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FTX to begin creditor repayments by March 2025
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Cryptocurrency exchange Backpack issued a statement addressing controversy surrounding its purchase of FTX EU. Questions about the sale of FTX EU and who’s responsible for customer funds have sparked a response from Backpack Exchange, after the FTX estate’s statements left…
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Bankrupt crypto exchange Cryptopia returns around $225 million worth in cryptocurrency to account holders via liquidators. This is the first phase of Cryptopia’s distribution plan since it went bankrupt in 2020. According to the NZ Herald, the New Zealand-based crypto…
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Two decades after its collapse, the Enron brand is making a surprising return, this time dabbling in crypto and NFTs under a satirical rebranding. Enron is back, but only if you believe birds aren’t real. Twenty-three years after Enron became…
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Enron Corporation plans to relaunch its business by leveraging blockchain technology following its historical collapse in 2001.
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FTX has nearly finalized preparations for its court-approved repayment plan two years after the crypto exchange crashed due to bad corporate practices and fraud.
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FTX co-founder Gary Wang, convicted of misusing funds at a fictitious crypto exchange, may face punishment after his case goes to trial. On Nov. 13, prosecutors in the U.S. District Court for the Southern District of New York filed a…
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Bitcoin
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November marks two years since the FTX exchange went bankrupt. Since then, major crypto exchanges have seen their Bitcoin reserves grow. FTX’s inability to maintain sufficient reserves to meet user requests exposed severe flaws in its controls. It also highlighted…
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Bitcoin
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Former FTX executive, Nishad Singh, avoids prison time after being sentenced the Manhattan federal judge. Singh is sentenced to three years of supervised release for his role in FTX’s collapse. According to NBC News’ report, Singh was spared from spending…
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Former FTX head of engineering, Nishad Singh, urged a Manhattan federal judge to exempt him from a prison sentence for his role in the fall of the cryptocurrency exchange platform. As reported by Bloomberg on Oct. 16 lawyers representing Nishad…
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Bankrupt crypto exchange Mt. Gox has once again postponed the repayment deadline for its creditors. Now, some victims of its collapse will not be able to receive funds until next year. The new report shows that most creditors have already…
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Bitcoin
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FTX customer Nikolas Gierczyk accuses Olympus Peak of underpaying him after buying his FTX bankruptcy claim worth $1.59 million, alleging the hedge fund owes him much more in additional recovery. According to a Bloomberg report on Oct. 11, Californian Nikolas…
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FTX’s bankruptcy plan to repay customers in cash plus interest was approved by a Delaware judge, despite a push for in-kind reimbursements. Judge John Dorsey of the U.S. District of Delaware Bankruptcy Court ruled in favor of FTX’s repayment, which…
Follow-up
Users were confused by the news that FTX clients would receive between 10% and 25% of the value of the deposited crypto assets. Why did this happen? Sunil Kavuri, one of the creditors, recently said several other changes are also…
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Bankrupt crypto exchange FTX has settled emergent technologies over $600 million in Robinhood stock. The motion, filed by FTX CEO John Ray III, says the platform is willing to pay Emergent $14 million to cover its administrative costs. In return,…
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The firm has filed for bankruptcy in the Southern District of Texas. The U.S. Bitcoin miner has debts of $50 million to $100 million, and the total assets of Rhodium Enterprises are estimated from $100 million to $500 million. The…
BTC
Bitcoin
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Genesis Global and affiliated entities have begun disbursing $4 billion in creditor payouts following the completion of their restructuring process. According to an Aug. 2 statement, crypto lender Genesis Global started repayments to over 100,000 creditors after declaring bankruptcy in…
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