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FTX raised billions more than it needed to repay bankruptcy victims

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FTX raised billions more than it needed to repay bankruptcy victims

Failed cryptocurrency exchange FTX took in billions of dollars more than it needed to fully repay customers who lost funds in the November 2022 crash.

In a rare twist on typical US bankruptcy proceedings, FTX, whose recent fall resulted in a 25-year prison sentence for its former CEO, Sam Bankman-Fried — also has enough money to cover the interest, second Bloomberg.

Once it finishes selling all its assets, FTX will have up to $16.3 billion in cash to deploy compared to about $6.4 billion at the start of the year, the company said in a statement.

The company owes more than 2 million customers and other non-government creditors about $11 billion.

“In any failure, this is just an incredible achievement,” said FTX CEO John Ray, who took over the company when it collapsed.

Lower-ranking creditors traditionally receive only pennies on the dollar for their stakes in bankrupt companies, Bloomberg reported, but FTX has benefited from strong rallies in crypto tokens like Solana, which was approved by Bankman-Fried.

Once all of its assets are sold, Sam Bankman-Fried’s FTX will have up to $16.3 billion in cash to distribute to clients who lost funds in the November 2022 crash, enough to repay victims in full, plus interest . Christopher Sadowski

Even if FTX pays off its debts in full, plus interest, there won’t be much left for shareholders, according to documents reviewed by Bloomberg filed Tuesday evening in federal court in Wilmington, Del., where the FTX case is located. is managed.

In bankruptcy, the owners of the business cannot collect anything until all debts are paid in full.

In this case, U.S. regulators and the Internal Revenue Service have claims large enough to sweep away shareholders, Bloomberg reported.

Major holders of FTX shares include venture capital firm Sequoia Capital, private equity firm Thoma Bravo, Singapore’s Temasek Holdings and the Ontario Teachers Pension Plan, according to a court filing last year, according to Bloomberg.

Celebrities like Tom Brady and his ex-wife Gisele Bundchen also hold common stock.

Creditors also missed out on a massive surge in cryptocurrency prices this year because their claims are set to date when FTX files its insolvency case in 2022 under U.S. bankruptcy rules.

Since then, cryptocurrency prices have increased significantly.

John Ray took over as CEO of FTX when it collapsed. “All we can do as a bankruptcy team is monetize the value and distribute it,” he said, noting that no other bankruptcy case has involved so many claimants. REUTERS

“I’m actually only getting 25% of my Bitcoin back, and that will take many years,” said U.K.-based Arush Sehgal, a member of the FTX unsecured creditors’ committee who had more than $4 million stuck on the exchange went under when it was.

However, the news is lately driving up the price of credit applications, with some now trading at more than 100% of face value, sources told Bloomberg.

Many of these credits traded for as little as 3 cents on the dollar soon after filing for bankruptcy.

Bankman-Fried promised, after the collapse of his company, that he wanted to repay the victims in full.

“All we can do as a bankruptcy team is monetize the value and distribute it,” Ray said, according to Bloomberg, noting that no other bankruptcy case has involved so many claimants. “We cannot create coins and tokens that do not exist. And this is the best alternative.”

“I’ve never seen a case with 2 million customers,” Ray added. “I’ve never seen anything like it.”

Bankman-Fried is serving a 25-year prison sentence for stealing FTX user funds to cover an $8 billion debt at sister company and hedge fund Alameda Research in bankruptcy. Alec Tabak

The judge who handled the case, However, US District Judge Lewis Kaplan had said so during sentencing: “Defendant’s assertion that FTX’s customers and creditors will be paid in full is misleading. It’s logically flawed, it’s speculative.”

Car rental giant Hertz and American Airlines are among other large US companies that have gone through recent bankruptcy and managed to recover all their money from creditors.

Bankman-Fried advised Solana and the decentralized blockchain platform it trades on, which bears the same name, to the prison guards at the Metropolitan Detention Center in Brooklynbefore the 25-year sentence he received for stealing FTX user funds to cover an $8 billion debt at failed sister company and hedge fund Alameda Research.

According to Bloomberg, FTX has also sold dozens of its assets, including various venture capital projects such as a stake in artificial intelligence company Anthropic, in order to amass more cash and repay investors in full.

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Why Are Fetch and SingularityNET AI Tokens Up 30%? — TradingView News

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Meme Coin Price Drop Continues, Data Says - TradingView News

Artificial intelligence (AI)-based cryptocurrencies Fetch and SingularityNET both rallied more than 30% today, recovering after a three-month downtrend. What’s behind the AI ​​coins rally?

Why are FET and AGIX growing by more than 30%?

According to data from TradingView, the Fetch.ai (FET) token has rallied 37%, while the SingularityNET (AGIX) token is up more than 33% in the last 24 hours.Cointelegraph

The two AI-based cryptocurrencies began their price recovery on June 19. Both currencies have been trending downwards since the end of March.

Over the past three months, FET has fallen by more than 31%, while the price of the AGIX token has lost more than 36%.Cointelegraph

According to Vlad Balaban, co-founder of GT Protocol, a blockchain-based AI execution protocol, today’s price rally was catalyzed by the impending merger between SingulairtyNET, Fetch.ai, and Ocean Protocol. He has written:

“The increase of more than 30% is attributable to the announced merger with Ocean Protocol, aimed at forming the largest decentralized AI ecosystem. This strategic move has ignited investor enthusiasm, anticipating significant advancements and market leadership in AI technology.”

In a June 20th post, SingularityNET announced the official Artificial Superintelligence Alliance (ASI) token merge date of July 1st.

FET and AGIX stay up to date on AI and Nvidia developments: Nansen analyst

The artificial intelligence sector has attracted a lot of attention lately. Nvidia became the world’s most valuable publicly traded company on June 18, after the graphics processing and AI chip giant’s market capitalization rose to $3.34 trillion.

According to Edward Wilson, an analyst at Nansen.ai, developments around Nvidia and the artificial intelligence sector contributed to the rally in FET and AGIX tokens. He told Cointelegraph:

“AI as a sector is popular in both traditional markets and cryptocurrencies. It should come as no surprise that in the wake of Nvidia becoming the most valuable company in the world, AI tokens like NEAR, RNDR and others are becoming resuming.”

Nansen’s Wilson also noted that investor interest in AI remains high:

“Both of these tokens are up around 300% over the past year, compared to ETH which has seen just over 100% over the same period, demonstrating high market interest in this space.”

In the yearly chart, FET grew by more than 750% while the AGIX token grew by 192%.Cointelegraph

According to GT Protocol’s Balaban, part of the growing investor and institutional interest in AI is devoted to the emerging possibilities of artificial general intelligence (AGI):

“Companies are jumping into the AI ​​race, and those who emerge victorious will not only capture the largest market share, but will lead the world. This competition significantly increases investor and VC interest, as a race for AI promises substantial profits for those who make the right investment decisions for their portfolios.”

This article does not contain investment advice or recommendations. Every investing and trading move involves risk, and readers should conduct their own research before making a decision.

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Top 3 Crypto Tokens to Take Advantage of Ethereum Spot ETFs and US Presidential Election Hype: Pepe (PEPE), Binance Coin (BNB) and ETFSWAP (ETFS)

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Top 3 Crypto Tokens to Take Advantage of Ethereum Spot ETFs and US Presidential Election Hype: Pepe (PEPE), Binance Coin (BNB) and ETFSWAP (ETFS)

Some projects in the cryptocurrency space, such as Pepe (PEPE), ETFSwap (ETFS) and Binance Coin (BNB), are in the pipeline to gain positive stimulus from the hype around the US presidential election. However, ETFSwap (ETFS) will benefit further from the upcoming trading of Spot Ethereum ETFs.

ETFSwap (ETFS) on Verge of Bull Run as Ethereum Spot ETFs Ready to Launch

ETFSwap (ETFS) offers access to real-world assets in tokenized form, redefining ETF trading. Users can leverage ETFSwap’s (ETFS) market-making experience to always achieve optimal liquidity and get advanced trading perpetuals up to 10x, including access to futures, access to advanced trading tools and market data in real time.

ETFSwap (ETFS) stands as a beacon at the forefront of a financial revolution with its seamless integration of traditional finance into the realm of DeFi. The platform supports tokenized assets with real-world securities such as Spot Ethereum ETFs purchased from traditional financial markets.

The possibility of Ethereum Spot ETFs starting trading from July 2nd will also significantly enrich the ETFSwap (ETFS) platform, allowing you to trade Ethereum Spot ETFs right from the start as soon as the platform launches.

ETFSwap (ETFS) is able to integrate blockchain technology with ETFs because it works with MiCa compliant and regulated investment banks to trade both securities and cryptocurrencies. The platform provides ETF Screener and ETF Tracker-AI tools designed with algorithms that can read, analyze and process large volume data and provide recommendations based on historical data, market sentiments, trends and pattern recognition.

Through its staking program, you can enjoy high returns from ETF staking and secure passive income when you purchase and stake native ETFS tokens that yield up to 87% in annual percentage rate (APR) yield . Additionally, all users of the ETFSwap (ETFS) platform have access to 24/7 market coverage and the freedom to open and close positions at any time, with the flexibility to manage risks and experience robust measures safety.

Additionally, ETFSwap (ETFS) is on the verge of launching a beta platform. This new platform will offer all cryptocurrency and ETF investors a simple and intuitive experience that will greatly improve buying, selling and trading ETFs with ease.

All these amazing features available on the ETFSwap (ETFS) platform are only accessible to those who hold ETFS tokens. Therefore, now is the right time to hurry and buy at the lowest possible price $0.01831as the price is expected to rise to $0.03846 in the next stage of presale.

Pepe (PEPE) is hoping for a big rally

Pepper (PEPPER) The frog-themed meme coin could see renewed interest among investors looking to double their cryptocurrency gains.

Pepe (PEPE) capitalizes on the popularity of other meme coins such as Shiba Inu (SHIB), Dogecoin (DOGE), and others. Cryptocurrency experts believe that with the increase in the number of Pepe (PEPE) coin holders, daily trading volume and a growing following on social media channels, there is still a lot of potential left in Pepe (PEPE) for another momentum bullish.

Binance Coin (BNB) could push up to $1000

Binance Coin (BNB)The fourth-ranked cryptocurrency by market capitalization is expected to rise by 70.08% and trade within a price range of $675 to $1,000 next year.

Binance coin (BNB) plays a vital role in some pre-sales in 2024, where it is accepted as the main currency. Its robustness and widespread acceptance determine the success of these pre-sales.

Users enjoy a number of benefits within the Binance platform for holding Binance coin (BNB), such as reduced trading fees, exclusive access to token sales, and the ability to transact on Binance ecosystem blockchains.

Conclusion on the 3 main crypto tokens set to exploit Ethereum spot ETFs and the US presidential election hype

While Pepe (PEPE) and Binance Coin (BNB) may see an increase in their prices, this is the case ETFSwap (ETFS) this will likely take advantage of the hype surrounding the US presidential election and, more significantly, the upcoming trading of Spot Ethereum ETFs as the platform is at the forefront of tokenizing ETFs and making them available to investors.

For more information on ETFS presale,

Visit the ETFSwap presale

Join the ETFSwap community

Disclosure: This is a sponsored press release. Please do your research before purchasing any cryptocurrency or investing in any project. Read the full information Here.

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Meme Coin Merger: Presidential Tokens TRUMP and BODEN Collapse in Market Crash – Market Updates Bitcoin News

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Meme Coin Merger: Presidential Tokens TRUMP and BODEN Collapse in Market Crash - Market Updates Bitcoin News

https://news.google.com/./articles/CBMiaWh0dHBzOi8vbmV3cy5iaXRjb2luLmNvbS9tZW1lLWNvaW4tbWVsdGRvd24tcHJlc2lkZW50aWFsLXRva2Vucy10cnVtcC1hbmQtYm9kZW4tdHVtYmxlLWFta WQtbWFya2V0LXNsdW1wL9IBAA?hl=en-US&gl=US&ceid=US%3Aen

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OpenAI co-founder announces his new company, AI tokens rally

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OpenAI co-founder announces his new company, AI tokens rally
  • Former OpenAI co-founder Ilya Sutskever announced Wednesday the launch of a new artificial intelligence research lab in the United States.
  • News of the launch of Safe Superintelligence Inc. catalyzed gains in AI-related crypto tokens.
  • The market capitalization of the AI ​​category increased by 12% in the last 24 hours.

Artificial intelligence (AI) crypto token prices rise on Thursday following news that OpenAI’s co-founder has started his own company. Ilya Sutskever, former chief scientist at OpenAI, announced the launch of a security-focused AI research lab in Palo Alto and Tel Aviv, US.

The news comes amid concerns regarding the security aspect of Artificial General Intelligence (AGI), under development at OpenAI.

According to data from CoinGecko, the market capitalization of AI tokens increased by 12% in the last 24 hours.

AI Tokens See Huge Price Gains

AI tokens such as Near Protocol (NEAR), Fetch.ai (FET), Internet Computer (ICP), Render (RNDR), Bittensor (TAO), The Graph (GRT), SingularityNET (AGIX) and Akash Network (AKT) extended gains in recent 24 hours, according to CoinGecko data.

AI tokens

AI tokens

The rally can largely be attributed to the announcement of the new company, Safe Superintelligence Inc. The team consists of former co-founder Ilya Sutskever, American entrepreneur Daniel Gross and Daniel Levy, a research assistant at the laboratory of computer scientist Stephano Ermon . Sutsekever served as chief AI scientist at OpenAI and focused on the “safety” aspect when developing AGI.

The announcement of the fundraising for Artificial intelligence projects from hedge funds and Venture Capital is another catalyst that will likely fuel gains in this token category. Pantera Capital announced on June 19 its decision to invest $200 million in artificial intelligence ventures, according to a report by DLNews.

Major crypto funds are raising $1 billion, of which AI will receive a 15 to 20% investment. This development is another market driver, which is likely to influence investor sentiment towards AI tokens.



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