FTX | ForkLog - Part 4

ForkLog 9 01.10.2024

FTX Reorganization Plan Secures 94.5% Creditor Approval for $6.8 Billion Claims

Approximately 94.48% of FTX.com clients have voted in favor of the platform’s reorganization plan. Hearings for its approval are scheduled for October 7, reports The Block. The group of FTX.com clients has claims on assets valued at $6.83 billion. Roughly 89.1% of FTX.US users and about 95.88% of creditors in the “related to FTX.com services” […]

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ForkLog 81 25.09.2024

Former Alameda Research CEO Caroline Ellison Sentenced to Two Years in Prison

A court has sentenced former Alameda Research CEO Caroline Ellison to two years in prison and the forfeiture of $11 billion on charges of fraud and money laundering, according to Bloomberg. The verdict was mitigated by Ellison’s “remarkable” cooperation in the investigation of former FTX CEO Sam Bankman-Fried, her former boss and partner. The defendant’s […]

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ForkLog 29 12.09.2024

FTX Withdraws 177,693 SOL from Staking

A wallet linked to FTX and Alameda has withdrawn 177,693 SOL ($23.75 million) from staking. These coins may be transferred to centralized exchanges for sale. Withdrawal of SOL from staking. Data: Solscan. The wallet holds over 7 million SOL ($952 million) in staking. A significant portion of FTX’s coins may have been sold over-the-counter (OTC). […]

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ForkLog 12 02.09.2024

SEC’s Intent to Challenge FTX Creditor Payments Sparks Outrage

On August 30, the SEC informed the U.S. Bankruptcy Court in Delaware of its intention to challenge payments to creditors of the defunct cryptocurrency exchange FTX, which are denominated in stablecoins. The relevant document has been published on the restructuring agent Kroll’s website. Source: Kroll. The latest proposed liquidation plan for FTX includes settling creditor […]

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ForkLog 15 30.08.2024

Legal Firms Reap Over $750 Million from Crypto Bankruptcies

Twenty-two law firms engaged in seven cryptocurrency company bankruptcies under Chapter 11 of the U.S. Code have requested or received fees totaling $751 million, according to Bloomberg Law. Journalists analyzed court documents and reported figures as of mid-August. Leading the pack were Sullivan & Cromwell, Kirkland and Ellis, White & Case, and Cleary Gottlieb, which […]

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ForkLog 22 22.08.2024

FTX Creditors Endorse Reorganization Plan

FTX announced overwhelming support from creditors for the updated exchange reorganization plan. Preliminary data shows 95% of votes in favor, representing 99% of the claim amounts. Given these figures, the results are expected to surpass the Bankruptcy Code threshold for approval by the Delaware District Court. FTX will submit the final numbers to the court […]

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ForkLog 11 08.08.2024

Court Approves $12.7 Billion Settlement Between FTX and CFTC

U.S. District Judge Peter Castel approved a settlement agreement between the CFTC, FTX, and Alameda Research, under which the exchange and its subsidiary will pay creditors $12.7 billion. The parties reached an agreement to settle the 20-month-long dispute on July 12. However, the decision awaited final approval, which Judge Castel granted on August 7. The […]

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ForkLog 20 31.07.2024

Ex-CEO of FTX Subsidiary Granted Prison Delay Due to Dog Bite

A judge overseeing the case of Ryan Salame, former head of FTX’s Bahamian division, granted a postponement for the commencement of his prison sentence to October 13, 2024. The delay was attributed to a “German shepherd bite” suffered by the former executive. The ex-CEO required surgery, preventing him from reporting to prison on the previously […]

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ForkLog 15 17.07.2024

FTX and CFTC Reach $12.7 Billion Settlement Agreement

The bankrupt cryptocurrency exchange FTX and the CFTC have reached a $12.7 billion settlement following months of negotiations, as reported by The Block. Back in 2022, the CFTC accused former FTX CEO Sam Bankman-Fried and the affiliated Alameda Research of actions that led to customer losses of $8 billion. Initially, the agency pursued a claim […]

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ForkLog 22 10.07.2024

Sentencing Dates Set for Former FTX Executives

Hearings for the co-founder of the collapsed FTX exchange, Gary Wang, and its former CTO Nishad Singh are scheduled for the autumn, according to court documents. Singh’s sentencing is set for October 30 in New York, while Wang’s will be on November 20. Both former executives of the trading platform have pleaded guilty and cooperated […]

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ForkLog 40 28.06.2024

Yield App Halts Operations Amid FTX Collapse Losses

The Yield App team has ceased all operations on the platform “after realizing the losses incurred by the portfolio of third-party hedge fund managers who held assets on FTX.” Suspension of platform activity ahead of liquidation proceedings 28 JUNE 2024, 04:15 UTC: Yield App Ltd, a Seychelles-incorporated limited liability company, is today, Friday 28 June […]

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ForkLog 13 21.06.2024

bitFlyer Acquires FTX Japan

The Japanese cryptocurrency exchange bitFlyer has announced an agreement to acquire the local division of the collapsed platform FTX. 【FTX Japan 買収合意について】 bitFlyer Holdings は FTX Japan の株式100％を取得する株式譲渡契約を締結しました。米国破産裁判所の手続きを経て、bitFlyer Holdings の完全子会社となります。グループ間のシナジーを活かした新たなサービスを展開してまいります。https://t.co/qnaGy7u2Q3 pic.twitter.com/NI9w7YwFss — bitFlyer（ビットフライヤー） (@bitFlyer) June 20, 2024 “[FTX Japan] will become a subsidiary of bitFlyer Holdings after the completion of bankruptcy proceedings in the US,” […]

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#FTX