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FTX customers will get their money back and more, but the biggest winners are bankrupt traders

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FTX customers will get their money back and more, but the biggest winners are bankrupt traders

In a rare bankruptcy outcome, the cryptocurrency exchange’s customers went bankrupt FTX they will get all their money back and more. Those who lost money when the exchange collapsed in November 2022 are owed about $11 billion, but the estate has been able to recover up to $16.3 billion, court documents filed Tuesday show. Accordingly, the credits will be repaid with interest.

John Ray, CEO of FTX who replaced Sam Bankman-Fried, who currently serves at Sentenced to 25 years in prison, was tasked with assembling the estate’s assets. “John and the team absolutely crushed it,” Thomas Braziel, a broker at 117 Partners who buys FTX credits on behalf of some of the largest hedge funds in the market, told Fortune.

The exact amount that customers will be refunded depends on the type of complaint filed. While some could get back up to 142% of what they held, the vast majority will likely receive 118%. The specific payday is estimated to be months away.

While the gains are unusual and impressive, the biggest winners in the FTX deal are those negotiating bankruptcy claims. After the stock market crashed in late 2022, a handful of hedge funds and individual investors moved quickly and began buying credits for pennies on the dollar before the stock exchange even officially declared bankruptcy. Data from Claims Market, an online brokerage platform that has facilitated the trading of more than 500 claims, shows that the offering price of claims increased by 10% to 101% as of Wednesday.

Chapter 11 filings, as of March 20, show that the buyers set to get the biggest returns from FTX scraps are hedge funds that specialize in distressed debt. Attestor, Baupost and Farallon, which each purchased credits worth more than $520 million, $518 million and $346 million respectively, are leading the race. The funds used alternative entity names confirmed by people familiar with the matter.

Louis d’Origny, founder of the claims-buying platform FTX Creditor, who bet his personal funds on a full recovery and expected to earn more than $25 million. He says he was “incredibly, pleasantly surprised” by the announcement. Ray sold “everything that wasn’t nailed to the floor,” he said.

The profitable recovery is partly due to the cryptocurrency market’s revamp starting in 2022, with Bitcoin up more than 190% since the exchange went bust. As a result, the value of the company’s crypto assets has increased. Similarly, FTX shares in AI startup Anthropic also appreciated in value and were sold more than 880 million dollars. Additionally, FTX owns 38 properties in the Bahamas and has recovered $2.6 billion in cash, according to data contained in a presentation filed as part of your case.

But not all claimants are happy with the results, with some investors arguing that the current value of their crypto tokens should be respected. Arush Sehgal, an investor who had $4 million on the platform and a former member of FTX’s unsecured creditors committee, told Fortune that Ray would have sold the property at “lowest market prices” in September 2023 had he not been for the intervention of the UCC. “The damage done to real estate by John Ray has now surpassed Bankman-Fried’s original crime,” he claims.

Last month, Bloomberg reported that FTX Ownership sold approximately two-thirds of its $2.6 billion in Solana tokens in a heavily discounted deal. The receivers who oversaw FTX’s ownership were sold out SOL at $64 per token, sources familiar with the matter told Bloomberg, raising as much as $1.9 billion for the property. At the time of publication, however, the token is trading at around $148.

These agreements outraged some victims, including Sunil Kavuri, who criticized Bankman-Fried’s “continued lie that we will all be satisfied” during her sentencing.

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Worldcoin Token Rises 12% After Ecuador Expands, Kenya Investigation Closes

TokenTalk Staff

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Worldcoin token surges 12% after Ecuador expansion and Kenya probe closure

Worldcoin’s WLD token jumped more than 12% to over $3 last day after the project scored significant wins in several jurisdictions.

Worldcoin is a personality-proof crypto project that he took on examination and controversy around the world since its launch thanks to the collection of facial data. These challenges have had a significant impact on the WLD token, which is down more than 70% from March’s all-time high of $11.

However, this week the project recorded crucial milestones for its operations, prompting a recovery in the asset’s value.

Kenya abandons Worldcoin probe

Worldcoin told CryptoSlate that Kenya has ceased its investigation into the project.

In an emailed statement, a Worldcoin spokesperson confirmed that Kenya’s Director of Criminal Investigations (DCI) has closed its investigation into the project’s alleged data collection violations. Thomas Scott, chief legal officer at Tools for Humanity, said:

“We are grateful for the DCI’s impartial investigation and the Director of Public Prosecutions’ determination to close the matter. This welcome result, however, does not represent the end but the beginning. We will continue to work with the Government of Kenya and others and hope to resume ID registration across the country soon.”

This news would be a welcome development for a recent project he agreed to stop its Spanish operations until the end of the year or until the Bavarian Data Protection Authority (BayLDA) makes a final decision regarding the investigation into the company’s data processing practices.

Expansion of Ecuador

Worldcoin on June 19th announced the imminent availability of its global identity verification spheres in six locations in the two Ecuadorian cities of Guayaquil and Quito.

The spheres will begin operating on June 26 in Guayaquil and June 27 in Quito. Starting June 24, Ecuadorians can locate the sphere sites via the Worldcoin website and app.

This expansion is in line with growing global support for humanity-proofing initiatives. According to Worldcoin, a staggering 92% of a recent online survey conducted in Ecuador showed that they support technology-based solutions to differentiate humans from robots online.

The same trend has been observed in other countries, such as Peru and Colombia, where respondents fear that robots could “lead to even greater levels of fraud and disinformation.”

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Sealana Token Is Claimed to Be the Next Meme Coin to Explode as Pre-Sale Ends in Just 5 Days – Branded Spotlight Bitcoin News

TokenTalk Staff

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Sealana Token Is Claimed to Be the Next Meme Coin to Explode as Pre-Sale Ends in Just 5 Days – Branded Spotlight Bitcoin News

https://news.google.com/./articles/CBMid2h0dHBzOi8vbmV3cy5iaXRjb2luLmNvbS9zZWFsYW5hLXRva2VuLWlzLWJlaW5nLWJhY2tlZC1hcy10aGUtbmV4dC1tZW1lLWNvaW4tdG8tZXhwbG9kZ S1hcy1wcmVzYWxlLWVuZHMtaW4tanVzdC01LWRheXMv0gEA?hl=en-US&gl=US&ceid=US%3Aen

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Mexican Cartels Using BTC, ETH, USDT, and Other Tokens to Buy Fentanyl Precursors: US Treasury

TokenTalk Staff

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Mexican Cartels Using BTC, ETH, USDT, and Other Tokens to Buy Fentanyl Precursors: US Treasury

The US Treasury Department’s Financial Crimes Branch has reported the growing use of several crypto assets to support Mexican drug trafficking

The US Treasury Department’s Financial Crimes Branch has reported the growing use of several crypto assets to support Mexican drug trafficking

The US Treasury Department’s Financial Crimes Branch has reported the growing use of several crypto assets to support Mexican drug trafficking

AccessTimeIconJune 20, 2024, 5:08 pm

Updated June 20, 2024, 10:04 pm

US authorities have warned of Mexican cartels using cryptocurrencies to buy precursors to make fentanyl. (Jesse Hamilton/CoinDesk)

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Bitcoin, Ethereum and Furrever tokens with cutting-edge 10% referral bonus.

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Bitcoin, Ethereum and Furrever tokens with cutting-edge 10% referral bonus.

New York City, NY, June 20, 2024 (GLOBE NEWSWIRE) —

Looking to the future of cryptocurrencies, Bitcoin remains strong as the market leader, while Ethereum continues to fascinate meme coin enthusiasts. Now, Furrever token is ready to join the fray. This article looks at what Furrever Token brings to the table alongside these giants.

Bitcoin price continues to fall as whale activity deepens

Bitcoin price fell below $65,000 on Wednesday, after expanded whale exercises that will be offered orders. Meanwhile, hedge funds have experienced a slowdown in the introduction of Bitcoin, which could be fueled by a steady surge in Bitcoin ETFs.

Ethereum ETFs may not cause the price of ETH to rise as many predict

The price of Ethereum (ETH) has risen more than 4% in the past 24 hours after the Securities & Exchange Commission (SEC) abandoned its examinations of Ethereum 2.0 amid the desire for spot ETH ETFs. In any case, subsequent ETH energy ETFs may not lead to the expected price increase.

The Furrever token stands out for its innovative 10% referral program.

The Furrever Token presale has so far raised over $1.3 million, with the project currently at level 9 and aiming for a total of $1.9 million.

Furrever Token offers delightful customer engagement focused on feline-themed symbolism and community-driven engagement. The untapped referral framework allows customers to earn 10% in $FURR tokens for every store created via their individual referral connection, making for a fabulous passive income opportunity. This framework does not incentivize users, but also cultivates the natural development of the community.

Backed by a comprehensive review by Securi Lab, Furrever Token ensures a secure and reliable stage for its customers. The project guide incorporates the progressive integration of feline-themed material and the energy of future shocks, situating it as an interesting and enjoyable speculation within the crypto space.

Don’t miss the opportunity to include Furrever Token in your venture portfolio and get ready to rule the meme coin industry. Visit www.furrevertoken.com to secure your tokens and be part of this crypto space.

Join the Furrever token presale now:

Official website of the Furrever token

Visit the Furrever token presale

Join the official Telegram group

Follow the official X account

Media contact:
Roberto Smith
https://furrevertoken.com/
support@furrevertoken.com

Disclaimer: The information provided in this press release does not constitute a solicitation for investment, nor is it intended as investment advice, financial advice or business advice. We strongly recommend that you practice due diligence, including consulting with a professional financial advisor, before investing in or trading cryptocurrencies and securities.

CONTACT: Robert Smith

support at furrevertoken.com




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