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Tom Brady got ₹460 crore from FTX for a week's worth of work, claims author

Inshorts · 1y ago

Tom Brady got ₹460 crore from FTX for a week's worth of work, claims author

NFL quarterback Tom Brady reportedly lost $30 million in stock after the collapse of cryptocurrency brand FTX, which he had endorsed. FTX founder Sam Bankman-Fried, who was worth over $20 billion, is now facing federal charges and potential prison time. Brady had been paid $55 million for minimal work over three years, and his ex-wife Gisele Bundchen also lost $18 million in stock. Both were accused, along with other celebrities, of being involved in an alleged "ponzi scheme" in a lawsuit filed by FTX investors.

Related News

Some wealthy people lost millions in the FTX collapse. But others say they've lost their entire life savings.

Business Insider

Business Insider · 1y ago

Some wealthy people lost millions in the FTX collapse. But others say they've lost their entire life savings.

The FTX collapse in 2022 affected not only wealthy investors like Tom Brady, who reportedly lost $30 million, but also thousands of regular people who lost their life savings. Prosecutors in the case have described FTX founder Sam Bankman-Fried as having victimized tens of thousands of individuals and companies across multiple continents. Many of these victims have shared their stories of financial devastation, highlighting the significant impact on their lives and families. FTX's bankruptcy filings indicate a $9.5 billion shortfall owed to approximately one million creditors, but lawyers have stated that customers and creditors can expect full restitution.

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.

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.

FTX files amended reorganization plan, expects $14.5 billion-$16.3 billion for distribution

Economic Times

Economic Times · 1y ago

FTX files amended reorganization plan, expects $14.5 billion-$16.3 billion for distribution

FTX, a crypto exchange, plans to pay its creditors and customers between $14.5 billion and $16.3 billion, according to an amended reorganization plan filed in a US bankruptcy court. The amount includes assets from various sources, such as investments owned by Alameda Research and litigation claims. The plan also proposes a convenience class for creditors with claims of $50,000 or lower, ensuring they receive approximately 118% of their claims within two months. FTX made headlines in November 2022 when it filed for bankruptcy, leaving millions of customers and investors with significant losses.

Sam Bankman-Fried sentenced to 25 years for multi-billion dollar FTX fraud

Economic Times

Economic Times · 1y ago

Sam Bankman-Fried sentenced to 25 years for multi-billion dollar FTX fraud

Former billionaire and FTX cryptocurrency exchange founder Sam Bankman-Fried has been sentenced to 25 years in prison for stealing $8 billion from FTX customers. U.S. District Judge Lewis Kaplan rejected Bankman-Fried's claims and accused him of lying during his trial testimony. The judge determined that FTX customers lost $8 billion, equity investors lost $1.7 billion, and lenders lost $1.3 billion. Bankman-Fried, previously known for his success in the cryptocurrency market, will appeal the conviction and sentence.

FTX sold about $1 billion of Grayscale's bitcoin ETF since its approval: CoinDesk

Economic Times

Economic Times · 1y ago

FTX sold about $1 billion of Grayscale's bitcoin ETF since its approval: CoinDesk

FTX, one of the leading cryptocurrency exchanges, reportedly sold around $1 billion worth of Grayscale's Bitcoin ETF (Exchange Traded Fund) since its approval. The sales came after the ETF received approval from the US Securities and Exchange Commission (SEC). FTX has been experiencing significant growth in trading volumes and user adoption and has become known for its wide range of innovative and popular cryptocurrency products.

FTX’s Ryan Salame posts about 7.5 years jail term on LinkedIn, updates his ‘job’ and ‘experience’ on site | Mint

Livemint

Livemint · 10m ago

FTX’s Ryan Salame posts about 7.5 years jail term on LinkedIn, updates his ‘job’ and ‘experience’ on site | Mint

- Ryan Salame, former FTX co-CEO, updated his LinkedIn profile ahead of his seven and a half year prison term. - Salame was convicted for campaign-finance law violations while working at FTX, a fraudulent cryptocurrency exchange. - He is scheduled to report to a federal correctional institution in Maryland on October 11. - Salame pleaded guilty to evading US banking laws and participating in a straw donor scheme for Sam Bankman-Fried, the founder of FTX. - He claimed that he entered the plea to protect his wife from prosecution, but the Manhattan US Attorney's Office denies these claims.

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.

'Pushed me to take unnecessary leaves instead': Employee happy with European team, criticises Indian HR over WFH issue

Business Today

Business Today · 4m ago

'Pushed me to take unnecessary leaves instead': Employee happy with European team, criticises Indian HR over WFH issue

An employee of a European company criticized the Indian HR for denying a work-from-home request due to a sprained foot, forcing unnecessary leave instead. The European manager had approved a week's remote work, but Indian management's restrictive policies created a toxic environment. This sparked Reddit discussions about HR roles, with users expressing that leave decisions should be manager-driven, not HR-dictated, highlighting cultural differences in work policies and approvals.

Sam Bankman-Fried Faces Prison, but ‘Effective Altruism’ Lives On

Livemint

Livemint · 1y ago

Sam Bankman-Fried Faces Prison, but ‘Effective Altruism’ Lives On

The article from LiveMint discusses the recent developments regarding FTX founder Sam Bankman-Fried and the influence of effective altruism. While Bankman-Fried faced campaign-finance charges, the Justice Department surprisingly dropped the case against him. The article explores how effective altruism continues to infiltrate governments and influence policies, citing examples such as the Biden administration's executive order on artificial intelligence. The author raises questions about the validity of expected values and the ultimate impact of effective altruism.

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