Key Notes SBF claimed that FTX was never insolvent but collapsed due to a liquidity-driven bank run. He said that customers will recover up to 143% of their funds, with 98% already repaid more than owed. Critics dismiss his defense as revisionist, noting that victims were repaid at 2022โs depressed valuations. Sam Bankman-Fried, the founder of the bankrupt FTX exchange, claimed his platform was never truly insolvent but merely caught in a liquidity crunch. In a 14-page document dated Sept. 30, 2025, the former FTX CEO claims that the exchange…
Tag: FTX
SBF’s ‘Biggest Mistake’ Was Signing Over FTX To CEO John Ray
Sam โSBFโ Bankman-Fried, the founder and former CEO of the bankrupt cryptocurrency exchange FTX, said his โbiggest mistakeโ during the $8 billion collapse was handing control of the company to new management โ a decision he claims cost him a last-minute opportunity to save the firm. Bankman-Fried, once the leader of the $32 billion FTX exchange, is currently serving a 25-year prison sentence for seven felony charges related to the collapse of FTX and Alameda Research in November 2022, which resulted in an $8.9 billion loss of investor funds. Looking…
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Important Security Tip Shared With FTX Creditors Amid Growing Scam
Key Notes Sunil has notified the public of a scam email trend, impersonating Kroll Restructuring Administration LLC in FTX payout distribution. The scam email claims that Kroll has partnered with Digital Disbursements for the remaining payout. Payoneer is the only distribution partner that has been added to BitGo and Kraken. Kroll Restructuring Administration LLC., the liquidator in charge of FTX reorganization plans, has reportedly been impersonated by bad actors. An FTX Creditor activist took to X to notify the public, citing that the perpetrators of the exploit utilized emails. He…
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FTX Trust Seeks to Claw Back $1B from Genesis Digital
The entity responsible for handling cryptocurrency exchange FTXโs bankruptcy filed a lawsuit seeking to recover more than $1 billion in funds sent by its former CEO, Sam โSBFโ Bankman-Fried. In a Monday filing in the US Bankruptcy Court for the District of Delaware, the FTX Recovery Trust filed a complaint against crypto mining company Genesis Digital Assets (GDA), its affiliates and two of its co-founders as part of its efforts to recover $1.15 billion of โcommingled andย misappropriated funds.โ According to the filing, the funds were directly tied to Bankman-Friedโs โfraud…
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FTX Recovery Trust Unlocks $1.6B for Creditors This Month
The FTX Recovery Trust, the entity overseeing the distribution of funds from the bankrupt crypto exchange, announced a third tranche of distributions to creditors, worth about $1.6 billion. According to a Friday announcement, the distribution is scheduled for Sept. 30, and creditors should receive the funds in their accounts within three business days of the payment date. The third distribution includes a 6% payout for Dotcom Customer claims, a 40% distribution for US Customer Entitlement Claims and a 24% distribution for General Unsecured Claims and Digital Asset Loan Claims. Convenience…
FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo’s journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration…
FTX EU Buyer Backpack Goes Live In Europe
Backpack EU, the owner of FTX EU โ the former European arm of the defunct exchange FTX โ is launching operations after settling with the Cyprus Securities and Exchange Commission (CySEC). Backpack EU, registered with the CySEC as Trek Labs Europe, announced on Monday the launch of its perpetual futures platform in Europe, the company told Cointelegraph. โAfter fulfilling our promise to refund former FTX EU customers, we commence our journey to provide one of the first fully regulated crypto derivatives platforms in Europe, starting with perpetual futures,โ Backpack CEO…