The contagion of the FTX collapse is still ongoing despite its already significant impact on the industry . In today’s news, a U. S.
bankruptcy judge is looking to consider the approval of an independent bankruptcy investigation into the FTX collapse. This was revealed in a court hearing in Delaware which took place earlier today. FTX is still one of the most investigated firms from one of many of last year’s bankruptcy filings.
While the exchange initially portrayed itself as a trustworthy platform, it eventually collapsed when news broke that its chief executive and founder Sam-Bankman Fried aka SBF was reportedly using customer funds inappropriately. Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today! FTX Opposses To The Independent Bankruptcy Investigation As a response to the appointment of an independent examiner into its case, FTX condemned the idea saying approval of an investigator would only replicate work already being done by FTX, its creditors, and law enforcement agencies, according to Reuters . Related Reading: FTX Warns Its Customers About Scammers Offering Return Of Their Lost Funds Though the bankrupt company admitted its actions in the past calls for a probe relating to mismanagement and fraud, it is convinced that another round of investigation from an examiner will result in more cost and delay to the company’s aim to refund victims of the collapse .
While the judge is still pondering on the idea, FTX’s official creditors’ committee supported the exchange noting that the considering investigation is unnecessary and that it is not needed. On the other hand, State securities regulators in Texas, Vermont, and Wisconsin backed the proposal and said an unprejudiced version of the report would be advantageous to both the creditors and customers. BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? 570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.
io. Play Now! FTX Gets Provoked, Wants A Refund As cases of the FTX collapse continue to heat up, the bankrupt firm is beginning apparently annoyed as to why everyone including the people it once gave money to is now turning a blind eye to its current situation. On Monday, it was reported that FTX requested a refund from former donor recipients.
A press release published on Sunday noted, “FTX Debtors are sending confidential messages to political figures, political action funds, and other recipients of contributions that were made by or at the direction of the FTX Debtors, Samuel Bankman-Fried or other officers or principals of the FTX Debtors,” the press release read in part. As reported by Bitcoinist citing an announcement, the recipients have until the end of this month to do (a refund) as requested or else the debtors “retain the right” to execute legal actions to compel payback, plus interest. Related Reading: FTX Declines Disclosure to Sell LedgerX and Other Businesses Notably, the news follows FTX’s initial issuance for a refund in December.
Previously, the creditors calculated that SBF donated $93 million to political causes. Speaking of FTX, the exchange native token (FTT) which was once a rival to other exchange’s native tokens, has so far plummeted by over 90% since the collapse. FTX’s FTT price is moving sideways on the 1-day chart.
Source: FTT/BUSD on TradingView. com At the time of writing, the token is currently in a downtrend trading below $2 after falling from its ranging $25 price tag late last year. Featured image from Pixabay and chart from TradingView Share Tweet Share Share Sign Up for Our Newsletter! For updates and exclusive offers enter your email.
Sign Up I consent to my submitted data being collected and stored. Leave this field empty if you're human: Samuel Edyme Related Posts FTX-Linked Charity Under Scrutiny By UK Regulator, What’s Coming? 7 days ago Former FTX US President Reveals SBF’s Management Flaws 3 weeks ago FTX CEO Ray Says It’s Impossible To Recoup All Losses, US Clients Fare Better 2 months ago How Bankman-Fried Wanted To Attack Binance And Others In Today’s Hearing 2 months ago Federal Prosecutors Investigate FTX Founder Bankman-Fried Over UST/Luna Collapse 2 months ago Takeaways From FTX’s Bankman-Fried’s Showing At NYTimes Dealbook Summit 2 months ago.
