Tag: FTX

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

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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

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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

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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

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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…

Backpack Exchange Unveils Withdrawal Process for FTX EU Users

Key Notes Former FTX EU users can now claim their Euro balances via Backpack EU. The withdrawal process requires identity verification and a bank form. Backpack EU clarified it has no ties to FTX International or US cases. Former FTX EU users can now start getting back their Euro funds, as the Backpack exchange has opened a two-step withdrawal system. This move comes in light of Backpack’s acquisition of FTX EU. Withdrawal process begins after ftx eu acquisition On May 12, 2025, Backpack officially launched the long-awaited withdrawal process for…

FTX sues NFT Stars and Kurosemi in push to recover tokens

Bankrupt crypto exchange FTX has filed lawsuits against the non-fungible token marketplace NFT Stars and the blockchain gaming firm Kurosemi, which operates as Delysium, accusing them of withholding tokens they owed. The lawsuits, both filed in the Delaware bankruptcy court, alleged that NFT Stars and Delysium failed to deliver all the tokens paid for by FTX despite repeated attempts to resolve the matter. FTX claimed in an April 28 statement that it made “numerous unanswered attempts” to engage with both firms, and it would be “contacting numerous other token and…

Shaq Inks Deal to Settle With FTX Investors Over Boosting Failed Crypto Exchange

Shaquille O’Neal has reached a settlement agreement with a group of FTX investors who accused him of enabling the failed crypto exchange’s fraud by acting as a celebrity promoter, according to a court filing. Details of the settlement agreement, including the amount O’Neal will pay, have not yet been disclosed. Plaintiffs in the case are seeking up to $21 billion in total damages from O’Neal and other promoters, former executives and other insiders. The former basketball star-turned-business mogul was just one of a host of celebrity promoters named in the…

FTX Unstaked 186K SOL: Is Another Selloff Coming?

Key Notes FTX’s wallet unstaked over 186,000 SOL. This could trigger short-term selling pressure. Solana became the sixth-largest crypto, swapping USDC, despite the market-wide selloff. A wallet address tagged as FTX/Alameda Staking unstaked 186,326 Solana SOL $117.0 24h volatility: 2.1% Market cap: $60.26 B Vol. 24h: $4.59 B tokens, worth $21.5 million, early Friday, April 11. While the assets haven’t moved from FTX’s address, the unstaking process has, historically, led to a selloff as the bankrupt exchange aims to repay its creditors. The address also unstaked over 185,000 SOL last…

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

Nearly 400,000 creditors of the bankrupt cryptocurrency exchange FTX risk missing out on $2.5 billion in repayments after failing to begin the mandatory Know Your Customer (KYC) verification process. Roughly 392,000 FTX creditors have failed to complete or at least take the first steps of the mandatory Know Your Customer verification, according to an April 2 court filing in the US Bankruptcy Court for the District of Delaware. FTX users originally had until March 3 to begin the verification process to collect their claims. “If a holder of a claim…

The ‘worst quarter’ since the FTX collapse is finally behind us

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The election of US President Donald Trump was supposed to usher in a golden era of crypto. Although the regulatory stars are aligning, the crypto industry just experienced its worst quarter in years. The prices of Bitcoin (BTC) and Ether (ETH) recorded their worst Q1 in seven years, market sentiment fell to its lowest point since the last bear market, and Coinbase stock experienced its worst sell-off since the FTX debacle.  With the first quarter finally in the books, investors are looking forward to positive catalysts for Bitcoin and the…