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A judge has ordered both FTX and its sister trading firm Alameda Research to pay out $12.7 billion to creditors following the conclusion of a Commodity Futures Trading Commission (CFTC) lawsuit. In an August 7 filing, New York district judge Peter Castel ruled that both collapsed crypto firms should pay a disgorgement of $8.7 billion to the victims who lost out, and $4 billion to cover the profits they made during all of their violations.  Defendants, including FTX, Alameda, Caroline Ellison, Sam Bankman-Fried, Gary Wang, and any of their affiliates, are, according to yesterday’s consent order, also prohibited from trading any digital asset commodities, including, bitcoin, ether, and tether. They are also banned from acting as market intermediaries . Craig Wright fails to appeal UK ruling in Bitcoin case Read more:What happened to the crypto islands? FTX and Alameda had both agreed with the CFTC back in July to pay the billion-dollar settlement. However, this agreement was...

Larry David, the American comedian, disclosed significant losses as part of his FTX Super Bowl commercial salary was in crypto. Portrayed as a crypto skeptic in the Super Bowl advertisement, Larry David now calls himself “an idiot ” for dealing with the now-defunct FTX, whose founder, Sam Bankman-Fried, is facing serious legal troubles. Larry David reflects on his 2022 Super Bowl ad for a crypto currency trading platform called FTX, amid an ongoing fraud case against Sam Bankman-Fried, the company's founder. David reunited with his "Curb Your Enthusiasm" cast members for the show's final season premiere. pic.twitter.com/8KReLNBb3y — AP Entertainment (@APEntertainment) January 31, 2024 In an interview with The Associated Press, David revealed that he had lost “a lot of money” after things went south for FTX and its disgraced founder Sam Bankman-Fried, who is now facing up to 100 years in prison for multiple charges. David also added...

BlockFi announces the start of its Chapter 11 solicitation period, allowing creditors to vote on the bankruptcy plan. Blockfi has announced via Twitter that the solicitation period for creditor s under Chapter 11 has begun. During this time, the creditor s can vote on Blockfi’s bankruptcy plan. The Solicitation Period in BlockFi’s Chapter 11 Cases is now starting. During this period, all eligible creditor s will have the opportunity to vote on our Chapter 11 Plan. — BlockFi (@BlockFi) August 15, 2023 The company stated that all creditor s would receive the information under the solicitation package via email. They can submit the ballot until Sep. 11, 2023. The solicitation package includes all the data regarding the eligibility of each creditor and the steps to be followed for completing the ballot. After the solicitation period is over and the plan is approved, Chapter 11 will finish, and customers can get their refunds. You might also like: BlockFi victims set t...

At least 111 BlockFi borrowers had continued repaying loans between Nov. 11 and Nov. 22, even though they didn't need to, according to court documents. Bankrupt crypto lender BlockFi has agreed to refund more than $100,000 to California customers that had continued to repay loans even after a trading halt on Nov. 10 last year.  According to a March 27 statement from California's financial watchdog, the Department of Financial Protection and Innovation (DFPI), its investigation discovered at least 111 borrowers in California paid back roughly $103,471 in loan repayments between Nov. 11 and Nov. 22. The regulator claimed that BlockFi failed to "provide timely notification to borrowers that they could stop repaying their BlockFi loans." Californian @BlockFi users: BlockFi to refund over $100k after failing to notify borrowers about halting repayments post-FTX crash. The motion was filed, with a hearing set for April 19, 2023. Updates to follow. More info: https://t.co/b...

Join Our Telegram channel to stay up to date on breaking news coverage After being knocked out of the market along with companies like exchange FTX and lender BlockFi, the lending division of the cryptocurrency corporation Genesis filed for bankruptcy protection in the United States on Thursday, owing creditors at least $3.4 billion. After the collapse of major exchange FTX sent shockwaves through the crypto asset business and fueled worry that other companies could implode, one of the largest crypto lenders, Genesis Global Capital, stopped allowing customers to redeem their investments on November 16. Its bankruptcy declaration is the most recent in a succession of crypto currency failures brought on by a market crash that reduced the worth of crypto tokens by around $1.3 trillion last year. While the price of bitcoin has increased thus far in 2023, the highly interconnected sector has continued to be hit by the effects of the market crash. According to UBS currency and cr...

Monex CEO Oki Matsumoto said that it will be a “very good thing” for them if there will be less competition in the market. In an interview with mainstream media outlet Bloomberg, Monex CEO Oki Matsumoto said that they are interested and expressed that it will be a "very good thing" for them if there will be less competition within the local market. Matsumoto also highlighted that the crypto market within Japan has a lot of potential because companies may be looking into investing in digital assets or using nonfungible tokens for their marketing campaigns. According to the CEO, Monex wants to position itself as one of the few options for local players when such a time comes. FTX Japan, one of the four FTX assets put on sale, caught the eye of Monex Group, an online brokerage firm based in Tokyo.  Monex also owns a majority of the Japanese Bitcoin wallet and exchange service Coincheck which expressed its intent to list the crypto exchange on Nasdaq last year. According to Mat...