in November 2022.The resumption marks a crucial stage in the process, which has undergone several legal proceedings. The initial phase will target holders of allowed claims in the convenience distribution.Repayment Process in Full SwingWith the reorganization in full effect, the estate called on the convenience class of the allowed claims to complete the pre-distribution process. For context, the convenient class is a group of FTXs allowed claims creditors with less than $50,000 worth of claims in the bankruptcy proceeding.Notably, this stage mandates that distribution claimants meet KYC requirements, submit a tax form, and choose a distribution service provider. Meanwhile, the convenience creditors have until January 20 to meet this pre-distribution criteria or miss out on the initial repayment process.Any claimant in this category who fails to satisfy the requirements will receive reimbursement in the subsequent distribution process. Moreover, repayment for this class will run for 60 days from the start date, and creditors are expected to receive a total of $1.2 billion.Convenience Creditors to Receive 119% RepaymentAccording to the court ruling, the FTX bankruptcy estate will fully repay creditors in the convenience class and add extra incentives. Claimants in this category will receive 119% of their assets value on the day the defunct exchange filed for bankruptcy.Notably, Kraken and BitGo are the only distribution service providers available. The exchanges will allow users to withdraw in US dollars or convert claims to cryptocurrencies.In the meantime, details for other creditor classes remain officially unavailable. However, some expect the process to resume immediately after distribution to the convenient creditor class.FTX announced in December that it had raised over $14 billion and intends to fully recompense users.
Sunil Kavuri, a major representative of one of FTXs creditor groups, has shared a fresh update about countries restricted from the defunct exchanges repayment. In a recent X post, Kavuri disclosed that FTX creditors from countries such as Nigeria, Russia, Saudi Arabia, Ukraine, China, Iran, and Egypt are ineligible for payouts through the exchanges current distribution providers- Bitgo and Kraken. https://twitter.com/sunil_trades/status/1880263578114003379This development comes despite FTX acknowledging that users from these countries might have accounts on these crypto exchanges. However, the defunct exchange made a U-turn, providing a list of jurisdictions not eligible for compensation through Kraken and Bitgo. The list, which was updated on January 16, 2025, highlights 163 jurisdictions that are ineligible for FTX payout through Bitgo and Kraken, including Russia, Nigeria, Ukraine, China, Egypt, Iran, and Saudi Arabia. Notably, FTX claims it is actively reviewing eligible jurisdictions, with plans to update the portal with any changes to the list of eligible regions in the future. FTX Commences Repayment Process Recall that the FTX bankruptcy estate kicked off its reorganization plan for the convenient class on January 3, 2025. Following the commencement of the reorganization plan, the convenient class creditors, who have less than $50,000 worth of claims, were mandated to complete the distribution prerequisites. This process requires convenient class creditors to submit a tax form, choose their desired distribution providers (Bitgo or Kraken), and complete mandatory KYC requirements on or before the deadline, slated for January 20, 2025. After completing the process, FTX will repay convenience class creditors within 60 days of the court-approved reorganization plan. This suggests that convenience class creditors could receive payouts on or before March 4, 2025. It is worth mentioning that the convenience class creditors account for around 90% of all eligible creditors on FTX. These users will receive their claims in USD. They could decide to either withdraw the USD from the trading platforms or convert them to crypto assets.
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