Tag: FTX

NBA Hall of Famer Shaq Served in FTX Investor Suit – Exchanges Bitcoin News

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A law firm representing FTX investors has served former NBA star Shaquille O’Neal in a class-action case against celebrities who endorsed the failed crypto exchange. The lawsuit accuses Shaq, along with other public figures and the platform’s founder, of defrauding people who put money into FTX. Shaquille Served Legal Notice in FTX Lawsuit Outside His Home, Lawyers Say Following multiple attempts in the past months, legal representatives of a group of FTX investors have managed to serve Shaquille O’Neal in a suit against several celebrities who promoted FTX. The latter…

FTX victims’ lawyers struggle to serve Shaq

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The law firm representing victims affected by the FTX collapse have publicly appealed to NBA superstar Shaquille O’Neal to show “courtesy and honor” by actually accepting their legal complaint after several unsuccessful attempts. In an April 14 tweet, The Moskowitz Law Firm revealed its team have been standing outside O’Neal’s TNT studios in Atlanta “all week” to serve him on behalf of FTX investors – in relation to his previous endorsement of the now-defunct crypto exchange – however, O’Neal’s security guards have reportedly not let them in. It was emphasized…

FTX considers reboot, Ethereum’s fork goes live and OpenAI news

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Top Stories This Week Ethereum’s Shapella hard fork executed on mainnet The Ethereum blockchain’s mainnet, also referred to as the Beacon Chain, implemented the Shapella hard fork on April 12. The upgrade made fund withdrawals possible for those who have staked the network’s Ether (ETH) asset. Within the first hour of the hard fork, a total of 12,859 Ether were unlocked in 4,333 withdrawals, according to Ethereum block explorer beaconchai.in. Nearly a day after the upgrade, ETH surpassed the $2,000 price point. FTX has recovered $7.3B in assets, will consider…

Collapsed Exchange FTX Recovers $7,300,000,000 in Cash and Crypto Assets, Reconsiders Future: Report

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Troubled crypto exchange FTX has reportedly recovered billions of dollars worth of cash and assets as it reconsiders its future. According to a new report by Reuters, the bankrupt crypto-swapping platform has recuperated $7.3 billion in cash and liquid digital assets as the firm considers how to move forward from its catastrophic downfall last year. FTX attorney Andy Dietderich told Reuters the situation has stabilized and that the worst is over, further adding that FTX has greatly benefited from rising crypto prices in 2023. According to Dietderich, the amount recovered…

FTX Finds $7.3 Billion in Liquid Assets; Lawyers Consider Rebooting Shuttered Crypto Exchange – Bitcoin News

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FTX debtors revealed during a hearing on April 12th that the restructuring team has collected $7.3 billion in liquid assets. The exchange is currently considering a relaunch, according to a lawyer representing the defunct cryptocurrency exchange. Following the announcement, the exchange’s token, FTT, increased by over 70%, rising from $1.30 to $2.35 per unit. Lawyers Say FTX Is Considering a Reboot Lawyers representing FTX debtors recently told the U.S. bankruptcy judge that they have been discussing the possibility of relaunching the exchange. Andrew Dietderich of Sullivan & Cromwell stated that…

FTT Surges 100% as FTX Considers Reopening

FTX’s lead attorney said that restarting the exchange would require significant capital and there was an internal debate about whether this money should come from FTX’s estate capital or through third-party capital. The legal team behind the debtors of the bankrupt crypto exchange FTX recently suggested that the exchange could consider a reopening by mid-2023 which has a positive impact on FTT price. FTX’s attorneys from Sullivan & Cromwell made the announcement during a court hearing on Wednesday, April 12. The lawyers further added that ever since FTX announced bankruptcy,…

Attorney of FTX Said Exchange Could Reopen; Recovers Over $7.3 Billion in Assets

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In a court hearing on Wednesday, Sullivan & Cromwell, the solicitors for crypto exchange FTX, said the company is contemplating reopening in the future while it deals with bankruptcy. Allowing FTX’s creditors to convert a portion of their ownership into a stake in a reopened exchange was one possible solution that was proposed. The exchange’s relaunch was one of many potential possibilities being evaluated for the company’s future, lead FTX attorney Andy Dietderich told the court. If that course of action goes ahead, according to Dietderich, the plan will need to…

FTX considering a comeback as more funds are recovered

FTX has successfully recovered $7.3 billion in assets and is considering relaunching the exchange in the second quarter of 2023 as per recent reports. During a hearing that took place on April 12 in the United States bankruptcy court for the district of Delaware, attorneys from Sullivan & Cromwell representing FTX said that the cryptocurrency company had recouped around $7.3 billion in assets. An inquiry into the assets is still underway, however, a document from the creditors that was submitted in March said that the four FTX firm silos had…

FTX has recovered $7.3B in assets, will consider rebooting exchange

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Cryptocurrency exchange FTX may be considering restarting in the future, according to the legal team behind the debtors. In an April 12 hearing in United States Bankruptcy Court for the District of Delaware, lawyers with Sullivan & Cromwell representing FTX said the crypto firm had recovered roughly $7.3 billion in assets. A March filing from the debtors reported the four FTX company silos had roughly $4.8 billion in scheduled assets as of November 2022, with an investigation into the assets ongoing. According to the legal team, FTX will also consider…