Tag: FTX

exploring RebelSatoshi, FTX Token, and Terra LUNA

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. For beginner cryptocurrency investors, a few gems can turn out to be profitable: Rebel Satoshi ($RBLZ), FTX Token (FTT), and Terra (LUNA). Let’s dig deep to understand what makes $RBLZ, FTT, and LUNA some of the best altcoins to buy. TLDR Rebel Satoshi ($RBLZ) surges 80% to reach Warriors Round 2 of the presale.  FTX Token (FTT) is predicted to drop below $4 after a massive surge in price. …

FTX And IRS Lock Horns Over $24 Billion Tax Bill, FTT’s Key Support Wavers

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In a striking turn of events, the Internal Revenue Service (IRS) in the United States has presented a staggering tax bill of $24 billion against the bankrupt cryptocurrency exchange FTX.  FTX Challenges IRS’s $24 Billion Tax Bill According to court filings and FTX’s response to the IRS’s claims, several key arguments challenge the basis of the tax bill. Firstly, FTX highlights that its operations spanned three years, never distributing dividends or earnings.  Secondly, the exchange’s defense attorneys claim that the company incurred substantial losses rather than generating income that could…

FTX case unwinnable, says Sam Bankman-Fried’s lawyer

Sam Bankman-Fried’s lawyer, David Mills, calls his client the worst witness ever and emphasizes the FTX founder made the case unwinnable.  In a recent interview with Bloomberg, Mills described the former FTX CEO’s trial as one of his most daunting cases yet. The case began with a personal request, as Joseph Bankman and Barbara Fried, Bankman-Fried’s parents and long-time acquaintances, sought his expertise. The parents believed in their son’s innocence and needed a capable defender in his corner. Mills, acknowledging the depth of their friendship, agreed to assist without any…

Sam Bankman-Fried’s lawyer says FTX fraud trial was “almost impossible” to win: Report

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The lawyer responsible for Sam Bankman-Fried’s criminal trial defense has admitted that the case was “almost impossible” to win from the outset. In a one-on-one interview with Bloomberg, Stanford Law School professor David Mills recounts how Bankman-Fried’s reluctance to follow his recommendations and the damning testimony of his former associates had the FTX founder’s back against the ropes. Related: Caroline Ellison wanted to step down but feared a bank run on FTX “I thought it was almost impossible to win a case when three or four founders are all saying you did…

FTX Challenges IRS $24B Tax Claim, Citing Unsubstantiated Figures

FTX’s legal team noted in the filing that paying the $24 billion could impede the repayment of funds to the exchange victims. Lawyers representing the bankrupt cryptocurrency exchange FTX have contested the United States Internal Revenue Service (IRS) claim of $24 billion in unpaid taxes. The attorneys insist that the IRS must substantiate its demands, urging the tax agency to provide evidence supporting its assertion. In a recent filing with a Delaware bankruptcy court on November 10, the company refuted any liability to the IRS. The firm countered the tax…

IRS tax bill will swipe creditors of any ‘meaningful recovery,’ says FTX

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A proposed $24 billion tax bill from the United State IRS will likely suck up any “meaningful recovery” that was meant for victims of FTX, according to the bankrupt crypto exchange.  The United States tax authority has been trying to chase tax arrears from the crypto exchange and its sister firm Alameda Research since May this year. The IRS initially claimed $44 billion across 45 separate claims against FTX and its subsidiaries in May. 10, but recently brought that number down to $24 billion. However, in a Dec. 10 filing…

FTX and Alameda move $23.59M in assets to Binance, Coinbase, OKX

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In four days, wallets linked to defunct crypto trading firms FTX and Alameda Research moved $23.59 million worth of digital assets to top cryptocurrency exchanges. Blockchain analytics firm Spot On Chain identified the movement, estimating that the defunct entities have transferred $591 million since Oct. 24 using 59 different cryptocurrency tokens. The wallets linked to FTX spread the latest transfer of $23.59 million across 19 tokens: 3,150 ETH  valued at $6.8 million, 59.6 million ALEPH (ALEPH) worth $6.41 million, $2.48 million in Curve (CRV), $990,000 in Avalanche (AVAX), and $848,000…

FTX to submit revised reorganization plan in mid-December

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The Official Committee of Unsecured Creditors has written a reply to the FTX 2.0 Customer Ad Hoc Committee, providing insights into the details of its proposed amended reorganization plan. Scheduled for mid-December, the plan is expected to reshape the fate of unsecured creditors. In the letter, recognizing differing perspectives on asset valuation and distribution, the Committee of Unsecured Creditors highlighted the proposed plan’s capacity to maintain a balance among stakeholders’ interests. However, ongoing activities, including a potential acquisition by financial services firm Perella Weinberg that may unfold during the bankruptcy proceedings,…