FTXTrial
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This Week's Noteworthy Events(Nov 18, 2024–Nov 24, 2024)
Token Unlocks
• Avalanche (AVAX): Unlocking approximately 1.67 million tokens (0.41% of circulating supply) valued at $61.3 million on November 18, 2024, at 00:00 UTC.
• Oasis (ROSE): Unlocking approximately 176 million tokens (2.62% of circulating supply) valued at $14.6 million on November 18, 2024, at 16:00 UTC.
• Pixels (PIXEL): Unlocking approximately 54.37 million tokens (7.05% of circulating supply) valued at $11.4 million on November 19, 2024, at 10:00 UTC.
• Eigenlayer (EIGEN): Unlocking approximately 1.29 million tokens (0.69% of circulating supply) valued at $3.2 million on November 19, 2024, at 19:00 UTC.
• Cardano (ADA): Unlocking approximately 18.53 million tokens (0.05% of circulating supply) valued at $13.4 million on November 20, 2024, at 00:00 UTC.
• Ethena (ENA): Unlocking approximately 12.86 million tokens (0.45% of circulating supply) valued at $7.4 million on November 20, 2024, at 00:00 UTC.
• SPACE ID (ID): Unlocking approximately 18.49 million tokens (4.29% of circulating supply) valued at $8.3 million on November 21, 2024, at 00:00 UTC.
Magic Eden: $ME Tokenomics to Launch on November 18
According to an official announcement from Magic Eden, the tokenomics model for its $ME token will officially be released on November 18.
McDonald’s and NFT Brand Doodles to Launch Co-Branded Coffee Cups on November 18
Fast-food giant McDonald’s has partnered with NFT brand Doodles to release a co-branded coffee and collectible series on November 18. The collection includes limited-edition Doodles cups, and customers across 13,500 McDonald’s locations in the U.S. can participate.
BNB Beacon Chain to Cease Operations on November 19
BNB Chain announced that the BNB Beacon Chain hard fork will take effect on November 19, 2024, at 06:00 UTC (block height 384,544,850). Nodes on the BNB Beacon Chain mainnet must upgrade to version 0.10.24 before this date. Afterward, the BNB Beacon Chain will cease operations, and new transactions will no longer be processed.
This decision aligns with BNB Chain’s development strategy, which aims to integrate the BNB Beacon Chain’s functionality into the BNB Smart Chain (BSC). The merger seeks to simplify the network, reduce security risks, improve efficiency, and adapt BNB Chain’s architecture to meet growing technical demands and future growth.
Bitwise to Launch the World’s First Aptos Staking ETP on November 19
Bitwise Asset Management has announced the launch of the Bitwise Aptos Staking ETP (Ticker: APTB; ISIN: DE000A4AJWU3), which is expected to be listed on the Swiss Stock Exchange on November 19, 2024. This product will be the world’s first Aptos Staking ETP.
FTX and Alameda CEO Caroline Ellison Settlement Hearing Scheduled for November 20
FTX has filed a motion seeking approval for a settlement agreement with Caroline Ellison, the former co-CEO of Alameda Research. The motion, filed on October 7, requests court authorization for Ellison to transfer any assets not seized by the government in her criminal case or used to pay legal fees to FTX creditors.
According to the filing, once the terms are fulfilled, “Ellison will have no assets left other than certain personal property.” The value of the assets she will forfeit has not been disclosed. The settlement hearing is scheduled for November 20, 2024.
FTX to Hold Settlement Hearing with Evolve Bank and SVCF on November 20
FTX, the bankrupt cryptocurrency exchange, has reached settlement agreements with Evolve Bank and Silicon Valley Community Foundation (SVCF) to potentially recover approximately $21 million in assets. Court documents filed on October 30 show that the agreements are still subject to court approval, with a hearing scheduled for November 20, 2024.
Under the terms of the settlements, Evolve Bank will return $12.77 million to FTX while retaining $462,700 as reimbursement for legal fees. The bank will also waive all claims against FTX. Meanwhile, SVCF will return $8.57 million in cash and 34,208.70 FTT tokens, avoiding litigation. SVCF had previously sold a portion of the FTT tokens it received as donations to fund external grants, leaving some remaining funds.
Additionally, Three Arrows Capital (3AC) is seeking to increase its claim against FTX to $1.53 billion. A hearing on the motion to modify 3AC’s claim will also be held.
Netherlands Crypto Tax Reporting Consultation to End on November 21
The Netherlands has begun a consultation process for a crypto tax reporting bill. The government aims to gather feedback from stakeholders before submitting the bill to the House of Representatives in the first half of 2025.
The proposed legislation seeks to enhance transparency and prevent tax evasion and avoidance. The consultation is scheduled to close on November 21, 2024.
The Open League: S7 Applications Open Until November 22
The Open League announced in its Telegram channel that the New Year Special Edition event is set to begin soon.
Previously, the S6 event distributed $1.5 million in airdrops over 20 days, with more than 20 projects participating. Highlights for the S7 event include:
• New Year Airdrop: Focused on TON users, rankings will be determined by transaction volume and the amount of liquidity provided to DeFi protocols.
• DeFi Alliance: Divided into TVL rankings and transaction volume rankings, based on projects’ contributions to total value locked (TVL) or trading volumes.
Project applications are now open, with a deadline of November 22, 2024. The New Year season will run from November 27 to December 17, 2024.
#WIKIBITINSIGH #Tokenunlock #magiceden #FTXTrial
• Avalanche (AVAX): Unlocking approximately 1.67 million tokens (0.41% of circulating supply) valued at $61.3 million on November 18, 2024, at 00:00 UTC.
• Oasis (ROSE): Unlocking approximately 176 million tokens (2.62% of circulating supply) valued at $14.6 million on November 18, 2024, at 16:00 UTC.
• Pixels (PIXEL): Unlocking approximately 54.37 million tokens (7.05% of circulating supply) valued at $11.4 million on November 19, 2024, at 10:00 UTC.
• Eigenlayer (EIGEN): Unlocking approximately 1.29 million tokens (0.69% of circulating supply) valued at $3.2 million on November 19, 2024, at 19:00 UTC.
• Cardano (ADA): Unlocking approximately 18.53 million tokens (0.05% of circulating supply) valued at $13.4 million on November 20, 2024, at 00:00 UTC.
• Ethena (ENA): Unlocking approximately 12.86 million tokens (0.45% of circulating supply) valued at $7.4 million on November 20, 2024, at 00:00 UTC.
• SPACE ID (ID): Unlocking approximately 18.49 million tokens (4.29% of circulating supply) valued at $8.3 million on November 21, 2024, at 00:00 UTC.
Magic Eden: $ME Tokenomics to Launch on November 18
According to an official announcement from Magic Eden, the tokenomics model for its $ME token will officially be released on November 18.
McDonald’s and NFT Brand Doodles to Launch Co-Branded Coffee Cups on November 18
Fast-food giant McDonald’s has partnered with NFT brand Doodles to release a co-branded coffee and collectible series on November 18. The collection includes limited-edition Doodles cups, and customers across 13,500 McDonald’s locations in the U.S. can participate.
BNB Beacon Chain to Cease Operations on November 19
BNB Chain announced that the BNB Beacon Chain hard fork will take effect on November 19, 2024, at 06:00 UTC (block height 384,544,850). Nodes on the BNB Beacon Chain mainnet must upgrade to version 0.10.24 before this date. Afterward, the BNB Beacon Chain will cease operations, and new transactions will no longer be processed.
This decision aligns with BNB Chain’s development strategy, which aims to integrate the BNB Beacon Chain’s functionality into the BNB Smart Chain (BSC). The merger seeks to simplify the network, reduce security risks, improve efficiency, and adapt BNB Chain’s architecture to meet growing technical demands and future growth.
Bitwise to Launch the World’s First Aptos Staking ETP on November 19
Bitwise Asset Management has announced the launch of the Bitwise Aptos Staking ETP (Ticker: APTB; ISIN: DE000A4AJWU3), which is expected to be listed on the Swiss Stock Exchange on November 19, 2024. This product will be the world’s first Aptos Staking ETP.
FTX and Alameda CEO Caroline Ellison Settlement Hearing Scheduled for November 20
FTX has filed a motion seeking approval for a settlement agreement with Caroline Ellison, the former co-CEO of Alameda Research. The motion, filed on October 7, requests court authorization for Ellison to transfer any assets not seized by the government in her criminal case or used to pay legal fees to FTX creditors.
According to the filing, once the terms are fulfilled, “Ellison will have no assets left other than certain personal property.” The value of the assets she will forfeit has not been disclosed. The settlement hearing is scheduled for November 20, 2024.
FTX to Hold Settlement Hearing with Evolve Bank and SVCF on November 20
FTX, the bankrupt cryptocurrency exchange, has reached settlement agreements with Evolve Bank and Silicon Valley Community Foundation (SVCF) to potentially recover approximately $21 million in assets. Court documents filed on October 30 show that the agreements are still subject to court approval, with a hearing scheduled for November 20, 2024.
Under the terms of the settlements, Evolve Bank will return $12.77 million to FTX while retaining $462,700 as reimbursement for legal fees. The bank will also waive all claims against FTX. Meanwhile, SVCF will return $8.57 million in cash and 34,208.70 FTT tokens, avoiding litigation. SVCF had previously sold a portion of the FTT tokens it received as donations to fund external grants, leaving some remaining funds.
Additionally, Three Arrows Capital (3AC) is seeking to increase its claim against FTX to $1.53 billion. A hearing on the motion to modify 3AC’s claim will also be held.
Netherlands Crypto Tax Reporting Consultation to End on November 21
The Netherlands has begun a consultation process for a crypto tax reporting bill. The government aims to gather feedback from stakeholders before submitting the bill to the House of Representatives in the first half of 2025.
The proposed legislation seeks to enhance transparency and prevent tax evasion and avoidance. The consultation is scheduled to close on November 21, 2024.
The Open League: S7 Applications Open Until November 22
The Open League announced in its Telegram channel that the New Year Special Edition event is set to begin soon.
Previously, the S6 event distributed $1.5 million in airdrops over 20 days, with more than 20 projects participating. Highlights for the S7 event include:
• New Year Airdrop: Focused on TON users, rankings will be determined by transaction volume and the amount of liquidity provided to DeFi protocols.
• DeFi Alliance: Divided into TVL rankings and transaction volume rankings, based on projects’ contributions to total value locked (TVL) or trading volumes.
Project applications are now open, with a deadline of November 22, 2024. The New Year season will run from November 27 to December 17, 2024.
#WIKIBITINSIGH #Tokenunlock #magiceden #FTXTrial
FTX Collapse🎗️🧨🚀
2 years ago today we witnessed the "FTX collapse"
Those who don't know, FTX was an exchange and $FTT belongs to it
Coin crashed from $22 to $1 and exchange filed for Bankruptcy.
#FTXScamAlert #EthereumRally #FTXTrial
$FTT
$ETH
Those who don't know, FTX was an exchange and $FTT belongs to it
Coin crashed from $22 to $1 and exchange filed for Bankruptcy.
#FTXScamAlert #EthereumRally #FTXTrial
$FTT
$ETH
📰 According to Bloomberg and multiple criminal lawyers, former FTX and Alameda Research executives Caroline Ellison, Nishad Singh, and Gary Wang are expected to receive fines rather than prison sentences in the FTX trial, as they have pleaded guilty to their crimes, and prosecutors intend to submit a letter to the court detailing their cooperation in the investigation. Meanwhile, FTX founder Sam Bankman-Fried (SBF) was unanimously found guilty on seven counts in his criminal trial today. ⚖️🔒 #FTXTrial #CryptocurrencyLegal 📊📅📜
Sam Bankman-Fried has now been convicted nearly one year on from the infamous collapse of his FTX empire.
🔔Flashback to Crypto History! Remember when the FTX exchange collapsed in Nov 2022, triggering a notorious crypto winter? 😱 The fallout led to a regulatory crackdown, with Binance slapped with a hefty fine despite no evidence of user fund misappropriation. The incident sparked a drive for transparency among crypto exchanges, with Binance leading the pack. Meanwhile, regulators worldwide have adopted a more collaborative approach, with the European Council adopting the first comprehensive legal framework for the crypto industry in May 2023. But remember folks, due diligence is still key! 💼💡 What's your take on these developments? Share your thoughts below! 👇#FTT🔥🔥 #FTXTrial $FTT
FTX Co-Founder Sam Bankman-Fried Appeals 25-Year Conviction And Makes Unusual Request
#cpi #bitcoinhalving #BullorBear #Memecoins #FTXTrial
#cpi #bitcoinhalving #BullorBear #Memecoins #FTXTrial
Curly Sam has been found guilty on all charges 🚨
Many thought SBF would get away with it, but not this time.
He faces up to 115 years in prison for fraud and criminal conspiracy for stealing $8 billion from FTX customers. The best part is that SBF continues to insist on his innocence and vehemently denies the charges.
The court will make a final decision on March 28, 2024, but it is unlikely that Sam will be able to change anything.
But Curly may become famous as the man who committed one of the biggest financial crimes in US history.
follow me for more!
#SBFCriminalTrial #SBFFTX #binance #CZBinance #FTXTrial
Many thought SBF would get away with it, but not this time.
He faces up to 115 years in prison for fraud and criminal conspiracy for stealing $8 billion from FTX customers. The best part is that SBF continues to insist on his innocence and vehemently denies the charges.
The court will make a final decision on March 28, 2024, but it is unlikely that Sam will be able to change anything.
But Curly may become famous as the man who committed one of the biggest financial crimes in US history.
follow me for more!
#SBFCriminalTrial #SBFFTX #binance #CZBinance #FTXTrial
🚨 JUST IN: Judge dismisses SBF's claim that investors were fully reimbursed, highlighting losses over $550 million.
#sbf #ftx #FTXTrial #TrendingTopic
#sbf #ftx #FTXTrial #TrendingTopic
LIVE
Satoshi_Club
--
Bullish
⚖️ Today's the day
#FTX founder SBF faces sentencing, with prosecutors pushing for up to 50 years over multibillion-dollar fraud.
His team seeks a max of 6.5 years, citing mental health concerns.
#SBF #CryptoNews🚀🔥 #TrendingTopic #HotTrends
#FTX founder SBF faces sentencing, with prosecutors pushing for up to 50 years over multibillion-dollar fraud.
His team seeks a max of 6.5 years, citing mental health concerns.
#SBF #CryptoNews🚀🔥 #TrendingTopic #HotTrends
FTX Financial Fallout: Bankruptcy Fees Eclipse Debts Owed – A Shocking Twist in the Financial Drama
A recent court filing shows that defunct crypto exchange FTX is more indebted to its bankruptcy lawyers than its creditors.
Read more on: https://thecryptobasic.com/2023/12/18/ftx-bankruptcy-fees-surpass-amount-owed-to-creditors/
#FTXCase #FTXTrial #CryptocurrencyNews.
Read more on: https://thecryptobasic.com/2023/12/18/ftx-bankruptcy-fees-surpass-amount-owed-to-creditors/
#FTXCase #FTXTrial #CryptocurrencyNews.
🚨 #FTX bankruptcy estate aims to start repaying customers by end of 2024, with both US Chapter 11 and Bahamas liquidation processes collaborating.
The portal's been up since Mar 1, and there's talk of extending the May 15 deadline to June.
#FTXTrial #CryptoNews🚀🔥 #TrendingTopic
The portal's been up since Mar 1, and there's talk of extending the May 15 deadline to June.
#FTXTrial #CryptoNews🚀🔥 #TrendingTopic
See original
Sam Bankman-Fried claims that his 50-year prison sentence is that of a “depraved supervillain.”
Sam Bankman-Fried, former head of FTX, faces a possible sentence of between 40 and 50 years for massive fraud and money laundering, highlighting one of the most dramatic falls in the world of cryptocurrencies.
https://criptokio.com/noticias/sam-bankman-fried-asegura-condena-de-50-anos-carcel-supervillano-depravado/
#SamBankman-Fried #FTXTrial
Sam Bankman-Fried, former head of FTX, faces a possible sentence of between 40 and 50 years for massive fraud and money laundering, highlighting one of the most dramatic falls in the world of cryptocurrencies.
https://criptokio.com/noticias/sam-bankman-fried-asegura-condena-de-50-anos-carcel-supervillano-depravado/
#SamBankman-Fried #FTXTrial
FTX founder Sam Bankman-Fried sentenced to 25 years in prison for fraud, perjury, and witness tampering. Defense argued he's a misunderstood genius, but Judge Kaplan highlighted false testimonies and attempts at witness tampering. Losses exceed $11 billion, contrasting defense's claims.
#FTXTrial #HotTrends
#FTXTrial #HotTrends
🏛️ Ryan Salame Gets Dumped For 7.5 Years in Prison—
But You Can Keep The PORSCHE Dear 🏎️
The former co-conspirator to Sam Bankman-Fried has been sentenced to 90 months in prison— But he can hold onto his luxury toy.
📰 Former FTX executive Ryan Salame was sentenced to 7 & a half years in prison on Tuesday, making him the latest leader of the fallen cryptocurrency exchange to land behind bars for his role in its downfall. But the news isn't all bad for Salame.
While the one-time lieutenant to FTX founder Sam Bankman-Fried (SBF) and co-CEO of FTX Digital Markets Ltd. was braced for a years-long prison sentence—delivered in a Manhattan courtroom on Tuesday—federal prosecutors said Salame can hold onto a luxury car he purchased amid FTX’s meteoric rise before the ruling.
The value of his 2021 Porsche 911 Turbo S "doesn't have sufficient equity to further pursue forfeiture,” the government said in a filing, arguing Salame should be required to pay the vehicle’s maintenance cost of $1,500. Previously, Salame agreed to forfeit $1.5 billion worth of assets in connection to FTX-related crimes.
Weeks before Bankman-Fried’s trial began—in which the former crypto mogul was found guilty of stealing $10 billion from customers, investors, & lenders—Salame struck a plea deal. He pleaded guilty to violating campaign finance law and operating an unlicensed money transmitter business last Sept. With U.S. District Judge Lewis Kaplan deciding his fate, other former SBF associates are now waiting in the wings.
Salame’s lawyers claim that their client was “duped” by Bankman-Fried into thinking FTX was stable. Yet prosecutors argued in a sentencing memorandum that Salame yanked over $5 million worth of crypto from FTX as the exchange buckled under a bevy of customer withdrawals in November 2022—just before it declared bankruptcy and shut down.
Though Salame made efforts to cooperate with the government, prosecutors described his interactions as “relatively minor” compared to other FTX insiders.
#FIT21 #MtGox #FTXTrial #Megadrop
But You Can Keep The PORSCHE Dear 🏎️
The former co-conspirator to Sam Bankman-Fried has been sentenced to 90 months in prison— But he can hold onto his luxury toy.
📰 Former FTX executive Ryan Salame was sentenced to 7 & a half years in prison on Tuesday, making him the latest leader of the fallen cryptocurrency exchange to land behind bars for his role in its downfall. But the news isn't all bad for Salame.
While the one-time lieutenant to FTX founder Sam Bankman-Fried (SBF) and co-CEO of FTX Digital Markets Ltd. was braced for a years-long prison sentence—delivered in a Manhattan courtroom on Tuesday—federal prosecutors said Salame can hold onto a luxury car he purchased amid FTX’s meteoric rise before the ruling.
The value of his 2021 Porsche 911 Turbo S "doesn't have sufficient equity to further pursue forfeiture,” the government said in a filing, arguing Salame should be required to pay the vehicle’s maintenance cost of $1,500. Previously, Salame agreed to forfeit $1.5 billion worth of assets in connection to FTX-related crimes.
Weeks before Bankman-Fried’s trial began—in which the former crypto mogul was found guilty of stealing $10 billion from customers, investors, & lenders—Salame struck a plea deal. He pleaded guilty to violating campaign finance law and operating an unlicensed money transmitter business last Sept. With U.S. District Judge Lewis Kaplan deciding his fate, other former SBF associates are now waiting in the wings.
Salame’s lawyers claim that their client was “duped” by Bankman-Fried into thinking FTX was stable. Yet prosecutors argued in a sentencing memorandum that Salame yanked over $5 million worth of crypto from FTX as the exchange buckled under a bevy of customer withdrawals in November 2022—just before it declared bankruptcy and shut down.
Though Salame made efforts to cooperate with the government, prosecutors described his interactions as “relatively minor” compared to other FTX insiders.
#FIT21 #MtGox #FTXTrial #Megadrop
Based on Sam Bankman-Fried's request to be released from the Metropolitan Detention Center in Brooklyn, the court has deemed this pursuit unpersuasive .
#FTXUpdate #FTXTrial #SBFTrial #SBFVerdict #CryptoNews🔒📰🚫
#FTXUpdate #FTXTrial #SBFTrial #SBFVerdict #CryptoNews🔒📰🚫
Sam Bankman-Fried, The Golden Boy Of Crypto Has Been Sentenced To 25 Years.
#FTXTrial #FTT/USDT #TrendingTopic." #Write2Erarn #Memecoins
#FTXTrial #FTT/USDT #TrendingTopic." #Write2Erarn #Memecoins
🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨
Emergency News about FTX 🛑🛑🛑🛑🛑
FTX and Alameda Ordered to Pay $12.7B in CFTC Settlement ⚖️
A US District Judge has approved a massive $12.7 billion settlement between FTX, Alameda Research, and the Commodity Futures Trading Commission (CFTC). This settlement aims to compensate creditors who were affected by the collapse of FTX and Alameda.
Key Details of the Settlement 📝
The settlement requires FTX and Alameda to pay $12.7 billion to creditors, providing much-needed relief to those affected by the collapse. This is a significant development in the ongoing saga of FTX and Alameda's bankruptcy.
Implications of the Settlement 🤔
This settlement marks a major milestone in the efforts to recover funds for creditors. However, it also raises questions about the future of FTX and Alameda, as well as the broader implications for the crypto industry.
Justice Served? 👮
The approval of this settlement brings a sense of closure to the affected creditors. However, it also highlights the need for increased regulation and oversight in the crypto industry to prevent similar collapses in the future.
#KaleemsCryptoMehfilKCM #Write2Earn! #FTXTrial #FTXRecovery #MarketDownturn
Emergency News about FTX 🛑🛑🛑🛑🛑
FTX and Alameda Ordered to Pay $12.7B in CFTC Settlement ⚖️
A US District Judge has approved a massive $12.7 billion settlement between FTX, Alameda Research, and the Commodity Futures Trading Commission (CFTC). This settlement aims to compensate creditors who were affected by the collapse of FTX and Alameda.
Key Details of the Settlement 📝
The settlement requires FTX and Alameda to pay $12.7 billion to creditors, providing much-needed relief to those affected by the collapse. This is a significant development in the ongoing saga of FTX and Alameda's bankruptcy.
Implications of the Settlement 🤔
This settlement marks a major milestone in the efforts to recover funds for creditors. However, it also raises questions about the future of FTX and Alameda, as well as the broader implications for the crypto industry.
Justice Served? 👮
The approval of this settlement brings a sense of closure to the affected creditors. However, it also highlights the need for increased regulation and oversight in the crypto industry to prevent similar collapses in the future.
#KaleemsCryptoMehfilKCM #Write2Earn! #FTXTrial #FTXRecovery #MarketDownturn
📢 David Mills, former attorney for FTX founder Sam Bankman Freed (SBF), has revealed that SBF was a tough defendant in the FTX case and that despite not having the opportunity to cross-examine properly, the trial's outcome would not have changed. SBF has been found guilty on seven counts of fraud against FTX customers and may face up to 110 years in prison at his formal sentencing scheduled for March 28, 2024. 🚀 #FTXTrial #SBF #Cryptocurrency
FTX is set to retrieve $884 million.
FTX has reportedly secured an agreement allowing them to sell a significant portion of their shares in Anthropic. This sale amounts to $884 million.
#FTXTrial
FTX has reportedly secured an agreement allowing them to sell a significant portion of their shares in Anthropic. This sale amounts to $884 million.
#FTXTrial
A New York federal jury has convicted Sam Bankman-Fried of all seven counts in his federal trial on conspiracy and fraud charges.
💥 $FTX Navigates $24B IRS Claim: Settles for $885M Amid Bankruptcy
#FTX takes a major step in its bankruptcy journey, settling with the IRS for $885 million. Here's what you need to know:
🔹Key Points:
🔸$200M** paid to IRS within 60 days
🔸Customers assured 118% reimbursement in cash, totaling 98% of claims
🔸Successful asset liquidation aiding debt management
🔹Details:
FTX has reached an agreement with the IRS, agreeing to pay $200 million within 60 days as part of a larger $885 million settlement. This move significantly advances FTX's bankruptcy resolution efforts and avoids prolonged legal battles.
The IRS will also receive a $685 million subordinated claim, settled only after higher-priority claims are addressed. This agreement accelerates the resolution of FTX's Chapter 11 cases and clarifies the scope of the IRS's claims.
FTX assures its customers of 118% reimbursement on approved claims, equating to 98% of their total claims. This has been made possible through substantial asset liquidation, managed by various organizations involved in FTX's recovery operations.
With this IRS settlement and a solid restructuring plan, FTX aims to stabilize its financial situation and fulfill its commitments to creditors and customers. The landmark settlement marks a significant turning point in FTX’s bankruptcy saga.
Stay tuned for more updates on FTX's recovery journey! 🚀💰
$FTT $BTC $BNB
#FTXTrial #MicroStrategy #Write2Earn!
#FTX takes a major step in its bankruptcy journey, settling with the IRS for $885 million. Here's what you need to know:
🔹Key Points:
🔸$200M** paid to IRS within 60 days
🔸Customers assured 118% reimbursement in cash, totaling 98% of claims
🔸Successful asset liquidation aiding debt management
🔹Details:
FTX has reached an agreement with the IRS, agreeing to pay $200 million within 60 days as part of a larger $885 million settlement. This move significantly advances FTX's bankruptcy resolution efforts and avoids prolonged legal battles.
The IRS will also receive a $685 million subordinated claim, settled only after higher-priority claims are addressed. This agreement accelerates the resolution of FTX's Chapter 11 cases and clarifies the scope of the IRS's claims.
FTX assures its customers of 118% reimbursement on approved claims, equating to 98% of their total claims. This has been made possible through substantial asset liquidation, managed by various organizations involved in FTX's recovery operations.
With this IRS settlement and a solid restructuring plan, FTX aims to stabilize its financial situation and fulfill its commitments to creditors and customers. The landmark settlement marks a significant turning point in FTX’s bankruptcy saga.
Stay tuned for more updates on FTX's recovery journey! 🚀💰
$FTT $BTC $BNB
#FTXTrial #MicroStrategy #Write2Earn!