FTX Debtors Unveil Report That Identifies and Discusses Control Failures by Sam Bankman-Fried Led Management

FTX Debtors said on April 9 that it had released a report that “identifies and discusses control failures” by Sam Bankman-Fried and his colleagues when they ran the collapsed cryptocurrency exchange. John Ray, the CEO of the FTX Debtors, said the FTX Group “was tightly controlled by a small group of individuals who falsely claimed […]

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FTX Debtors Demand Return of Funds Given to US Politicians and Super PACs

FTX debtors are seeking to claw back millions of dollars given to U.S. political action committees (PACs) and political figures. Confidential letters have been sent to individuals and organizations, requesting the return of the funds by Feb. 28, 2023. Some bureaucrats, such as Democratic Senators Joe Manchin and Tina Smith, have already pledged the funds […]

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FTX Debtors Seek Dismissal of Turkish Entities in Chapter 11 Bankruptcy Proceedings

FTX Debtors Seek Dismissal of Turkish Entities in Chapter 11 Bankruptcy ProceedingsFTX debtors have filed a motion with the court requesting to dismiss its Turkish subsidiaries from the Chapter 11 bankruptcy proceedings. The defunct crypto exchange’s lawyers believe dismissing the entities “is in the best interests” of creditors, and FTX debtors do not believe Turkish authorities “or any liquidator” in the country will cooperate with officials […]

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FTX’s $5.5 Billion in Alleged ‘Liquid Assets’ Includes Locked SOL Cache and Illiquid FTT Holdings

FTX's $5.5 Billion in Alleged 'Liquid Assets' Includes Locked SOL Cache and Illiquid FTT HoldingsTwo days ago, bankruptcy administrators and FTX debtors published an update for unsecured creditors claiming the discovery of $5.5 billion in liquid assets. Roughly $3.5 billion of these funds are cryptocurrency assets, with 11 different digital currencies classified as “liquid assets.” However, two of the firm’s top cryptocurrency caches are not liquid as the company’s […]

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FTX Discovers $5.5B in Liquid Assets — Debtors Explore Ways to Maximize Recovery via Potential Sale of Subsidiaries, Real Estate

FTX Discovers $5.5B in Liquid Assets — Debtors Explore Ways to Maximize Recovery via Potential Sale of Subsidiaries, Real EstateOn Jan. 17, 2023, FTX Trading Ltd. and affiliated debtors updated the public and detailed that the firm’s current administrators have discovered $5.5 billion of liquid assets to date. Top-level executives, including the new FTX CEO and chief restructuring officer, John J. Ray III, met with the bankruptcy case’s committee of unsecured creditors to share […]

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