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Under the plan, 98% of FTX creditors will get at least 118% of their claims back — the remainder will receive all of their claims “plus billions in compensation,” says FTX. Go to Source
FTX Trading said the firm “never earned anything anywhere near the amount” that would justify a $24 billion tax bill. Go to Source
Nearly $700 million of the $873 million trust assets allowed to be sold by FTX comes from Grayscale’s flagship product, the Grayscale Bitcoin Trust, or GBTC. Go to Source
A proposed settlement could see creditors receive a shortfall claim of $8.9 billion for FTX.com and $166 million for FTX US. Go to Source
FTX’s official creditor committee said the current plan would add costs and delays to what’s already on track to be a historically expensive bankruptcy. Go to Source Powered by WPeMatico
FTX Debtors said on April 9 that it had released a report that “identifies and discusses control failures” by Sam Bankman-Fried and his colleagues when they ran the collapsed cryptocurrency exchange. John Ray, the CEO of the FTX Debtors, said the FTX Group “was tightly controlled by a small group of individuals who falsely claimed … Read more
Billions worth of loans and payments flowed from FTX entities to Sam Bankman-Fried and five other former executives of FTX and Alameda Research. Go to Source Powered by WPeMatico
FTX debtors are seeking to claw back millions of dollars given to U.S. political action committees (PACs) and political figures. Confidential letters have been sent to individuals and organizations, requesting the return of the funds by Feb. 28, 2023. Some bureaucrats, such as Democratic Senators Joe Manchin and Tina Smith, have already pledged the funds … Read more
FTX debtors have filed a motion with the court requesting to dismiss its Turkish subsidiaries from the Chapter 11 bankruptcy proceedings. The defunct crypto exchange’s lawyers believe dismissing the entities “is in the best interests” of creditors, and FTX debtors do not believe Turkish authorities “or any liquidator” in the country will cooperate with officials … Read more
Two days ago, bankruptcy administrators and FTX debtors published an update for unsecured creditors claiming the discovery of $5.5 billion in liquid assets. Roughly $3.5 billion of these funds are cryptocurrency assets, with 11 different digital currencies classified as “liquid assets.” However, two of the firm’s top cryptocurrency caches are not liquid as the company’s … Read more
