FTX | ForkLog - Part 5

ForkLog 27 31.05.2024

Legal and Advisory Fees in FTX Bankruptcy Surpass $500 Million

Approved payments for consultants and lawyers involved in the FTX bankruptcy proceedings have exceeded $500 million, reports The Block. In total, their requests amounted to over $700 million. However, some claims were reduced by 20%, and others were not approved. Leading the list is the law firm Sullivan & Cromwell, with approved fees of $254 […]

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ForkLog 15 28.05.2024

Former FTX Executive Sentenced to 7.5 Years in Prison

The Southern District of New York court has sentenced Ryan Salame, the former CEO of FTX’s Bahamian division, to 90 months (7.5 years) in prison. According to the U.S. Department of Justice, he also received three years of probation, was ordered to forfeit $6 million, and pay over $5 million in restitution. Prosecutor Damian Williams […]

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ForkLog 9 24.05.2024

FTX Concludes SOL Token Sale Below Market Value, Reports Bloomberg

The bankrupt exchange FTX has concluded a series of auctions, selling Solana (SOL) tokens valued at $2.6 billion at significant discounts to market prices, according to Bloomberg. Sources indicate that Figure Markets participated in the auctions, acquiring a lot of 800,000 SOL at approximately $108 per token. Over the past day, the token has depreciated […]

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ForkLog 12 23.05.2024

Sam Bankman-Fried’s Prison Transfer and Do Kwon’s Extradition Dilemma

Sam Bankman-Fried, the founder of the collapsed FTX exchange sentenced to 25 years, is being moved to a new prison in California, according to The Wall Street Journal, citing sources. Federal authorities initiated the transfer of inmates from the Brooklyn prison early on May 22, a representative for SBF stated. The spokesperson “could not confirm” […]

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ForkLog 6 22.05.2024

US Prosecutors Seek Up to Seven Years for Former FTX Executive

US prosecutors have recommended a prison sentence of five to seven years for Ryan Salame, the former CEO of FTX’s Bahamian division. In September 2023, Salame pleaded guilty to criminal charges related to the collapse of the cryptocurrency exchange. The charges involve conspiracy to make illegal donations and operating an unlicensed money-transmitting business. Sentencing is […]

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ForkLog 26 16.05.2024

K33 Highlights Bullish Potential of FTX Payouts

Payouts in fiat to FTX creditors could trigger positive “buyer pressure” in the cryptocurrency market, according to a report by K33 Research. Under the proposed plan by the exchange, the total payout value will range from $14.5 billion to $16.3 billion. Analysts believe these funds are likely to create a “bullish overhang.” “Not all creditor […]

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ForkLog 16 15.05.2024

Former FTX Executive Seeks 18-Month Sentence

Lawyers for former FTX Digital CEO Ryan Salame have requested a lenient sentence of 18 months in prison for their client. This was reported by CoinDesk, citing court documents. While at FTX and Alameda, Salame managed bank deposits and fiat conversions for the exchange’s clients, participated in funding political campaigns, and led charitable initiatives in […]

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ForkLog 32 10.05.2024

Sam Bankman-Fried Discusses Life in Prison: Rice Trading and Offline Tablets

Sentenced to 25 years in prison, FTX founder Sam Bankman-Fried (SBF) told Puck News that he is doing well at the Brooklyn Metropolitan Detention Center (MDC). While awaiting the review of his appeal in July, the entrepreneur has taken up rice trading. According to him, there are far more opportunities for arbitrage in prison compared […]

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ForkLog 23 09.05.2024

FTX Creditors Criticise New Compensation Plan

Sunil Kavuri, a representative of the largest group of FTX creditors, has opposed the exchange’s compensation plan, arguing it limits recipients’ options and absolves certain accused parties of responsibility. FTX Plan Takeaways1) Sullivan and Cromwell included exculpation clause so they + no one involved sued for misconduct2) S&C puppet John Ray in charge with no […]

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ForkLog 20 08.05.2024

Effective Ventures Lists Historic Oxfordshire Mansion for Sale

The organization linked to FTX, Effective Ventures, has put the iconic British property Wytham Abbey on the market for £15 million ($18.75 million), according to Bloomberg. Better known as the “Oxford Castle of Effective Altruism,” the 27,000-square-foot estate boasts 27 bedrooms and 18 bathrooms, situated on 23 acres of land three miles west of Oxford. […]

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ForkLog 19 08.05.2024

FTX Proposes 118% Return to Creditors

The collapsed exchange FTX has proposed a new compensation plan, under which 98% of creditors will receive at least 118% of their claims within 60 days of court approval. The remaining platform clients will receive 100% reimbursement of funds. “The plan will allow disputes with public and private stakeholders to be resolved without costly and […]

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ForkLog 27 03.05.2024

Former FTX Executive to Forfeit $5.9 Million Bahamas Villa

Ryan Salame, the former CEO of FTX’s Bahamian division, will transfer ownership of his $5.9 million Bahamas home to the platform’s creditors as part of restitution. The executive has agreed to claims amounting to $5.6 million, as outlined in a petition by FTX Trading Ltd and other stakeholders. Data: Marina Residences at Albany. Source: Albanybahamas.com […]

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