Ryan Salame requests self-surrender date be pushed to Dec. 7

October 9, 2024 Coin Telegraph

The former FTX executive claimed the need for “continuing medical treatment” after being bitten by a dog in June.

Former FTX Digital Markets co-CEO Ryan Salame, scheduled to report to a federal correctional institution for a seven-and-a-half-year sentence, asked a judge to delay his self-surrender date by roughly two months.

In an Oct. 9 filing in the United States District Court for the Southern District of New York, Salame’s lawyers requested he be allowed to serve his sentence starting on Dec. 7 rather than Oct. 11. Judge Lewis Kaplan granted a continuance in July after Salame reported being “mauled” by a German Shepherd on June 29.

The medical information related to Salame’s request to push back his self-surrender date was redacted but included a statement from a Virginia physician. According to the filing, the former FTX executive required “continuing medical treatment” before reporting to prison.

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US Court Approves FTX Bankruptcy Plan To Distribute up to $16,500,000,000 Worth of Payouts to Former Customers

October 9, 2024 The Daily Hodl

Bankruptcy

A US bankruptcy court has greenlit FTX’s plan to distribute between $14.7 billion and $16.5 billion worth of payouts to the crypto exchange’s former customers. The plan calls for 98% of the exchange’s creditors to receive approximately 119% of the value of their holdings on the day FTX filed for bankruptcy in November 2022, per […]

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FTX bankruptcy estate auctioning Worldcoin tokens this week

October 2, 2024 Coin Telegraph

Bankruptcy

According to CoinGecko, Worldcoin currently has a market capitalization of approximately $792 million and a 494 million circulating supply.

The FTX estate is preparing to auction off approximately 22 million Worldcoin tokens (WLD) — valued at roughly $38 million — on Oct. 3, a source familiar with the matter told Cointelegraph.

Investor bids must be submitted by 8 pm on Oct. 3, with a minimum bid of $2.5 million to qualify for the auction and the tokens could sell at a steep discount of up to 75%.

Cointelegraph also learned that the tokens are subject to a 4-year unlocking period ending in 2028.

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No, FTX distribution payments do not begin on September 30

September 29, 2024 Coin Telegraph

Coin Telegraph

According to the FTX bankruptcy estate, total claims from injured parties top $11 billion, as a court hearing to confirm the plan looms.

Rumors are circulating on social media that the FTX bankruptcy estate will begin distributing reimbursement funds to creditors and customers on September 30, 2024. However, the rumors are false, as the reimbursement plan has not yet been approved by a court of law.

According to the updated Chapter 11 filing, the next court hearing to confirm the restructuring plan is October 7, 2024. Judge John T. Dorsey of the United States Bankruptcy Court for the District of Delaware will oversee the hearing.

If the plan is approved, smaller claimants with claims under $50,000 may begin receiving distributions by the end of 2024. Litigants with larger claims may not see distributions until the first or second business quarters of 2025.

President Trump to host first-ever White House Crypto Summit on March 7

FTX creditors only getting ’10-25% of their crypto back’ — creditor

September 28, 2024 Coin Telegraph

Coin Telegraph

Following the collapse of the FTX exchange, the FTT token collapsed by more than 80% and wiped away over $2 billion in customer value.

FTX creditors will only get 10-25% of their cryptocurrency back, according to newly revised bankruptcy documents shared by FTX creditor Sunil Kavuri.

The FTX creditor-activist explained that the creditors would receive reimbursements according to the petition date when cryptocurrency prices were much lower than today. To put this into perspective, the price of Bitcoin (BTC) was approximately $16,000 at the time the legal petition was filed.

The decision to reimburse creditors and customers using petition date prices sparked outrage among FTX creditors, Kavuri told Cointelegraph:

President Trump to host first-ever White House Crypto Summit on March 7

Suze Orman Recommends BTC: ‘Everybody Should Absolutely Have Exposure to Bitcoin’

September 28, 2024 Bitcoin.com

Bitcoin

Suze Orman, a well-known financial advisor, advocates for bitcoin exposure, despite contrasting views from other prominent investors like Dave Ramsey and Warren Buffett. She underscores the potential gains for those who can manage its volatility. “Everybody should absolutely have exposure to bitcoin,” she said. Suze Orman Encourages Bitcoin Investment With Caution Financial advisor Suze Orman […]

President Trump to host first-ever White House Crypto Summit on March 7

Ex-Alameda Research CEO Caroline Ellison Sentenced to Two Years in Prison for Role in FTX Implosion: Report

September 26, 2024 The Daily Hodl

Caroline Ellison

The former CEO of FTX sister company Alameda Research reportedly received a sentence of two years in prison on Tuesday. Caroline Ellison, who is one of disgraced FTX founder Sam Bankman-Fried’s top advisors and ex-girlfriend, served as star witness in the FTX trial that ended with the former crypto golden boy’s conviction on seven counts of […]

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Ex-Alameda CEO Caroline Ellison Receives 24-Month Sentence

September 24, 2024 Bitcoin.com

Alameda Research

On Tuesday, Sept. 24, 2024, Caroline Ellison, the former CEO of Alameda Research, was sentenced to 24 months in prison after admitting to her involvement in several crimes. The courtroom banned cameras, video, and phone recordings during the sentencing. Even though the judge commended her in court, saying, “I’ve seen a lot of cooperators in […]

President Trump to host first-ever White House Crypto Summit on March 7

SBF’s neurodivergence saw him ‘misinterpreted’ at trial, doctors argue

September 24, 2024 Coin Telegraph

amicus breif

The court and jury could have misunderstood Sam Bankman-Fried’s behavior during his criminal trial due to his autism and attention deficit disorders, doctors wrote in a recent amicus brief.

Sam Bankman-Fried’s criminal trial could have been hurt because of his neurodivergence disorders, leading to “longwinded answers” that frustrated the court, says a group of doctors in an amicus brief supporting his appeal.

The FTX co-founder is diagnosed with autism spectrum disorder (ASD) and attention-deficit/hyperactivity disorder (ADHD) that “posed serious challenges during proceedings in this case,” eight doctors focused on the field of neurodivergence told the Second Circuit Appeals Court in a Sept. 20 amicus brief supporting Bankman-Fried.

They claimed several rulings were detrimental to Bankman-Fried “because of his neurodivergence,” in particular the Manhattan district court’s ruling that government prosecutors could cross-examine him without a jury before he sat before jurors.

President Trump to host first-ever White House Crypto Summit on March 7

Crypto PR exec relishes ‘skepticism’ around crypto marketing

September 22, 2024 Coin Telegraph

Amanda Cassatt

Serotonin CEO Amanda Cassatt highlighted that marketing is “a mechanism for perpetrating the fakery and the scams.”

Despite the growing adoption of cryptocurrency, investors shouldn’t get too comfortable trusting marketing and should always do their own research, according to Amanda Cassatt, the founder of Web3 marketing firm Serotonin.

“Marketing is a mechanism for perpetrating the fakery and the scams, and I think people should be very skeptical and do their own research,” Cassatt told Cointelegraph at Token2049 in Singapore.

Cassatt explained that seasoned crypto investors and newcomers should adopt a stance of “skepticism” around crypto marketing and “always do their own research to understand any technology or product they’re using.”

FTX

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