FTX Bankruptcy: Repayments Target 2024
The FTX bankruptcy estate aims to start repayments to customers by the end of 2024, following an update from FTX Digital’s Joint Official Liquidators in the Bahamas.
Creditors Are Submitting Claims
Creditors can submit their claims through FTX’s claims portal, with a current deadline for choosing a bankruptcy process set for May 15, now likely to be extended to at least June 2024.
- Creditors Submitting Claims
- Claims Portal: Creditors can submit their claims through FTX’s claims portal since March 1.
- Deadline Extension: The deadline for choosing a bankruptcy process and submitting a claim is expected to be extended to at least June 2024.
- Valuation Date: Bahamian claims will be valued as of the initial bankruptcy claim date on November 11, 2022.
FTX Founder Gets 25 Years in Prison
The founder of FTX, Sam Bankman-Fried, has been sentenced to 25 years in prison after being found guilty on all counts related to fraud and money laundering.
- Sentencing of FTX Founder
- Guilty Verdict: Sam Bankman-Fried was found guilty on all seven counts related to fraud and money laundering.
- Sentencing: He has been sentenced to 25 years in prison by the Department of Justice.
- Consequences: The sentencing aimed to address the devastating consequences of FTX’s collapse.
FTX Agrees to Sell Shares in AI Startup
FTX recently agreed to sell the majority of its shares in AI startup Anthropic for $884 million in an effort to pay back creditors.
- Share Sale Agreement
- FTX Decision: FTX agreed to sell a majority of its shares in AI startup Anthropic for $884 million.
- Previous Investment: FTX and Alameda had invested $500 million in the AI firm Anthropic in 2021.
- Value Surge: Shares in Anthropic doubled in value due to growth in the artificial intelligence sector.
Hot Take: FTX Bankruptcy and Sentencing Updates
Stay updated on the latest developments in the FTX bankruptcy and the sentencing of the FTX founder as the process unfolds.
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