FTX settles $24 billion debt with the IRS for $885 million?
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FTX, the now-bankrupt cryptocurrency exchange, announcing a proposed settlement for a nearly $24 billion tax claim with the IRS for $885 million.

A motion filed in the Delaware Bankruptcy Court on Monday, June 4, 2024, states that FTX will pay $200 million within 60 days of the company’s planned restructuring plan going into effect. The other $685 million subordinated claim is a lower-priority claim and will be payable to consumers and other debtors “to the extent of funds available.”

According to court documents, a letter dated May 20, 2024, from Deputy Assistant Attorney General David Hubbert to FTX’s lawyers indicated that they had accepted the offer proposed by FTX. A hearing on the motion will be held on June 25, 2024, at 10 a.m. before the Honorable John T. Dorsey in Delaware.

The IRS initially filed a tax claim against FTX for more than $44 billion, which was later amended to $24 billion. FTX vigorously disputes the claims, including the income tax liability for “misappropriation income” resulting from Sam Bankman-Fried’s theft of customer funds, among other claims.

Another employee facing a prison sentence after a recent sentencing. On May 28, 2024, a federal judge sentenced a former FTX executive, Ryan Salame, to 7.5 years in prison. Last year, he pled guilty to illegally making unlawful U.S. campaign contributions and to operating an unlicensed money-transmitting business.

In November 2022, FTX sought bankruptcy protection after the exchange experienced the crypto equivalent of a bank run. FTX, the hedge fund Alameda Research, and dozens of other affiliated companies filed a bankruptcy petition in Delaware on Friday morning. FTX US, which originally was not expected to be included in any financial rescue, was also part of the company’s bankruptcy filing.
#FTXScamAlert
#The_Bitcoin_Pro

#FTX Claims to Have Found $5 Billion to Repay Customers: Cryptocurrency exchange FTX has reportedly secured $5 billion in funding to repay its customers who were affected by the collapse of crypto lender Voyager Digital. This news could help restore confidence in the industry.

#TrendingTopic #Write2Earn‬ #FTXScamAlert

$FTT

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💡Quote of the Day💡

"The fox has many tricks. The hedgehog has but one. But that is the best of all."
- Erasmus ✒

#Write2Earn #strk #scam #ftx #FTXScamAlert

First Photo of Sam Bankman-Fried in Jail Stuns the Web. "From Crypto Kingpin to Concrete Walls"

Remember the meteoric rise of FTX's Sam Bankman-Fried? From billionaire wunderkind to facing fraud charges, his fall from grace has been nothing short of shocking. Now, a photo emerges, offering a glimpse into his stark reality behind bars.

Gone are the designer suits and lavish lifestyle. The image, shared by crypto influencer Tiffany Fong, shows a thin, disheveled Bankman-Fried blending into the prison crowd. This isn't the image of the man who once promised to revolutionize finance.

This photo ignites a torrent of emotions. Shock, sadness, even a tinge of schadenfreude. It speaks volumes about the fragility of power, the consequences of ambition, and the human cost of financial turmoil.

But the story doesn't end here. The trial continues, and the fate of Bankman-Fried, and potentially the crypto industry, hangs in the balance. Will he be found guilty? Can FTX ever recover?

This image is more than just a newsflash. It's a cautionary tale, a spark for conversation, and a reminder that even in the digital age, human drama reigns supreme. ⚖️

Join the discussion! Share your thoughts on the Bankman-Fried saga, the future of crypto, and the lessons we can learn from this cautionary tale. Let's make this more than just a viral moment - let's turn it into a catalyst for meaningful discourse. ️

P.S. Want to stay updated on the latest developments? Follow me for exclusive insights and analysis!
#sbf #FTXScamAlert #FTXTrial #SamBankman-Fried #Write2Earn

FTX, a cryptocurrency exchange that collapsed in 2022, is at the center of a legal battle as current CEO John J. Ray III disputes claims made by his predecessor, Sam Bankman-Fried. Bankman-Fried had asserted that customers suffered no financial losses due to the exchange's collapse, but Ray refutes this, calling the claims "delusional" and "false."

Ray emphasized that when he took over as CEO, the exchange had only 105 bitcoins left, a fraction of what customers were owed. While some assets were recovered, significant amounts, including funds spent on investments and bribes, remain unrecovered.

Despite efforts to repay customers, many remain dissatisfied with the valuations of their funds, as they will be refunded based on bankruptcy-time values rather than current, higher values. Ray stressed that customers, creditors, and stockholders have all suffered due to the collapse.
Bankman-Fried is facing sentencing on March 28, with prosecutors recommending a lengthy prison term. The dispute underscores the complexities and consequences of cryptocurrency exchange failures.
#BOME #crypro #WIF #FTXScamAlert #Ftx❓

What are the #SEC doing regarding this?
This is broad day light scam and it has has to be treated with caution and fairness.
Do your own research before you venture into any crypto world or investment.

Most importantly? HODL your crypto and invest wisely

#FTXScamAlert #Write2Earn #CloneshyCrypto #Cloneshy

WEIRD NEWS🦹

#sbf jail photos surface, former inmate says he is 'more gangster' than 6ix9ine

💡 Have you watched those interviews to psychopaths' in jails?... ok... 🤣

#Ftx❓ #FTXScamAlert

SBF stole billions of customers money, lied in court, and only got a 25 year sentence.

Ross Ulbricht created a website and is still serving 2 life sentences in prison.

Injustice at its finest.

#WIF #FTXScamAlert #FTT🔥🔥 #PDA

Sam Bankman-Fried Asks for 6½ Year Prison Term After Conviction in FTX Collapse. Now faces up to 110 years. He need our prayer's 🙏

After being found guilty of fraud last year and facing sentencing next month, former FTX boss Sam Bankman-Fried (SBF) has petitioned the court for a fair sentence of 63 to 78 months.

His legal team has objected to the Presentence Investigation Report (PSR) which recommends a sentence of 100 years in prison, labeling it as "grotesque." Bankman-Fried was convicted on seven charges of fraud and conspiracy in connection to the 2022 collapse of FTX.

Bankman-Fried's attorneys argue that he is a 31-year-old, first-time, non-violent offender who partook in the misconduct alongside at least four other individuals.

They emphasize that the victims were poised to recover their full losses, highlighting that the harm to customers, lenders, and investors is zero because the FTX bankruptcy estate anticipates fully repaying its customers.

They also point out that FTX and FTX.US were solvent when the companies filed for bankruptcy, with FTX’s bankruptcy estate claiming to have over $10 billion in assets despite the exchange’s $8 billion hole.

The lawyers assert that considering these factors, a "just sentence" should be determined based on an adjusted offense level leading to an advisory Guidelines range of 63-78 months. They also stress Bankman-Fried’s charitable works and commitment to others, advocating for a sentence that promptly returns him to a productive role in society without exceeding what is necessary to comply with the purposes of sentencing.

In response to negative characterizations of Bankman-Fried as a "sociopath," "an ice-cold manipulator, bully and shameless liar," and "one of history’s most notorious fraudsters," his legal team presents a different perspective.
#FTXScamAlert #FTXTrial #SamBankman-Fried #SambankmanFried #FTXbankruptcy

FTX the financially troubled crypto exchange, is divesting its $1 billion stake in Anthropic, an AI company, as part of its bankruptcy strategy.
The sale, facilitated through a special purpose vehicle (SPV), excludes Saudi Arabian entities due to security concerns. FTX initially bought the shares for $530 million in 2022, and their value has since nearly doubled.
Meanwhile, former FTX CEO Sam Bankman-Fried faces sentencing on March 28 following a conviction on seven counts of fraud. and what do you thing??
more Updates coming 👍👍👍
#HotTrends #FTXScamAlert #BNBChain #BTCAnalysi #BTCMovement:

🚨 BREAKING FTX UPDATE ON $BTC ! 🚨

FTX is causing shockwaves! 🌊

They plan to refund Bitcoin to all users based on the November 22 price, sitting below $18,000.

Brace yourselves, as users may receive around 20%-30% of their initial investment.

Is it a refund or daylight robbery? The crypto world is buzzing! 🤔💸

#TradeNTell #BitcoinRefund #FTXScamAlert #CryptoNewsFlash #Write2Earn $BTC $SOL $ETH