FTX’s Next Hearing Scheduled in Delaware Bankruptcy Court

  • Sam Bankman-Fried confronts criminal accusations from the U.S. Department of Justice.
  • Tom Brady’s New England Patriots and Coinbase are among the significant stockholders in FTX.

The next FTX bankruptcy hearing is scheduled on Wednesday, January 11, at 9 a.m. EST in the District of Delaware Bankruptcy Court. The former CEO of FTX Sam Bankman-Fried’s ‘SBF’ attorneys will join the discussion about the deadline expansions and auction of distressed assets. Additionally, the court proceeding is to be broadcast live on YouTube

FTX scandal comes under fire due to the collateralized funds and fraudulent activities, which ties with its trading platform, “Alameda Research”, and stemmed in earlier November. FTX declared bankruptcy on November 11, and Bankman-Fried resigned as CEO on the same day.

Further, on 19th December, Caroline Ellison, the former CEO of Alameda Research, admitted in Manhattan federal court that she and Sam Bankman-Fried knowingly misled lenders about the funds that Alameda Research was borrowing from the cryptocurrency exchange.

However, Bankman-Fried confronts criminal accusations from the U.S. Department of Justice, including money laundering. The new hearing is scheduled to begin in October 2023 in the Southern District of New York. But, SBF still has pled not guilty to all charges against him. Also, the former billionaire has argued that FTX’s collapse is not legally his fault.

Tom Brady & Coinbase are Among the Stock Holders in FTX

Football player Tom Brady, companies New England Patriots are the significant stockholders in FTX, along with the cryptocurrency exchanges Blackrock, Coinbase, and Tezos Foundation, as per the documents submitted to the Delaware bankruptcy court.

Tom Brady owned 1,144,861 shares of common stock, while Brady’s ex-wife Gisele Bündchen owned 686,761. A rival crypto exchange, Coinbase, which currently announced an additional 20% lay-off due to the market volatility, holds 5,284,899 shares of common and preferred stock.

Additionally, the report reveals substantial holdings by financial firm BlackRock across several FTX subsidiaries. The FTX has raised $1.8 billion from more than 90 investors since 2018.

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