Tag: FTX

FTX Ruling Could Let Exchanges Seize Assets Worldwide

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The FTX creditor community is awaiting a ruling next week that could let the FTX bankruptcy estate freeze payouts to creditors in “restricted countries,” including China. On Tuesday, the US Bankruptcy Court in Delaware is expected to rule on a motion that could allow the FTX estate to withhold payouts to creditors in 49 countries it has labeled as “restricted jurisdictions.” If the court approves the motion, affected creditors warn of “devastating consequences” that could extend far beyond the FTX case. “This motion isn’t just about FTX creditors. It sets…

Proof of Reserves: Has Crypto Really Changed Since FTX Collapse?

Key Notes Major exchanges like KuCoin, OKX, and Kraken now compete on audit transparency following the FTX crisis. Point-in-time reserve snapshots cannot detect off-chain liabilities or corporate debt that could bankrupt exchanges. Cryptographic verification represents industry progress, but users must view PoR as starting point for due diligence. In the world of crypto, trust is everything, whether you like it or not. Recent Proof-of-Reserves (PoR) announcements from exchanges like KuCoin and Coinex on July 10th and OKX on July 9th, coupled with ongoing reports from pioneers like Kraken, signal a…

FTX Motion Pausing Repayments to Certain Countries Elicits Objection

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A Chinese creditor has filed an objection to a motion from the FTX estate that would pause payouts to residents in jurisdictions with laws or regulations restricting cryptocurrency transactions, according to a Tuesday court filing. The creditor, Weiwei Ji, stated that although they reside in Singapore, they have been classified as a Chinese creditor due to holding a Chinese passport. Ji noted that the objection was submitted on behalf of Ji and a growing group of Chinese creditors — reportedly over 300 individuals, according to the filing. Excerpt from Weiwei…

Bitcoin, Satoshi, FTX, Brazil’s central bank

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From billion-dollar Bitcoin movements to courtroom maneuvers and cross-border hacks, this week’s crypto headlines span the strange, the strategic, and the staggering. Dormant wallets from the Satoshi era suddenly sprang to life, Brazilian hackers used crypto to launder stolen bank funds, and FTX sought legal approval to distribute assets in restricted jurisdictions. Meanwhile, Robinhood and Deutsche Bank pushed deeper into blockchain development, Ripple secured a key payments partner, and Bitcoin treasury giants like Strategy and Metaplanet doubled down on accumulation. Here’s a roundup of the biggest developments shaking up the…

FTX Estate Wants Clarity If It Can Send Payouts to China

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FTX’s bankruptcy estate has raised concerns over payouts to creditors in countries with ambiguous or restrictive cryptocurrency regulations. On Wednesday, the FTX estate filed a motion with the US Bankruptcy Court for the District of Delaware, seeking authorization for the FTX Recovery Trust to freeze distributions to creditors in “potentially restricted foreign jurisdictions.” The jurisdictions — 49 countries in total — have unclear or restrictive crypto laws, potentially posing risks due to complex cross-border legal implications. “Distributions made by or on behalf of the FTX Recovery Trust into jurisdictions in…

Crypto: The World’s Greatest Scam.

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Bitcoin to Blockchains, to NFTs, to Web 3.0… it’s time to find out if it’s really all the hype or just part of one of the greatest scams in human history. ****** ► Become a Patron for behind the scenes, Q&A’s, and editing tutorials: 💻Where I began Learning How to Edit + Other Clases (Skillshare) ► 📦 Download my Video Editing Templates: ► 📹 My Equipment: ► 🎶 Where I Get My Music: ►Epidemic Sounds – ► Artlist – Stock footage &…

Bankrupt Crypto Exchange FTX Slams Three Arrows Capital’s $1.53B Claim: “3AC Is Owed Nothing”

Bankrupt crypto exchange FTX has said it should not have to pay a massive $1.53 billion recovery claim by Three Arrows Capital, arguing in a recent court filing that the crypto hedge fund’s “own risky [trading] strategy caused its collapse, and its own account activity — not any action by [FTX] — resulted in a significant decline in the “value” associated with the 3AC Accounts in June 2022.” “3AC bet big that cryptocurrency prices would increase using cash it did not have and, when prices instead plummeted, 3AC proceeded to liquidate…

FTX Lawyers Want $1.53 Billion 3AC Claim Tossed

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Lawyers acting for the collapsed crypto exchange FTX have rebuked a $1.53 billion recovery claim from Three Arrows Capital’s liquidators, arguing the losses resulted from a risky trading strategy that should not be paid for by creditors. 3AC liquidators initially filed a $120 million claim in FTX’s bankruptcy case in June 2023 and expanded it to $1.53 billion in November 2024, alleging claims including breach of contract, fiduciary duty and unjust enrichment. The liquidators alleged FTX held $1.53 billion in the hedge fund’s assets that were liquidated to settle liabilities…