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💥 $FTX Navigates $24B IRS Claim: Settles for $885M Amid Bankruptcy
#FTX takes a major step in its bankruptcy journey, settling with the IRS for $885 million. Here's what you need to know:
🔹Key Points:
🔸$200M** paid to IRS within 60 days
🔸Customers assured 118% reimbursement in cash, totaling 98% of claims
🔸Successful asset liquidation aiding debt management
🔹Details:
FTX has reached an agreement with the IRS, agreeing to pay $200 million within 60 days as part of a larger $885 million settlement. This move significantly advances FTX's bankruptcy resolution efforts and avoids prolonged legal battles.
The IRS will also receive a $685 million subordinated claim, settled only after higher-priority claims are addressed. This agreement accelerates the resolution of FTX's Chapter 11 cases and clarifies the scope of the IRS's claims.
FTX assures its customers of 118% reimbursement on approved claims, equating to 98% of their total claims. This has been made possible through substantial asset liquidation, managed by various organizations involved in FTX's recovery operations.
With this IRS settlement and a solid restructuring plan, FTX aims to stabilize its financial situation and fulfill its commitments to creditors and customers. The landmark settlement marks a significant turning point in FTX’s bankruptcy saga.
Stay tuned for more updates on FTX's recovery journey! 🚀💰
$FTT $BTC $BNB
#FTXTrial #MicroStrategy #Write2Earn!
#FTX takes a major step in its bankruptcy journey, settling with the IRS for $885 million. Here's what you need to know:
🔹Key Points:
🔸$200M** paid to IRS within 60 days
🔸Customers assured 118% reimbursement in cash, totaling 98% of claims
🔸Successful asset liquidation aiding debt management
🔹Details:
FTX has reached an agreement with the IRS, agreeing to pay $200 million within 60 days as part of a larger $885 million settlement. This move significantly advances FTX's bankruptcy resolution efforts and avoids prolonged legal battles.
The IRS will also receive a $685 million subordinated claim, settled only after higher-priority claims are addressed. This agreement accelerates the resolution of FTX's Chapter 11 cases and clarifies the scope of the IRS's claims.
FTX assures its customers of 118% reimbursement on approved claims, equating to 98% of their total claims. This has been made possible through substantial asset liquidation, managed by various organizations involved in FTX's recovery operations.
With this IRS settlement and a solid restructuring plan, FTX aims to stabilize its financial situation and fulfill its commitments to creditors and customers. The landmark settlement marks a significant turning point in FTX’s bankruptcy saga.
Stay tuned for more updates on FTX's recovery journey! 🚀💰
$FTT $BTC $BNB
#FTXTrial #MicroStrategy #Write2Earn!
$BNB El comportamiento de Binance Coin (BNB) durante la última semana ha mostrado un ascenso del 8.00%. Este rendimiento está por encima del mercado global de criptomonedas, que ha bajado un -0.30%, pero por debajo de criptomonedas similares de FTX Holdings que han subido un 11.40%.
Es importante tener en cuenta que el mercado de criptomonedas es muy volátil y los precios pueden cambiar rápidamente. Si estás interesado en el trading o la inversión en criptomonedas, te recomiendo seguir de cerca las tendencias del mercado y realizar un análisis técnico detallado antes de tomar cualquier decisión.
#Binance #BNB #FTX
Es importante tener en cuenta que el mercado de criptomonedas es muy volátil y los precios pueden cambiar rápidamente. Si estás interesado en el trading o la inversión en criptomonedas, te recomiendo seguir de cerca las tendencias del mercado y realizar un análisis técnico detallado antes de tomar cualquier decisión.
#Binance #BNB #FTX
🔴 #FTX settles $24B tax claim with #IRS for $200M in bankruptcy court.
A $685M lower priority claim to be paid after customers and creditors.
#FTXTrial #bankruptcy #TrendingTopic
A $685M lower priority claim to be paid after customers and creditors.
#FTXTrial #bankruptcy #TrendingTopic
$BTC $ETH $BNB
🛑🛑🛑Urgent urgent urgent update🛑🛑🛑
🚨FTX settles $24 billion tax claim with IRS in bankruptcy court‼️
🛑🛑🛑 Any news or information issued by me is not advice, so do not forget to use DYOR
♥️ Thank you for Watching my Post ♥️
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#BTC #ETH #BNB #SOL #FTX
🛑🛑🛑Urgent urgent urgent update🛑🛑🛑
🚨FTX settles $24 billion tax claim with IRS in bankruptcy court‼️
🛑🛑🛑 Any news or information issued by me is not advice, so do not forget to use DYOR
♥️ Thank you for Watching my Post ♥️
♥️You can support me with tips to provide better content♥️
#BTC #ETH #BNB #SOL #FTX
FTX wants to pay the IRS $200 million instead of $24 billion in tax liabilities
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FTX Trading Ltd, the legal name for Sam Bankman-Fried's collapsed crypto exchange FTX, is seeking to significantly reduce its tax debt to the United States Internal Revenue Service.
The move is another installment in the months-long saga between the beleaguered exchange and the country's tax collection agency. FTX aims to pay the IRS a $200 million priority tax claim and a $685 million subordinated claim, according to the June 3 legal filing.
The FTX Debtors, who are managing the company during its bankruptcy, argue that the IRS has wrongly included misappropriated funds from Sam Bankman-Fried and other tax liabilities in their calculations.
#FTX #FTT #Bitcoin #Ethereum #Memecoin $FTT $BTC $ETH
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FTX Trading Ltd, the legal name for Sam Bankman-Fried's collapsed crypto exchange FTX, is seeking to significantly reduce its tax debt to the United States Internal Revenue Service.
The move is another installment in the months-long saga between the beleaguered exchange and the country's tax collection agency. FTX aims to pay the IRS a $200 million priority tax claim and a $685 million subordinated claim, according to the June 3 legal filing.
The FTX Debtors, who are managing the company during its bankruptcy, argue that the IRS has wrongly included misappropriated funds from Sam Bankman-Fried and other tax liabilities in their calculations.
#FTX #FTT #Bitcoin #Ethereum #Memecoin $FTT $BTC $ETH
🚨Weekly News 🚨
👀 The most notable events of the past week:
☀️ #Bitcoin price returned to $68,000.
☀️ #Ethereum Classic had its fourth halving.
☀️ #Notcoin soared 300% in a week and set a new all-time high.
☀️ A former top manager of #FTX was sentenced to 7.5 years in prison.
☀️ Joe Biden vetoed the resolution to repeal SEC's SAB 121..
$NOT $BTC $ETH
👀 The most notable events of the past week:
☀️ #Bitcoin price returned to $68,000.
☀️ #Ethereum Classic had its fourth halving.
☀️ #Notcoin soared 300% in a week and set a new all-time high.
☀️ A former top manager of #FTX was sentenced to 7.5 years in prison.
☀️ Joe Biden vetoed the resolution to repeal SEC's SAB 121..
$NOT $BTC $ETH
Big development in FTX: The Cost Of Bankruptcy Is Astounding.
While FTX founder Sam Bankman-Fried's case ends pending appeal, FTX's bankruptcy continues. In the latest update from the FTX estate under CEO John Ray III, the company has transferred its remaining shares in Anthropic, the artificial intelligence startup behind chatbot Claude, according to the company's latest bankruptcy filing.
#FTX sold the remaining 15 million shares for approximately $30 each, generating over $450 million in proceeds. This brings the total return on FTX's $500 million investment in the company to approximately $1.3 billion, or $800 million in profit. The price per share for this second sale was the same as the first sale in March.
The largest buyer of this round, global venture capital fund G Squared, purchased approximately one-third of the remaining shares (4.5 million) for $135 million. Venture capital funds also made up the majority of the other 20 buyers of Anthropic shares.
Following the latest filings from the bankruptcy estate, the cost of the #FTX bankruptcy exceeded $500 million in legal and administrative fees. #FTX creditors complained that Sullivan and Cromwell, the primary law firm responsible for FTX's bankruptcy, was also one of the firms that represented FTX before the bankruptcy; this was a potential conflict of interest that led to the appointment of an independent auditor and class officer.
An analysis by the New York Times last year found that law firms were charging hundreds of millions of dollars in fees for the bankruptcies of crypto companies.
FTX #CEO John Ray has billed the estate $5.6 million since the lawsuit began, based on his $1,300 hourly wage. The entity plans to repay 98 percent of its creditors at least 118 percent of the allowable claims, measured in dollar value, at the time the exchange filed for bankruptcy.
$BTC $FTT
While FTX founder Sam Bankman-Fried's case ends pending appeal, FTX's bankruptcy continues. In the latest update from the FTX estate under CEO John Ray III, the company has transferred its remaining shares in Anthropic, the artificial intelligence startup behind chatbot Claude, according to the company's latest bankruptcy filing.
#FTX sold the remaining 15 million shares for approximately $30 each, generating over $450 million in proceeds. This brings the total return on FTX's $500 million investment in the company to approximately $1.3 billion, or $800 million in profit. The price per share for this second sale was the same as the first sale in March.
The largest buyer of this round, global venture capital fund G Squared, purchased approximately one-third of the remaining shares (4.5 million) for $135 million. Venture capital funds also made up the majority of the other 20 buyers of Anthropic shares.
Following the latest filings from the bankruptcy estate, the cost of the #FTX bankruptcy exceeded $500 million in legal and administrative fees. #FTX creditors complained that Sullivan and Cromwell, the primary law firm responsible for FTX's bankruptcy, was also one of the firms that represented FTX before the bankruptcy; this was a potential conflict of interest that led to the appointment of an independent auditor and class officer.
An analysis by the New York Times last year found that law firms were charging hundreds of millions of dollars in fees for the bankruptcies of crypto companies.
FTX #CEO John Ray has billed the estate $5.6 million since the lawsuit began, based on his $1,300 hourly wage. The entity plans to repay 98 percent of its creditors at least 118 percent of the allowable claims, measured in dollar value, at the time the exchange filed for bankruptcy.
$BTC $FTT
### Crypto Community Rallies Behind Binance Founder CZ as Jail Term Begins
Binance founder Changpeng Zhao (CZ) has started his four-month sentence at Lompoc federal prison in California. Despite this setback, CZ plans to rejoin the cryptocurrency world once he completes his term.
#### Support from the Crypto Community
The crypto community has shown strong support for CZ during this time. Many believe his decision to serve the sentence protects Binance from greater risks. One Reddit user commented that CZ's actions prevent potential disaster similar to the #FTX collapse: “If FTX's downfall hit Crypto hard, just imagine what would happen if Binance collapsed. He pleaded guilty and stepped down as CEO.”
#### Post-Prison Plans
After serving his sentence, CZ intends to return to the crypto industry, viewing this as a new chapter emphasizing the importance of regulatory compliance.
#### Sentencing Details
In April, CZ was sentenced to four months for money laundering charges at Binance. He also faces a $50 million fine, which is significantly less than the initially suggested three-year term. The court accepted his apology and acknowledgment of Binance's compliance failures, leading to a lighter sentence than federal guidelines suggested.
#### Settlement with the U.S. Government
In November, CZ agreed to a settlement resolving a multiyear investigation into Binance. He resigned as CEO and was ordered to pay $4.3 billion in fines and forfeiture, including a $50 million fine for civil regulatory issues.
Despite his legal troubles, CZ remains committed to the future of cryptocurrency and plans to return with a renewed focus on regulatory adherence.
$BNB $BTC $ETHFI
#Megadrop #StartInvestingInCrypto #ETHETFsApproved #MtGox
Binance founder Changpeng Zhao (CZ) has started his four-month sentence at Lompoc federal prison in California. Despite this setback, CZ plans to rejoin the cryptocurrency world once he completes his term.
#### Support from the Crypto Community
The crypto community has shown strong support for CZ during this time. Many believe his decision to serve the sentence protects Binance from greater risks. One Reddit user commented that CZ's actions prevent potential disaster similar to the #FTX collapse: “If FTX's downfall hit Crypto hard, just imagine what would happen if Binance collapsed. He pleaded guilty and stepped down as CEO.”
#### Post-Prison Plans
After serving his sentence, CZ intends to return to the crypto industry, viewing this as a new chapter emphasizing the importance of regulatory compliance.
#### Sentencing Details
In April, CZ was sentenced to four months for money laundering charges at Binance. He also faces a $50 million fine, which is significantly less than the initially suggested three-year term. The court accepted his apology and acknowledgment of Binance's compliance failures, leading to a lighter sentence than federal guidelines suggested.
#### Settlement with the U.S. Government
In November, CZ agreed to a settlement resolving a multiyear investigation into Binance. He resigned as CEO and was ordered to pay $4.3 billion in fines and forfeiture, including a $50 million fine for civil regulatory issues.
Despite his legal troubles, CZ remains committed to the future of cryptocurrency and plans to return with a renewed focus on regulatory adherence.
$BNB $BTC $ETHFI
#Megadrop #StartInvestingInCrypto #ETHETFsApproved #MtGox
Another prison sentence in the case of bankrupt crypto exchange FTX
After the prison sentence of FTX founder Sam Bankman-Fried was approved, Ryan Salame, who worked in #FTX's Bahamas unit and co-chairman of FTX Digital Markets, became the second person sentenced to prison in the case.
The judge in the FTX case, Lewis Kaplan, sentenced Salame to 7.5 years in prison and 3 years of supervised release. Prosecutors in the case were demanding a 5-year prison sentence for Salame.
Ryan Salame has been accused of illegally contributing to campaigns in the United States and engaging in unlicensed money transfer activities in recent years.
It is known that Salame, who did not speak out against Bankman-Fried, cooperated with prosecutors. The court also accused the senior executive of helping to hide deficits in FTX's balance sheet, thus contributing to the stock market crash. In addition, it was recorded that Salame withdrew approximately 5 million dollars from #FTX while the stock market was going bankrupt.
In his defense, Ryan Salame continued to insist that he had good intentions while apologizing to FTX customers and his family. However, he admitted that the method he used was completely illegal.
During the ongoing lawsuit, all eyes are now on the punishment that three other senior executives of #FTX will receive. These executives are co-founder Gary Wang, chief technical officer Nishad Singh, and Caroline Ellison, #CEO of FTX's hedge fund Alameda Research. All three executives pleaded guilty to the charges before the trial began, cooperated with prosecutors, and testified against Sam Bankman-Fried as per the agreement.
$BTC $FTT
After the prison sentence of FTX founder Sam Bankman-Fried was approved, Ryan Salame, who worked in #FTX's Bahamas unit and co-chairman of FTX Digital Markets, became the second person sentenced to prison in the case.
The judge in the FTX case, Lewis Kaplan, sentenced Salame to 7.5 years in prison and 3 years of supervised release. Prosecutors in the case were demanding a 5-year prison sentence for Salame.
Ryan Salame has been accused of illegally contributing to campaigns in the United States and engaging in unlicensed money transfer activities in recent years.
It is known that Salame, who did not speak out against Bankman-Fried, cooperated with prosecutors. The court also accused the senior executive of helping to hide deficits in FTX's balance sheet, thus contributing to the stock market crash. In addition, it was recorded that Salame withdrew approximately 5 million dollars from #FTX while the stock market was going bankrupt.
In his defense, Ryan Salame continued to insist that he had good intentions while apologizing to FTX customers and his family. However, he admitted that the method he used was completely illegal.
During the ongoing lawsuit, all eyes are now on the punishment that three other senior executives of #FTX will receive. These executives are co-founder Gary Wang, chief technical officer Nishad Singh, and Caroline Ellison, #CEO of FTX's hedge fund Alameda Research. All three executives pleaded guilty to the charges before the trial began, cooperated with prosecutors, and testified against Sam Bankman-Fried as per the agreement.
$BTC $FTT
Former FTX Executive Ryan Salame Sentenced to 90 Months in Prison Following Reimbursement Plan Rollo
Former FTX Executive Ryan Salame Sentenced to 90 Months in Prison Following Reimbursement Plan Rollout
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Not long ago, cryptocurrency exchange FTX has decided to move forward with a plan that could fully reimburse some of its creditors for their losses.
However, the reimbursements will be in cash, excluding any gains from the surge in digital asset prices since the exchange’s collapse in November 2022.
FTX detailed the proposed bankruptcy plan in a recent news release, outlining a path to provide relief to 98% of its creditors, including individual investors who had $50,000 or less with the company.
If the plan is approved by both the court and creditors, these individuals can expect to receive the full amount of their lost funds within 60 days of the plan’s implementation
Airdrop Is Live, Claim Instant $200 USD Worth of 200,000 DUNKI MUNKI Memecoins Free On WWW.DUNKIMUNKI.XYZ
#FTX #Memecoin #Trump #EthereumETF #Bitcoin $FTT $BTC $ETH
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Not long ago, cryptocurrency exchange FTX has decided to move forward with a plan that could fully reimburse some of its creditors for their losses.
However, the reimbursements will be in cash, excluding any gains from the surge in digital asset prices since the exchange’s collapse in November 2022.
FTX detailed the proposed bankruptcy plan in a recent news release, outlining a path to provide relief to 98% of its creditors, including individual investors who had $50,000 or less with the company.
If the plan is approved by both the court and creditors, these individuals can expect to receive the full amount of their lost funds within 60 days of the plan’s implementation
Airdrop Is Live, Claim Instant $200 USD Worth of 200,000 DUNKI MUNKI Memecoins Free On WWW.DUNKIMUNKI.XYZ
#FTX #Memecoin #Trump #EthereumETF #Bitcoin $FTT $BTC $ETH
Former FTX Executive Ryan Salame Sentenced to 90 Months in Prison Following Reimbursement Plan Rollout
Airdrop Is Live, Claim Instant $200 USD Worth of 200,000 DUNKI MUNKI Memecoins Free On WWW.DUNKIMUNKI.XYZ
Not long ago, cryptocurrency exchange FTX has decided to move forward with a plan that could fully reimburse some of its creditors for their losses.
However, the reimbursements will be in cash, excluding any gains from the surge in digital asset prices since the exchange’s collapse in November 2022.
FTX detailed the proposed bankruptcy plan in a recent news release, outlining a path to provide relief to 98% of its creditors, including individual investors who had $50,000 or less with the company.
If the plan is approved by both the court and creditors, these individuals can expect to receive the full amount of their lost funds within 60 days of the plan’s implementation
#FTX #Memecoin #Trump #EthereumETF #Bitcoin $FTT $BTC $ETH
Airdrop Is Live, Claim Instant $200 USD Worth of 200,000 DUNKI MUNKI Memecoins Free On WWW.DUNKIMUNKI.XYZ
Not long ago, cryptocurrency exchange FTX has decided to move forward with a plan that could fully reimburse some of its creditors for their losses.
However, the reimbursements will be in cash, excluding any gains from the surge in digital asset prices since the exchange’s collapse in November 2022.
FTX detailed the proposed bankruptcy plan in a recent news release, outlining a path to provide relief to 98% of its creditors, including individual investors who had $50,000 or less with the company.
If the plan is approved by both the court and creditors, these individuals can expect to receive the full amount of their lost funds within 60 days of the plan’s implementation
#FTX #Memecoin #Trump #EthereumETF #Bitcoin $FTT $BTC $ETH
