In documents filed with the U.S. District Court Southern District Of New York, Alexander Nikolas Gierczyk says he agreed to sell a $1.59 million FTX bankruptcy claim at a 42% discount to Olympus Peak Trade Claims Opportunities Fund with an “excess claim provision.” Source
FTX’s bankruptcy plan to repay customers in cash plus interest was approved by a Delaware judge, despite a push for in-kind reimbursements. Judge John Dorsey of the U.S. District of Delaware Bankruptcy Court ruled in favor of FTX’s repayment, which could distribute up to $16 billion worth of recovered assets. Two years after the crypto exchange collapsed, 98% of creditors were approved to receive 118% of their claims in cash. While 94% of claimants supported the plan, Sunil Kavuri, a spokesperson for the largest FTX creditor community, argued for cryptocurrency…
A U.S. court approved FTX’s bankruptcy plan on Monday, which will see the majority of the crypto exchange’s customers get the equivalent of their 2022 losses, and then some. Source
Bitcoin and other altcoins held steady after the Bureau of Labor Statistics published encouraging September nonfarm payrolls data. US nonfarm payrolls rebound Bitcoin (BTC) rose slightly to $62,500 while Solana (SOL) jumped by 3% to $140. FTX Token (FTT) was the best top-100 cryptocurrency as it jumped by 20%. It has risen by over 80% from its lowest level this month. Shiba Inu (SHIB), the second-biggest meme coin in the industry, was the second best-performing currency, rising by 10%. The other top performers were AAVE (AAVE), Beam (BEAM) and Celestia…
With creditor approval secured, the next step is for the bankruptcy court to confirm the reorganization plan. A hearing is set for Oct. 7. Potential challenges remain, however, including possible objections from the U.S. Securities and Exchange Commission regarding the use of stablecoins for repayments, as previously reported. Source
Sam Bankman-Fried, co-founder of FTX, has filed an appeal against his conviction, arguing that key evidence was improperly excluded from his trial. His attorneys claim that legal errors denied him a fair trial and seek a retrial with a different judge. Sam Bankman-Fried’s Appeal Targets Conviction Over Alleged Legal Missteps In an appeal filed with […] Source CryptoX Portal
But in a 32-page memorandum to U.S. District Court Judge Lewis Kaplan of the Southern District of New York (SDNY) last week, Salame argued that prosecutors had promised him that they would cease any investigations into Michelle Bond, Salame’s long-time partner and mother of his child, as part of his plea deal. Source
Ellison’s diary entries – a select few pages anyway – also lay out her thought process during her time at Alameda, describing her mood, how work and her relationship with Bankman-Fried affected her and her thoughts on how to improve her life (taking a day off work, going outside, keeping in touch with friends and reducing her Adderall dosage, among other possible remedies). Source
“Ms. Ellison has been the focus of intense media scrutiny and Internet fascination since the outset of this case, including from Sam Bankman-Fried’s repeated efforts to release Ms. Ellison’s private information to the media,” the filing said. “Because Ms. Ellison’s friends should not be subject to harassment and doxing because they have written to the Court, Ms. Ellison seeks leave to redact their names and other identifying information from the publicly filed version of the letters and her sentencing memorandum.” Source
In their memo, prosecutors called Salame’s assertions “inaccurate, incomplete, and outright false” and denied that they breached their plea agreement with Salame, noting that there was “nothing in Salame’s plea agreement that suggested that the U.S. Attorney’s Office for the Southern District of New York would not criminally prosecute any of Salame’s criminal co-conspirators in consideration of his guilty plea.” Source