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The payouts to FTX creditors have sparked both controversy and speculation that the payouts could be reinvested back in the crypto markets. The FTX Recovery Trust has initiated a second round of payments to its creditors. On May 30, the Trust started a $5 billion payout to eligible creditors in the Convenience and Non-Convenience Classes…
Nearly 400,000 FTX users risk losing $2.5 billion in crypto repayments unless they complete KYC verification before the extended June 1 deadline. 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…
Backpack acquired FTX EU in January 2025 to offer crypto derivatives throughout Europe. 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…
Mt. Gox moved a batch of Bitcoin worth over $930 million on March 11 as the bankrupt crypto exchange vies to fully repay customers by Oct. 31. Defunct crypto exchange Mt. Gox moved almost a billion worth of Bitcoin, the second large BTC transfer in a week, as Bitcoin’s price fell to a four-month low…
FTX creditor repayments being facilitated a little over 2 years after FTX’s shock collapse is a “win” given all the jurisdictional issues that were involved, an industry pundit said. A crypto trader and marketing executive who correctly predicted FTX’s collapse said FTX creditor repayments coming a little over two years after the incident is a…
The exchange’s creditors haven’t been made whole despite a judge approving a plan, and sentencing for former executives is nearing an end. On Nov. 11, 2022, then-FTX CEO Sam Bankman-Fried resigned, handing the company’s reins over to John Ray, who immediately filed for Chapter 11 bankruptcy protection in the United States. The day marked the…
Less than two months after Fluid Truck’s board ousted its sibling co-founders from their executive positions, the company has laid off 30% of its staff, filed for Chapter 11 bankruptcy protection, and found a potential buyer to take on the business, pending court approval, according to bankruptcy filings and information from a former employee. Fluid…
FTX Foundation employee Ross Rheingans-Yoo said he was not part of Sam Bankman-Fried’s “inner circle” and knew nothing about FTX’s fraud. An employee of FTX’s charity wing recruited by FTX co-founder Sam Bankman-Fried is trying to get paid $275,000, the remainder of his claimed 2022 salary bonus. Ross Rheingans-Yoo’s lawyers argued in a Nov. 13…
WeWork, an office-sharing company, filed for Chapter 11 bankruptcy on Monday in New Jersey federal court months after the company expressed doubts about its ability to stay in business. WeWork announced the decision in a statement Monday, saying that filing for Chapter 11 bankruptcy was part of a “comprehensive reorganization to strengthen its capital structure and financial performance.” WeWork…
The trial of former FTX CEO Sam Bankman-Fried started on October 3. Four witnesses explained to jurors how $8 billion in funds from customers went missing. Luxury real estate, political donations, investments, and magazine covers. A year ago, that was the life of Sam Bankman-Fried, Assistant U.S. Attorney Thane Rehn remarked during the opening statements…