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One of yesterday’s trending news stories on X was a supposed reminder that today, September 30, would be the day that FTX bankruptcy creditors would receive approximately $16 billion. Like many breaking headlines on X, however, that is entirely untrue. Posts about the supposed payouts and the ostensible distribution of FTT liquidity earned hundreds of thousands of impressions and thousands of likes. Undeterred by fact checks, traders bid up the price of FTX’s proprietary token, FTT, from less than $1.40 on Saturday to a high of $2.71 on Sunday. Although FTX’s bankruptcy estate has announced plans to make distributions during the fourth quarter, there are no distributions happening this week. The next earliest date that distributions could occur would be after the bankruptcy plan confirmation hearing on October 7 in the US Bankruptcy Court for the District of Delaware. $FTT pumped 115% in the last 24 hours   The reason behind this pump is that a news started to come that #FTX dist...

Deltec Bank and Trust has reportedly sold its lines of business to Britannia Bank and Trust; both banks have served Tether and operate in the Bahamas.  According to the Nassau Guardian’s interview with Britannia’s chairman Julian Francis, it is not acquiring Deltec, just Deltec Bank’s business lines. Deltec Bank CEO Odetta Morton repeatedly noted that she believes this “will result in an optimal path for continuing to deliver best-in-class service, technology, and access to global markets.” The curious case of FTX and Farmington State Bank, aka Moonstone Read more: Executive texts claim Deltec moved customer funds from FTX to Alameda At one point, Deltec Bank was one of the most important banks in the crypto ecosystem, providing Tether a link to the banking system after most banks refused to do business. It also provided a convenient service to many other cryptocurrency entities. Indeed, it was Deltec executives and leaders who collaborated with F...

Bankrupt crypto exchange FTX has been given the go-ahead to sell its portfolio of pricey Bahamas real estate, including former chief Sam Bankman-Fried’s $40 million penthouse that once housed him and his inner circle. On Tuesday, a Delaware judge approved the sale of $222 million worth of upscale properties in the Bahamas bought by senior staff during FTX ’s heyday — partly with customer funds. Among them is Bankman-Fried’s infamous Orchid Penthouse, which served as FTX and Alameda Research’s headquarters. Bankman-Fried also notoriously gifted a $16 million apartment in the Bahamas to his parents as an attempt to appease his father, who was unhappy with a $200,000 salary at FTX. That property is now also cleared for sale. Photos of the Orchid Penthouse, via the Department of Justice. Read more: FTX -funded charity Effective Ventures agrees to return donations According to court filings, the proposals to sell the real estate are reasonable and ...

FTX Exchange bankruptcy and customer claims turmoil. FTT’s price rollercoaster: bullish momentum, bearish setbacks, technical signals. Pullix emerges as a DeFi alternative: PLX token’s Trade-to-Earn model. A recent court filing has revealed that FTX is seeking approval to repay customer claims in US dollars, sparking debates among creditors. Meanwhile, FTT’s unpredictable journey adds intrigue to the bankrupt crypto exchange. Amid this chaos, a hybrid cryptocurrency exchange Pullix is attracting crypto enthusiasts with its ongoing PLX token presale. FTX Token’s rollercoaster ride The FTX Token (FTT) has embarked on a rollercoaster ride in recent months, characterized by volatility and uncertainty. After a brief consolidation phase, the token showcased resilience by breaking out of its range, resulting in a notable 60% surge. However, the bullish momentum faced a setback as the price encountered resistance at $6 and succumbed to a bea...

In the realm of content creation, three pivotal elements come into play: “perplexity,” “burstiness,” and “predictability.” Perplexity gauges the intricacy of the text, while burstiness measures the ebb and flow of sentence structures. Lastly, predictability assesses the likelihood of predicting the subsequent sentence. Humans often infuse their writing with bursts of creativity, mixing longer, intricate sentences with concise ones. In contrast, AI-generated sentences tend to follow a more uniform pattern. For the content you are about to create, it’s imperative to introduce a healthy dose of perplexity and burstiness while minimizing predictability. Furthermore, please adhere to English as the language of choice. Now, let’s reimagine the following text: In the ongoing legal proceedings, FTX’s former Chief Technology Officer, Gary Wang, made a startling revelation in court. He alleged that the then-CEO, Sam Bankman-Fried, had granted...

In the ongoing Sam Bankman-Fried trial, FTX ’s co-founder Gary Wang says that SBF stole customer funds from the beginning . In testimony to a New York Jury on Friday, Wang says Bankman-Fried authorized the illegal use of FTX customer s’ funds and assets to plug financial gaps at an affiliated hedge fund from the exchange’s earliest days. On Wang’s second day of Testimony, Wang adds that the losses at the hedge fund, Alameda Research, became so large that there was no way to hide them. Referring to SBF’s infamous tweet days before the exchange’s collapse, Wang says “FTX was not fine.” Source: The Hindu The prosecution is alleging that SBF stole millions from customers during and after the collapse of FTX. It’s alleged that he used the funds to pay for his own lavish lifestyle, as well as fund political campaigns. Gary Wang was FTX’s chief technology officer. He’s one of multiple FTX executives who have agreed to testify against Ba...

Former FTX boss Sam Bankman-Fried will not be facing a charge of illegal campaign financing due to an extradition treaty between the US and the Bahamas.  A court filing was published on July 26 by US Attorney for the Southern District of New York (SDNY) Damian Williams. US government has no plans to proceed with charge s accusing Sam Bankman-Fried of conspiracy to make unlawful campaign donations. It was the eighth count in the original indictment unsealed in December 2022.  “Accordingly, in keeping with its Treaty Obligations to The Bahamas, the Government does not intend to proceed to trial on the campaign contributions count.” Excerpt from court filing The decision came after the US sought clarification from The Bahamas authorities regarding whether the charge was included in Bankman-Fried’s extradition.  In response, The Bahamas government informed the US that “it did not intend to extradite the defendant on the campaign contributions count....

Also Read: Big Day For Crypto As US House Votes On Multiple Digital Asset Bills advertisement SBF Broke Bail Conditions? As per reports, prosecutors raised a concern of witness tampering as SBF handed over personal writings by Caroline Ellison to a New York Times reporter. Caroline the former chief executive of crypto hedge fund, Alameda Research has pleaded guilty. However, she is expected to testify against SBF in the fraud case. The prosecutors suggested that Sam Bankman-Fried ’s motive for sharing crucial documents is an attempt to tamper with the witness. This is being done to cast Caroline in a bad light and send a message through press media that she committed these crimes alone, District Judge Lewis Kaplan was directed by the U.S. Attorney’s office in Manhattan to restrict SBF from giving out public statements linked to the case. As per some proposed conditions, SBF was required to operate a phone with no internet connection and basic...

The seventh edition of JPMorgan's e-Trading Edit asked 835 institutional traders about their plans for trading digital assets in 2023, among other topics. A whopping 72% of institutional e-traders have signaled “no plans to trade crypto/digital coins” in 2023, according to a new survey conducted by JPMorgan. The seventh edition of JPMorgan’s e-Trading Edit surveyed 835 traders from 60 different “global locations” about the technical developments and macroeconomic factors that will influence trading performance in 2023. The survey was conducted between Jan. 3 to Jan. 23, 2023. The survey revealed hesitation among traders around digital assets. Only 14% of respondents said they will either continue to trade in the digital asset market or begin trading this year.  The remaining 14% of respondents, said they didn't plan on investing this year but may do so within the next five years. 92% of the institutional traders surveyed by JPMorgan did not — at the time of the survey — have...