A US court had ordered FTX exchange to pay $12.7 billion and compensate creditors, victims of fraud, nearly five months after founder Sam Bankman-Fried’s imprisonment.
FTX’s plan to revive the offshore crypto exchange was shut down by CEO John Ray III and legal counsel. The bankrupt exchange is expected to pay back creditors in cash and US Dollar pegged stablecoins. SEC takes issue with crypto payments to FTX creditors, latest filing shows. A recent court filing, dated August 30 shows that the Securities & Exchange Commission warned the bankrupt exchange of paying back creditors in kind, or in cryptocurrencies.
SEC filing dated August 30 Why FTX went bankrupt In late 2022 during the crypto-market correction, FTX exchange imploded and went bankrupt. FTX founder Samuel Bankman-Fried faced imprisonment for 25 years and was convicted of fraud, conspiracy to launder money and ordered to forfeit $11 billion in assets. FTX exchange was worth $32 billion in 2022 and the exchange’s executives used customer funds for investments that would qualify as risky.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SSAB announces $12 million expansion at Mobile facilityOfficials with the steel company said the investment aims at increasing production.
Read more »
Stunning video reveals what proposed $12 billion NYC casino would look likeAI animation gives a glimpse into the $12 billion casino project headed for Hudson Yards
Read more »
NFL owners vote in favor of private equity investment; select firms commit $12 billionThe NFL is the last major sports league to allow private equity investment as rising valuations make it harder for owners to buy in.
Read more »
NFL expected to vote in favor of private equity ownership; select firms to commit $12 billionThe NFL is the last major sports league to allow private equity investment as rising valuations make it harder for owners to buy in.
Read more »
NFL expected to vote in favor of private equity ownership; select firms to commit $12 billionThe NFL is the last major sports league to allow private equity investment as rising valuations make it harder for owners to buy in.
Read more »
Amazon's Top Hair Growth Oils Under $12 Have a Collective 121,000 Perfect RatingsShop five of Amazon’s most popular hair growth oils from brands such as Mielle and Difeel. Plus, these on-sale treatments start at $8.
Read more »