FTX customer compensation plan voting will end on August 16
The Kroll website shows that the FTX claims plan voting deadline is 4:00 AM on August 17th Beijing time (8:00 PM ET on August 16th).Previously, the FTX unsecured creditors official committee posted on X platform, stating that the FTX debtor is soliciting opinions and seeking voting decisions from customers and creditors through Kroll. It is understood that if a user only claims for holding FTT, it is considered a rejection of the plan and has no right to vote, but can choose to participate in the plan's release.
FTX claims plan voting ends at 4:00 on August 17
The Kroll website shows that the FTX claims plan voting deadline is 4:00 AM on August 17th Beijing time (16:00 ET on August 16th). In mid-July, the FTX unsecured creditors' official committee posted on X platform that the FTX debtor was soliciting opinions and seeking voting from customers and creditors through Kroll. It is understood that if a user claims compensation only because they hold FTT, it will be regarded as a rejection of the plan and they will not have the right to vote, but they can choose to participate in the plan's release.
Former FTX exec Ryan Salame asks for jail time delay for dog bite
On July 27th, it was reported that Ryan Salame, former FTX executive, requested a New York court to delay his imprisonment in order to undergo emergency surgery. The reason for this was because Salame was bitten by a German Shepherd on June 29th while visiting a friend's house. He went to the hospital on July 3rd for treatment and examination due to facial injuries caused by the dog bite. Previously, it was reported that Ryan Salame was sentenced to 7 and a half years in prison in May of this year.
FTX reaches settlement with CFTC, the latter's $4 billion claim will be ranked after creditors and interest
On July 13th, it was reported that FTX creditor Sunil posted on X platform that a document on July 12th showed that FTX had reached a settlement with the US Commodity Futures Trading Commission (CFTC), and the $4 billion claim by the CFTC will be prioritized after all creditors and interest. The payment to the CFTC will go into a supplementary restitution fund to compensate cryptocurrency holders who have suffered significant losses.
Three separate groups, including FTX debtors, filed competing claims against SBF’s seized assets
On June 16th, after FTX's former CEO SBF was criminally convicted, his assets worth over $11 billion were confiscated (including cryptocurrency, private planes, and funds in bank accounts). Now, three independent groups - FTX debtors, creditor groups, and an offshore entity established by SBF - are making competing claims for these seized assets, claiming that they legally belong to them. The debtors claim in the documents that although SBF was ordered to confiscate the relevant assets, they did not belong to him from the beginning because they were obtained through his criminal behavior. According to the trial results, all specific assets are held by debtor entities or FTX Digital and/or funded entirely by debtor assets.Meanwhile, Emergent, an offshore company established by SBF, its liquidator, and representatives of FTX creditors' lawyers have also made claims for some of the relevant assets in a collective lawsuit filed in the Southern District of Florida. Emergent claims to retain ownership of hundreds of millions of dollars worth of Robinhood stocks, including the proceeds from stocks that have been seized and sold by the government.In addition, several claims have been made by lawyers hired by the largest FTX creditor group representative Sunil Kavuri. Documents submitted by Boies Schiller Flexner law firm and The Moskowitz law firm state: "The jury found that the confiscated $8 billion in FTX customer assets came from SBF's fraud against FTX customers, not FTX itself. Therefore, the confiscated assets, including Robinhood stocks, funds in bank accounts, and confiscated cryptocurrency, should be returned to customers, not debtors."
FTX bankruptcy report: An Australian influencer once lent it more than $13 million to avoid lawsuits
According to a bankruptcy report from FTX, FTX had borrowed more than $13 million from an Australian internet celebrity named Alex Saunders in order to help him pay off investor debts, prevent potential damage to his reputation, and avoid litigation. The bankruptcy report from FTX stated that Alex Saunders, an Australian internet celebrity, received a loan of $13.2 million (AUD 17.5 million) from the exchange in July 2021. This advance payment was to help Alex Saunders pay off his debts to creditors. This report contradicts Alex Saunders' previous statement that he raised a large amount of funds (about $11 million) from retail investors, friends, and family, which were transferred to his controlled cryptocurrency wallet. At the time, Alex Saunders informed his supporters that the money would be used to develop a cryptocurrency protocol. However, it is alleged that he broke his promise after transferring a large amount of funds to FTX. According to investigator Robert J. Cleary's report, Saunders squandered the creditors' funds while trading on FTX, leading to some investors filing lawsuits.
FTX/Alameda has deposited 21,650 ETH to Coinbase since February 1, 2024
According to Spot On Chain monitoring, Alameda wallet 0xf02 deposited 4,000 ETH ($14.75 million) into Coinbase 6 hours ago at an average price of $3,688. It is worth noting that this is the largest single ETH deposit by FTX and Alameda since the market rebounded in February. Since February 1, 2024, FTX/Alameda has deposited 21,650 ETH ($72.4 million) into Coinbase at an average price of $3,343.
U.S. Senators write to FTX bankruptcy judge, asking for investigation into FTX bankruptcy law firm’s sale of SOL at a low price
FTX creditor Sunil Kavuri posted on X platform stating that Senators John Hickenlooper, Cynthia Lummis, and Thom Tillis wrote to FTX bankruptcy judge Dorsey requesting an independent investigator to investigate the low-priced sale of SOL by Sullivan and Cromwell, the law firm handling the FTX bankruptcy case. Earlier, it was reported that Sullivan and Cromwell sold SOL, originally worth 1.7 billion US dollars, for 64 USDT.
The $1.9 billion of SOL previously sold by FTX will be locked for four years and cannot be sold
FTX sold up to 30 million SOL to venture capital companies such as Pantera Capital and Galaxy Trading at a price of $64 per coin, a significant decrease of 62% from the current market price. The SOL will be locked for four years and cannot be sold. The transaction is expected to bring FTX about $1.9 billion in revenue and is positioned as an important step in repaying creditors. However, those affected by the exchange's collapse have a negative view of the transaction. Sunil Kavuri, one of the affected individuals, stated that this sale has resulted in the loss of billions of dollars in value for FTX's creditors and accused the company's bankruptcy lawyer, Sullivan & Cromwell, of placing clients below creditors by disposing of what he believed to be "property" of the creditors.
Former FTX CEO Sam Bankman-Fried Sentenced to 25 Years in Prison for Fraud Charges
Sam Bankman-Fried has been sentenced to 25 years in federal prison for fraud charges related to the collapse of FTX exchange and Alameda Research trading firm. The sentence is less than the 105 years recommended by the Department of Probation, but higher than what Bankman-Fried and his lawyers were hoping for. Bankman-Fried plans to shift the media narrative surrounding his case in an attempt to rehabilitate his reputation, but Judge Lewis Kaplan emphasized the seriousness of his actions and the risk he poses to society. In the future, publicly-traded companies involved in derivatives markets will have to address any forfeiture or restitution issues, and sentencing hearings and memos for Bankman-Fried's former executives turned prosecution witnesses are expected to begin.