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Ethereum Rival Solana Is Back—Experts Say It's No Surprise
Solana is once again the talk of crypto, and its native coin SOL is benefiting from the attention. The price of SOL is up over 9% today, hitting a 24-hour high of $44.41. Over the past 30 days, it has exploded in value by over 88%, according to CoinGecko—making it the biggest winner of all the major cryptocurrencies. And despite its association with the collapsed FTX crypto exchange and its criminally convicted founder Sam Bankman-Fried, experts say Solana’s recent rise shouldn’t come as a shoc...
#EthereumNFT #BBW2023 #FTX's
Solana is once again the talk of crypto, and its native coin SOL is benefiting from the attention. The price of SOL is up over 9% today, hitting a 24-hour high of $44.41. Over the past 30 days, it has exploded in value by over 88%, according to CoinGecko—making it the biggest winner of all the major cryptocurrencies. And despite its association with the collapsed FTX crypto exchange and its criminally convicted founder Sam Bankman-Fried, experts say Solana’s recent rise shouldn’t come as a shoc...
#EthereumNFT #BBW2023 #FTX's
The founder of FTX, Sam Bankman-Fried, has been found guilty in a trial related to a cryptocurrency scandal. He could face up to 110 years in prison. This trial is about wrongdoing in the cryptocurrency world, and it didn't take long, lasting only four weeks.
While Bankman-Fried admitted to some mistakes, he denied fraud. However, the jury believed he cheated people. The sentencing is set for March, and he might receive a 20 to 30-year prison term.
Notably, famous figures like model Gisele Bündchen and football star Tom Brady invested heavily in his company. But things took a turn when the company faced financial troubles and eventually collapsed.
#ftx #BankmanFriedTrial #Bankman-Fried #FTX's
While Bankman-Fried admitted to some mistakes, he denied fraud. However, the jury believed he cheated people. The sentencing is set for March, and he might receive a 20 to 30-year prison term.
Notably, famous figures like model Gisele Bündchen and football star Tom Brady invested heavily in his company. But things took a turn when the company faced financial troubles and eventually collapsed.
#ftx #BankmanFriedTrial #Bankman-Fried #FTX's
FTX Exchange Drama: Closing Arguments in Bankman-Fried Trial
In the courtroom drama surrounding the downfall of the once-mighty FTX cryptocurrency exchange, the trial of Sam Bankman-Fried has entered its final chapter. The prosecution and defense presented closing arguments that couldn’t have been more contrasting.As reported by crypto journalist Laura Shin, assistant U.S. Attorney Nicholas Rooe, leading the prosecution, used evidence, timelines, and the defendant’s own words to portray Sam Bankman-Fried as a liar who stole from customers while maintaining a facade of innocence. Rooe argued that Bankman-Fried knew he was doing something wrong, stressing deception, lies, and greed as central themes.He called attention to Bankman-Fried’s contradictory statements, pointing out his confident public assurances about FTX’s health despite his awareness of the exchange’s dire financial situation. He alleged that Bankman-Fried’s actions betrayed his knowledge of wrongdoing.Rooe stated, “He told a story and he lied to you. This was a pyramid of deceit built by the defendant on a foundation of lies and false promises, all to get money, and eventually it collapsed, leaving countless victims in its wake.”In contrast, Bankman-Fried’s defense, led by Mark Cohen, sought to discredit the government’s portrayal of the defendant as a villain. Cohen argued that the government unfairly painted his client as a criminal mastermind, using evidence about Bankman-Fried’s physical appearance and personal life to cast him as a villain in their narrative.Cohen contended that miscommunications, mistakes, and lapses in judgment occurred in the real world, but they did not constitute criminal acts. He questioned the government’s focus on Bankman-Fried’s motivations and intentions, highlighting the lack of evidence of criminal intent in their case.With both sides having made their closing arguments, the jury is now set to begin deliberations. The outcome of this high-stakes trial, closely watched by the cryptocurrency community and beyond, remains uncertain. Deliberations may continue into the evening, and the trial’s conclusion is eagerly awaited.#ftx #FTX's #IluPredictor #sbf #coinbase
FTX Granted Permission to Initiate Sale of $744 Million Grayscale Assets - Breaking News Update!
In a groundbreaking development, FTX has secured approval to commence the sale of Grayscale assets totaling $744 million. This significant milestone marks a pivotal moment for FTX and the broader crypto market. Delving into the details of this approval sheds light on the implications and potential impacts of this substantial asset sale, signaling a notable shift within the cryptocurrency trading landscape.
#FTXRevival #FTX's
#BinanceCEO #binannce
In a groundbreaking development, FTX has secured approval to commence the sale of Grayscale assets totaling $744 million. This significant milestone marks a pivotal moment for FTX and the broader crypto market. Delving into the details of this approval sheds light on the implications and potential impacts of this substantial asset sale, signaling a notable shift within the cryptocurrency trading landscape.
#FTXRevival #FTX's
#BinanceCEO #binannce
IRS Deals Devastating Blow to FTX With $24 Billion Tax Claim, Crypto Exchange Pushes Back.
FTX has challenged the potentially fatal tax claims levied by the IRS last month for $24 billion. Image by Michael O’Keene, Adobe Stock.
According to a November 30 filing by FTX debtors, the IRS tax claims of $24 billion filed in early November are “completely unsubstantiated” and FTX has now requested that the claims be dismissed by the bankruptcy court.
Sam Bankman-Fried’s FTX was hit with a major setback in its bankruptcy proceedings when the IRS filed the staggering tax claims last month, presenting a potentially insurmountable obstacle for the exchange as it attempts to recover funds and reimburse customers.
FTX asserted that the IRS has failed to provide any factual or legal rationale to justify tax claims of such an immense magnitude, especially given FTX’s financial circumstances.
The filing stated that despite ongoing discussions and repeated requests, the IRS has not substantiated the basis for maintaining tax claims that vastly exceed FTX’s estimated earnings and debts. FTX argued that the IRS claims, which currently total 47 separate claims against 31 FTX debtors, were speculative and threatened to impede customer reimbursement efforts indefinitely.
The scale of the IRS tax claims against FTX, among the largest ever levied by the agency, has prompted urgent legal action by the exchange. FTX contends that the unexpected tax claims of approximately $24 billion could critically impact its objective of restoring funds to customers and creditors affected by FTX’s shocking collapse in November 2022.
According to analysts, IRS tax claims have the potential to completely derail FTX’s bankruptcy proceedings if not dismissed or dramatically reduced. Some experts view the claims as a potentially lethal blow to hopes of rehabilitating the exchange and question whether FTX can continue operations at all given the scale of the IRS action.
#IRS #ftx #FTX2.0 #FTX's #FTXRevival
$BTC $XRP $SOL
FTX has challenged the potentially fatal tax claims levied by the IRS last month for $24 billion. Image by Michael O’Keene, Adobe Stock.
According to a November 30 filing by FTX debtors, the IRS tax claims of $24 billion filed in early November are “completely unsubstantiated” and FTX has now requested that the claims be dismissed by the bankruptcy court.
Sam Bankman-Fried’s FTX was hit with a major setback in its bankruptcy proceedings when the IRS filed the staggering tax claims last month, presenting a potentially insurmountable obstacle for the exchange as it attempts to recover funds and reimburse customers.
FTX asserted that the IRS has failed to provide any factual or legal rationale to justify tax claims of such an immense magnitude, especially given FTX’s financial circumstances.
The filing stated that despite ongoing discussions and repeated requests, the IRS has not substantiated the basis for maintaining tax claims that vastly exceed FTX’s estimated earnings and debts. FTX argued that the IRS claims, which currently total 47 separate claims against 31 FTX debtors, were speculative and threatened to impede customer reimbursement efforts indefinitely.
The scale of the IRS tax claims against FTX, among the largest ever levied by the agency, has prompted urgent legal action by the exchange. FTX contends that the unexpected tax claims of approximately $24 billion could critically impact its objective of restoring funds to customers and creditors affected by FTX’s shocking collapse in November 2022.
According to analysts, IRS tax claims have the potential to completely derail FTX’s bankruptcy proceedings if not dismissed or dramatically reduced. Some experts view the claims as a potentially lethal blow to hopes of rehabilitating the exchange and question whether FTX can continue operations at all given the scale of the IRS action.
#IRS #ftx #FTX2.0 #FTX's #FTXRevival
$BTC $XRP $SOL
No surprise as #Singapore, #Thailand step up crypto regulation
Southeast Asia steps up regulation. No end in sight for NFT market decline. Voyager’s shrinking portfolio.
Singapore's requirement that businesses offering cryptocurrency services ringfence their clients' assets from their own and make sure they are held in trust isn't any more burdensome than the regulations that traditional banks have been subject to for almost a century. As a result, they make sense; after all, actions that disregarded those standards contributed to #FTX's incredibly expensive downfall.
A tougher application of discipline to the cryptocurrency business may be seen in Thailand's restriction on #crypto companies selling loan and staking goods, a ban that the Monetary Authority of Singapore declared it also wanted to implement.
Southeast Asia steps up regulation. No end in sight for NFT market decline. Voyager’s shrinking portfolio.
Singapore's requirement that businesses offering cryptocurrency services ringfence their clients' assets from their own and make sure they are held in trust isn't any more burdensome than the regulations that traditional banks have been subject to for almost a century. As a result, they make sense; after all, actions that disregarded those standards contributed to #FTX's incredibly expensive downfall.
A tougher application of discipline to the cryptocurrency business may be seen in Thailand's restriction on #crypto companies selling loan and staking goods, a ban that the Monetary Authority of Singapore declared it also wanted to implement.
/ In the past 24 hours, FTX transferred a total of 1.1M $SOL ($42.35M) and 7,183 $ETH ($12.9M) to sell.
As of Nov 3, #ftx had transferred ~$221.7M in crypto assets.
How many assets does FTX have left?👇
#IluPredictor #sol #Ethereum2025 #FTX's
As of Nov 3, #ftx had transferred ~$221.7M in crypto assets.
How many assets does FTX have left?👇
#IluPredictor #sol #Ethereum2025 #FTX's
Top 5 #Bitcoin And #Crypto Events To Watch Out For This Week-
1. Bitcoin Price Stability: Can Bitcoin maintain a value above $30,000? Growing interest in a potential Bitcoin #ETF is boosting bullish sentiment among retail investors.
2. Jerome Powell's Speech: Fed Chairman Powell's recent speech signaled a rate hike pause, impacting the bond market. Powell's upcoming speech on October 31-November 1 will be closely watched.
3. Bloomberg TV Documentary:Bloomberg TV's documentary "RUIN: Money, Ego, and Deception at FTX" sheds light on the rise and fall of #FTX's founder, Sam Bankman-Fried.
4. Crypto Options Expiry: On Friday, a significant $3.6 billion in crypto options, including Bitcoin and Ether, will expire on Deribit. Notably, there's a premium on call options in the market.
5. US PCE Report:The US Personal Consumption Expenditures (PCE) report for September, set to be released on October 27, will provide insights into consumer trends and impact the wider financial market and crypto landscape. Economists are keenly awaiting this data for potential insights into the Fed's future rate decisions.
1. Bitcoin Price Stability: Can Bitcoin maintain a value above $30,000? Growing interest in a potential Bitcoin #ETF is boosting bullish sentiment among retail investors.
2. Jerome Powell's Speech: Fed Chairman Powell's recent speech signaled a rate hike pause, impacting the bond market. Powell's upcoming speech on October 31-November 1 will be closely watched.
3. Bloomberg TV Documentary:Bloomberg TV's documentary "RUIN: Money, Ego, and Deception at FTX" sheds light on the rise and fall of #FTX's founder, Sam Bankman-Fried.
4. Crypto Options Expiry: On Friday, a significant $3.6 billion in crypto options, including Bitcoin and Ether, will expire on Deribit. Notably, there's a premium on call options in the market.
5. US PCE Report:The US Personal Consumption Expenditures (PCE) report for September, set to be released on October 27, will provide insights into consumer trends and impact the wider financial market and crypto landscape. Economists are keenly awaiting this data for potential insights into the Fed's future rate decisions.
MLB and Formula 1 face fraud suits for promoting FTX
FTX investors suing the cryptocurrency exchange’s celebrity promoters for allegedly helping to facilitate an $11 billion fraud have some new targets, including Major League Baseball, Formula One racing and Mercedes-Benz Group’s racing team.
Investors’ lawyers sued MLB — the first major sports league to sign a promotional deal with FTX in 2021 — and the other entities in U.S. federal court in Miami on Monday, accusing them of "aiding and abetting and/or actively participating in the FTX Group’s massive, multi-billion-dollar global fraud.” At one point, MLB umpires wore FTX patches on their sleeves.
#FTX's #FTXCase
FTX investors suing the cryptocurrency exchange’s celebrity promoters for allegedly helping to facilitate an $11 billion fraud have some new targets, including Major League Baseball, Formula One racing and Mercedes-Benz Group’s racing team.
Investors’ lawyers sued MLB — the first major sports league to sign a promotional deal with FTX in 2021 — and the other entities in U.S. federal court in Miami on Monday, accusing them of "aiding and abetting and/or actively participating in the FTX Group’s massive, multi-billion-dollar global fraud.” At one point, MLB umpires wore FTX patches on their sleeves.
#FTX's #FTXCase
FTX Receives Court Approval to Sell Its Assets in Grayscale.
#FTX , the cryptocurrency exchange that declared bankruptcy last year, received approval from the bankruptcy court to sell its assets in Grayscale.
According to Bloomberg, #FTX plans to repay its receivables by selling funds that currently amount to $873 million. The trustee team managing FTX's bankruptcy process has recovered approximately $7 billion in assets over the past year. According to bankruptcy court documents, $3.4 billion of the company's collected assets are held in cryptocurrency. Finally, FTX's move to sell its assets in digital asset management manager Grayscale appears to be a critical step in fulfilling the obligations of the company in the bankruptcy process.
While #FTX officials offer a plan to sell their assets in Grayscale efficiently and without decreasing their value, it is stated that they will avoid making high-volume moves that will affect the market in the sale of assets. On the other hand, while the GBTC share in FTX's account was valued at $744 million in the court document at the beginning of the month, it was reported that it increased to $870 million after the increase in value this month.
FTX, which was the second largest cryptocurrency exchange in the crypto market before going bankrupt last year, had to announce its bankruptcy due to rapid fund outflows after the gaps in its balance sheet leaked to the market. FTX's founder, Sam Bankman-Fried, is on trial, along with the company's subsidiary Alameda Research, on charges ranging from misusing customer funds to fraud.
While the company, which was appointed to trustee after #FTX's bankruptcy application, has successfully managed the process so far, the recent developments that the crypto exchange may be reactivated excited the market. FTT, the local asset of the stock exchange, which recorded a rapid rise during this period, rose to 5.5 dollars with a value increase of up to 350% in the first days of November.
$BTC $FTT
#FTX , the cryptocurrency exchange that declared bankruptcy last year, received approval from the bankruptcy court to sell its assets in Grayscale.
According to Bloomberg, #FTX plans to repay its receivables by selling funds that currently amount to $873 million. The trustee team managing FTX's bankruptcy process has recovered approximately $7 billion in assets over the past year. According to bankruptcy court documents, $3.4 billion of the company's collected assets are held in cryptocurrency. Finally, FTX's move to sell its assets in digital asset management manager Grayscale appears to be a critical step in fulfilling the obligations of the company in the bankruptcy process.
While #FTX officials offer a plan to sell their assets in Grayscale efficiently and without decreasing their value, it is stated that they will avoid making high-volume moves that will affect the market in the sale of assets. On the other hand, while the GBTC share in FTX's account was valued at $744 million in the court document at the beginning of the month, it was reported that it increased to $870 million after the increase in value this month.
FTX, which was the second largest cryptocurrency exchange in the crypto market before going bankrupt last year, had to announce its bankruptcy due to rapid fund outflows after the gaps in its balance sheet leaked to the market. FTX's founder, Sam Bankman-Fried, is on trial, along with the company's subsidiary Alameda Research, on charges ranging from misusing customer funds to fraud.
While the company, which was appointed to trustee after #FTX's bankruptcy application, has successfully managed the process so far, the recent developments that the crypto exchange may be reactivated excited the market. FTT, the local asset of the stock exchange, which recorded a rapid rise during this period, rose to 5.5 dollars with a value increase of up to 350% in the first days of November.
$BTC $FTT
SBF was the biggest Democrat donor in 2022
SBF was just convicted of fraud when he probably thought he would be “protected”
Now that he’s facing 100+ years in jail, what’s to stop him from leaking names of people in DC he “collaborated” with?
Do it SBF!
They screwed you over.
#sbf #SamBankman-Fried #Scam #IluPredictor #FTX's
SBF was just convicted of fraud when he probably thought he would be “protected”
Now that he’s facing 100+ years in jail, what’s to stop him from leaking names of people in DC he “collaborated” with?
Do it SBF!
They screwed you over.
#sbf #SamBankman-Fried #Scam #IluPredictor #FTX's
Solana Surpasses Ethereum in Daily Users Amid The Recovery.
According to Artemix's data, #Solana📈🚀🌐 , which has shown a significant change in the cryptocurrency world, has recently surpassed Ethereum in terms of the number of daily active users. Solana's user count grew from just over 200,000 on November 7 to 356,300 on November 11. This increase put Solana ahead of Ethereum, which had 330,000 users on the same day.
The increase in Solana's user base comes after a turbulent period for the digital asset. The cryptocurrency experienced a dramatic 96% drop in price between November 2021 and January 2022, falling from its peak of $250 to below $10. This decline was largely attributed to the broader bear market and the high-profile bankruptcy of cryptocurrency exchange FTX.
Despite these challenges, Solana has shown strong signs of recovery. As reported by DeFi Llama, its price has increased by 145% in the last four weeks, while the total value locked (TVL) on DeFi protocols has witnessed a 62% increase. Factors contributing to this recovery include the "firedancer" upgrade to the Solana network and easing fears of a potential sale of #SOL by #FTX's estate.
In addition to these improvements in network performance and asset value, Solana's non-fungible token (NFT) market has also seen a significant increase. Crypto Slam reported a 35% increase in #NFT sales volume last month.
While Solana's recent metrics are impressive, Ethereum continues to maintain a larger overall user base considering Layer 2 networks. Token Terminal data shows that #Ethereum has more than 800,000 users on these networks and is responsible for 80% of the activity in its ecosystem, according to L2beat.
$BTC $ETH $SOL
According to Artemix's data, #Solana📈🚀🌐 , which has shown a significant change in the cryptocurrency world, has recently surpassed Ethereum in terms of the number of daily active users. Solana's user count grew from just over 200,000 on November 7 to 356,300 on November 11. This increase put Solana ahead of Ethereum, which had 330,000 users on the same day.
The increase in Solana's user base comes after a turbulent period for the digital asset. The cryptocurrency experienced a dramatic 96% drop in price between November 2021 and January 2022, falling from its peak of $250 to below $10. This decline was largely attributed to the broader bear market and the high-profile bankruptcy of cryptocurrency exchange FTX.
Despite these challenges, Solana has shown strong signs of recovery. As reported by DeFi Llama, its price has increased by 145% in the last four weeks, while the total value locked (TVL) on DeFi protocols has witnessed a 62% increase. Factors contributing to this recovery include the "firedancer" upgrade to the Solana network and easing fears of a potential sale of #SOL by #FTX's estate.
In addition to these improvements in network performance and asset value, Solana's non-fungible token (NFT) market has also seen a significant increase. Crypto Slam reported a 35% increase in #NFT sales volume last month.
While Solana's recent metrics are impressive, Ethereum continues to maintain a larger overall user base considering Layer 2 networks. Token Terminal data shows that #Ethereum has more than 800,000 users on these networks and is responsible for 80% of the activity in its ecosystem, according to L2beat.
$BTC $ETH $SOL
#The.bankrupt.stock exchange will return soon and return billions to creditors.
_#FTX's reorganization plans are well underway and the team now plans to end the bankruptcy soon. The team is reportedly involved in the latest round of discussions regarding the disbursement of $1 billion in funds to affected customers and creditors. FTX Reorganization Plan In an important development, #FTX.Trading.Ltd . has revealed... About its latest proposals, which outline plans to return billions of dollars to customers and creditors. This move begins the final phase of discussions regarding resolving the bankruptcy case surrounding the #cryptocurrency company. Which was marred by fraud issues. However, many important questions remain unanswered within the reorganization plan. Which raises doubts about the possibility of reviving FTX's bankrupt cryptocurrency trading platform. The valuation methodology for some digital tokens, and the expected returns to creditors.
The creditors' vote is scheduled to take place next year. The plan is expected to undergo further refinement, with additional key details likely to be included. Final approval will be obtained from US Bankruptcy Judge John Dorsey after a creditor vote. It is worth noting that the major creditor and client groups involved in the Chapter 11 case have reached consensus on the general outlines of the plan. The proposed payment strategy is designed to distribute billions of dollars in cash. Provided that a significant portion of the company's cryptocurrencies are liquidated. The ongoing developments in the bankruptcy case will undoubtedly be closely watched by stakeholders and the broader cryptocurrency community.
#FollowUsNow To see more breaking news 💯💵✅🚀
_#FTX's reorganization plans are well underway and the team now plans to end the bankruptcy soon. The team is reportedly involved in the latest round of discussions regarding the disbursement of $1 billion in funds to affected customers and creditors. FTX Reorganization Plan In an important development, #FTX.Trading.Ltd . has revealed... About its latest proposals, which outline plans to return billions of dollars to customers and creditors. This move begins the final phase of discussions regarding resolving the bankruptcy case surrounding the #cryptocurrency company. Which was marred by fraud issues. However, many important questions remain unanswered within the reorganization plan. Which raises doubts about the possibility of reviving FTX's bankrupt cryptocurrency trading platform. The valuation methodology for some digital tokens, and the expected returns to creditors.
The creditors' vote is scheduled to take place next year. The plan is expected to undergo further refinement, with additional key details likely to be included. Final approval will be obtained from US Bankruptcy Judge John Dorsey after a creditor vote. It is worth noting that the major creditor and client groups involved in the Chapter 11 case have reached consensus on the general outlines of the plan. The proposed payment strategy is designed to distribute billions of dollars in cash. Provided that a significant portion of the company's cryptocurrencies are liquidated. The ongoing developments in the bankruptcy case will undoubtedly be closely watched by stakeholders and the broader cryptocurrency community.
#FollowUsNow To see more breaking news 💯💵✅🚀
Today in Crypto: Regulatory Winds, Legal Drama, and Sideways Trends
1. Bitfinex and Tether's Transparency Stand: - Bitfinex and Tether decide against opposing a Freedom of Information Law (FOIL) request initiated by news publications, affirming a commitment to transparent information sharing. - The FOIL request stems from a 2021 agreement in New York, addressing allegations of $850 million fund commingling. Both companies paid fines and agreed to quarterly attestation reports.2. Do Kwon's Legal Journey: - Montenegro court approves the extradition of Terraform Labs co-founder Do Kwon to either South Korea or the United States. - Kwon, previously sentenced to four months in Montenegro for using a forged passport, awaits the final extradition decision from Montenegro's minister of justice.3. Unconventional Trading in Prison: SBF's Mackerel Dealings: - Former FTX CEO Sam Bankman-Fried, currently incarcerated, reportedly trades mackerel (a prison commodity) for services. - Mackerel, a popular prison currency, is sold for $1.30 per packet at the Metropolitan Detention Center.4. KyberSwap's Sophisticated Attack: - Decentralized finance expert analyzes the $46 million KyberSwap attack, revealing a complex smart contract exploit. - The attacker exploited an "infinite money glitch" specific to KyberSwap's concentrated liquidity implementation. - Steps involved borrowing 10,000 Wrapped Ether (wETH) from Aave, tricking the contract into believing it had more liquidity than actual.5. KyberSwap's Fallout: - KyberSwap's total value locked (TVL) plunges by 68% after the attack, reaching a low of around $27 million. - Previous TVL highs of $134 million in 2023 highlight the significant impact of the exploit on the platform.In a day marked by legal decisions, transparency pledges, unconventional prison trades, and sophisticated crypto attacks, the intricate steps of each event contribute to the ever-evolving narrative in the crypto space.#BTC #ETH #FTX's #KyberSwap #LUNC $BTC $FTT $LUNA
Sam Bankman-Fried found guilty of Fraud at FTX criminal trial
Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange, has been found guilty of fraud in a criminal trial. The trial was held in the United States District Court for the Southern District of New York. Bankman-Fried was accused of defrauding investors in his FTX exchange by falsely claiming that it was backed by real assets. He faces up to 20 years in prison if convicted.
#FTX's #FTXCase #ftx #SamBankman-Fried
$SOL $XRP $BTC
Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange, has been found guilty of fraud in a criminal trial. The trial was held in the United States District Court for the Southern District of New York. Bankman-Fried was accused of defrauding investors in his FTX exchange by falsely claiming that it was backed by real assets. He faces up to 20 years in prison if convicted.
#FTX's #FTXCase #ftx #SamBankman-Fried
$SOL $XRP $BTC
💸FTX Losing $1 Million a Day: Check Why and How
📉 The Fallout of FTX's Bankruptcy: A Prolonged Bearish Trend
In the aftermath of FTX's bankruptcy, the ongoing saga is posing significant challenges for creditors. Here's the latest:
🔍 Evaluation at Pre-Crash Prices:
FTX's rescue plan proposes valuing creditors' claims based on November 11, 2022, crypto prices. However, the crypto market has since seen a surge, leaving creditors potentially facing substantial losses.
📊 Impact on Cryptocurrency Values:
Bitcoin, valued at $17,500 on November 11, 2022, has more than doubled since, reaching $40,965. Ethereum followed suit, rising from $1,284 to $2,214. Creditors could face losses of $24,000 per BTC and nearly $1,000 per ETH. Some creditors argue this overlooks FTX's Terms of Service, asserting that digital assets belong to users.
💼 Legal Expenses Mounting:
FTX's bankruptcy proceedings have come at a significant cost. Over the three months leading to October 31, expenses on legal and advisory services amounted to a staggering $53,000 per hour. Key contributors to these costs include Alvarez and Marshall, billing $35.8 million, and Sullivan & Cromwell, invoicing $31.8 million.
💡 Creditor Voting and Uncertain Repayments:
Before finalization, specific creditor classes will have the opportunity to vote on the restructuring plan. One major concern is whether compensation to FTX's victims will be in cash or cryptocurrency, adding another layer of uncertainty to an already complex situation.
💼 Anonymous Creditor Insights:
An anonymous FTX creditor revealed on December 17 that the total legal fees incurred since the start of FTX's bankruptcy case reached approximately $350 million.
🚨 Stay Informed, Stay Prepared: Follow The Blockopedia for Real-time Updates!
#FTX's #FTXTrial #crypto #cryptocurrency #crypto2023
📉 The Fallout of FTX's Bankruptcy: A Prolonged Bearish Trend
In the aftermath of FTX's bankruptcy, the ongoing saga is posing significant challenges for creditors. Here's the latest:
🔍 Evaluation at Pre-Crash Prices:
FTX's rescue plan proposes valuing creditors' claims based on November 11, 2022, crypto prices. However, the crypto market has since seen a surge, leaving creditors potentially facing substantial losses.
📊 Impact on Cryptocurrency Values:
Bitcoin, valued at $17,500 on November 11, 2022, has more than doubled since, reaching $40,965. Ethereum followed suit, rising from $1,284 to $2,214. Creditors could face losses of $24,000 per BTC and nearly $1,000 per ETH. Some creditors argue this overlooks FTX's Terms of Service, asserting that digital assets belong to users.
💼 Legal Expenses Mounting:
FTX's bankruptcy proceedings have come at a significant cost. Over the three months leading to October 31, expenses on legal and advisory services amounted to a staggering $53,000 per hour. Key contributors to these costs include Alvarez and Marshall, billing $35.8 million, and Sullivan & Cromwell, invoicing $31.8 million.
💡 Creditor Voting and Uncertain Repayments:
Before finalization, specific creditor classes will have the opportunity to vote on the restructuring plan. One major concern is whether compensation to FTX's victims will be in cash or cryptocurrency, adding another layer of uncertainty to an already complex situation.
💼 Anonymous Creditor Insights:
An anonymous FTX creditor revealed on December 17 that the total legal fees incurred since the start of FTX's bankruptcy case reached approximately $350 million.
🚨 Stay Informed, Stay Prepared: Follow The Blockopedia for Real-time Updates!
#FTX's #FTXTrial #crypto #cryptocurrency #crypto2023
📚 RESULTS OF THE DAY
🔶 The SEC has postponed applications for a spot ETH ETF from Hashdex, Grayscale, VanEck, and Ark 21Shares.
🔶 The judge has approved the agreement between Binance and the CFTC. CZ will have to pay a fine of $150 million, and Binance will pay the CFTC a fine of $1.35 billion and return $1.35 billion in illegally obtained trading commissions.
🔶 Trader Michaël van de Poppe shares his thoughts on Bitcoin.
🔶 FTX spent more than $50,000 per hour on lawyers.
#BTC #SECvsCrypto #ethupdates #FTX's #ETFBitcoin
🔶 The SEC has postponed applications for a spot ETH ETF from Hashdex, Grayscale, VanEck, and Ark 21Shares.
🔶 The judge has approved the agreement between Binance and the CFTC. CZ will have to pay a fine of $150 million, and Binance will pay the CFTC a fine of $1.35 billion and return $1.35 billion in illegally obtained trading commissions.
🔶 Trader Michaël van de Poppe shares his thoughts on Bitcoin.
🔶 FTX spent more than $50,000 per hour on lawyers.
#BTC #SECvsCrypto #ethupdates #FTX's #ETFBitcoin
Sam Bankman-Fried Found Guilty on All Charges
Following the highly publicized fraud trial, FTX co-founder Sam Bankman-Fried has been found guilty on all charges. Indeed, following deliberation, the juror issued a guilty verdict on seven charges, meaning the one-time crypto mogul is set to face more than 110 years in prison.The case followed the devastating collapse of FTX, which at one time was one of the strongest brands in the industry. Subsequently, Bankman-Fried and his defense attorneys were unable to prove, without a shadow of a doubt, that he defrauded investors through the exchange.Bankman-Fried Found Guilty on Fraud ChargesThe fall of FTX has been described as one of the largest financial crimes in American history. Indeed, it is certainly the greatest controversy to face the digital asset industry in its history. Now, the man who created and ran the exchange is set to face justice.Following a trial that dominated the news cycle, Sam Bankman-Fried has been found guilty on all seven charges issued against him. The jurors deliberated after closing arguments were issued by both sides on November 1st. Subsequently, they concluded that Bankman-Fried maintained culpability for the company’s downfall.Throughout the trial, Bankman-Fried attempted to convince jurors of his innocence. Specifically, he had continued a defense that began with a media tour following the exchange’s collapse. Bankman-Fried has consistently assured the public that the collapse was a result of his ignorance, not malice. Yet, the jurors seemingly did not believe the defense set forth.Many had predicted that Bankman-Fried would face conviction. Yet, there remained the belief that the overarching dysfunction of the platform as a whole would absolve him of sole responsibility. Conversely, jurors have instead agreed with the prosecution, finding Bankman-Fried guilty.Bankman-Fried sat motionless at the defense table in a grey suit. He was made to stand and face the jury for the reading. He showed no emotion.#FTX's #Fraud #CryptoNews🔒📰🚫
