📰 According to Bloomberg and multiple criminal lawyers, former FTX and Alameda Research executives Caroline Ellison, Nishad Singh, and Gary Wang are expected to receive fines rather than prison sentences in the FTX trial, as they have pleaded guilty to their crimes, and prosecutors intend to submit a letter to the court detailing their cooperation in the investigation. Meanwhile, FTX founder Sam Bankman-Fried (SBF) was unanimously found guilty on seven counts in his criminal trial today. ⚖️🔒 #FTXTrial #CryptocurrencyLegal 📊📅📜

Sam Bankman-Fried has now been convicted nearly one year on from the infamous collapse of his FTX empire.

🔔Flashback to Crypto History! Remember when the FTX exchange collapsed in Nov 2022, triggering a notorious crypto winter? 😱 The fallout led to a regulatory crackdown, with Binance slapped with a hefty fine despite no evidence of user fund misappropriation. The incident sparked a drive for transparency among crypto exchanges, with Binance leading the pack. Meanwhile, regulators worldwide have adopted a more collaborative approach, with the European Council adopting the first comprehensive legal framework for the crypto industry in May 2023. But remember folks, due diligence is still key! 💼💡 What's your take on these developments? Share your thoughts below! 👇#FTT🔥🔥 #FTXTrial $FTT

FTX Co-Founder Sam Bankman-Fried Appeals 25-Year Conviction And Makes Unusual Request

#cpi #bitcoinhalving #BullorBear #Memecoins #FTXTrial

🚨 JUST IN: Judge dismisses SBF's claim that investors were fully reimbursed, highlighting losses over $550 million.

#sbf #ftx #FTXTrial #TrendingTopic

🚨 #FTX bankruptcy estate aims to start repaying customers by end of 2024, with both US Chapter 11 and Bahamas liquidation processes collaborating.

The portal's been up since Mar 1, and there's talk of extending the May 15 deadline to June.

#FTXTrial #CryptoNews🚀🔥 #TrendingTopic

Sam Bankman-Fried asegura que su condena de 50 años de cárcel es de “supervillano depravado”.

Sam Bankman-Fried, exdirector de FTX, enfrenta una posible condena de entre 40 y 50 años por fraude masivo y blanqueo de dinero, destacando una de las caídas más dramáticas en el mundo de las criptomonedas.

https://criptokio.com/noticias/sam-bankman-fried-asegura-condena-de-50-anos-carcel-supervillano-depravado/

#SamBankman-Fried #FTXTrial

FTX founder Sam Bankman-Fried sentenced to 25 years in prison for fraud, perjury, and witness tampering. Defense argued he's a misunderstood genius, but Judge Kaplan highlighted false testimonies and attempts at witness tampering. Losses exceed $11 billion, contrasting defense's claims.

#FTXTrial #HotTrends

🏛️ Ryan Salame Gets Dumped For 7.5 Years in Prison—

But You Can Keep The PORSCHE Dear 🏎️

The former co-conspirator to Sam Bankman-Fried has been sentenced to 90 months in prison— But he can hold onto his luxury toy.

📰 Former FTX executive Ryan Salame was sentenced to 7 & a half years in prison on Tuesday, making him the latest leader of the fallen cryptocurrency exchange to land behind bars for his role in its downfall. But the news isn't all bad for Salame.

While the one-time lieutenant to FTX founder Sam Bankman-Fried (SBF) and co-CEO of FTX Digital Markets Ltd. was braced for a years-long prison sentence—delivered in a Manhattan courtroom on Tuesday—federal prosecutors said Salame can hold onto a luxury car he purchased amid FTX’s meteoric rise before the ruling.

The value of his 2021 Porsche 911 Turbo S "doesn't have sufficient equity to further pursue forfeiture,” the government said in a filing, arguing Salame should be required to pay the vehicle’s maintenance cost of $1,500. Previously, Salame agreed to forfeit $1.5 billion worth of assets in connection to FTX-related crimes.

Weeks before Bankman-Fried’s trial began—in which the former crypto mogul was found guilty of stealing $10 billion from customers, investors, & lenders—Salame struck a plea deal. He pleaded guilty to violating campaign finance law and operating an unlicensed money transmitter business last Sept. With U.S. District Judge Lewis Kaplan deciding his fate, other former SBF associates are now waiting in the wings.

Salame’s lawyers claim that their client was “duped” by Bankman-Fried into thinking FTX was stable. Yet prosecutors argued in a sentencing memorandum that Salame yanked over $5 million worth of crypto from FTX as the exchange buckled under a bevy of customer withdrawals in November 2022—just before it declared bankruptcy and shut down.

Though Salame made efforts to cooperate with the government, prosecutors described his interactions as “relatively minor” compared to other FTX insiders.

#FIT21 #MtGox #FTXTrial #Megadrop

Based on Sam Bankman-Fried's request to be released from the Metropolitan Detention Center in Brooklyn, the court has deemed this pursuit unpersuasive .
#FTXUpdate #FTXTrial #SBFTrial #SBFVerdict #CryptoNews🔒📰🚫

Sam Bankman-Fried, The Golden Boy Of Crypto Has Been Sentenced To 25 Years.

#FTXTrial #FTT/USDT #TrendingTopic." #Write2Erarn #Memecoins

🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨
Emergency News about FTX 🛑🛑🛑🛑🛑

FTX and Alameda Ordered to Pay $12.7B in CFTC Settlement ⚖️

A US District Judge has approved a massive $12.7 billion settlement between FTX, Alameda Research, and the Commodity Futures Trading Commission (CFTC). This settlement aims to compensate creditors who were affected by the collapse of FTX and Alameda.

Key Details of the Settlement 📝

The settlement requires FTX and Alameda to pay $12.7 billion to creditors, providing much-needed relief to those affected by the collapse. This is a significant development in the ongoing saga of FTX and Alameda's bankruptcy.

Implications of the Settlement 🤔

This settlement marks a major milestone in the efforts to recover funds for creditors. However, it also raises questions about the future of FTX and Alameda, as well as the broader implications for the crypto industry.

Justice Served? 👮

The approval of this settlement brings a sense of closure to the affected creditors. However, it also highlights the need for increased regulation and oversight in the crypto industry to prevent similar collapses in the future.

#KaleemsCryptoMehfilKCM #Write2Earn! #FTXTrial #FTXRecovery #MarketDownturn

📢 David Mills, former attorney for FTX founder Sam Bankman Freed (SBF), has revealed that SBF was a tough defendant in the FTX case and that despite not having the opportunity to cross-examine properly, the trial's outcome would not have changed. SBF has been found guilty on seven counts of fraud against FTX customers and may face up to 110 years in prison at his formal sentencing scheduled for March 28, 2024. 🚀 #FTXTrial #SBF #Cryptocurrency

FTX is set to retrieve $884 million.

FTX has reportedly secured an agreement allowing them to sell a significant portion of their shares in Anthropic. This sale amounts to $884 million.
#FTXTrial

A New York federal jury has convicted Sam Bankman-Fried of all seven counts in his federal trial on conspiracy and fraud charges.

💥 $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!

🔥 Crypto Liquidation Update: FTX and Alameda Transfer $10.8M to Major Exchanges

💼 FTX Trading Ltd. Proposes “Customer Shortfall Settlement” in Chapter 11 Case

In a significant move, bankrupt crypto firms FTX and Alameda Research have executed a crypto asset transfer, liquidating $10.8 million across three major exchanges: Wintermute, Binance, and Coinbase. This transaction marks a continuation of their ongoing liquidation efforts, totaling an astounding $551 million since October 2023, spanning 59 different tokens.

🔄 Details of the Recent Transaction:

The transferred assets included eight different cryptocurrencies:
$2.58M in $GMT$2.41M in $UNI$2.25M in $SYN$1.64M in $KLAY$1.18M in $FTM$644K in $SHIBSmaller amounts of Arbitrum (ARB) and Optimism (OP) tokens were also part of the transaction.

💹 Ongoing Liquidation Efforts:

This isn't the first instance of FTX and Alameda liquidating crypto holdings. A prior transaction on November 14, 2023, saw $24 million moved to Kraken and OKX exchanges. These efforts stem from a U.S. court-approved plan to sell FTX’s digital assets, with a weekly limit of $100 million per position, extendable to $200 million with special committee approval.

🔄 Origins of the Funds:

The movement of funds traces back to March 2023, when FTX and Alameda initiated the recovery process for investor assets. In a prior move, $145 million worth of stablecoins were shifted to various platforms, including Coinbase, Binance, and Kraken.

💸 FTX’s Financial Challenges:

Despite recovering over $5 billion in cash and liquid cryptocurrencies, FTX's total liabilities surpassed $8.8 billion, reflecting the severity of its financial situation.

📉 Future Liquidation Outlook:

As FTX and Alameda persist in their asset liquidations to settle substantial debts, the crypto community awaits the unfolding of the future for these companies and their remaining assets.

🚀 Stay Tuned for Real-time Updates! Follow The Blockopedia for the latest in Crypto News. 🌐

#FTXCase #FTXTrial #crypto #cryptocurrency #crypto2023

🚨 Breaking News: FTX Bankruptcy Update Sparks Controversy Over IRS Tax Claims

In a recent twist in the FTX bankruptcy saga, the cryptocurrency exchange is challenging the Internal Revenue Service (IRS) by urging a Delaware bankruptcy judge to set its tax bill at zero dollars. Here's a breakdown of the latest developments:

FTX vs. IRS: A $24 Billion Dispute

FTX contests the IRS's estimated claims of a staggering $24 billion, asserting that these figures are exaggerated and lack evidential support. The IRS initiated tax audits on FTX in February 2023, initially estimating claims at $44 billion in April, later revising this to $24 billion in November.

IRS Claims: Baseless or Justified?

FTX representatives argue that the IRS's claims are disproportionate to their earnings and potential debt obligations. They maintain that the claims, totaling more than fifty times the debtors' earnings and several times greater than the distributable value available to creditors, are unfounded.

FTX's Strategic Moves Amidst Bankruptcy

Amidst the ongoing bankruptcy proceedings, FTX plans to file an amended Chapter 11 plan in mid-December, initiating a voting process in March with the aim of confirming the plan by June. However, the dispute with the IRS over tax claims remains a critical hurdle.

FTX's Proposed Creditor Repayment Plan

As of December 2023, FTX is undergoing several developments, including an amended proposal for creditor repayment. The proposal aims to return up to 90% of creditor holdings, categorizing customers based on settlement amounts. Notably, customers with settlement amounts below $250,000 can accept the settlement without any reduction in claim or payment.

Restarting FTX Platform for International Customers

FTX administrators are considering restarting the platform for non-US customers. The proposed plan involves organizing creditors into different classes.

🌐 Stay Informed: Follow The Blockopedia for Real-time Updates on Crypto News!

#FTXTrial #BTCto40k #crypto #cryptocurrency #crypto2023