Tag: FTX

US DoJ wants former FTX boss, Sam Bankman-Fried, to be detained

The United States Department of Justice (DoJ) has asked for Sam Bankman-Fried, the former CEO of FTX, a now-defunct exchange, to be detained. The request was made in a letter addressed to Judge Lewis A. Kaplan of the United States District Court for the Southern District of New York. Bankman-Fried is being charged with witness tampering and the unauthorized release of Ellison’s private writings to the New York Times, which allegedly harmed her reputation. The DoJ strongly disagrees with the defense’s argument that removing Bankman-Fried’s bail would infringe on his right to…

FTX CEO Says Embattled Exchange Ready for Bankruptcy Plan That Will Extinguish FTT Token Claims

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The bankrupt crypto exchange FTX has submitted a draft reorganization plan to the courts to pay back creditors. The draft plan, filed with a US bankruptcy court on Monday, calls for scrapping claims based on holdings of the disgraced company’s native token, FTT. The draft says the FTT-based claims against the exchange should be dropped due to the “equity-like characteristics” of its native token. It also calls for canceling any other equity interests. FTX plans to pay back other debtors and customers in cash. The company’s CEO, John J. Ray…

FTX creditors unimpressed with exchange’s bankruptcy exit plan

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A body representing FTX customers said it is “extremely disappointed” by the exchange’s draft bankruptcy exit plan and claims it was ignored by FTX’s restructuring team. In a July 31 court filing, FTX’s Official Committee of Unsecured Creditors (UCC) said despite its repeated requests and previous promises from the team, it “did not have a single call or meeting” with FTX to discuss its draft Chapter 11 plan. The plan outlines and categorizes customer claims into classes and creates a path forward for FTX to re-launch as an offshore exchange.…

Bankruptcy judge signs off on order allowing Terraform Labs to subpoena FTX entities

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A judge in the bankruptcy case for defunct crypto exchange FTX has issued an order allowing Terraform Labs to subpoena information that could be used in its case brought by the United States Securities and Exchange Commission (SEC). In a July 31 filing in U.S. Bankruptcy Court for the District of Delaware, Judge John Dorsey said Terraform Labs was permitted to serve FTX Trading and FTX US with subpoenas aimed at gathering evidence the firm could use in its defense from allegations of fraud by the SEC. The crypto firm…

FTT Token Surges 17% After FTX Confirms Rumors Of Relaunch

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Bankrupt crypto exchange FTX has submitted a proposal that may result in the relaunch of its international arm FTX.com. On August 1, the company’s bankruptcy administrators confirmed rumors of a relaunch by filing a draft plan of reorganization in which it proposes the kick-off of a “rebooted” offshore exchange exclusive to non-US users only. FTT Gains By 17% Amidst Plans To Terminate Claims FTT, the native token of the FTX exchange, recorded a significant boost in its price on the emergence of the exchange’s proposal to relaunch in the international…

FTX Officially Floats Plan to Restart International Crypto Exchange

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FTX filed a series of court documents yesterday (Monday) with the claims of the debtors and also proposed a plan for one class of claimants to relaunch the offshore cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around…

Defunct Crypto Exchange FTX Plans to Restart Platform for Non-U.S. Customers

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The filing, posted Monday night U.S. time, delineates the claimants into various groups. The first group is claimants of FTX.com offshore exchange, which it calls “dotcom customers”, next is customers of the U.S. exchange (“U.S. customers”), after, customers of its NFT exchange, then general unsecured claims, secured claims, and subordinated claims. Included in general claims are those from Alameda’s lenders or trading partners, while subordinated claims are taxes and fines from penalties. Source

FTX Founder Sam Bankman-Fried’s Attempts to Influence Witnesses Show He Must Be Jailed Before Trial: DOJ

“The defendant’s leaking of Ellison’s private writings is yet another instance of the defendant trying to intimidate and corruptly persuade Ellison with respect to her upcoming trial testimony, as well as an effort to influence or prevent the testimony of other potential trial witnesses by creating the specter that their most intimate business is at risk of being reported in the press,” the filing said. Source