An investigation into the law firm Sullivan & Cromwell LLP, which worked with the now-defunct crypto exchange FTX, revealed that the firm was neither involved in the fraud nor aware of the financial troubles that plagued the collapsed trading platform. Sullivan & Cromwell Cleared of Negligence in FTX Collapse Following a recent investigation, former U.S. […] Source BitcoincryptoexchangeExchanges CryptoX Portal
The location of the new prison is undisclosed as of early Thursday, but is thought to be in California, WSJ said. He is likely to be placed in a medium-security prison. Source
Prosecutors have proposed a prison term of five to seven years for Ryan Salame, a former executive at FTX, ahead of his sentencing scheduled for May 28, 2024. This recommendation contrasts sharply with Salame’s legal team’s plea for a more lenient punishment of no more than 18 months. Clash Over Sentencing: Prosecutors Demand 5-7 Years […] Source CryptoX Portal
In filings, his attorneys argue that Salame’s role at the shuttered companies was less central to the fraud and more operational. They also cite cooperation with authorities, genuine remorse, efforts to address his substance abuse issues, and the significant personal and financial losses he has already suffered as a result of the exchange’s collapse. Source
The bankrupt crypto exchange FTX now has holdings worth billions of dollars more than the legally approved claims made by its creditors. A recently filed disclosure statement indicates that FTX’s bankruptcy estate estimates it will hold net distributable proceeds between $14.5 billion and $16.3 billion on September 30th, the projected start date for the exchange’s reorganization plan. FTX only owes creditors approximately $11.2 billion, putting the bankrupt exchange’s creditors in a position to recover between 118% and 142% of their claim values, according to the disclosure statement. However, FTX’s creditors’…
FTX is poised to repay nearly all its account holders fully, according to a reorganization plan presented in court. The bankrupt cryptocurrency exchange has raised about $15 billion mainly by selling investments from itself and its affiliate, Alameda Research. This fund will ensure payments of 118 cents on the dollar for 98% of creditors with […] Source BitcoincryptoexchangeExchanges CryptoX Portal
Bankrupt cryptocurrency exchange FTX has proposed a new reorganization plan that would see a whopping 98% of its creditors get back 118% of their claims – in cash – within 60 days of court approval, according to new documents filed Tuesday evening. Source
When the Titanic hit an iceberg in 1912, an officer told Astor he couldn’t join his wife on a lifeboat until all women and children were safe. A week later, Astor’s body was found in the water, along with his possessions – a 14-karat “Gold watch, cuff links gold and diamond, diamond ring,” and a “gold pencil,” the report said. Source
With a few hours left from the last day of the month (UTC time), bitcoin is down over 16% through April, and ether is lower by 18%.. Smaller cryptocurrencies suffered an even deeper correction, with altcoin darlings SOL, dogecoin (DOGE), avalanche (AVAX) lower by 35%-40% this month. Original
Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. The fallout from the FTX collapse and the accompanying media circus left unexpected and wide-reaching disruption. Still, the truth is that it expedited the realization that centralized exchanges (CEXs) are broken. How we pick up the pieces will have a long-lasting impact on our industry. It is not the role of regulators to prevent another FTX collapse. Without meaningful change, this new money system will continue to…