SEC warns FTX against repaying creditors in cryptocurrencies, citing legality concerns. Coinbase’s Chief Legal Officer criticizes the lack of clear guidelines. FTX plans to distribute $14B-$16B to creditors despite regulatory hurdles. Clear guidelines needed.
Michelle Bond, partner of ex-FTX exec Ryan Salame, charged by DOJ for using $400,000 in FTX funds for her 2022 Congressional campaign. Both accused of concealing illegal financing. Salame seeks to annul his guilty plea.
Ex-FTX Bahamas CEO Ryan Salame seeks to revoke his guilty plea, alleging prosecutors breached their agreement by continuing to investigate his partner, Michelle Bond. Salame, sentenced to 7.5 years and fined $11M, claims coercion. $FTX #CryptoNews
The Bahamas enacts the DARE 2024 Act post-FTX collapse, tightening crypto regulations with investor protection, KYC, and the first-ever staking disclosure regime. Stablecoin issuance now faces strict guidelines and a ban on algorithmic stablecoins. #CryptoRegulation
The Bahamas’ DARE 2024 Act regulates cryptocurrency, introducing investor protection, KYC procedures, and stablecoin issuance rules. It prohibits algorithmic stablecoins and sets reporting standards, aiming to enhance market stability and investor security.
BitFlyer acquires 100% of FTX Japan’s shares, planning a relaunch by August under a new name. This move aims to introduce a custodial business in preparation for a potential Bitcoin spot ETF launch in Japan. $BTC #CryptoUpdate #Update
Bitcoin hits a new high at $67,539, with a 13.4% weekly surge boosting its market cap to $1.32T. Donald Trump to speak at Bitcoin 2024 conference. FTX settles $12.7B with CFTC; WazirX hacked for $235M. $ETH ETF launch may push price to $5K. #Update
FTX agrees to a $12.7B settlement with the CFTC over fraud allegations, aiming to expedite Chapter 11 proceedings and compensate creditors. $4B is for disgorgement and $8.7B for damages. Court review on Aug 6, 2024. #CryptoRegulation #Update
FTX will repay creditors $14B-$16B by late 2024, boosting the crypto market. Smaller claims get 118% in 60 days; larger claims receive 127%-142%. With the U.S. elections, this $16B liquidity surge is expected to drive growth in $BTC and $ETH. #Update
.@bitFlyer is set to acquire FTX Japan, valued in the tens of millions, following the collapse of @FTX_Official. The move aims to convert FTX Japan into a custodial service for institutional clients, highlighting the shift towards secure, reliable custodial services in crypto. #Update
FTX has spent $672.5M on legal fees since its November 2022 bankruptcy. Major payouts include $198.2M to Alvarez and Marsel, and $194M to Sullivan and Cromwell. #Crypto #Updates
FTX completes the sale of $2.6B in Solana tokens, with Figure Markets purchasing 800,000 SOL for $80M. FTX aims to repay creditors with a $16.3B cash reserve. #CryptoNews #Solana
FTX’s auction raised $2.6B from selling Solana (SOL) tokens, with Pantera Capital and Figure Markets buying at up to 50% discounts. This signals confidence and potential resurgence for Solana. #Solana
FTX collapse leads to $30M penthouse sale in Bahamas, revealing a potential loss on a $255M luxury real estate bubble created by its execs. A cautionary tale of crypto wealth’s volatility impacting real estate.
