Tag: FTX

FTX Eyes December Relaunch but Faces Uphill Battle to Regain Trust

While the path forward for FTX remains uncertain, the exchange appears to be taking steps to recover from recent turbulent times. The once-dominant cryptocurrency exchange FTX is endeavoring to set a new course following its bankruptcy last year, which was marred by allegations of fraud and mismanagement. Recent court proceedings have shed light on FTX’s exploration of various options to relaunch its trading platform and fulfill its obligations to creditors. Exploring Options to Relaunch FTX In the quest to reestablish FTX, sources close to the negotiations reveal that the exchange…

FTX Founder Sam Bankman-Fried’s Defense May Depend on Character and Fact Witnesses

Weeks ago, Bankman-Fried’s lawyers filed their proposed list of expert witnesses – a roster that included several law experts, a finance professor and a data analytics and forensics specialist. However, Judge Lewis Kaplan, who’s overseeing the case, granted the prosecution’s request to bar those witnesses for a variety of reasons, including arguments that the witnesses’ testimony would be tangential to the case and that the witnesses themselves were unfit to testify in a U.S. criminal trial. Source

FTX navigates post-bankruptcy options, weighs sale or revival

These options reportedly encompass selling the entire exchange, including its extensive customer base of over 9 million, to the potential of forming a partnership with another entity to revive the platform. FTX Trading Ltd., formerly a prominent player in the cryptocurrency exchange sector, is carefully considering its future after going through bankruptcy proceedings.  According to a report, during a court hearing in Wilmington, Delaware, Kevin M. Cofsky, the company’s investment banker from Perella Weinberg Partners, revealed that a decision regarding the company’s direction would be made by mid-December. Additionally, active…

FTX cooperators unlikely to see jail time, says ex-prosecutor

Former Southern District of New York prosecutor Josh Naftali said Caroline Ellison, Gary Wang and Nishad Singh will probably skip time behind bars due to their cooperation with federal attorneys in United States v Sam Bankman-Fried. “it’s the exception, not the rule,” Naftali noted on TechCrunch’s Chain Reaction podcast, referring to witnesses serving time after testifying for the government. In a white collar case, where you’re a first time offender, as a cooperator, it’s pretty typical for the cooperating witness not to do actual jail time Josh Naftali, former prosecutor…

FTX Creditors’ Lawyers Promote Deal Giving Investors 90% of What’s Left in Sam Bankman-Fried Empire

CryptoX – Cryptocurrency Analysis and News Portal But the bankruptcy negotiation was always aimed toward a settlement, because it gets money into people’s hands much more quickly, Paul explained. The lawyers have until Dec. 1 to get a 75% approval rate from the 60 individuals and entities in their group and with any investors who sign up as members in the coming weeks. Original Source The post FTX Creditors’ Lawyers Promote Deal Giving Investors 90% of What’s Left in Sam Bankman-Fried Empire appeared first on CryptoX. CryptoX Portal

FTX SBF’s Trial Reaches Final Stages, What’s Next?

Bankman-Fried’s legal team, led by Mark Cohen and Christian Everdell, has encountered difficulties in presenting a coherent narrative to the jurors. FTX co-founder Sam Bankman-Fried‘s trial is nearing its conclusion, with the prosecution set to conclude their case on October 26 after nearly 20 testimonies. The prosecution has called upon a wide range of witnesses over the past three weeks, including former FTX employees, customers, investors, government officials, and law enforcement agents. FTX Co-founder’s Trial The central argument of the case revolves around the allegation that Bankman-Fried intentionally deceived these…

FTX creditor claims heat up as bankruptcy proceedings drive forward

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The market for FTX creditor claims has been heating up, with some claims now reportedly selling for more than 50 cents on the dollar, according to Thomas Braziel, partner at 117 Partners — a firm specializing in crypto bankruptcy claims.  Braziel told Cointelegraph that a claim worth more than $20 million recently sold for between 52 cents and 53 cents at auction on Oct. 20, though noted that only the best claims typically reach this price tag, adding: “The market has really firmed up for smaller claims, with smaller claims…

Sam Bankman-Fried lived lush lifestyle prior to FTX downfall

FTX founder Sam Bankman-Fried Fresh continued to live an extravagant life while his trading firm, Alameda Research, was facing severe financial challenges, court documents reveal. FTX’s intricate web of spending and suspicion Bankman-Fried was living the high life thanks to billions of dollars worth of customer funds from FTX, prosecutors allege in a fresh set of court documents. The disgraced FTX founder and his associates indulged in extravagant spending on investments, donations, and real estate — even in the months leading up to the collapse of the crypto exchange. Among…