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FTX reaches settlement agreement with IRS, promising to prioritize the interests of creditors and customers
Defunct cryptocurrency exchange FTX has agreed to settle a $24 billion tax claim from the U.S. Internal Revenue Service (IRS) for far less than the initial claim, a move that will help the company prioritize customer repayments in its ongoing bankruptcy proceedings.
Under the terms of the settlement, the IRS will receive $200 million in priority claims, payable within 60 days of execution of FTX’s proposed reorganization plan.
In addition, the IRS will receive $685 million in junior priority claims, meaning that the IRS claim will be paid only if customers and other creditors are satisfied and there is money left in the bankruptcy proceeding, and that payment will be made after all higher priority claims.
Under the terms of the settlement, the IRS will receive $200 million in priority claims, payable within 60 days of execution of FTX’s proposed reorganization plan.
In addition, the IRS will receive $685 million in junior priority claims, meaning that the IRS claim will be paid only if customers and other creditors are satisfied and there is money left in the bankruptcy proceeding, and that payment will be made after all higher priority claims.
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CFTC v. FTX: Court approves $12.7 billion settlement and ban on cryptocurrency trading
In court documents published on August 7, U.S. District Judge Peter Castel formally approved a landmark $12.7 billion settlement between the U.S. Commodity Futures Trading Commission (CFTC) and bankrupt cryptocurrency exchange FTX and its subsidiary Alameda Research.
According to Judge Castel’s ruling, FTX and Alameda Research are required to pay a total of $8.7 billion in damages to investors who were financially affected by FTX’s bankruptcy in 2022. In addition, the two companies must pay $4 billion in disgorgement for their ill-gotten gains.
According to Judge Castel’s ruling, FTX and Alameda Research are required to pay a total of $8.7 billion in damages to investors who were financially affected by FTX’s bankruptcy in 2022. In addition, the two companies must pay $4 billion in disgorgement for their ill-gotten gains.
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🤝 Caroline Ellison settles with FTX and agrees to give up all her assets
Former Alameda Research CEO Caroline Ellison is said to have agreed to a settlement with FTX and may have to hand over all her remaining assets.
On October 7, FTX filed a motion in the hope that the court would agree to the settlement. Under the agreement, Ellison will transfer all assets that have not been seized by the government or used to pay legal fees to FTX's creditors.
Once the agreement is reached, Ellison will have almost no assets except for some personal physical property. She also promised to fully cooperate with FTX's investigation and court case, and may share documents or knowledge in her hands.
FTX feels that a settlement is better than continuing to sue Ellison because they can get more benefits and Ellison's cooperation is also valuable to them. They also said that if the lawsuit continues, it will only waste more time and money.
Finally, a hearing on the settlement plan is scheduled for November 20. Previously, Caroline Ellison received a light sentence of two years in the ruling of the fraud case on September 24 because she cooperated with federal prosecutors in the criminal case against Sam Bankman-Fried.
🤔 Viewpoint:
After the FTX bankruptcy, Caroline Ellison showed obvious remorse. Not only did she agree to hand over most of her assets to FTX's creditors, she was sentenced to two years in prison and was required to hand over about $11 billion. At the same time, she played a key role in SBF's conviction as a key witness in SBF's trial.
In sharp contrast, SBF is still seeking an appeal to dismiss the sentence after being sentenced to 25 years in prison, which shows that SBF is not reflecting deeply enough on his behavior. Ellison's cooperation and asset confiscation show her reflection on her past behavior, while SBF's legal struggle reflects his lack of responsibility.
💬 Friends, what do you think of this settlement agreement? Do you think Ellison has done enough? Or should she bear more legal responsibility? Come to the comment section and share your thoughts!
#FTX #CarolineEllison #和解协议
Former Alameda Research CEO Caroline Ellison is said to have agreed to a settlement with FTX and may have to hand over all her remaining assets.
On October 7, FTX filed a motion in the hope that the court would agree to the settlement. Under the agreement, Ellison will transfer all assets that have not been seized by the government or used to pay legal fees to FTX's creditors.
Once the agreement is reached, Ellison will have almost no assets except for some personal physical property. She also promised to fully cooperate with FTX's investigation and court case, and may share documents or knowledge in her hands.
FTX feels that a settlement is better than continuing to sue Ellison because they can get more benefits and Ellison's cooperation is also valuable to them. They also said that if the lawsuit continues, it will only waste more time and money.
Finally, a hearing on the settlement plan is scheduled for November 20. Previously, Caroline Ellison received a light sentence of two years in the ruling of the fraud case on September 24 because she cooperated with federal prosecutors in the criminal case against Sam Bankman-Fried.
🤔 Viewpoint:
After the FTX bankruptcy, Caroline Ellison showed obvious remorse. Not only did she agree to hand over most of her assets to FTX's creditors, she was sentenced to two years in prison and was required to hand over about $11 billion. At the same time, she played a key role in SBF's conviction as a key witness in SBF's trial.
In sharp contrast, SBF is still seeking an appeal to dismiss the sentence after being sentenced to 25 years in prison, which shows that SBF is not reflecting deeply enough on his behavior. Ellison's cooperation and asset confiscation show her reflection on her past behavior, while SBF's legal struggle reflects his lack of responsibility.
💬 Friends, what do you think of this settlement agreement? Do you think Ellison has done enough? Or should she bear more legal responsibility? Come to the comment section and share your thoughts!
#FTX #CarolineEllison #和解协议