Tag: FTX

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

boss

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…

FTX Bankruptcy Estate distributes $5 billion

boss

The FTX Recovery Trust has initiated a second round of payments to its creditors. On May 30, the Trust started a $5 billion payout to eligible creditors in the Convenience and Non-Convenience Classes who have completed the pre-distribution requirements. According to a May 28 announcement, the creditors’ distribution will include Dotcom Customer Entitlement Claims, which are receiving a 72% distribution; US Customer Entitlement Claims, which are receiving a 54% distribution; and Convenience Claims, which will receive a 120% distribution. Additionally, General Unsecured Claims and Digital Asset Loan Claims will each…

Crypto Markets Brace For $5 Billion FTX Liquidity Shock: Expert

boss

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. Este artículo también está disponible en español. In a video published on Wednesday, crypto analyst and trader Miles Deutscher devoted a lengthy segment to the long-anticipated distribution of FTX bankruptcy proceeds, arguing that tomorrow’s release of…

Altseason Loading? Analyst Explains How FTX $5B Distribution May Trigger The Next Bull Leg

boss

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. Este artículo también está disponible en español. As Bitcoin and Ethereum hover near critical resistance levels, market sentiment is shifting rapidly. Analysts are now calling for an incoming Altseason, with bullish momentum building across the board,…

FTX Founder Sam Bankman-Fried To Leave Jail Earlier

Key Notes SBF is estimated to gain his freedom by December 14, 2044, earlier than planned. Bankman-Fried was found guilty of all seven charges levied against him, bagging a 25-year sentence. His parents, Joseph Bankman and Barbara Fried, seek a presidential pardon for their son. FTX founder Sam Bankman-Fried (SBF) is unlikely to serve the full 25 years of his prison sentence. Although he remains on probation, he could have up to 4 years reduced from his sentence due to good conduct and participation in prison programs since his incarceration.…

Binance Blames SBF for FTX Implosion, Wants to Toss Lawsuit

Key Notes Binance filed a motion to dismiss a $1.76 billion clawback suit from the FTX estate. Motion claims that FTX’s claims are baseless and the court lacks jurisdiction since Binance and CZ are not US citizens. While legal battles continue, the FTX Recovery Trust is preparing to distribute over $5 billion to creditors. In a legal rebuttal filed on May 16, crypto exchange Binance asked a Delaware bankruptcy court to dismiss a $1.76 billion clawback lawsuit brought by the FTX estate.  In the documentation, the leading digital asset trading…

Binance seeks to dismiss $1.76B FTX lawsuit, blames SBF for collapse

boss

Binance has filed a motion to dismiss a $1.76 billion lawsuit brought by the FTX estate, accusing the defunct crypto exchange of trying to deflect blame for its own failure. Filed on May 16 in the Delaware Bankruptcy Court, Binance’s legal team called the suit “legally deficient,” stating that FTX’s collapse was not triggered by market manipulation or hostile action but by internal misconduct. “Plaintiffs are pretending that FTX did not collapse as the result of one of the most massive corporate frauds in history,” the filing said, pointing to…

Bankrupt Crypto Exchange FTX To Shell Out $5,400,000,000 to Creditors at the End of the Month

boss

The bankrupt crypto exchange FTX plans to shell out $5.4 billion in a wave of payments to creditors at the end of the month. Eligible creditors will receive funds via BitGo or Kraken within 1-3 business days from May 30th, per a new press release from the exchange. FTX will make payouts from its $11.4 billion cash reserves, and the exchange says subsequent payouts will be announced at a later date. The bankrupt firm classifies its main creditors as individuals and institutions with millions of dollars stashed in the platform…

FTX stablecoin payouts and ETF inflows could boost Bitcoin in June

boss

Bitcoin could benefit from favorable market conditions through July, before seasonal headwinds and tariff deadlines take effect, analysts say. Bitcoin (BTC) has jumped more than 25% since April, and it’s now holding near $106,000 with several signs pointing to more upside in the coming weeks, analysts at Matrixport say. In a Friday report, the analysts suggested that a new all-time high might be within reach due to several positive catalysts on the horizon. According to the report, Bitcoin has surged back to the upper end of its range at $106,000,…

FTX EU creditors can now withdraw money from Backpack exchange

boss

Crypto exchange Backpack announced that customers of the defunct crypto exchange FTX EU can begin reclaiming their funds through its service. According to a May 12 X post, Backpack now allows FTX EU users who selected it as the redistribution platform to claim their euro balance. Users must first complete Know Your Customer (KYC) verification on the exchange before they can withdraw funds. Backpack’s support page also explains that the KYC details on the platform must match the ones provided to FTX EU: “If they do not, you will need…