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The debtors for defunct crypto exchange FTX have approved an agreement that would sell its preferred stock in Mysten Labs, the company behind the Sui blockchain.In a March 22 filing in United States Bankruptcy Court in the District of Delaware, FTX debtors proposed a deal in which Mysten Labs and
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The legal teams representing Alameda Research, FTX US and FTX Trading have filed a complaint against the Bahamas-based FTX Digital Markets, claiming the company was a “fraudulent enterprise” used as a shell entity to obfuscate the question of the firm’s ownership.In a March 19 filing with the United States Bankruptcy
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According to a presentation recently submitted by the FTX debtors on March 16, Sam Bankman-Fried’s companies had a $6.8 billion hole in their intercompany balance sheet when they filed for Chapter 11 bankruptcy protection. FTX and its conglomerate of firms have debts of around $11.6 billion, including customer claims and
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The debtors in FTX’s bankruptcy case hreported the various company silos had more than $4 billion in scheduled assets as of November 2022, but said they were still investigating the firm's crypto holdings.In a March 17 filing with United States Bankruptcy Court for the District of Delaware, FTX debtors submitted
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The depegging of USD Coin (USDC) and Dai (DAI) from the United States dollar prompted a frenzy of loan repayments over the weekend, allowing debtors to save a total of more than $100 million on their loans.Following the collapse of Silicon Valley Bank (SVB) on March 10, the USDC price dropped to
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On March 2, 2023, FTX debtors released their second stakeholder presentation, which contains a preliminary analysis of the now-defunct cryptocurrency exchange’s shortfalls. The latest presentation reveals a significant shortfall, as approximately $2.2 billion of the company’s total assets were found in FTX-related addresses, but only $694 million is considered “Category
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NewCo will be a regulatory-compliant public, reporting company 100% owned by Earn creditors, all of whom will receive a significant distribution of liquid crypto, with a "convenience class" of creditors receiving 70% recovery of their funds. No Celsius founder will be involved in NewCo and the majority of the NewCo
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The judge overseeing crypto exchange FTX’s bankruptcy case has granted a motion allowing the firm’s debtors to request subpoenas for information and documents from former colleagues and family members of Sam Bankman-Fried.In a Feb. 8 filing, Judge John Dorsey said FTX debtors were authorized under bankruptcy court rules to issue
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FTX debtors are seeking to claw back millions of dollars given to U.S. political action committees (PACs) and political figures. Confidential letters have been sent to individuals and organizations, requesting the return of the funds by Feb. 28, 2023. Some bureaucrats, such as Democratic Senators Joe Manchin and Tina Smith,
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As bankruptcy proceedings continue, FTX and affected parties have requested subpoenas for information and documents from close relatives of former CEO Sam Bankman-Fried.A motion filed in the United States Bankruptcy Court for the District of Delaware seeks to glean valuable information from the likes of Gabriel Bankman-Fried and Barbara Fried, the
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