In a recent financial statement filing with the U.S. Bankruptcy Court, it has been revealed that Alameda Research paid or loaned $3.2 billion to FTX founders and executives.

Finance Times reported on the 16th that among the recipients, Sam Bankman-Fried received $2.2 billion, Nishad Singh received $587 million, Gary Wang received $246 million, and Caroline Ellison received approximately $6 million. It’s important to note that this money doesn’t include the $240 million used to purchase a luxury resort in the Bahamas, political contributions or donations made directly by FTX management, or assets transferred to subsidiaries in the Bahamas and elsewhere.

The revelation has raised eyebrows and left many wondering about the reasons behind the transfer of such a large sum of money. FTX creditors are investigating the matter and are looking into the recipients and the reasons for the transfer of the funds.

It’s worth mentioning that some of the real estate purchased with the transferred assets is already under the control of FTX creditors or government authorities working with them. However, the amount and timing of final recovery are currently unknown.

Following the Chapter 11 bankruptcy filings in November, FTX’s newly appointed chief executive, John Ray, has been actively searching for the whereabouts of cryptocurrency and other assets that can be used to reimburse the millions of customers affected by FTX’s collapse.

The news is significant and could have implications for the cryptocurrency market, as FTX is a major player in the industry. Investors and stakeholders are closely watching developments in this story, and any further revelations could have a significant impact on FTX’s reputation and future prospects.

As a reporter, it’s important to keep an eye on this developing story and provide regular updates as more information becomes available. The cryptocurrency market is rapidly evolving, and stories like this remind us of the need for transparency and accountability in the industry.

#FTX #FTXcollapse #FTXUpdate #FTXScandal #Binance

This article was republished from azcoinnews.com

According to a report by Semafor, former FTX founder Sam Bankman-Fried (SBF) has been asked by U.S. federal prosecutors to return political donations made to lawmakers.

This notice was issued in February by the U.S. District Attorney for the Southern District of New York, which stated that the donations made to lawmakers represented SBF’s proceeds of crime, and hence could be recovered under federal asset forfeiture laws. The directive is for the recipient to return the donations to the U.S. law enforcement agencies, not to FTX.

The prosecutors are planning to use any funds confiscated to compensate victims of crimes related to the SBF case. The U.S. government is also negotiating with bankrupt FTX in this regard.

Earlier, FTX had sent a confidential letter to U.S. politicians, asking them to return their donations by February 28. At least two members of Congress received the letter, as confirmed by Semafor.

Semafor also revealed that SBF is an investor in Semaphore and that the company is planning to purchase his stake. The case involving SBF is gaining momentum, and the developments around the recovery of the proceeds of crime are being closely watched.

#SBF #Sam #FTX #FTXcollapse #azcoinnews

This article was republished from azcoinnews.com

A group of YouTubers and a talent management company are facing a class-action lawsuit that seeks $1 billion in damages for allegedly promoting FTX crypto fraud without disclosing compensation. The suit was filed by Edwin Garrison on March 15 in the Southern District of Florida, Miami Division.

The defendants in the suit are Kevin Paffrath, Graham Stephan, Andrei Jikh, Jaspreet Singh, Brian Jung, Jeremy Lefebvre, Tom Nash, Ben Armstrong, Erika Kullberg, and Creators Agency LLC. The suit alleges that the YouTubers were paid by FTX to promote the brand without disclosing the nature and scope of their sponsorships and/or endorsement deals, payments, and compensation.

The defendants are described as “influencers” who present themselves as real-life consumers who share authentic and valuable information with their followers. The suit accuses them of not conducting adequate due diligence on the FTX brand before promoting it to their followers.

One of the defendants, Ben Armstrong, has already taken to Twitter to declare that he never had any contact with anyone at FTX and never even had a reflink. He has also threatened a countersuit, calling the lawyers on this case “stupid.”

The lawsuit is a consolidation of several class-action suits, according to the law firm handling the case. Garrison’s suit was filed on November 15, 2022, and is the first-filed FTX-related class action filed in the country, the firm said. Garrison is also a plaintiff in the class-action suit filed against alleged celebrity endorsers of FTX.

The case is expected to generate significant attention and could have far-reaching implications for the influencer marketing industry. It highlights the importance of transparency and disclosure in influencer marketing and could serve as a wake-up call for influencers and brands alike.

The defendants have yet to release an official statement on the matter, and it remains to be seen how the case will play out in court. However, it is clear that the lawsuit has the potential to impact the influencer marketing landscape and could have significant financial consequences for those involved.

#FTX #FTM #FTXcollapse #azcoinnews #crypto2023

This article was republished from azcoinnews.com