One Final Story About FTX for Old Times Sake

TL; DR

• a decide on Wednesday this week formally ordered FTX and its sister firm, Alameda Analysis, can pay $12.7 billion to collectors, ending a 20-month lawsuit with the Commodity Futures Buying and selling Fee (CFTC).

Full story

For our final ever Web3 Day by day information article (we are saying goodbye on Sunday), it feels becoming to put in writing about FTX.

(The corporate that each made and broke us in some ways – as a result of individuals Love studying about loopy information; however FTX has additionally crippled the crypto trade, together with the promoting budgets for a lot of web3 corporations).

a decide on Wednesday this week formally ordered FTX and its sister firm, Alameda Analysis, can pay $12.7 billion to collectors, ending a 20-month lawsuit with the Commodity Futures Buying and selling Fee (CFTC).

The order additionally prohibits FTX and Alameda from buying and selling digital property and appearing as intermediaries out there.

(Even the slightest probability of a comeback for the corporate is nipped within the bud).

How on earth can a bankrupt firm pay $12.7 billion to collectors?

Properly, when Sam Bankrun-Fraud was convicted, he was pressured to forfeit $11 billion in property (and acquired 25 years in jail on seven counts of fraud, conspiracy, and cash laundering).

Moreover, Alameda and FTX had important crypto positions in tokens apart from the FTT token (FTX’s authentic token that went to zero), resembling Solana, which has she began, has largely elevated in worth.

For now, FTX and Alameda have filed for chapter, with the complete restructuring being managed by Krol – who’ve the enjoyable activity of discovering out which property are nonetheless owned, and which collectors ought to obtain how a lot, and in what order.

Agree! Now you realize.