Current CEO of FTX: The exchange only had 105 BTC when he took over FTX
FTX's current CEO, John J. Ray III, refuted Sam Bankman-Fried's claim that customers lost "zero" funds in the exchange's collapse in 2022, stating that these claims are absolute, ruthless, and clearly incorrect. In a victim impact statement written by Ray on behalf of FTX and its subsidiaries, Ray told New York District Court Judge Lewis Kaplan that SBF's claim that its exchange had the ability to pay was a "delusional" statement that was an "inaccurate description" of the January statement by the estate committee. Ray stated that when he took over, the exchange had almost no funds, with only 105 bitcoins remaining, while customers were entitled to nearly 100,000 bitcoins.
FTX and Alameda wallets deposited 6,500 ETH worth $24.57 million to Coinbase in the past 15 days
According to Spot On Chain monitoring, FTX and Alameda Wallet deposited 6,500 ETH (worth $24.57 million) into Coinbase through 7 transactions at a price of $3,780 in the past 15 days. Additionally, during this period, they also transferred 8 other assets worth $6.26 million: ALI, GAL, TONCOIN, WAVES, OHM, HGET, TLM, and MTA.
Pantera raises funds to buy large SOL assets from FTX Estate
According to market news, cryptocurrency investment firm Pantera Capital raised funds to purchase a large amount of Solana holdings from FTX Estate.
Zhu Su: FTX sells linearly unlocked SOL at a discount, but traders pay high funds to go long
Zhu Su tweeted that FTX is selling linearly unlocked Solana tokens at a significant discount, while cryptocurrency traders are paying a lot of money to go long, presenting a polarized situation. He stated that if SBF were present, he would seriously address this issue.
FTX Claim Window Prices Bitcoin, Ethereum, and Other Products Below Market Prices
FTX has opened a claims window for mainstream cryptocurrencies such as Bitcoin (BTC), Ethereum, and Solana, with pricing significantly lower than their current market value. Many people have expressed concerns about the pricing differences on FTX on the X social platform, questioning the platform's fairness and transparency. PwC has published an official statement on its website, providing insights into the FTX situation. PwC disclosed that FTX Digital Markets Ltd. is reaching a settlement with FTX Trading Ltd. and its affiliated debtors under Chapter 11 of the US Bankruptcy Code, with the aim of merging the assets of the two entities. The official liquidator of FTX has notified creditors to submit electronic claims before May 15, 2024. The claims portal managed by PwC is expected to make its first mid-term distribution at the end of 2024 or early 2025, with all eligible claims priced in US dollars.
FTX has started official liquidation and will compensate customers for Bitcoin at a price of US$16,871
On March 3rd, it was announced that the joint official liquidators (JOL) of FTX Digital Markets Ltd (in official liquidation) (FTX Digital) have informed customers and non-customer creditors to submit claims in the FTX Digital liquidation through the FTX Digital claims portal. The joint official liquidators have activated the FTX Digital claims portal and eligible customers and non-customer creditors can submit claims in the FTX Digital liquidation, view their balances in their FTX accounts (as per the records of the joint official liquidators), and submit electronic claims in the Bahamian process. Only customers and non-customer creditors who submit electronic claims before the prescribed deadline of May 15, 2024 (the claims deadline) will be eligible for distribution in the Bahamian process (provided that the claim is recognized as eligible for distribution).
FTX reminds asset bidders: Galaxy Asset Management exclusively handles debtor digital asset sale
The bankrupt cryptocurrency exchange FTX reminded on X platform that, authorized by the court, the matter of selling digital assets by FTX debtors under the Bankruptcy Court Order No. 2505 will be exclusively handled by Galaxy Asset Management. However, some unauthorized third parties have been found to be attempting to solicit buyers on behalf of FTX debtors. Any sale offers or purchase solicitations shall only be made by Galaxy Asset Management to institutional buyers or other relevant parties in accordance with applicable laws.
FTX Faces Bankruptcy and Reputational Damage, Celebrities Reduce Involvement in Crypto Space
Celebrities who endorsed FTX, a company that has faced financial and legal issues, are now investing and promoting less in the crypto and Web3 space. According to Crunchbase data, Shaquille O'Neal, Stephen Curry, Naomi Osaka, and Tom Brady have diversified their investments into other industries. Tom Brady, for instance, has shifted his focus to sports investments, including purchasing stakes in the Las Vegas Aces and Raiders sports franchises. Some celebrities who promoted crypto products without disclosing payments have faced consequences, leading them to be more cautious about future investments.
FTX agrees to sell FTX Europe back to its founders for $32.7 million
Bankrupt cryptocurrency exchange FTX has reached a settlement in a lawsuit in which the company attempted to recover $323 million spent on acquiring a European startup. FTX stated that it paid an excessive fee for a startup that was "unable to launch and operate," and FTX Europe's founder will buy back his company for $32.7 million. It is reported that Digital Assets DA AG was acquired by FTX and renamed FTX Europe in 2021, and FTX stated in a lawsuit in July 2023 that the acquisition was a "huge overpayment" paid with FTX customer funds. According to documents submitted to the Delaware Wilmington Bankruptcy Court on Thursday, FTX stated that no other buyers would agree to purchase its European subsidiary FTX Europe, and the proposed settlement is the best result for FTX creditors. (Reuters) In July 2023, FTX Trading recently sued insiders of FTX's European division, claiming that former CEO SBF paid an obviously high acquisition price. Accounting firm BDO stated that FTX's $376 million acquisition of Swiss startup Digital Assets AG (DAAG) "reasonably represents fair value" and is not improper. DAAG was later renamed FTX Europe.
Xinhuo Technology: The recoverable ratio of FTX claim funds is expected to rise to approximately 70%
Hong Kong-listed company New Fire Technology announced that the market price for the recoverable amount of FTX deposits is based on the valuation of the exclusive agent's written offer received by the company in early October 2023, minus agency fees and other professional expenses, and the net amount that can be recovered is approximately 39.4% of the original amount. As the cryptocurrency market recovers, the company has received several competitive offers from potential transferees regarding the transfer of FTX claims. If the FTX claims can be transferred by the relevant transferees, the recoverable amount will increase from about 39.4% in September 2023 to about 70% in January 2024. It is reported that the frozen asset value of New Fire Technology on the FTX exchange is HKD 141.7 million.
