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FTX's new compensation plan faces opposition as creditors demand repayments based on current asset values, not bankruptcy figures.
The post FTX creditors seek repayments at current market rates appeared first on Crypto Briefing.
Binance has filed a request for the dismissal of FTXs $1.76 billion lawsuit, claiming it has no legal basis. The exchange claims that FTX failed because of internal fraud, not because of it or its executives. According to the exchange, Sam Bankman-Fried and the FTX leadership are the main reasons for the companys failure. FTXs […]
The FTX Bankruptcy Saga Progresses with some Hope for Creditors. Sunil, an FTX creditor, posted on X that the joint official liquidators of FTX Digital Markets extended deadline for submitting proof of debt. The original date was May 15th, but now it has gone on to the end of July or the beginning of August. […]
What I preach for is regulation that protects and prevents but does not cripple and destroy [innovation], the senior adviser told Cointelegraph.
FRA is set to monitor Binance for compliance with a DOJ plea deal, following Binance's admission of regulatory violations.
The post DOJ rejects Sullivan & Cromwell, picks FRA for Binance’s monitorship appeared first on Crypto Briefing.
The settlement with FTX and Alameda Research is a key part of BlockFi’s bankruptcy and reorganization plan.Source: CoinDesk
The post BlockFi Settles With FTX, Alameda Estates for $874.5M appeared first on Crypto Breaking News.
FTX, the bankrupt crypto exchange is offering a claims process with cryptocurrency valuations for major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and Binance Coin (BNB) that are much lower than their current market prices. This has triggered questions and worries among crypto investors and users. According to Wu Blockchain, FTX has set its […]
Sam Bankman-Fried has been sentenced to 25 years in prison for running a crypto business that devastated thousands of investors.
FTXs slice of artificial intelligence firm Anthropic is up for sale, and global investors including sovereign wealth funds are lining up for the chance to purchase the shares, according to a new report from CNBC citing unnamed sources.Source: CoinDesk
The post Bankers Are Lining Up Buyers for FTXs 8% Stake in AI Startup Anthropic: Report appeared first on Crypto Breaking News.
Sam Bankman-Fried’s lawyers have pushed back against the U.S. government’s sentencing memo which makes the case for why it thinks the former FTX CEO should be handed a sentence in the range of 40-50 years, a court filing on Wednesday shows.Source: CoinDesk
The post U.S. Government’s Legal Precedents Don’t Support Lengthy Prison Term, Bankman-Fried’s Defense Argues appeared first on Crypto Breaking News.
The insolvent cryptocurrency lender, Genesis, has petitioned a U.S. bankruptcy court to approve a proposed settlement principle announced on Feb. 28. According to an update, if the court approves the settlement, Genesis Earn users will receive all of their digital assets back in kind. The bankruptcy court is scheduled to consider Genesis request to approve [...]
The post Crypto Lender Genesis Requests US Bankruptcy Court to Approve Settlement Principle appeared first on Crypto Breaking News.
Sam Bankman-Fried’s defense team pushed back against what it called the “disturbing” sentencing memorandum filed by the Department of Justice last week in a new letter, saying the DOJ was making the FTX founder out to be someone he was not.Source: CoinDesk
The post DOJ’s Proposed 50-Year Sentence for Sam Bankman-Fried ‘Disturbing,’ FTX Founder’s Lawyers Say appeared first on Crypto Breaking News.
The fall from grace of Sam Bankman-Fried, once hailed as a wunderkind of the cryptocurrency world, continues with a vengeance. On Friday, U.S. prosecutors filed a sentencing memo recommending an astonishing 40-50 years in prison for Bankman-Fried, the founder and ex-CEO of FTX. Prosecutors strongly criticize Bankman-Fried following his conviction last November on seven counts […]
Two veteran altcoins are raising the bar for the cryptosphere in an attempt to restore the 1% market depth.
The Bahamas is proposing tougher regulations to govern digital asset firms five months after the collapse of crypto exchange giant FTX drew the world’s attention [...]
FTX filed a new lawsuit against former CEO Sam Bankman-Fried (SBF) and three other executives in an attempt to recoup $1 billion for clients who [...]
The Senate Banking Committee held a largely quiet affair on Tuesday with a panel of professors well-versed in financial regulation, according to a Fortune report. [...]
Australian regulators mandated that FTX Australia reveal details guiding its business operation before its collapse.
The U.S. government is set to tighten regulations to mitigate the growing risks associated with the crypto industry. This development comes after increased scrutiny following the collapse of FTX and Terra Luna in 2022. In a press release on January 27, the White House put forward a comprehensive roadmap designed to protect investors and hold bad actors accountable. The roadmap highlighted several measures for more effective regulations in the crypto industry. A Two-Pronged Approach By U.S. Government The U.S. government revealed that it had spent the past two years identifying the risks of cryptocurrency and finding ways to mitigate them. To ensure these measures are implemented, the White House intends to utilize a two-pronged approach. Firstly, the U.S. government has developed a framework for individuals and organizations to safely and responsibly develop digital assets. This includes addressing the risks they pose as well as highlighting poor practices within the crypto industry. Secondly, agencies have been mandated to increase enforcement and develop new regulations where needed. While there’s an increase in public awareness programs designed to help consumers understand the risks of buying cryptocurrencies. Related Reading: US Federal Regulators Warn About Crypto Activities The White House also pointed out that Congress had a major role in expanding regulators’ powers and passing transparency laws for cryptocurrency companies. It also warned about passing legislation that would reverse the current gains and tie cryptocurrency with the U.S. financial system. In addition, the government intends to commit significant resources toward digital assets research and development, and this would help technologies power digital currencies and protect investors by default. Crypto Industry Still Reeling From FTX Collapse The crypto industry is still recovering from the bearish markets resulting from several CeFi platforms’ high-profile collapses. 3AC, Voyager, BlockFi, and FTX were among the top platforms to file for bankruptcy, with the quartet holding more than $100 billion in assets. The nature of FTX collapse brought about increased scrutiny of the crypto industry. Congress testimonials exposed the risk-averse nature of crypto companies’ executives as details emerged that Sam Bankman-Fried misused clients’ funds through his trading firm Alameda Research. The ripple effect was massive as several individuals and firms exposed to the platform suffered huge losses, with some companies forced to shut down. These events caused concerns and reactions from within and outside the crypto space. It is, therefore, unsurprising that the U.S. government is looking to tighten its grip on regulations. Related Reading: Crypto-Friendly Bank Silvergate Suspends Dividend Payouts Months after the FTX crash, there’s still increased skepticism about the crypto industry. There’s an increase in the amount of bitcoin withdrawn from exchanges, and earlier this month crypto bank, Silvergate revealed that clients withdrew almost $8 billion of their crypto deposits. Featured image from Pixabay, chart from TradingView.com
Solana is having a hard time springing back to life. Apparently, the FTX crash has negatively impacted SOL and its bearishness doesn’t seem to improve the crypto’s price. Here’s a quick look on how the crypto has been performing: FTX crash drags price down SOL price nosedives by 2.13% $200 million in crypto wiped out from Solana Foundation According to CoinMarketCap, the crypto’s price has nosedived by 2.13% or trading at $11.77 as of this writing. Evidently, it has been negative for the past few days, although there has been improvements but it still isn’t peaking to $12. With the rate it’s going, the price is seen to have depreciated by as much as 1.56% as seen in the past 24 hours. Related Reading: MATIC Seen Breaking Present Support With Sustained Momentum Solana: Objectives For 2023 SOL price is seen to have peaked on November 6 last year with a $259 all-time high, with its lowest price lying around the range of $10.56. The highest it has peaked since its last low price was spotted at $18.65. On December 21, the network showcased on social media the platform’s accomplishments and goals for the coming year. Mobile Phone, JumpCrypto Fire Dancer Launch Solana is set to release the Solana Phone in 2023, claiming that the launch of the mobile gadget is to aid decentralized applications (dApps) on Web3 platforms. This is definitely a bold move for the network as a first-of-its-kind innovation in the crypto space. More so, apart from the mobile device, the platform will also be launching JumpCrypto’s Fire Dancer which will also be released in 2023. The launch aims to accentuate the speed and also reduce the breakdowns in the platform. Related Reading: MATIC Rising: Why Investors Are Upbeat On This Crypto For 2023 Crypto total market cap at nearly $770 billion on the daily chart | Chart: TradingView.com Initial Diagnosis: Flatline The price appears to be on a flat line as seen in the past few days even a few weeks after the crypto exchange’s collapse. Sam Bankman-Fried, FTX former CEO, is facing multiple charges of fraud. He posted a $250 million bail last week. The coin is now down by 69% since November as impacted by the FTX collapse which is known to be one of the biggest supporters of Solana. The recent collapse of FTX has also dragged the crypto down, especially with the Solana Foundation having approximately $200 million worth of crypto wiped out when FTX imploded. With the current scenario, there is a very slim chance of the crypto enjoying a price increase in the next coming weeks, even if the digital asset has bottomed out. Apparently, SOL has bottomed out in November following the exchange’s turmoil, but it seems that it’s far from over yet as the coin continues to fall, with no hints of spiking anytime soon.
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