FTX has settled with K5 Global, resolving a lawsuit that sought to recover $700 million in disputed investments. The bankrupt crypto exchange had sued K5 in June 2023 as part of efforts to reclaim funds before its collapse in November 2022. The settlement will allow FTX to retain its stake
OTPP Faces Lawsuit Over FTX Losses An Ontario Teachers’ Pension Plan (OTPP) member has filed a lawsuit against the board, alleging improper due diligence in its $95 million investment in FTX, now defunct. The claim, filed in Ontario Superior Court, targets two investments in FTX, the cryptocurrency exchange, citing a
Concern about and disputes regarding the sale of now-defunct FTX exchange’s European arm FTX EU to Backpack Exchange. Which is a cryptocurrency trading and wallet company. Backpack had amassed drinking curls based on the purported acquisition of FTX EU by $32.7 million. While the FTX bankruptcy estate showed that the
The fully-regulated global cryptocurrency exchange, Backpack Exchange, has announced the purchase of FTX EU—the MiFID II-authorized European subsidiary of the collapsed FTX. This acquisition was examined and authorized by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC). Notably, the FTX EU’s MiFID II licence, obtained under
After two long years, FTX, the cryptocurrency exchange that collapsed in November 2022, has finally started repaying its customers. As of January 3, 2025, the court-approved Chapter 11 Plan of Reorganization is now in action, marking an important step in the company’s efforts to settle creditor claims. The FTX Debtors
Sam Bankman-Fried (SBF) faces 25 years in prison after being convicted of financial fraud. Yet, rumours are swirling about his possibly receiving a presidential pardon from President Joe Biden. This speculation gained traction after billionaire Elon Musk weighed in, saying he would be “shocked if this doesn’t happen.” FTX collapsed
FTT token has surged by 8% in the last 24 hours, topping the gainers list. It is currently trading at $2.96, marking a 7.72% increase in one day. The token’s market capitalization has reached $972.99 million, reflecting a 7.66% growth. The 24-hour trading volume stands at $45.33 million, with an
In a major development for victims of the collapsed FTX exchange, the Court-approved Chapter 11 Plan of Reorganization is set to become effective on January 3, 2025. This huge milestone comes after over two years of the exchange’s downfall in November 2022. The Initial Distribution will be limited to holders
The crypto market is ablaze with activity as several altcoins stage bull runs. In an additional spur, discussions on who would succeed Gary Gensler as SEC Chair have spiked quite the interest. Prominent journalists such as Eleanor Terret speculate that Paul Atkins will be the next SEC Chair. Meanwhile, the
FTX Token (FTT) soared to $2.64 today, marking a remarkable 30.96% price increase in the last 24 hours. The trading volume skyrocketed by 232.33%, reaching $196.99 million, reflecting strong investor interest. FTT’s market cap stands at $869.28 million, with a 21.45% volume-to-market cap ratio. This significant surge comes as the
