Bitcoin has declined over the past several days as bears remained vigilant near $70,000. As a result, the premier cryptocurrency has shed more than 4% over the past week and was trading near $66,000 at the time of writing. Interestingly, wallets with 10 or more BTCs have collectively reached their highest holding level in two years. Data suggests that the absence of FTX’s influence may have potentially allowed the market to reflect demand more accurately. Whale Wallets Mirror...
Read More »FTX Creditors Rejected Bankruptcy Reorganization Plan
Creditors of the bankrupt cryptocurrency exchange FTX have filed an objection to the platform’s proposed reorganization plan, citing its failure to meet certain requirements of the Bankruptcy Code. According to a tweet by FTX creditor activist Sunil Kavuri, the objection argues that the reorganization plan ignores property rights issues, does not satisfy the best interest test, and contains inconsistent debtors liquidation analysis. Creditors Object to FTX Bankruptcy Plan FTX...
Read More »Former FTX Exec Ryan Salame Sentenced to 7.5 Years in Prison
Former FTX co-CEO Ryan Salame was sentenced yesterday to 90 months in prison, according to Damian Lewis, the United States Attorney for the Southern District of New York. Salame previously pled guilty to conspiring to make illegal political contributions and defraud the Federal Election Commission and to conspiracy to run an unlicensed money-transmitting business before US District Judge Lewis A. Kaplan, who handed down today’s sentence. Ryan Salame’s Sentencing As per the...
Read More »US Prosecutors Push for 5-7 Year Prison Sentence for Ex-FTX Exec
Federal prosecutors are calling for a prison sentence of five to seven years for former FTX executive Ryan Salame, who has been implicated in its multibillion-dollar collapse. His defense team asserts that his punishment should reflect his role in exposing the fraud, pushing for a lighter sentence of no more than 18 months. Salame’s Defense According to a sentencing memo filed in federal court in Manhattan on Tuesday seen by Bloomberg, prosecutors emphasized the seriousness...
Read More »Former FTX Exec Ryan Salame Requests 18 Months Prison Sentence
The lawyers of Ryan Salame, a former executive of the bankrupt cryptocurrency exchange FTX, who pleaded guilty to his role in the firm’s collapse, have requested that a court sentence their client to 18 months in prison in an upcoming hearing scheduled for May 28. According to a sentencing memorandum seen by Inner City Press, Salame’s attorneys are asking the court for leniency in the form of the recommended jail term in addition to the restitution and forfeiture obligations...
Read More »SBF’s Prison Currency: Rice Bags for Trade, Says First Interview
Disgraced FTX founder Sam Bankman-Fried revealed that he hasn’t experienced abuse and doesn’t “feel unsafe.” The only time he feels bothered is during the night when they ask about the rice bags they plan to use for trade. This was his first comprehensive interview since being imprisoned. SBF’s Prison Survival: Beans, Rice, and a Currency System The disgraced founder of FTX and co-founder of Alameda Research, who was found guilty of wire fraud, money laundering, and...
Read More »Ex-FTX Europe Exec Purchases Titanic Gold Watch for $1.5M: Report
A former executive of the European arm of the bankrupt cryptocurrency exchange FTX has bought a gold pocket watch recovered from the Titanic wreck for £1.175 million ($1.5 million), the largest sum ever spent on any piece from the memorable incident. According to a Wall Street Journal report, German fintech entrepreneur and former head of FTX Europe Patrick Gruhn bought the 14-karat gold watch last Saturday from the English auction house Henry Aldridge & Son, a leading...
Read More »Former FTX Exec Agrees to Transfer $5.9 Million Bahamas Property in Plea Deal
Former FTX Digital Markets co-chief executive Ryan Salame has agreed to transfer his multimillion-dollar property in the Bamas as part of a plea agreement in his case. The move comes after Salame pleaded guilty to criminal charges in September 2023, and his plea agreement required him to pay $5.6 million in restitution to the debtors. The Property Transfer According to a motion filed by FTX Trading Ltd and affiliated debtors with the United States Bankruptcy Court for the...
Read More »Pantera Capital’s Fund V Targets $1 Billion for Diverse Blockchain Investments
Pantera Capital is seeking to secure $1 billion for its new fund, ‘The Panter Fund V. ‘ It is designed to provide investors with exposure to a wide range of blockchain-based assets. A new report by Bloomberg revealed that the new fund is expected to launch in April 2025. Pantera Fund V The Pantera Fund V has been designed to be an all-encompassing product, differing from the digital asset investment manager’s previous funds with more specific investment focuses such as the...
Read More »FTX to Auction Off Remaining Solana (SOL) Tokens: Report
Bankrupt cryptocurrency exchange FTX is looking to offload its remaining Solana native tokens, SOL, via an auction this week. According to a Bloomberg report, people familiar with the matter said the bankruptcy estate would auction an unspecified amount of SOL in the hopes of receiving a higher price than that which they would have gotten through direct sales. FTX to Sell SOL Via Auction The blond auction represents a shift from the fixed-price sales the bankruptcy estate has...
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