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FTX Japan Fully Acquired By BitFlyer, Eyes Launch Of Crypto Spot ETFs – Details

On Friday, Japan-based cryptocurrency exchange BitFlyer announced the completion of its acquisition of 100% of the outstanding shares of FTX Japan, making FTX Japan a wholly-owned subsidiary. The acquisition, finalized on July 26, 2024, comes after FTX Trading and related entities, including the Japan subsidiary, filed for Chapter 11 bankruptcy protection in the United States

FTX Restructuring Faces Challenges as FTT Token Holders Excluded from Voting

The FTX restructuring plan encounters significant challenges, primarily impacting FTT token holders. The voting process for the restructuring plan has been complex and controversial. FTX debtors’ committee utilizes Kroll for distributing voting materials, excluding FTT token holders from voting. Discover the latest developments and challenges in FTX’s restructuring plan, particularly its impact on FTT token

FTX Restructuring Plan Hits Roadblock for FTT Token Holders

FTX restructuring plan has encountered a major obstacle, particularly affecting holders of the exchange’s native FTT token. The official committee of FTX unsecured creditors recently made an announcement that has caused concern in the crypto community. This revelation focuses on a crucial aspect of the voting process for the exchange’s restructuring plan, highlighting the complex The post FTX Restructuring Plan Hits Roadblock for FTT Token Holders appeared first on CoinGape .

Top Crypto Gainers Today: OM, MKR Lead as NEAR and FTT Follow Suit

In today’s market watch, a subtle yet promising shift is observed in the crypto world, with most tokens posting stable gains on their weekly charts. Mantra (OM) and Maker (MKR) lead the pack, emerging as the day’s top gainers. In addition, Near (NEAR) and FTX (FTT) tokens follow closely, notching significant price increases. This positive The post Top Crypto Gainers Today: OM, MKR Lead as NEAR and FTT Follow Suit appeared first on Coin Edition .

The Fintech Talents Festival is changing

The Fintech Talents Festival has a new name: The FTT Fintech Festival But change is relative, and context is everything. When the Festival launched, we wanted to make sure that talent sat at the heart of the content, communities, and experiences we created. And that has, indeed, always been the case. As our community has …

FTX Seeks Customer Consensus: Multi-Billion Dollar Compensation Plan Goes To Vote

FTX, the failed crypto exchange, will seek customer approval for its Chapter 11 plan to compensate victims and resolve government penalties stemming from the platform’s fraudulent collapse in November 2022. The decision by Judge John Dorsey marks a significant step forward in the two-year-long bankruptcy proceedings, as voting by creditors plays a pivotal role in restructuring efforts. While FTX’s plan has gained support from key customer committees, a vocal group remains opposed and demands substantial revisions. FTX Offers Customers 119% Asset Recovery According to Bloomberg, under the proposed plan, most FTX customers are expected to recover 119% of their assets as of the day the company filed for Chapter 11 in November 2022. Other creditors may receive up to 143% of their owed amounts. FTX’s legal team maintains that bankruptcy law necessitates valuing claims based on their value at the time of filing, despite subsequent increases in cryptocurrency prices. Related Reading: Bitwise CIO Bullish On Spot Ethereum ETFs: Envisions $15 Billion Inflows FTX’s decision to solicit votes from its customer base stems from the desire to obtain feedback from previously uninvolved parties regarding the repayment plan. Additionally, the company is still negotiating with federal authorities and exploring options to utilize government claims against FTX to compensate affected customers. Notably, FTX has already settled a $24 billion tax claim from the US Internal Revenue Service. Under the settlement terms, the firm will pay the IRS $200 million within 60 days of implementing the proposed restructuring plan. The settlement allows FTX to pay a fraction of the amount claimed by the IRS, clearing the way for the exchange to distribute significant customer recoveries. The IRS will also receive a lower priority claim of $685 million, which will be paid on a subordinated basis to customers and other creditors, depending on the availability of funds. These details were outlined in a filing made by FTX in the US Bankruptcy Court for the District of Delaware. SBF’s Fraud Conviction Shadows Bankruptcy Proceedings FTX is currently monetizing its assets, as the platform reportedly lacked segregated digital assets directly connected to claims against the exchange. Instead, FTX possesses a collection of assets acquired using stolen customer funds, representing a complex challenge in the compensation process. Customers have until August 16 to vote on the Chapter 11 plan. Judge Dorsey will then review and potentially approve the plan on October 7, considering the outcome of the customer vote. Related Reading: Crypto Research Firm Says Bitcoin Crash Below $60,000 May Not Be The End, Here’s Why FTX filed for bankruptcy after its founder, Sam Bankman-Fried (SBF), shut down the crypto trading platform in 2022 and relinquished control to bankruptcy professionals. Bankman-Fried subsequently faced a 25-year fraud conviction, which he recently announced he would appeal. As of this writing, the exchange’s native token FTT is trading at $1.43, up 2% in the past 24 hours and just 27% year-to-date. Featured image from DALL-E, chart from TradingView.com

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