Tag: FTX

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

boss

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…

Backpack opens claims process for former FTX EU users

boss

Crypto exchange Backpack has initiated the first phase of the claims process for former FTX users in Europe. According to an April 1 announcement, users will need to create an account on the exchange, submit Know Your Customer information, and connect it to their FTX EU claim account. Backpack has not set a deadline for this phase of the claims process and has yet to provide a timeline for when distributions will begin. Users will face a withdrawal fee of €5 ($5.39) for claims under €2,000 ($2,158) and 0.25% for…

FTX EU Repayment in View as Backpack Begins Verification

Key Notes Backpack has started the inaugural process that will see FTX EU refunding. The exchange acquired FTX EU with a commitment to repaying creditors. FTX Bahamas commenced repayments earlier last year. Backpack crypto exchange has opened the verification process for former FTX EU customers, marking a key step in the long-awaited repayment process. This recent development follows Backpack’s acquisition of FTX EU earlier this year and its commitment to handling users’ claims and reimbursements. Identity Verification Process Begins According to a recent report, Backpack officially launched its claims verification…

Coinbase sees worst quarter since FTX collapse amid industry bloodbath

boss

Publicly traded US-based crypto exchange Coinbase saw its worst quarter since the collapse of crypto exchange FTX in 2022. Coinbase shares started 2025 trading at just over $257 on Jan. 2 and ended the quarter at a little over $172 on March 31, a dip of 33%, according to market data. This makes the first quarter of 2025 the worst for Coinbase’s stock performance since the collapse of FTX in November 2022. In Q4 of that year, its share price went from nearly $66 on Oct. 3 to $35.4 on…

US Judge Grants Motion Expanding Three Arrows Capital’s Claim Against Bankrupt Exchange FTX to $1,530,000,000

boss

A US judge is granting a motion to greatly expand the claim of the failed crypto hedge fund Three Arrows Capital (3AC) against the defunct crypto exchange FTX. According to new court filings, a judge is granting an expansion to 3AC’s claim against FTX, bringing its total up to a staggering $1.53 billion from just $120 million. The document says that FTX, which went bankrupt in 2022 under the leadership of chief executive Sam Bankman-Fried, liquidated $1.53 billion worth of 3AC’s assets on the platform just two weeks before 3AC…

US court gives Three Arrows nod to increase its FTX claim to $1.53B

boss

A US bankruptcy court has authorized liquidators of defunct crypto hedge fund Three Arrows Capital (3AC) to increase their claim against collapsed crypto exchange FTX from $120 million to $1.53 billion. Chief Judge John Dorsey rejected FTX’s debtors’ argument that the amended proof of claim (POC) from 3AC liquidators was untimely and an unjust attempt to slow the bankruptcy proceedings. In a March 13 ruling in the US Bankruptcy Court for the District of Delaware, Dorsey opined that 3AC liquidators had provided sufficient notice of their claim and the possibility…