🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
✕
Login
Home
News
Messages
Startup Showcase
Trackers
Premium
Premium Content
Jobs
Notifications
Settings
Try our Valuation Calculator →
Log In
News on Medial
FTX Says It Expects to Repay Customers in Full. Some Are Suing for More
Wired
·
1y ago
Medial
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pay all customer and creditor claims in full, some customers are unhappy with the dollarization of their claims and the outdated valuation.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.
View Source
Related News
Crypto exchange FTX ordered to pay $12.7 billion to customers, US CFTC says
Economic Times
·
11m ago
Medial
U.S. cryptocurrency exchange FTX has been ordered by a court to pay $12.7 billion in relief to customers, following its collapse in late 2022. The Commodity Futures Trading Commission (CFTC) stated that FTX had misled customers about its safety and misappropriated their deposits. As part of a settlement with the CFTC, FTX will repay customers in a bankruptcy liquidation. The repayment order includes $8.7 billion for restitution and $4 billion for disgorgement. FTX founder Sam Bankman-Fried, who was sentenced to 25 years in prison for stealing $8 billion, has appealed the conviction. Votes on FTX's bankruptcy proposal are due on August 16.
View Source
FTX cleared to repay billions to customers after bankruptcy plan approval
Economic Times
·
9m ago
Medial
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.
View Source
SBF is going to prison, but the fight over money at FTX drags on
Livemint
·
1y ago
Medial
Several former FTX customers are still grappling with the aftermath of the cryptocurrency exchange's collapse. While the recent crypto rally has allowed FTX's bankruptcy estate to offer full settlements to some creditors, many customers are still uncertain when or if they'll receive their money back. Some have sold their claims to hedge funds at a fraction of their value, while others are trying to recover their funds through bankruptcy trustees. The saga has caused frustration and anger among the affected customers, with some feeling that they've missed out on significant gains due to the recent crypto market rally.
View Source
Sam Bankman-Fried lives 'life of delusion,' new FTX CEO says as sentencing looms
Economic Times
·
1y ago
Medial
Sam Bankman-Fried's successor as CEO of FTX, John Ray, has dismissed Bankman-Fried's claims that customers may recover funds, stating that it does not mean he did not steal. Bankman-Fried was convicted of stealing $8 billion from FTX customers. Ray filed a statement in court stating that customers will recover some losses due to the bankruptcy estate's efforts, not because Bankman-Fried did not steal. Bankman-Fried is scheduled to be sentenced on March 28, with prosecutors seeking a 40- to 50-year prison term. Defense lawyers believe a lesser sentence is appropriate.
View Source
Crypto exchange FTX to sell shares in AI startup Anthropic
Economic Times
·
1y ago
Medial
FTX, the bankrupt cryptocurrency exchange, has been granted approval by a US judge to sell its shares in Anthropic, an artificial intelligence startup. FTX had invested $500 million in Anthropic in 2021 and currently holds a 7.84% stake. The funds generated will be used to repay customers who lost access to their accounts when FTX collapsed in 2022. The sale proceeds will be distributed to customers, with repayment amounts calculated based on cryptocurrency prices from November 2022. FTX founder Sam Bankman-Fried was found guilty of stealing billions and is set to be sentenced later this month.
View Source
FTX sues founder Sam Bankman-Fried's parents
Economic Times
·
1y ago
Medial
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.
View Source
FTX reaches settlement with BlockFi, may pay up to $874 million
Economic Times
·
1y ago
Medial
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.
View Source
The Crypto Reboot That Wasn’t: Why ‘FTX 2.0’ Floundered
Livemint
·
1y ago
Medial
FTX's bankruptcy management team has decided against resurrecting the failed cryptocurrency exchange due to doubts about the feasibility of such a restart and the potential costs and delays involved. The collapse of FTX, which had been one of the world's largest crypto exchanges, resulted in an $8 billion deficit and fraud charges against its top executives. While some creditors argue that the opportunity to create a valuable business from the remnants of FTX has been missed, others believe that repaying customers in full and avoiding a restart is the more practical approach. CEO John J. Ray III stated that no serious investor made a meaningful bid due to concerns about outdated technology and the association with fraud.
View Source
Sam Bankman-Fried says he never thought what he was doing at FTX was illegal
Business Insider
·
1y ago
Medial
Former FTX CEO, Sam Bankman-Fried, expressed remorse for his actions in an interview with ABC News. Bankman-Fried, who was recently sentenced to 25 years in prison on charges including fraud and money laundering, stated that he never intended to hurt anyone or take anyone's money. The collapse of FTX in 2022 resulted in significant financial losses for customers, some of whom claim to have lost their life savings. Bankman-Fried's legal team plans to file an appeal, while his successor as CEO, John Ray III, disagrees with Bankman-Fried's portrayal of the company's financial situation.
View Source
FTX files plan to end bankruptcy, pay crypto creditors billions
Economic Times
·
1y ago
Medial
FTX Trading Ltd. has revealed a new proposal for the distribution of billions of dollars to customers and creditors as part of its bankruptcy case. The plan, which lacks some crucial details, will be sent to creditors for a vote next year before final approval by the US Bankruptcy Judge John Dorsey. FTX founder Sam Bankman-Fried was convicted of orchestrating a massive fraud last month, leading to the collapse of the FTX exchange. The proposed payout plan involves distributing cash after liquidating much of the firm's cryptocurrencies, addressing complex debt owed to various creditors, including platform customers.
View Source
Trackers
Active Indian VC’s
OG Capital
Email
With a hands-on approach, OG Capital aims to invest in over 20 promising...
Accel Partners
Email
Early and growth-stage investments in disruptive technology companies with...
Blume
Email
Early-stage venture capital firm investing in technology startups in India. Focus on...
Access All Trackers
Startup Showcase Winners
June 2025
Buddy
Helping your parents when you are miles away
BiteStop
The Pit Stop Your Cravings Deserve
Bloomer
The next generation E-commerce platform
Enter Ongoing Startup Showcase
Top Users
Trending News on Medial
Download the medial app to read full posts, comements and news.
Go to Medial App
Not Now
Know everything that’s happening in the startup ecosystem, first.
Enable Notifications?
No, thanks
Count me in
