ftx
Once one of the largest cryptocurrency exchanges in the world before its monumental collapse two years ago, FTX said this week that nearly all of its customers will receive the money back that they are owed. FTX said in a court filing in the United States late on Tuesday that it owes about $11.2 billion (€10.4 billion) to its creditors. The exchange estimates that it has between $14.5 billion (€13.5 billion) and $16.3 billion (€15.1 billion) to distribute to them. How did we get to this point? Here is a timeline of what led up to this week's announcement after an implosion at FTX kicked off wh...
Euronews (English)
Collapsed cryptocurrency exchange FTX and its affiliated debtors have submitted an amended Plan of Reorganization and accompanying Disclosure Statement. The revised plan, submitted to the United States Bankruptcy Court for the District of Delaware, comes 17 months after the troubled crypto exchange collapsed, and reveals that creditors can expect to receive most of what they are owed, with some potentially receiving more. The company filed for Chapter 11 bankruptcy in November 2022, leading to insolvency expert management after the closure of its crypto-trading platform by Sam Bankman-Fried, w...
DPA Breaking News
Fallen cryptocurrency exchange FTX says that nearly all of its customers will receive the money back that they are owed, two years after its spectacular implosion, and some will get more than that. FTX said in a court filing late on Tuesday that it owes about $11.2 billion (€10.4 billion) to its creditors. The exchange estimates that it has between $14.5 billion (€13.5 billion) and $16.3 billion (€15.1 billion) to distribute to them. The filing said that after paying claims in full, the plan provides for supplemental interest payments to creditors, to the extent that funds still remain. The in...
Euronews (English)
New York (AFP) - Disgraced cryptocurrency wunderkind Sam Bankman-Fried was sentenced to 25 years in jail on Thursday -- a stunning descent for a figure who seemed poised to lead an emerging sector less than two years ago. US District Judge Lewis Kaplan said the defendant, who became known by his initials "SBF," had shown no "real remorse," even in his final pre-sentencing remarks in which the former billionaire rued "a series of bad decisions" but did not acknowledge knowingly violating financial laws. Bankman-Fried said "mistakes were made, but never a word of remorse for the commission of a...
AFP
Former cryptocurrency entrepreneur Sam Bankman-Fried, who was convicted of fraud, has been sentenced to 25 years in prison. New York judge Lewis Kaplan announced his decision on Thursday, US media reported from the courtroom. Lawyers for the 32-year-old founder of cryptocurrency exchange FTX have been considering an appeal since his conviction in November. Kaplan's sentence fell between the expectations of the prosecution, which had requested 40 to 50 years in prison, and the defence, which had proposed around six years in prison. If Kaplan had utilized the proposed sentences for all charges, ...
DPA Breaking News
Former cryptocurrency entrepreneur Sam Bankman-Fried, who was convicted of fraud, has been sentenced to 25 years in prison. New York judge Lewis Kaplan announced his decision on Thursday, US media reported from the courtroom. Lawyers for the 32-year-old founder of cryptocurrency exchange FTX have been considering an appeal since his conviction in November. Kaplan's sentence fell between the expectations of the prosecution, which had requested 40 to 50 years in prison, and the defence, which had proposed around six years in prison. If Kaplan had utilized the proposed sentences for all charges, ...
DPA Breaking News
Der wegen Betrugs verurteilte ehemalige Kryptowährungs-Unternehmer Sam Bankman-Fried soll für 25 Jahre ins Gefängnis. Der zuständige New Yorker Richter Lewis Kaplan verkündete seine Entscheidung am Donnerstag, wie US-Medien aus dem Gerichtssaal berichteten. Anwälte des 32-jährigen Gründers der Digitalgeld-Börse FTX prüfen bereits seit der Verurteilung im November eine Berufung. Kaplan blieb mit dem Strafmaß zwischen den Vorstellungen der Ankläger und der Verteidigung. Die Staatsanwaltschaft hatte 40 bis 50 Jahre Haft beantragt, Bankman-Frieds Anwälte hatten rund sechs Jahre Haft vorgeschlagen....
DPA (German)
Crypto entrepreneur Sam Bankman-Fried has been sentenced to 25 years in prison for a massive fraud that unravelled with the collapse of FTX, once one of the world’s most popular platforms for exchanging digital currency. Bankman-Fried, 32, was convicted in November of fraud and conspiracy — a dramatic fall from a crest of success that included a Super Bowl advertisement and celebrity endorsements from stars like quarterback Tom Brady, basketball star Stephen Curry and comedian Larry David. US District Judge Lewis A. Kaplan imposed the sentence on Thursday in the same Manhattan courtroom where,...
Euronews (English)
New York (AFP) - Disgraced cryptocurrency wunderkind Sam Bankman-Fried is set to be sentenced Thursday following his conviction in one of the biggest financial fraud cases in history. US prosecutors are seeking a prison term of 40-50 years after a New York jury found Bankman-Fried, known by his initials SBF, guilty in November following a five-week trial that probed the one-time high roller's spectacular fall. Calling Bankman-Fried's seven-count conviction reflective of the defendant's "unmatched greed and hubris," the government's sentencing request argues for significant jail time in light o...
AFP
New York (AFP) - US prosecutors have requested that a court sentence disgraced crypto mogul Sam Bankman-Fried to between 40 and 50 years imprisonment for massive fraud that cost customers $8 billion, court documents showed Friday. The founder and CEO of the FTX cryptocurrency exchange platform will face sentencing on March 28 after being found guilty in early November of seven counts including fraud, conspiracy and money laundering. "A sentence of 40 to 50 years' imprisonment... is necessary to reflect the seriousness of the defendant's crimes," the prosecution's sentencing memorandum said. B...
AFP
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