The year 2023 in the crypto world has been marked by several bankruptcies, and the largest one involving FTX, which could potentially last for several years. 
#FTX creditors are seeking to recover over $8 billion, and this complex case might drag on longer than some other #crypto bankruptcies, such as the cases of Celsius and BlockFi. The reason for this is the multitude of individuals and companies striving to assert their claims to recover funds from FTX.
 Lengthening Legal Disputes
Alan R. Rosenberg, a partner at Markowitz Ringel Trusty & Hartog, stated that this case will take longer due to the complexity of legal disputes and the numerous different claims for fund recovery or defense against lawsuits. FTX is attempting to retrieve the money it disbursed before its insolvency, including several legal disputes related to these transactions.
 Challenging Settlements
Claims of this nature typically conclude through out-of-court settlements, which are faster and cheaper than court proceedings. However, negotiations for settlement can also take an extended period.
 Additional Challenges
In addition to the battle for the return of funds spent by FTX before bankruptcy, there is also a massive claim of $24 billion from the Internal Revenue Service (IRS) due to unpaid taxes. There are also other discrepancies related to certain transactions and fraud, and FTX is involved in legal disputes with other entities, including the crypto exchange ByBit.
 Unclear Questions
One of the key questions in this legal dispute is how to accurately assess the value of cryptocurrencies over time. Crypto bankruptcies often grapple with this issue as the value of cryptocurrencies can fluctuate dramatically. Legal experts are searching for precedents and rules for valuing cryptocurrencies in legal disputes.
 Proposal for Future Regulations
With the increasing number of bankruptcies in the crypto world, there may be a need for new regulations concerning crypto bankruptcies and their resolution. Currently, there are no official rules regarding how creditors should be paid – in cryptocurrencies or traditional fiat money. Lawyers hope that the future will bring clearer guidelines for this type of legal disputes.
#sbf #btc #ScamBankman
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