Tag: FTX

FTX claims climb to 57% as Sam Bankman-Fried found guilty on all counts

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The current claim pricing of FTX has reached a maximum of 57%, according to data from Claims Market. The increase in FTX’s claim pricing is attributed to the valuation of artificial intelligence (AI) companies that the now-bankrupt crypto exchange previously invested in.  Creditors stake their claims to try to recoup some of their investment when businesses experience financial difficulties or bankruptcy. Based on estimates of the total amount recovered, investors frequently trade these claims. There is an increase in the estimated recovery value when the pricing of a claim rises.…

FTX Claim Pricing Jumps by 57% after SBF Convicted of Seven Criminal Charges

An upswing in a claim’s valuation signals an increase in the anticipated recovery worth. SBF’s inner circle – Caroline Ellison, Gary Wang, and Nishad Singh – might have to pay heavy penalties. On Thursday, November 2, the US court finally convicted FTX co-founder Sam Bankman-Fried of seven criminal charges. The sentencing will take place next year around March 2024. Interestingly, amid this development, FTX‘s claim price also surged by a staggering 57%. Fundamentally, a claim signifies an entitlement to a specific sum of money. When businesses encounter financial challenges or…

Bitcoin (BTC) Is Up 70% a Year After FTX Collapse, but ‘Alameda Gap’ in Liquidity Persists

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‘We were worried about ecosystem startups’ — Solana co-founder on FTX collapse

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The infamous collapse of FTX sent shockwaves through the broader cryptocurrency space in 2022, but the Solana ecosystem was particularly hard hit in the fallout. Speaking exclusively to Cointelegraph at the latest edition of the Solana Breakpoint conference hosted in Amsterdam, Solana co-founder and Solana Labs CEO Anatoly Yakovenko recalls his concern for several projects that were building on the layer-1 smart contract blockchain protocol. “I was more worried about the ecosystem of startups; we didn’t know how exposed teams were,” Yakovenko explained. Solana’s native token, SOL (SOL), saw a…

Sam Bankman-Fried Guilty on All 7 Counts in FTX Fraud Trial

Bankman-Fried, 31, was arrested last December and tried on allegations of defrauding FTX investors and customers, and Alameda Research’s lenders. The once-prominent crypto exchange CEO pleaded not guilty to all charges, and went to trial at the beginning of October, where federal prosecutors sought to paint him as someone who deliberately set out to steal his customers’ funds – around $8 billion – for use in a variety of purchases and investments, including real estate, sports sponsorships and venture investments. His defense team argued that Bankman-Fried was an overworked businessman…

Sam Bankman-Fried “doubled down” by buying Binance’s stake in FTX — U.S. prosecutors

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Federal prosecutors claimed Sam “SBF” Bankman-Fried “doubled down” on the use of customers’ funds when he purchased Binance’s $2 billion stake in FTX in 2021. According to U.S. government attorneys, Bankman-Fried paid for the buyout with funds from FTX customers. The prosecution is delivering its closing arguments on Nov. 1 at the Southern District Court of New York, where Bankman-Fried’s trial has been taking place since Oct. 3. Jurors in the case reportedly heard from ​​Assistant U.S. Attorney Nicolas Roos: “The defendant had a choice: come clear or double down?…