Tag: FTX

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…

Strategy On Track For Historic Collapse, Bigger Than FTX

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Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. In a bold and alarming statement, on-chain analyst OxChain raised the possibility of a catastrophic collapse involving Strategy (formerly MicroStrategy), the Bitcoin proxy firm co-founded by Michael Saylor. According to OxChain, this potential downfall could surpass…

FTX Adds Payoneer as Payment Method For

Key Notes FTX adds Payoneer as a third payout option for creditors across 93 jurisdictions. Some countries, including Nigeria, Russia, Egypt, and China, remain excluded from payouts. Sam Bankman-Fried may be released from prison 4 years earlier due to good behavior. Creditors affected by the 2022 implosion of Bahamian-headquartered FTX Derivatives Exchange can now receive their refund via Payoneer. This is in addition to the two other distribution partners, BitGo and Kraken, which were selected for the repayment exercise earlier. The Need for FTX to Integrate Payoneer The FTX Recovery…

Ftx Adds Payoneer as Payment Method for Creditors

Key Notes FTX adds Payoneer as a third payout option for creditors across 93 jurisdictions. Some countries, including Nigeria, Russia, Egypt, and China, remain excluded from payouts. Sam Bankman-Fried may be released from prison 4 years earlier due to good behavior. Creditors affected by the 2022 implosion of Bahamian-headquartered FTX Derivatives Exchange can now receive their refund via Payoneer. This is in addition to the two other distribution partners, BitGo and Kraken, which were selected for the repayment exercise earlier. The Need for FTX to Integrate Payoneer The FTX Recovery…

FTX Creditors’ $2.2B of Disputed Claims on the line

Bankrupt cryptocurrency exchange FTX is facing fresh scrutiny from users fighting for at least $2.2 billion worth of disputed claims still pending approval, with numerous creditors continuing to struggle to get their repayments approved. The FTX Recovery Trust started its second round of payments on May 30, repaying over $5 billion worth of digital assets to eligible creditors who have completed pre-distribution requirements. Still, at least $2.25 billion worth of repayments remain in dispute, according to estimates shared by Sunil, FTX creditor and Customer Ad-Hoc Committee member. “Current allowed claims:…

$5B in FTX Funds Are Hitting Wallets—Will Crypto Markets Get a Second Wind?

On Friday, the estate managing the collapsed crypto exchange FTX announced that its recovery trust had begun disbursing over $5 billion tied to both convenience and non-convenience class claims. As distributions roll out over the following three days, Coinbase Institutional observed in its weekly briefing that this injection of capital could invigorate liquidity across crypto […] Source CryptoX Portal

Bankrupt Crypto Exchange FTX Officially Kicks Off Second Round of Creditor Repayments With $5,400,000,000 Distribution

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The bankrupt crypto exchange FTX has begun distributing more than $5.4 billion to creditors. The payouts represent the exchange’s second round of distributions after smaller creditors categorized in FTX’s “Convenience Class” started receiving repayments in February. Creditors in this round include “convenience class” members and larger claims. They will all receive funds via BitGo or Kraken within one to three business days from Friday, per a new press release. FTX will make payouts from its $11.4 billion cash reserves, and the exchange says subsequent distributions will be announced “in due…