The crypto market has decided to slump further down as the week progresses. This is combined with the news of South Dakota’s Bitcoin Reserve bill making it a bearish day for the sector. Meanwhile, the memecoin industry has also joined in to show its own activity, coinciding with Sam Bankman-Fried’s
FTX will begin its creditor repayments on February 18, 2025, with $16 billion allocated for payouts. Phase 1 will distribute $6.5 billion to $7 billion in new liquidity. Creditors with claims below $50,000 will be fully repaid. Additionally, they will earn 9% annual interest on their claims. Another allocation for
FTX has published a comprehensive statement on its repayment and distribution procedure. The proposals bring new liquidity into the procedure and provide certain dates for customers and creditors. FTX Repayment Details and Fresh Liquidity Injection From February 18, 2025, FTX will begin paying its creditors. The firm has set aside
FTX has started notifying creditors with claims under $50,000 about their initial fund allocation. The exchange has emailed affected creditors, informing them of the next steps to receive their payments. Sunil, a representative of FTX creditors, confirmed this update in a recent X post. FTX Claims FTX are notifying claims
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
