Cointime December 30th News Express
1.FTX Founder Sam Bankman-Fried Will Not Face Second Criminal Trial, Federal Prosecutors Say
FTX bankruptcy claims trade in secondary market rises to as high as 73%
AcThe claim price of bankrupt cryptocurrency exchange FTX Group has recently risen significantly, with current trading prices ranging from 57 cents to 73 cents, benefiting from the overall rise in the digital asset market. Data from Cherokee Acquisition shows that this price has risen from 50 cents to 53 cents at the end of October.
FTT briefly broke through $4.5, rising by more than 23% in 24 hours
Due to the important settlement impact reached by FTX Digital Markets, a subsidiary of FTX in the Bahamas, and FTX Trading Ltd. and its affiliated debtors (collectively referred to as "FTX Debtors"), FTT briefly broke through $4.5 and is now priced at $4.2561, with a 24-hour increase of 23.20%.
FTX debtors have entered into a global settlement agreement with the joint official liquidators
The representative of FTX Digital Markets, the debtor, has signed a global settlement agreement with the joint official liquidator. Approval is still required from the US Delaware Bankruptcy Court and the Bahamas Supreme Court, and both parties have agreed to immediately seek approval.
Crypto exchange FTX owes more to lawyers than to creditors in bankruptcy proceedings
Legal fees for the bankruptcy proceedings of FTX, the collapsed crypto exchange, have surpassed the amount owed to its creditors. Recent compensation filings show that FTX has been billed around $1.45 billion by legal experts, while just over $1.42 billion is owed to out-of-pocket customers. The filings also reveal that FTX has paid lawyers a total of $350 million since the bankruptcy proceedings began earlier this year, with fees averaging $1.4 million per day from August to October. Concerns have been raised about the excessive fees charged by the legal firms handling the FTX bankruptcy.
FTX Estate Submits Proposal to End Bankruptcy with Delaware Court
The estate of FTX, a crypto enterprise that collapsed in November 2022, has submitted a proposal to end bankruptcy with a Delaware court. The bankruptcy plan classifies creditor and customer claims according to priority and calculates the value of claims based on asset prices at the time of the company's bankruptcy filing. The estate aims to "maximize and efficiently distribute value to all creditors." However, the plan is likely to face opposition from various creditor groups until it's approved by the court, with a hearing date set for 2024.
Enigma Fund founder: $240 million in cryptocurrency held by FTX was sold yesterday
Enigma Fund, a Web3 venture capital firm, announced that FTX's $240 million worth of cryptocurrency was sold yesterday.
Nearly 250,000 SOL were transferred to the FTX Estate account, worth more than $18.35 million
Whale Alert has monitored that around 3:46 AM on Friday Beijing time, 249,999 SOL were transferred from an unknown wallet to FTX Estate account, worth $18,358,953.
The whale address starting with 0xfa2 withdraws 500,000 FTT coins from Binance
According to Spot on Chain monitoring on December 13th, a whale address starting with 0xfa2 withdrew 500,000 FTT coins (approximately 2.41 million USD) from Binance about 30 minutes ago. It is worth noting that due to FTX and Alameda holding about 76% of the total supply of FTT, the actual circulating supply of FTT is very small and easily manipulated by whale addresses.
SBF defense lawyer: The outcome of the trial is very unfavorable to SBF
David Mills, the defense lawyer representing SBF in the FTX fraud case trial, expressed frustration and disappointment, stating that SBF was the most challenging client he had ever encountered. Mills admitted that the trial's outcome was unfavorable to the former CEO, and that the legal challenges and complexities surrounding the case made it difficult for the defense to obtain a favorable outcome. Despite acknowledging shortcomings in SBF's handling of cross-examination, Mills believed that even if his performance had improved, it would not have changed the trial's outcome. The jury ultimately found the former executive guilty of embezzling billions of dollars from FTX customers within a few hours.
