Tag: FTX

US Court Orders Bankrupt Crypto Exchange FTX To Pay $12,700,000,000 to Former Customers and Fraud Victims

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A US court has ordered bankrupt crypto exchange FTX to pay $12.7 billion in monetary relief to customers who suffered losses when the company collapsed in 2022. In a new statement, the Commodity Futures Trading Commission (CFTC) says the order requires FTX to pay $8.7 billion in restitution and $4 billion in disgorgement to further compensate those who fell victim to the exchange’s fraudulent scheme. In December 2022, the CFTC filed a fraud complaint against FTX, its founder Sam Bankman-Fried, and former company executives alleging that they misappropriated customer funds…

US Court Orders FTX and Alameda to Pay Fraud Victims $12.7 Billion in Historic CFTC Recovery

A U.S. district court has ordered FTX and Alameda Research to pay $12.7 billion to fraud victims due to their misuse of customer funds and fraudulent practices. Ian McGinley, Director of the Commodity Futures Trading Commission’s Division of Enforcement, emphasized that this multibillion-dollar recovery is the largest recovery in CFTC history. FTX and Alameda Ordered […] Source CryptoX Portal

Bitcoin MVRV Lowest Since FTX Crash, Signal To Buy?

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On-chain data shows the Bitcoin Market Value to Realized Value (MVRV) ratio has observed a plunge alongside the latest price crash. Bitcoin 30-Day MVRV Ratio Is Now At Lowest Levels Since FTX Collapse As explained by analyst Ali Martinez in a new post on X, the 30-day MVRV ratio has just gone through a sharp drop. The “MVRV ratio” refers to a popular on-chain indicator that, in short, tells us about how the value held by the Bitcoin investors (that is, the market cap) compares against the capital put in…

Former FTX Execs Nishad Singh, Gary Wang to Be Sentenced Later This Year

Following their pleas shortly after FTX’s massive, industry-shaking collapse in late 2022, they testified against Bankman-Fried at his trial, saying they were made aware of wrongdoing at the exchange shortly before it filed for bankruptcy. Another former FTX executive, Ryan Salame, was recently sentenced to 7.5 years in prison after pleading guilty to campaign finance charges. Salame did not testify against Bankman-Fried. Source

Colossal Buying Pressure For Bitcoin And Solana As FTX Plans $16B Distribution, Expert

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In a significant development for the cryptocurrency industry, FTX, the exchange that collapsed in November 2022 under the leadership of convicted Sam Bankman-Fried, is preparing to distribute a staggering $16 billion in cash to its customers, which could lead to significant gains for Bitcoin (BTC) and Solana (SOL) prices.  Crypto researcher Xremlin has predicted that a considerable portion of this cash will flow back into the crypto market, serving as a catalyst for growth towards the end of the year.  FTX $16 Billion Cash Injection  In a recent social media…

Bitcoin (BTC) Price Bottom Is Near as Miners Capitulating Near FTX Implosion Level: CryptoQuant

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Two signs of miner capitulation are dwindling hashrate and mining revenue by hash (hashprice), both of which are down significantly this month, with hash rate plunging by 7.7% since the halving at hashprice nearing all-time lows. Hashrate is the mining power in the Bitcoin network, and hash price refers to the revenue miners earn from a unit of hashrate. Original