Tag: FTX

Met museum to refund $550k in donations from FTX

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied In the aftermath of FTX’s bankruptcy, The Metropolitan Museum of Art confirms its decision to return $550,000 in donations from the crypto exchange. The Metropolitan Museum of Art, New York, has declared its intentions to refund $550,000 it received from FTX, a cryptocurrency exchange that folded last November. The museum stated its decision in a submission to the US Bankruptcy Court in Delaware on June 2, where FTX started its bankruptcy proceedings. The repayment results from…

Metropolitan Museum of Art to return $550K in donations from FTX

boss

The Metropolitan Museum of Art (Met) is set to return $550,000 in donations it received from crypto exchange FTX prior to its collapse in November. The New York-based museum confirmed its intention to repay the funds to FTX debtors in a filing to the United States Bankruptcy Court in Delaware on June 2 — the same court where FTX commenced its bankruptcy proceedings. Filing from the Metropolitan Museum of Art. Source: CourtListener The Met said the agreement came on the back of “good faith, arm’s length negotiations” with FTX’s debtors:…

FTX lawsuits see crypto firms, influencers dial back endorsement deals

boss

Crypto influencers are taking an extra cautious approach to endorsement deals since the collapse of crypto exchange FTX last year, which has seen several celebrities hit with a lawsuit for their alleged role in its promotion.  In March, a $1 billion class-action lawsuit was filed alleging that eight influencers promoted “FTX crypto fraud without disclosing compensation.” Influencers told Cointelegraph that it has served as a wake-up call — those that endorse crypto firms need to understand their followers can take legal action against them in the future should that company…

FTX debtors object Genesis’ ‘critical’ claim estimate of ‘$0.00’

boss

Just a month after bankrupt cryptocurrency exchange FTX was seeking $4 billion from the also bankrupt crypto lender Genesis, it is now contesting a claim that it is entitled to nothing. According to a June 2 court filing in a New York Bankruptcy Court, the FTX debtors have raised an objection to Genesis’ estimation that they are entitled to claims totalling ‘$0.00’ – as stated by Genesis in an estimation procedures motion filed on June 1. The FTX debtors alleged they were not “invited to participate” in the mediation and…

Six months on from FTX, Tether mines BTC, and Nvidia’s AI superchips

boss

Just over six months after FTX’s dramatic collapse, the crypto industry can finally begin analyzing the effects of the debacle. The quick ripple effect to other crypto businesses drained liquidity from the industry and prolonged the crypto winter, with Silvergate Bank, BlockFi and Genesis Global Capital among those hit by the exchange’s collapse. FTX’s bankruptcy has also affected the crypto regulatory landscape, with authorities cracking down on firms — employing controversial methods in some cases — to avoid a deepening blend of traditional finance with cryptocurrencies. Companies that closed their…

SBF Wants to Subpoena Documents from Former FTX Law Firm to Beat Fraud Charges

Lawyers representing SBF say that these documents from the former FTX law firm contain information that could absolve the former CEO. Sam Bankman-Fried (SBF) is trying to beat the fraud charges levied against him by requesting documents from the law firm that provided counsel for him, Alameda Research and FTX. According to a court filing, SBF wants to subpoena these documents, as he believes they would help him with his forthcoming court case. SBF believes he can use documents from the law firm, Fenwick & West, to prove he did not…

US Requests Bahamas Consent to Continue FTX Bankman-Fried Post-extradition Charges

The Bahamas government’s response will determine whether to go on with or drop some of the cases. Sam Bankman-Fried was apprehended last year in the Bahamas and subsequently transferred to the United States. The allegations against him involve multiple charges relating to financial fraud and the collapse of FTX. Bankman-Fried is charged with engaging in illegal activities, including allegedly working with former FTX executives to persuade American legislators to pass legislation that would benefit FTX. In carrying out these allegedly illegal actions, he managed to exceed the maximum contribution amounts…

US district judge sends matter of FTX independent examiner to appellate court

boss

A United State district judge has referred a motion requesting the appointment of an independent examiner for bankrupt crypto exchange FTX to appellate court. In documents filed in U.S. District Court for the District of Delaware on May 30, Judge Colm Connolly said the U.S. trustee in FTX’s case, Andrew Vara, requested an appeal following the bankruptcy court rejecting a motion in February to appoint an examiner overseeing the failed crypto exchange. According to court filings, bankruptcy laws allow the appointment of an independent examiner when certain conditions are met…

FTX Examiner Appointment Referred to Court of Appeals by District Judge

“No one contests that the Trustee requested an examiner here or that the debtor’s fixed, liquidated, unsecured debts, other than debts for goods, services, or taxes, or owing to an insider, exceed $5 million,” Connolly’s ruling said, adding that all that remains is a legal question – whether the bankruptcy code compels an independent probe. Source