FTX to Begin $11.4B Creditor Repayment Plan Despite Valuation Controversy
Defunct crypto exchange FTX announces May 30 start date for repaying claims over $50,000, with $11.4B in cash reserves available. While creditors expect 118% recovery in cash terms, controversy surrounds the use of November 2022 crypto valuations despite massive price increases since then.
FTX Legal Fees Hit $1 Billion: Inside One of History's Most Expensive Bankruptcies
The FTX bankruptcy saga has racked up nearly $1 billion in legal fees, making it one of the costliest corporate collapses ever. Despite the astronomical costs, customers may recover 118% of their funds, though the case exposed unprecedented failures in corporate controls.
SEC Restructures Crypto Unit, Signals Shift in Digital Asset Enforcement
The SEC's cryptocurrency enforcement division undergoes major rebranding to 'Cyber and Emerging Technologies Unit', reducing staff from 50 to 30 specialists. This transformation marks a potential departure from aggressive crypto regulation, while expanding focus to other emerging technologies.
LayerZero Reaches Settlement with FTX Estate Over $21M Legal Dispute
LayerZero Labs has settled its legal battle with FTX's bankruptcy estate regarding a $21 million claim tied to pre-collapse Alameda Ventures transactions. CEO Bryan Pellegrino announced the agreement, which includes returning the original repurchase amount to creditors.
Bankman-Fried's Parents Seek Trump Pardon Following 25-Year Sentence
Stanford professors Joseph Bankman and Barbara Fried are pursuing a presidential pardon from Donald Trump for their son Sam Bankman-Fried, who was recently sentenced to 25 years for FTX fraud. The effort follows Trump's pardon of Silk Road founder Ross Ulbricht and comes amid successful FTX bankruptcy proceedings.
Kraken Leads FTX Recovery Effort with First Wave of Creditor Payouts
Cryptocurrency exchange Kraken has begun distributing funds to FTX creditors, marking the first major step toward compensating users affected by the 2022 collapse. The structured payout process includes incentives for affected users, though timelines vary based on claim size.
Backpack Exchange Acquires FTX EU License, Eyes European Crypto Derivatives Market
Backpack Exchange has secured FTX EU's assets and MiFID II license, planning to launch regulated crypto derivatives trading in Europe by Q1 2025. The strategic acquisition includes managing FTX bankruptcy claims distribution while positioning Backpack as a key player in Europe's underserved regulated crypto market.
Trump's Crypto Pivot: From Bitcoin Skeptic to Digital Finance Champion
Former President Trump's transformation from cryptocurrency critic to self-proclaimed 'crypto president' mirrors the industry's own evolution. His proposed crypto-focused administration and deregulation plans spark debate as the $3.5 trillion market matures.
Former FTX Executive's Prison Sentence Reduced for Good Behavior
Ryan Salame, former FTX Digital Markets Co-CEO, will be released from prison over a year earlier than planned due to good conduct provisions. The adjustment follows varying sentences for FTX executives as the collapsed crypto exchange prepares to begin creditor repayments.
Emotions Run Wild: How Fear and Greed Drive Cryptocurrency Markets
Bitcoin's recent surge to $108,000 and subsequent plunge highlights how deeply emotions influence crypto markets. The Fear and Greed Index's dramatic shifts reveal a financial ecosystem where psychology and price movements remain inextricably linked.