FTXCase
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🗂️ US prosecutors counter FTX's SBF defense argument, deeming trial prep limitations merely inconvenient, not defense rights infringement. 📄 SBF permitted 2 days a week for prep without a computer, causing lawyer objections. 💻 Prosecutors cite tampering concerns, stating it curtails typical pre-trial detainee rights. 📜🔒 Technical measures justified, extended rights not within norm. #LegalMatters #DefendantRights #FTXCase 🏛️📊
🌐 FTX to Sell $873 Million Worth of Assets in Move to Repay Creditors
Amidst the ongoing trial of Sam Bankman-Fried, FTX finds itself in the spotlight once again as it secures court approval to liquidate $873 million in trust assets. The move, paving the way for FTX's expected relaunch in early 2024, has sent shockwaves through the crypto community.
What's your take on this development? Will it be a remedy for past missteps, or does it add another layer of complexity to FTX's intricate situation? Let's navigate through this crypto turbulence together!
Court Approval: A Strategic Move or High-Stakes Gamble?
FTX's redemption journey takes a pivotal turn with the Delaware court's green light to liquidate $873 million in trust assets. This move presents an opportunity for FTX to repay investors affected by its 2022 downfall.
However, the plot thickens – a significant $700 million comes from the Grayscale Bitcoin Trust (GBTC). Is selling these assets a lifeline for investors, or does it pose challenges to FTX's recovery?
With over 22 million GBTC units valued at $691 million and approximately 6.3 million ETHE shares worth about $106 million, the auction block includes trusts like Grayscale's Ethereum Classic Trust (ETCG), Litecoin Trust (LTCN), and Digital Large Cap Trust (GDLC). What impact will this have on affected FTX customers?
Scoop on SBF and the Unusual MDC Dynamics
While FTX administrators diligently recover assets post-Sam Bankman-Fried's crypto empire downfall, the founder awaits sentencing after being convicted on seven fraud-related charges. Housed in Brooklyn’s Metropolitan Detention Center, his unique encounters, such as trading mackerels for a haircut, add an intriguing twist.
🚀 Stay Informed, Stay Ahead! Follow The Blockopedia for Real-time Updates!
🌐 For the latest insights and updates in the crypto world, follow The Blockopedia. Decoding the future of finance! 🚀
#ftx #FTXCase #crypto #cryptocurrency #crypto2023
Amidst the ongoing trial of Sam Bankman-Fried, FTX finds itself in the spotlight once again as it secures court approval to liquidate $873 million in trust assets. The move, paving the way for FTX's expected relaunch in early 2024, has sent shockwaves through the crypto community.
What's your take on this development? Will it be a remedy for past missteps, or does it add another layer of complexity to FTX's intricate situation? Let's navigate through this crypto turbulence together!
Court Approval: A Strategic Move or High-Stakes Gamble?
FTX's redemption journey takes a pivotal turn with the Delaware court's green light to liquidate $873 million in trust assets. This move presents an opportunity for FTX to repay investors affected by its 2022 downfall.
However, the plot thickens – a significant $700 million comes from the Grayscale Bitcoin Trust (GBTC). Is selling these assets a lifeline for investors, or does it pose challenges to FTX's recovery?
With over 22 million GBTC units valued at $691 million and approximately 6.3 million ETHE shares worth about $106 million, the auction block includes trusts like Grayscale's Ethereum Classic Trust (ETCG), Litecoin Trust (LTCN), and Digital Large Cap Trust (GDLC). What impact will this have on affected FTX customers?
Scoop on SBF and the Unusual MDC Dynamics
While FTX administrators diligently recover assets post-Sam Bankman-Fried's crypto empire downfall, the founder awaits sentencing after being convicted on seven fraud-related charges. Housed in Brooklyn’s Metropolitan Detention Center, his unique encounters, such as trading mackerels for a haircut, add an intriguing twist.
🚀 Stay Informed, Stay Ahead! Follow The Blockopedia for Real-time Updates!
🌐 For the latest insights and updates in the crypto world, follow The Blockopedia. Decoding the future of finance! 🚀
#ftx #FTXCase #crypto #cryptocurrency #crypto2023
🔥 Crypto Liquidation Update: FTX and Alameda Transfer $10.8M to Major Exchanges
💼 FTX Trading Ltd. Proposes “Customer Shortfall Settlement” in Chapter 11 Case
In a significant move, bankrupt crypto firms FTX and Alameda Research have executed a crypto asset transfer, liquidating $10.8 million across three major exchanges: Wintermute, Binance, and Coinbase. This transaction marks a continuation of their ongoing liquidation efforts, totaling an astounding $551 million since October 2023, spanning 59 different tokens.
🔄 Details of the Recent Transaction:
The transferred assets included eight different cryptocurrencies:
$2.58M in $GMT$2.41M in $UNI$2.25M in $SYN$1.64M in $KLAY$1.18M in $FTM$644K in $SHIBSmaller amounts of Arbitrum (ARB) and Optimism (OP) tokens were also part of the transaction.
💹 Ongoing Liquidation Efforts:
This isn't the first instance of FTX and Alameda liquidating crypto holdings. A prior transaction on November 14, 2023, saw $24 million moved to Kraken and OKX exchanges. These efforts stem from a U.S. court-approved plan to sell FTX’s digital assets, with a weekly limit of $100 million per position, extendable to $200 million with special committee approval.
🔄 Origins of the Funds:
The movement of funds traces back to March 2023, when FTX and Alameda initiated the recovery process for investor assets. In a prior move, $145 million worth of stablecoins were shifted to various platforms, including Coinbase, Binance, and Kraken.
💸 FTX’s Financial Challenges:
Despite recovering over $5 billion in cash and liquid cryptocurrencies, FTX's total liabilities surpassed $8.8 billion, reflecting the severity of its financial situation.
📉 Future Liquidation Outlook:
As FTX and Alameda persist in their asset liquidations to settle substantial debts, the crypto community awaits the unfolding of the future for these companies and their remaining assets.
🚀 Stay Tuned for Real-time Updates! Follow The Blockopedia for the latest in Crypto News. 🌐
#FTXCase #FTXTrial #crypto #cryptocurrency #crypto2023
💼 FTX Trading Ltd. Proposes “Customer Shortfall Settlement” in Chapter 11 Case
In a significant move, bankrupt crypto firms FTX and Alameda Research have executed a crypto asset transfer, liquidating $10.8 million across three major exchanges: Wintermute, Binance, and Coinbase. This transaction marks a continuation of their ongoing liquidation efforts, totaling an astounding $551 million since October 2023, spanning 59 different tokens.
🔄 Details of the Recent Transaction:
The transferred assets included eight different cryptocurrencies:
$2.58M in $GMT$2.41M in $UNI$2.25M in $SYN$1.64M in $KLAY$1.18M in $FTM$644K in $SHIBSmaller amounts of Arbitrum (ARB) and Optimism (OP) tokens were also part of the transaction.
💹 Ongoing Liquidation Efforts:
This isn't the first instance of FTX and Alameda liquidating crypto holdings. A prior transaction on November 14, 2023, saw $24 million moved to Kraken and OKX exchanges. These efforts stem from a U.S. court-approved plan to sell FTX’s digital assets, with a weekly limit of $100 million per position, extendable to $200 million with special committee approval.
🔄 Origins of the Funds:
The movement of funds traces back to March 2023, when FTX and Alameda initiated the recovery process for investor assets. In a prior move, $145 million worth of stablecoins were shifted to various platforms, including Coinbase, Binance, and Kraken.
💸 FTX’s Financial Challenges:
Despite recovering over $5 billion in cash and liquid cryptocurrencies, FTX's total liabilities surpassed $8.8 billion, reflecting the severity of its financial situation.
📉 Future Liquidation Outlook:
As FTX and Alameda persist in their asset liquidations to settle substantial debts, the crypto community awaits the unfolding of the future for these companies and their remaining assets.
🚀 Stay Tuned for Real-time Updates! Follow The Blockopedia for the latest in Crypto News. 🌐
#FTXCase #FTXTrial #crypto #cryptocurrency #crypto2023
𝙃𝙚𝙧𝙚'𝙨 𝙬𝙝𝙖𝙩 𝙝𝙖𝙥𝙥𝙚𝙣𝙚𝙙:
- Valkyrie Anticipates Approval of Spot Bitcoin ETF by SEC This Month.
- Bitcoin’s Value Can Outpace Gold, Says Fidelity Executive.
- Analysts Observe Rising Stablecoin Supply, Indicating Capital Inflow.
- Cathie Wood Bets on Bitcoin Over Gold and Cash as Deflation Hedge for Next Decade.
- Coinbase Exceeds Analyst Expectations with Q3 Revenue of $674.1 Million.
- CME Bitcoin futures hit record high, but uncertainty looms above $36K.
- Sam Bankman-Fried is found guilty on all 7 charges in criminal trial.
- SBF “lied to get customers’ trust,” prosecutor says.
- FTX claims climb to 57% as Sam Bankman-Fried found guilty on all counts.
#FTXCase #BitcoinETFLaunch #BTC
- Valkyrie Anticipates Approval of Spot Bitcoin ETF by SEC This Month.
- Bitcoin’s Value Can Outpace Gold, Says Fidelity Executive.
- Analysts Observe Rising Stablecoin Supply, Indicating Capital Inflow.
- Cathie Wood Bets on Bitcoin Over Gold and Cash as Deflation Hedge for Next Decade.
- Coinbase Exceeds Analyst Expectations with Q3 Revenue of $674.1 Million.
- CME Bitcoin futures hit record high, but uncertainty looms above $36K.
- Sam Bankman-Fried is found guilty on all 7 charges in criminal trial.
- SBF “lied to get customers’ trust,” prosecutor says.
- FTX claims climb to 57% as Sam Bankman-Fried found guilty on all counts.
#FTXCase #BitcoinETFLaunch #BTC
"FTX's Momentum and Sam Bankman-Fried's Vision"
In the whirlwind of financial evolution, FTX and its architect, Sam Bankman-Fried, stand as pioneers, driving innovation and change.
FTX's Ongoing Success
FTX, renowned for its user-centric design and diverse trading offerings, continues to make waves. Recent feats include pioneering tokenized stocks and strategic expansions, cementing its position as a disruptor in the industry.
Sam Bankman-Fried: Visionary Leader and Philanthropist
From a quantitative trader to a crypto icon, Sam Bankman-Fried's journey showcases exceptional growth. His strategic insight places him as a visionary in the crypto domain. Complementing this, his commitment to social impact initiatives reflects a balanced approach to success.
The Path Ahead
FTX, under Bankman-Fried's guidance, maintains a strong focus on innovation and market disruption. His dedication to using wealth for meaningful causes paves a unique route for success in the crypto industry.
An Exciting Future Beckons
FTX's recent strides and Bankman-Fried's visionary approach promise an electrifying future for the platform. As both continue to push boundaries, the industry eagerly anticipates their next groundbreaking moves.
The story surrounding FTX and Bankman-Fried epitomizes innovation, resilience, and social responsibility, setting an inspiring benchmark for the crypto realm.
#etf #xrp #PYUSD #BTC #FTXCase
In the whirlwind of financial evolution, FTX and its architect, Sam Bankman-Fried, stand as pioneers, driving innovation and change.
FTX's Ongoing Success
FTX, renowned for its user-centric design and diverse trading offerings, continues to make waves. Recent feats include pioneering tokenized stocks and strategic expansions, cementing its position as a disruptor in the industry.
Sam Bankman-Fried: Visionary Leader and Philanthropist
From a quantitative trader to a crypto icon, Sam Bankman-Fried's journey showcases exceptional growth. His strategic insight places him as a visionary in the crypto domain. Complementing this, his commitment to social impact initiatives reflects a balanced approach to success.
The Path Ahead
FTX, under Bankman-Fried's guidance, maintains a strong focus on innovation and market disruption. His dedication to using wealth for meaningful causes paves a unique route for success in the crypto industry.
An Exciting Future Beckons
FTX's recent strides and Bankman-Fried's visionary approach promise an electrifying future for the platform. As both continue to push boundaries, the industry eagerly anticipates their next groundbreaking moves.
The story surrounding FTX and Bankman-Fried epitomizes innovation, resilience, and social responsibility, setting an inspiring benchmark for the crypto realm.
#etf #xrp #PYUSD #BTC #FTXCase
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
Crypto Exchange FTX gets NOD to sell assets worth $873M to prepay debt to Creditors.
FTX, a crypto exchange that went bankrupt in November 2023, has got court permission to sell some of its $3.4 billion worth of cryptocurrencies to pay back its creditors. The exchange, founded by billionaire Sam Bankman-Fried, was accused of fraud by federal prosecutors, who claimed he illegally transferred funds from customer accounts to his hedge fund. Bankman-Fried is in jail, awaiting trial in October.
FTX's collapse is one of the biggest scandals in the crypto industry, and has shaken the trust of its users and partners. FTX was once a leading and innovative platform, offering various products and services, such as futures, options, leveraged tokens, prediction markets, and decentralized finance. FTX also sponsored many sports teams and celebrities, such as the Miami Heat, Tom Brady, and Kevin O'Leary.
FTX plans to sell, stake, and hedge its crypto holdings with the help of Galaxy Digital, a crypto investment firm. FTX hopes to maximize the value of its assets and minimize the risk of market volatility. The court will supervise and approve the liquidation plan, which may take several months to complete. FTX has also hired a chief restructuring officer and a claims agent to manage the process and communicate with the creditors. FTX has asked its creditors to file their claims by December 31, 2023, and has promised to distribute the proceeds from the asset sales as soon as possible. FTX's official website has more information and updates on the bankruptcy case.
#Cointelegraph
#FTXTrial
#ftxliquidation
#FTXCase
FTX, a crypto exchange that went bankrupt in November 2023, has got court permission to sell some of its $3.4 billion worth of cryptocurrencies to pay back its creditors. The exchange, founded by billionaire Sam Bankman-Fried, was accused of fraud by federal prosecutors, who claimed he illegally transferred funds from customer accounts to his hedge fund. Bankman-Fried is in jail, awaiting trial in October.
FTX's collapse is one of the biggest scandals in the crypto industry, and has shaken the trust of its users and partners. FTX was once a leading and innovative platform, offering various products and services, such as futures, options, leveraged tokens, prediction markets, and decentralized finance. FTX also sponsored many sports teams and celebrities, such as the Miami Heat, Tom Brady, and Kevin O'Leary.
FTX plans to sell, stake, and hedge its crypto holdings with the help of Galaxy Digital, a crypto investment firm. FTX hopes to maximize the value of its assets and minimize the risk of market volatility. The court will supervise and approve the liquidation plan, which may take several months to complete. FTX has also hired a chief restructuring officer and a claims agent to manage the process and communicate with the creditors. FTX has asked its creditors to file their claims by December 31, 2023, and has promised to distribute the proceeds from the asset sales as soon as possible. FTX's official website has more information and updates on the bankruptcy case.
#Cointelegraph
#FTXTrial
#ftxliquidation
#FTXCase
Triumphant Trio: $SOL , OKB, and $LINK Lead the Recovery One Year Post-FTX Crash”
Hey Binance community, it’s Linkan here with a fascinating update! 🚀 A year after the FTX crash, which wiped nearly $300 billion off the market cap, we’ve witnessed a remarkable recovery led by some unexpected heroes.
🌟 Solana ($SOL ): The Phoenix Rises
Solana, initially plummeting over 50% to $8 post-crash, has made a jaw-dropping comeback with over 660% gains! This resurgence, fueled by an upbeat sentiment in the crypto market and easing concerns about FTX’s influence, showcases SOL’s resilience and investor confidence .
💹 OKB: Outperforming Amidst Chaos
OKX’s token OKB, less impacted by the FTX fiasco, has seen a 275% profit for those who invested at its lowest. This remarkable rise highlights OKB’s stability and potential, even as it capitalized on its rival’s misfortune .
🔗 Chainlink (LINK): Defying the Odds
Chainlink, despite a 40% fall post-FTX, bounced back with an impressive 180% profit. Factors like the launch of a new proof-of-reserve product and growing adoption among professional investors have contributed to LINK’s strong recovery .
Hashtags:
1. #CryptoResilience
2. #SOLSurge
3. #FTXCase
4. #LINKRecovery
5. #BinanceSquareInsights
This remarkable turnaround story is a testament to the dynamic and ever-evolving nature of the crypto market. What are your thoughts on these top performers? Drop your insights in the comments below!
Hey Binance community, it’s Linkan here with a fascinating update! 🚀 A year after the FTX crash, which wiped nearly $300 billion off the market cap, we’ve witnessed a remarkable recovery led by some unexpected heroes.
🌟 Solana ($SOL ): The Phoenix Rises
Solana, initially plummeting over 50% to $8 post-crash, has made a jaw-dropping comeback with over 660% gains! This resurgence, fueled by an upbeat sentiment in the crypto market and easing concerns about FTX’s influence, showcases SOL’s resilience and investor confidence .
💹 OKB: Outperforming Amidst Chaos
OKX’s token OKB, less impacted by the FTX fiasco, has seen a 275% profit for those who invested at its lowest. This remarkable rise highlights OKB’s stability and potential, even as it capitalized on its rival’s misfortune .
🔗 Chainlink (LINK): Defying the Odds
Chainlink, despite a 40% fall post-FTX, bounced back with an impressive 180% profit. Factors like the launch of a new proof-of-reserve product and growing adoption among professional investors have contributed to LINK’s strong recovery .
Hashtags:
1. #CryptoResilience
2. #SOLSurge
3. #FTXCase
4. #LINKRecovery
5. #BinanceSquareInsights
This remarkable turnaround story is a testament to the dynamic and ever-evolving nature of the crypto market. What are your thoughts on these top performers? Drop your insights in the comments below!
⭐TOP CRYPTO NEWS RECAP
(DECEMBER 17–DECEMBER 23, 2023)
● Terraform Labs and SEC Agree to Confidential Filings in Civil Trial
● Bitcoin Miner Core Scientific Set to Emerge from Bankruptcy in January 2024
● BlackRock, Nasdaq, and SEC Discuss Spot Bitcoin ETF Application
● FTX Debtors Announce Global Settlement in Bankruptcy Proceedings
● Montenegro Court Cancels Extradition Approval for Terraform Labs Co-Founder Do Kwon
● SEC Delays Decision on Ethereum ETFs, Final Call in May
Check it out in our latest article
#EthereumETF #FTXCase #BlackRock #MelegaSwap #melega
(DECEMBER 17–DECEMBER 23, 2023)
● Terraform Labs and SEC Agree to Confidential Filings in Civil Trial
● Bitcoin Miner Core Scientific Set to Emerge from Bankruptcy in January 2024
● BlackRock, Nasdaq, and SEC Discuss Spot Bitcoin ETF Application
● FTX Debtors Announce Global Settlement in Bankruptcy Proceedings
● Montenegro Court Cancels Extradition Approval for Terraform Labs Co-Founder Do Kwon
● SEC Delays Decision on Ethereum ETFs, Final Call in May
Check it out in our latest article
#EthereumETF #FTXCase #BlackRock #MelegaSwap #melega
👮♂️ Damian Williams, lead prosecutor for the Southern District of New York in the case of FTX founder Sam Bankman-Fried (SBF), sends a warning to cryptocurrency criminals, emphasizing that there are enough handcuffs for fraudsters. He notes that while the cryptocurrency industry may be a new field, the criminal acts committed are not new, and they have existed for a long time. ⚖️💼 #CryptoCrime #FTXCase 🚔📰🔒
Would You Trust/Join FTX if it rebrands to another exchange?
The statement from SEC Chair Gary Gensler that FTX could be rebooted under new leadership suggests that the SEC is open to the possibility of the exchange continuing to operate.
This is significant news for the crypto industry, as it could potentially allow FTX to regain its footing after the collapse under Sam Bankman-Fried's leadership.
There are a few different ways that a rebooted FTX could work, including being acquired by a new owner or being restructured and relaunched under the same name.
However, to regain the trust of investors, a rebooted FTX would need to implement robust risk management and compliance procedures, submit to regular audits, and provide clear and transparent disclosures.
The success of a rebooted FTX would depend on several factors, including the new leadership team, the changes made to the exchange, and the overall state of the crypto market.
If the new leadership team has a strong track record of compliance and risk management, investors may be more likely to trust the exchange again.
On the other hand, if the new leadership team is inexperienced or has a history of regulatory problems, investors may be more cautious.
In addition to these factors, there are other things to consider, such as Bankman-Fried's fraud conviction, which could further damage the reputation of FTX and make it difficult for the exchange to regain trust.
Another important factor is the level of public support for FTX, as a strong public outcry could make it challenging for the exchange to attract new customers.
Important for investors to carefully consider all of these factors and do their research before deciding whether to trust a rebooted FTX again, as the crypto industry is still relatively new and untested, and there is always a risk of fraud and scams.
#FTXCase #etf
This is significant news for the crypto industry, as it could potentially allow FTX to regain its footing after the collapse under Sam Bankman-Fried's leadership.
There are a few different ways that a rebooted FTX could work, including being acquired by a new owner or being restructured and relaunched under the same name.
However, to regain the trust of investors, a rebooted FTX would need to implement robust risk management and compliance procedures, submit to regular audits, and provide clear and transparent disclosures.
The success of a rebooted FTX would depend on several factors, including the new leadership team, the changes made to the exchange, and the overall state of the crypto market.
If the new leadership team has a strong track record of compliance and risk management, investors may be more likely to trust the exchange again.
On the other hand, if the new leadership team is inexperienced or has a history of regulatory problems, investors may be more cautious.
In addition to these factors, there are other things to consider, such as Bankman-Fried's fraud conviction, which could further damage the reputation of FTX and make it difficult for the exchange to regain trust.
Another important factor is the level of public support for FTX, as a strong public outcry could make it challenging for the exchange to attract new customers.
Important for investors to carefully consider all of these factors and do their research before deciding whether to trust a rebooted FTX again, as the crypto industry is still relatively new and untested, and there is always a risk of fraud and scams.
#FTXCase #etf
Sam Bankman-Fried, the now convicted criminal masterminds of one of the largest financial frauds ever committed, donated $5.2 million to Joe Biden's 2020 campaign.
Will Joe Biden given that money back to FTX investors who were robbed by SBF?
In my opinion: Recovering stolen property is an obligation; especially when its whereabouts are known.
#IluPredictor #FTXCase #Scam #etf #Fraud
Will Joe Biden given that money back to FTX investors who were robbed by SBF?
In my opinion: Recovering stolen property is an obligation; especially when its whereabouts are known.
#IluPredictor #FTXCase #Scam #etf #Fraud
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.
Former FTX Employee Sues Bankrupt Crypto Exchange Seeking $275,000 in Unpaid Bonus: Court Docs
A former FTX employee who was hired to work with the fallen crypto empire’s charity wing is taking legal action to get his unpaid 2022 bonus.
In a new court document filed on November 13th, Ross Rheingans-Yoo says that FTX still owes him $275,000 of the $650,000 that he was supposed to receive as a bonus last year.
“The Debtors paid Rheingans-Yoo $375,000 cash out of his $650,000 first-half 2022 bonus on or around September 15, 2022. However, the Debtors did not pay the remaining $275,000 in cash.”
The filing says that based on a bonus memo from former FTX CEO Sam Bankman-Fried, Rheingans-Yoo can choose to receive the bonus in cash, options or a combination of the two, but the exchange is now making false assertions to renege on its obligation.
“The Debtors argue that Rheingans-Yoo ‘elected to receive his 2022 bonus half in cash and half in options.’ …However, the Debtors failed to present any direct evidence of Rheingans-Yoo’s purported election despite having an e-discovery vendor at their disposal who identified over 5,000 Rheingans-Yoo emails, Slack threads and documents…
Rheingans-Yoo never elected to receive options as part of his first-half 2022 bonus.”
The former Jane Street trader also seeks to get another $650,000 to donate to charity, citing the provisions of the employment agreement and a statement from Bankman-Fried.
“Rheingans-Yoo’s compensation under Ross Terms included base salary, a cash bonus, and a separate right to direct to charity a payment in the same amount as his cash bonus.”
Rheingans-Yoo says he never resigned. He also claims $5,763.33 in unpaid prepetition salary and at least $62,847.75 in post-petition salary.
Disclaimer:
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#FTX #FTXCase
In a new court document filed on November 13th, Ross Rheingans-Yoo says that FTX still owes him $275,000 of the $650,000 that he was supposed to receive as a bonus last year.
“The Debtors paid Rheingans-Yoo $375,000 cash out of his $650,000 first-half 2022 bonus on or around September 15, 2022. However, the Debtors did not pay the remaining $275,000 in cash.”
The filing says that based on a bonus memo from former FTX CEO Sam Bankman-Fried, Rheingans-Yoo can choose to receive the bonus in cash, options or a combination of the two, but the exchange is now making false assertions to renege on its obligation.
“The Debtors argue that Rheingans-Yoo ‘elected to receive his 2022 bonus half in cash and half in options.’ …However, the Debtors failed to present any direct evidence of Rheingans-Yoo’s purported election despite having an e-discovery vendor at their disposal who identified over 5,000 Rheingans-Yoo emails, Slack threads and documents…
Rheingans-Yoo never elected to receive options as part of his first-half 2022 bonus.”
The former Jane Street trader also seeks to get another $650,000 to donate to charity, citing the provisions of the employment agreement and a statement from Bankman-Fried.
“Rheingans-Yoo’s compensation under Ross Terms included base salary, a cash bonus, and a separate right to direct to charity a payment in the same amount as his cash bonus.”
Rheingans-Yoo says he never resigned. He also claims $5,763.33 in unpaid prepetition salary and at least $62,847.75 in post-petition salary.
Disclaimer:
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#FTX #FTXCase
NEW: FTX fraudster Sam Bankman-Fried is facing 100+ years in federal prison after he was found guilt
However, what remains unclear is whether action will be taken by the DOJ to investigate the over $70 million dollars SBF donated to high-profile U.S. politicians and super PACs over the past two years.Throughout the 2022 midterm cycle alone, SBF donated $40 million to Democrat-aligned PACs. Before his scheme was exposed, the crypto scammer announced his intentions to give $1 BILLION to Democrat candidates across the 2024 cycle. Joe Biden, whose 2020 campaign received $5 million from SBF, has yet to make any move to return the dirty money. Interestingly enough, SBF held meetings with a top Biden advisor, Steve Riccheti, as recently as April and May of this year.Another prominent Democrat with close ties to the crypto defrauder is California Rep. Maxine Waters. During a congressional hearing led by the U.S. Finance Committee, on which Waters serves on, she was videotaped blowing a kiss to SBF. Your politicians are bought and paid for.#FTXTrial #FTXCase #Crypto_Lord
