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Bankrupt crypto exchange FTX picks Galaxy to manage its digital assets

Economic Times

Economic Times · 2y ago

Bankrupt crypto exchange FTX picks Galaxy to manage its digital assets

FTX filed for bankruptcy in November 2022 in the wake of claims that the company misused and lost billions of dollars worth of customers' crypto deposits.

Related News

FTX sues founder Sam Bankman-Fried's parents

Economic Times

Economic Times · 1y ago

FTX sues founder Sam Bankman-Fried's parents

FTX, a bankrupt crypto exchange, has filed a lawsuit against the parents of its founder, Sam Bankman-Fried. The lawsuit alleges that the parents used the company to benefit themselves at the expense of FTX's customers. In response, the parents' attorneys called the claims false and criticized the timing of the lawsuit. FTX filed for bankruptcy in 2022 after accusations of misusing and losing customers' crypto deposits. The exchange has since recovered billions in assets to repay customers and is pursuing further recovery through lawsuits.

FTX cleared to repay billions to customers after bankruptcy plan approval

Economic Times

Economic Times · 10m ago

FTX cleared to repay billions to customers after bankruptcy plan approval

1. FTX, a bankrupt crypto exchange, has received court approval for its wind-down plan, allowing it to repay customers using up to $16.5 billion in recovered assets. 2. The plan prioritizes repaying FTX customers before other competing claims, and aims to repay 98% of customers who held $50,000 or less on the exchange within 60 days. 3. FTX's founder, Sam Bankman-Fried, has been sentenced to 25 years in prison for stealing from FTX customers, but the company is in talks with the U.S. Department of Justice regarding seized funds. 4. U.S. government agencies have agreed to let FTX focus on customer repayments over fines and tax debts, and a liquidator appointed in the Bahamas has joined forces with FTX. 5. FTX has recovered cash and crypto assets that went missing during its collapse, and has raised additional funds by selling off other assets, such as its investments in tech companies. 6. Some FTX customers have expressed disappointment over missing out on crypto price rebounds, and some have objected to the wind-down plan, demanding higher repayments based on recent cryptocurrency value increases.

FTX Customer Says Hedge Fund Cheated Him on Bankruptcy Gains

Livemint

Livemint · 10m ago

FTX Customer Says Hedge Fund Cheated Him on Bankruptcy Gains

- An FTX customer has sued hedge fund Olympus Peak, alleging that the fund underpaid him for his claim in the bankrupt cryptocurrency exchange. - The customer, Nikolas Gierczyk, sold his $1.59 million claim to Olympus Peak at a 42% discount. - Gierczyk claims that he negotiated an explicit right to additional recovery in his agreement with Olympus Peak, but the fund refused to honor it. - FTX, the bankrupt cryptocurrency exchange, has amassed billions of dollars more than it needed to cover customer losses due to a bullish crypto market. - Hedge funds often buy distressed assets at a discount, offering claimants a quick payout while holding out for a better recovery in the bankruptcy process.

FTX Says It Expects to Repay Customers in Full. Some Are Suing for More

Wired · 1y ago

FTX Says It Expects to Repay Customers in Full. Some Are Suing for More

A group of former customers of bankrupt crypto exchange FTX are opposing a plan that aims to return their lost funds. The customers argue that the plan does not reflect the actual value of their assets, especially considering the rise in cryptocurrency prices since the exchange's bankruptcy. FTX collapsed in 2022, leaving billions of dollars missing. While FTX expects to have sufficient funds to pay all customer and creditor claims in full, some customers are unhappy with the dollarization of their claims and the outdated valuation. They have filed a lawsuit seeking fairer compensation.

Can FTX Be Revived—Without Sam Bankman-Fried?

Wired · 1y ago

Can FTX Be Revived—Without Sam Bankman-Fried?

Pat Rabbitte, a former customer of the now-bankrupt crypto exchange FTX, dismisses founder Sam Bankman-Fried's reputation, stating, "He's not that remarkable." Rabbitte is among many creditors seeking to recover funds from FTX's bankruptcy. Some creditors have formed the FTX 2.0 Coalition and are considering restarting FTX without Bankman-Fried. The exchange, once valued at $32 billion, crumbled, leading to charges of conspiracy and fraud against Bankman-Fried. The trial will likely rekindle the debate about his legacy, while creditors aim for a faster and fuller recovery.

FTX Founder Sam Bankman-Fried Has Been Found Guilty of Fraud

Wired · 1y ago

FTX Founder Sam Bankman-Fried Has Been Found Guilty of Fraud

Sam Bankman-Fried, the founder of bankrupt crypto exchange FTX, has been found guilty of fraud by a jury in New York. He was convicted on all seven counts, including overseeing a multi-billion-dollar fraud whereby money from FTX customers was used for high-risk trades, debt repayments, personal loans, and political donations. The US Department of Justice views this conviction as a significant victory and a message to the crypto industry that fraud will not be tolerated. Bankman-Fried awaits sentencing and will face a second trial on additional charges in 2024.

FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison

Wired · 1y ago

FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison

Sam Bankman-Fried, founder of bankrupt crypto exchange FTX, has been sentenced to 25 years in prison by a US federal judge in the Southern District of New York. Bankman-Fried was found guilty of seven counts of fraud and conspiracy in connection with the collapse of FTX. The exchange ran out of funds in November 2022, and it was discovered that Bankman-Fried had orchestrated an elaborate fraud scheme, diverting billions of dollars of user funds for personal use. The US government described it as "one of the largest financial frauds in history." Bankman-Fried's sentence marks a significant downfall from his previous success as a self-made billionaire and philanthropist in the crypto industry.

Former FTX CEO Sam Bankman-Fried's bail revoked ahead of trial

Startup News FYI

Startup News FYI · 2y ago

Former FTX CEO Sam Bankman-Fried's bail revoked ahead of trial

Sam Bankman-Fried, the ex-CEO of bankrupt crypto exchange FTX, had his bail revoked by US District Court Judge Lewis Kaplan on Friday. The decision was prompted by allegations that Bankman-Fried leaked the diary of Caroline Ellison, former CEO of FTX's investment-arm Alameda Research, to the New York Times. Kaplan made the announcement during a federal court session in Manhattan.

FTX reaches settlement with BlockFi, may pay up to $874 million

Economic Times

Economic Times · 1y ago

FTX reaches settlement with BlockFi, may pay up to $874 million

Crypto companies FTX and BlockFi have settled their legal dispute, with FTX agreeing to pay BlockFi up to $874 million. The settlement is pending approval by a bankruptcy judge and arises from the companies' collapses in 2022. FTX will prioritize a $250 million payment to BlockFi, with the remaining amount dependent on FTX's efforts to repay its own customers. The two companies had a close relationship and had sued each other to recover loans before going bankrupt. FTX founder Sam Bankman-Fried, who was convicted of stealing $8 billion, is set to be sentenced in March.

FTX expects US to reduce bankruptcy claim to $3 billion to $5 billion

Economic Times

Economic Times · 1y ago

FTX expects US to reduce bankruptcy claim to $3 billion to $5 billion

Crypto exchange FTX expects to negotiate down U.S. government claims in its bankruptcy to $3-5 billion, leaving no funds for shareholders. Founder Sam Bankman-Fried's claims that FTX's collapse caused no harm were deemed false. FTX estimates it will have $13.7 billion in assets to pay its $31.4 billion in legitimate claims, including customer claims and those from the U.S. Commodity Futures Trading Commission and the IRS. However, FTX's proposed repayment plan faces obstacles, including negotiations over the $17 billion government claims. Shareholders have little chance of recovering any funds from the bankruptcy.

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