This shows how much people value the information they have and ensure that the people doing the right thing get the best thing. Without his cooperation, I think it wouldn't be as effective with the legal actions that SBF received. At least we know the truth, but I hope all the customers get everything back.
The FTX case is getting pretty boring to a lot of people. The U.S. justice system says whoever turns in all the partners first will be a witness. The damage to investors is more than 10 billion dollars and one man who had a problem with medical drugs is in jail. It's a circus, not justice. 
Topic: Implications of the FTX and Alameda Situation for Cryptocurrency and Regulation (Read 771 times)
November 09, 2024, 04:29:16 AM
November 03, 2024, 12:35:18 PM
~snip
This shows how much people value the information they have and ensure that the people doing the right thing get the best thing. Without his cooperation, I think it wouldn't be as effective with the legal actions that SBF received. At least we know the truth, but I hope all the customers get everything back. 
November 03, 2024, 12:27:21 PM
Former FTX exec Nishad Singh avoids prison time after cooperating with authorities in crypto exchange collapse: reports
Nishad Singh, FTX's former engineering director was given no prison time after pleading guilty to criminal charges, including fraud following the collapse of the crypto exchange, according to multiple reports.
Judge Lewis Kaplan of New York sentenced Singh to time served and three years of supervised release, according to reporting from Inner City Press.
Singh's lawyers previously asked for the New York court to not impose jail time and said his "role was far more limited than any other defendant." Singh pleaded guilty in February 2023 to six criminal charges, including fraud and conspiracy to commit money laundering.
FTX collapsed in November 2022 after filing for bankruptcy following a liquidity crisis and fraud allegations. Alameda Research, a trading firm with close ties to FTX, also fell.
Former FTX CEO Sam Bankman-Fried was sentenced to nearly 25 years in prison on March 28 and ordered to pay back up to $11 billion in investor and lender losses. He was found guilty in November 2023 of seven criminal counts, including two counts each of wire fraud and conspiracy to commit wire fraud, as well as several counts of conspiracy to commit securities and commodities fraud, among other criminal acts.
Singh cooperated with authorities in testifying against his former boss, Bankman-Fried, in October 2023.
Nishad Singh, FTX's former engineering director was given no prison time after pleading guilty to criminal charges, including fraud following the collapse of the crypto exchange, according to multiple reports.
Judge Lewis Kaplan of New York sentenced Singh to time served and three years of supervised release, according to reporting from Inner City Press.
Singh's lawyers previously asked for the New York court to not impose jail time and said his "role was far more limited than any other defendant." Singh pleaded guilty in February 2023 to six criminal charges, including fraud and conspiracy to commit money laundering.
FTX collapsed in November 2022 after filing for bankruptcy following a liquidity crisis and fraud allegations. Alameda Research, a trading firm with close ties to FTX, also fell.
Former FTX CEO Sam Bankman-Fried was sentenced to nearly 25 years in prison on March 28 and ordered to pay back up to $11 billion in investor and lender losses. He was found guilty in November 2023 of seven criminal counts, including two counts each of wire fraud and conspiracy to commit wire fraud, as well as several counts of conspiracy to commit securities and commodities fraud, among other criminal acts.
Singh cooperated with authorities in testifying against his former boss, Bankman-Fried, in October 2023.
September 25, 2024, 03:59:34 AM
https://www.crypto-news-flash.com/ftx-to-redistribute-16b-to-creditors-in-q4-2024-crypto-market-awaits-liquidity-surge/
FTX to Redistribute $16B to Creditors in Q4 2024—Crypto Market Awaits Liquidity Surge
"FTX is set to redistribute $16 billion to creditors in Q4 2024, which could significantly impact the crypto market by introducing a major liquidity influx.
A 50 bps rate cut by the U.S. Federal Reserve and similar moves by other central banks have increased liquidity."
FTX to Redistribute $16B to Creditors in Q4 2024—Crypto Market Awaits Liquidity Surge
"FTX is set to redistribute $16 billion to creditors in Q4 2024, which could significantly impact the crypto market by introducing a major liquidity influx.
A 50 bps rate cut by the U.S. Federal Reserve and similar moves by other central banks have increased liquidity."
July 18, 2024, 09:54:54 AM
https://www.theblock.co/post/305687/ftx-and-cftc-agree-to-12-7-billion-settlement-following-months-of-negotiations
"The two have been negotiating over the past few months, according to a court document filed on July 12 in the U.S. Bankruptcy Court for the District of Delaware.
As part of the settlement, the CFTC agreed it would receive nothing as long as FTX complies with its reorganization plan. Therefore FTX will pay up to $12.7 billion to creditors, subject to available funds."
"The two have been negotiating over the past few months, according to a court document filed on July 12 in the U.S. Bankruptcy Court for the District of Delaware.
As part of the settlement, the CFTC agreed it would receive nothing as long as FTX complies with its reorganization plan. Therefore FTX will pay up to $12.7 billion to creditors, subject to available funds."
May 12, 2024, 03:43:28 AM
https://www.bloomberg.com/news/articles/2024-05-07/ftx-has-billions-more-than-needed-to-repay-bankruptcy-victims
FTX Has Billions More Than Needed to Pay Bankruptcy Victims
"Crypto customers to get interest on what FTX owes them
Bankrupt firm updates plan to divide cash among creditors
Cryptocurrency exchange FTX has amassed billions of dollars more than it needs to cover what customers lost in its November 2022 collapse, setting them up to receive full recoveries, plus interest, a rare outcome in US bankruptcy proceedings.
Lower-ranking creditors typically receive just pennies on the dollar for their holdings, but FTX benefitted from a strong rally in cryptocurrencies including Solana, a token heavily backed by convicted fraudster and FTX founder Sam Bankman-Fried. The company has also sold dozens of other assets, including various venture-capital projects like a stake in the artificial-intelligence company Anthropic."
____
Why is SBF in prison?
It was already clear that not everyone would receive a refund.
FTX Has Billions More Than Needed to Pay Bankruptcy Victims
"Crypto customers to get interest on what FTX owes them
Bankrupt firm updates plan to divide cash among creditors
Cryptocurrency exchange FTX has amassed billions of dollars more than it needs to cover what customers lost in its November 2022 collapse, setting them up to receive full recoveries, plus interest, a rare outcome in US bankruptcy proceedings.
Lower-ranking creditors typically receive just pennies on the dollar for their holdings, but FTX benefitted from a strong rally in cryptocurrencies including Solana, a token heavily backed by convicted fraudster and FTX founder Sam Bankman-Fried. The company has also sold dozens of other assets, including various venture-capital projects like a stake in the artificial-intelligence company Anthropic."
____
Why is SBF in prison?
It was already clear that not everyone would receive a refund.
April 25, 2024, 02:35:39 AM
https://www.theblock.co/post/290002/ftx-to-sell-next-lot-of-locked-solana-tokens-at-auction
FTX to auction next lot of locked Solana tokens: Mike Cagney
"The next sale of FTX’s stockpile of locked Solana will take the form of an auction, likely because of high demand from buyers.
Following the estate's sale of $1.9 billion worth of Solana tokens to industry firms such as Galaxy Digital and Pantera, the next sale will be an auction, according to Figure CEO Mike Cagney. Exact details of the sale have not yet been revealed and FTX did not immediately respond to a request for comment. "
FTX to auction next lot of locked Solana tokens: Mike Cagney
"The next sale of FTX’s stockpile of locked Solana will take the form of an auction, likely because of high demand from buyers.
Following the estate's sale of $1.9 billion worth of Solana tokens to industry firms such as Galaxy Digital and Pantera, the next sale will be an auction, according to Figure CEO Mike Cagney. Exact details of the sale have not yet been revealed and FTX did not immediately respond to a request for comment. "
December 20, 2023, 07:26:56 AM
https://finance.yahoo.com/news/ftx-files-plan-end-bankruptcy-021449836.html
"The reorganization plan left some of the most important questions unanswered, including whether FTX will restart its defunct crypto exchange, how the company will estimate the value of some digital tokens and how much creditors can expect to get back.
Next year, the plan will be sent to creditors for a vote — likely with key details added — before it goes to US Bankruptcy Judge John Dorsey for final approval. The major creditor and customer groups that have been involved in the Chapter 11 case have agreed to the broad outlines of the plan.
The payout plan calls for billions of dollars to be distributed as cash after much of the firm’s cryptocurrencies have been liquidated.
Last month, FTX founder Sam Bankman-Fried was convicted of orchestrating a massive fraud that led to the collapse of his FTX exchange."
___
1. The US Treasury claims a large share of the budget
https://bitcointalksearch.org/topic/m.63323427
2. Another interesting point is that it is not yet clear at what rates the money will be returned to creditors, but most likely not at the rate at which they invested. And it is unclear how much will remain after tax penalties.
"The reorganization plan left some of the most important questions unanswered, including whether FTX will restart its defunct crypto exchange, how the company will estimate the value of some digital tokens and how much creditors can expect to get back.
Next year, the plan will be sent to creditors for a vote — likely with key details added — before it goes to US Bankruptcy Judge John Dorsey for final approval. The major creditor and customer groups that have been involved in the Chapter 11 case have agreed to the broad outlines of the plan.
The payout plan calls for billions of dollars to be distributed as cash after much of the firm’s cryptocurrencies have been liquidated.
Last month, FTX founder Sam Bankman-Fried was convicted of orchestrating a massive fraud that led to the collapse of his FTX exchange."
___
1. The US Treasury claims a large share of the budget
https://bitcointalksearch.org/topic/m.63323427
2. Another interesting point is that it is not yet clear at what rates the money will be returned to creditors, but most likely not at the rate at which they invested. And it is unclear how much will remain after tax penalties.
December 18, 2023, 10:01:45 AM
FTX loses $53K every hour on ‘bankruptcy fees,’ latest filings show
In the three months ending Oct. 31, defunct crypto exchange FTX has been burning through approximately $53,000 every hour on bankruptcy lawyers and advisers, the latest round of compensation filings show.
Court filings from Dec. 5 to Dec. 16 show that the bankruptcy lawyers have charged at least $118.1 million between Aug. 1 and Oct. 31. Over the 92 days, this amounts to $1.3 million per day or $53,300 per hour.
The largest bill came from the management consulting firm Alvarez and Marshall, which charged $35.8 million for its services for the three months.
In the three months ending Oct. 31, defunct crypto exchange FTX has been burning through approximately $53,000 every hour on bankruptcy lawyers and advisers, the latest round of compensation filings show.
Court filings from Dec. 5 to Dec. 16 show that the bankruptcy lawyers have charged at least $118.1 million between Aug. 1 and Oct. 31. Over the 92 days, this amounts to $1.3 million per day or $53,300 per hour.
The largest bill came from the management consulting firm Alvarez and Marshall, which charged $35.8 million for its services for the three months.
December 14, 2023, 06:20:54 AM
The U.S. government's claim for $24 billion in unpaid taxes from FTX has only one source – taking cash away from its victims, the bankrupt crypto exchange said in a court filing Sunday.
The filing disputed the amount claimed and also said there are no other sources of cash. Unless a judge rejects the Internal Revenue Service's demand, the victims of the FTX fraud will not get any meaningful recovery. The case is scheduled to be heard later Tuesday.
"This Alice in Wonderland argument has no support in the law," the filing said. "There is simply no basis to support the IRS’s meritless claims that the Debtors owe tax in an amount that is orders of magnitude greater than any income the Debtors ever earned and that would effectively prevent most of FTX’s creditors – themselves victims of fraud – from obtaining any meaningful recovery."
https://www.coindesk.com/policy/2023/12/12/ftx-disputes-irss-alice-in-wonderland-tax-claim/
Initially, the amount was greater; 24 billion is a reduced amount.The filing disputed the amount claimed and also said there are no other sources of cash. Unless a judge rejects the Internal Revenue Service's demand, the victims of the FTX fraud will not get any meaningful recovery. The case is scheduled to be heard later Tuesday.
"This Alice in Wonderland argument has no support in the law," the filing said. "There is simply no basis to support the IRS’s meritless claims that the Debtors owe tax in an amount that is orders of magnitude greater than any income the Debtors ever earned and that would effectively prevent most of FTX’s creditors – themselves victims of fraud – from obtaining any meaningful recovery."
https://www.coindesk.com/policy/2023/12/12/ftx-disputes-irss-alice-in-wonderland-tax-claim/
I can only comment on this news in a way that makes it clear to everyone.
The US government tells the FTX exchange: “Let the creditors continue to wait for their payments. They invested and therefore assessed their risks, so they will remain unpaid. Pay the money to the US budget, it is needed there more.”
December 14, 2023, 04:36:27 AM
The U.S. government's claim for $24 billion in unpaid taxes from FTX has only one source – taking cash away from its victims, the bankrupt crypto exchange said in a court filing Sunday.
The filing disputed the amount claimed and also said there are no other sources of cash. Unless a judge rejects the Internal Revenue Service's demand, the victims of the FTX fraud will not get any meaningful recovery. The case is scheduled to be heard later Tuesday.
"This Alice in Wonderland argument has no support in the law," the filing said. "There is simply no basis to support the IRS’s meritless claims that the Debtors owe tax in an amount that is orders of magnitude greater than any income the Debtors ever earned and that would effectively prevent most of FTX’s creditors – themselves victims of fraud – from obtaining any meaningful recovery."
https://www.coindesk.com/policy/2023/12/12/ftx-disputes-irss-alice-in-wonderland-tax-claim/
The filing disputed the amount claimed and also said there are no other sources of cash. Unless a judge rejects the Internal Revenue Service's demand, the victims of the FTX fraud will not get any meaningful recovery. The case is scheduled to be heard later Tuesday.
"This Alice in Wonderland argument has no support in the law," the filing said. "There is simply no basis to support the IRS’s meritless claims that the Debtors owe tax in an amount that is orders of magnitude greater than any income the Debtors ever earned and that would effectively prevent most of FTX’s creditors – themselves victims of fraud – from obtaining any meaningful recovery."
https://www.coindesk.com/policy/2023/12/12/ftx-disputes-irss-alice-in-wonderland-tax-claim/
November 25, 2022, 09:01:13 AM
By this people losing their hope in crypto currency.Many investors since 2017 had stop their trading by this fact. Many new investors in this year 2002 may heard about FTX for now with no doubt. This disable their faith in the crypto currency. Since crypto currency is decentralised platform,it’s hard to do that control over a crypto currency. Only way to eliminate this one is you can investigate before the investment.
Cryptocurrency should only be stored on your own hardware or cold wallet.Another potential scam client.
If a large fund with such capabilities cannot store bitcoin in its wallet, then its investors may face big losses.
https://finance.yahoo.com/news/coinbase-custody-holds-635-000-152904175.html?
Coinbase Custody holds 635,000 BTC on behalf of Grayscale that refuses to share proof of reserves
November 24, 2022, 05:11:15 PM
By this people losing their hope in crypto currency. Many investors since 2017 had stop their trading by this fact. Many new investors in this year 2002 may heard about FTX for now with no doubt. This disable their faith in the crypto currency. Since crypto currency is decentralised platform, it’s hard to do that control over a crypto currency. Only way to eliminate this one is you can investigate before the investment. Binance future trading also make the people to lose their hope in crypto currency.
November 24, 2022, 04:56:06 AM
I wouldn't be surprised if this was intentional by the authorities, meaning they ignored the arrest of Bankman-Fried to make people lose faith in Crypto, we all know the recent attempts that have been made to discredit the crypto market and break the trust of major investors in Crypto, I think they want to send a message to people that your money It is not safe to invest in Crypto.
They are very successful at it nowadays and this incident and the incidents before it have caused a huge loss of confidence in Crypto. But the good news is that these incidents have cleaned up the crypto market and increased people's trust in Bitcoin in particular, and soon people will regain their trust in Crypto in general.
They are very successful at it nowadays and this incident and the incidents before it have caused a huge loss of confidence in Crypto. But the good news is that these incidents have cleaned up the crypto market and increased people's trust in Bitcoin in particular, and soon people will regain their trust in Crypto in general.
November 23, 2022, 08:56:38 AM
There will always be a space for freedom and privacy in Bitcoin, but the question is how big. Very negative regulations can stifle the space.....
From the way this has happened and from that there could be strict regulations no doubt on exchange. Freedom and privacy for bitcoin is only if you decide to hodl your coins and not when you send it to exchange. Of course the regulation on the exchange is applicable to every coin therein. The crash is definitely a big one for the industry not only Bahamas. I think more legal actions should be rolled out for CEOs who use customers money.
The price of bitcoin has risen because institutional investors have entered this market. If the regulator forbids investing in crypto companies, then there will be a price drop in the crypto market.
Are you saying bitcoin itself is under scrutiny by regulators and who are they ? Or how are they able to regulate bitcoin itself ? No I don't think that is likely. The regulators can only go as far as restricting the people under them. I mean the government can restrict her people from the use of bitcoin and we know how far that has been so far. Hence, such regulators can regulate exchanges but not bitcoin.
The government cannot ban transactions on the bitcoin blockchain, but it can make investing in bitcoin illegal for many companies.
November 17, 2022, 10:00:36 PM
If the regulator forbids investing in crypto companies, then there will be a price drop in the crypto market.
Why would they do that? To me they would be more likely to ban cryptocurrencies than to ban institutions from investing in them.
And anyway, this cycle that was known as the one of institutional adoption, I would rather call it the one of "institutional disappointment", because in the cycle in which more institutions have invested than ever before, we are having the worst return of all cycles by far.
Leverage, championed by the greatest institutional investor and the most media-acclaimed: Michael Saylor, is largely to blame for this.
So I'm not so much concerned about institutions investing as I am about what regulations the public authorities are going to come up with now that CBDCs are in the pipeline.
November 16, 2022, 12:23:53 PM
There will always be a space for freedom and privacy in Bitcoin, but the question is how big. Very negative regulations can stifle the space.....
From the way this has happened and from that there could be strict regulations no doubt on exchange. Freedom and privacy for bitcoin is only if you decide to hodl your coins and not when you send it to exchange. Of course the regulation on the exchange is applicable to every coin therein. The crash is definitely a big one for the industry not only Bahamas. I think more legal actions should be rolled out for CEOs who use customers money.
The price of bitcoin has risen because institutional investors have entered this market. If the regulator forbids investing in crypto companies, then there will be a price drop in the crypto market.
Are you saying bitcoin itself is under scrutiny by regulators and who are they ? Or how are they able to regulate bitcoin itself ? No I don't think that is likely. The regulators can only go as far as restricting the people under them. I mean the government can restrict her people from the use of bitcoin and we know how far that has been so far. Hence, such regulators can regulate exchanges but not bitcoin.
November 16, 2022, 08:35:17 AM
There will always be a space for freedom and privacy in Bitcoin, but the question is how big. Very negative regulations can stifle the space.....
From the way this has happened and from that there could be strict regulations no doubt on exchange. Freedom and privacy for bitcoin is only if you decide to hodl your coins and not when you send it to exchange. Of course the regulation on the exchange is applicable to every coin therein. The crash is definitely a big one for the industry not only Bahamas. I think more legal actions should be rolled out for CEOs who use customers money.
The price of bitcoin has risen because institutional investors have entered this market. If the regulator forbids investing in crypto companies, then there will be a price drop in the crypto market.
November 16, 2022, 06:19:43 AM
There will always be a space for freedom and privacy in Bitcoin, but the question is how big. Very negative regulations can stifle the space.....
From the way this has happened and from that there could be strict regulations no doubt on exchange. Freedom and privacy for bitcoin is only if you decide to hodl your coins and not when you send it to exchange. Of course the regulation on the exchange is applicable to every coin therein. The crash is definitely a big one for the industry not only Bahamas. I think more legal actions should be rolled out for CEOs who use customers money.
November 13, 2022, 06:43:28 AM
You call it rumors, but I think you are wrong, these are facts.
Then you're certainly not reading and not understanding the links you're posting yourself:
There are 2 dozen special services in the USA, isn't anyone interested in this?
There were 4 dozen special services in Russia too, too bad they are wild dogs' food in Herson's fields.
Funny how every time someone is in trouble you need US help.
If US messes with Salvador or Bahamas, then it's dirty colonialism.
FTX has filed for bankruptcy
https://twitter.com/FTX_Official/status/1591071832823959552
Nov 11, 2022
FTX Has Been Hacked
https://www.coindesk.com/business/2022/11/12/ftx-crypto-wallets-see-mysterious-late-night-outflows-totalling-more-than-380m/
Nov 12, 2022
FTX was valued at $32 billion at the start of the year and now the company is going bankrupt.
https://www.cnbc.com/2022/01/31/crypto-exchange-ftx-valued-at-32-billion-amid-bitcoin-price-plunge.html
I understood you. If a Bahamian company has caused losses to investors, then this is the problems of the Bahamas
__
If we talk about Russia, then thanks to the sanctions, many crypto users were unable to use the FTX exchange and buy its tokens.
https://en.wikipedia.org/wiki/Intelligence_agencies_of_Russia
If there were 40 special services in Russia, it would be possible to live better. But in practice, in the Russian Federation there is one main special service at number 1 on the list. Other intelligence services work abroad or protect important persons of the state, or their activities are related to the army.
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