#ftx

Attorneys for Ryan Salame, a former top executive of the bankrupt crypto exchange FTX, are seeking a sentence of no more than 18 months in prison. They assert that their client had no involvement in the fraudulent activities orchestrated by former CEO Sam Bankman-Fried.

In a move by the bankrupt exchange FTX, between 25 to 30 million SOL tokens have been sold to Galaxy Trading and Pantera Capital for $64 each, according to anonymous sources cited by Bloomberg. This transaction is valued between $1.6 to $1.92 billion, though the exact date of the sale remains undisclosed.

FTX's leadership aims to nullify user and investor claims concerning specific tokens linked to investments made by the former CEO, Sam Bankman-Fried. Included in the affected list are tokens such as Maps (MAPS), DeFi Oxygen (OXY), Serum (SERUM), and Boba (BOBA).

The legal team of former FTX CEO Sam Bankman-Fried have challenged the prosecution's call for a maximum 50-year prison term, criticizing it as an outdated punishment method. This position was detailed in an official statement regarding the anticipated sentencing.

The notorious FTX exchange has settled a lawsuit to recover $323 million spent in 2021 to acquire a European startup.

New FTX CEO John Ray III, overseeing the exchange's bankruptcy, continues to draw a hefty salary of $1,575 per hour. In March 2024, he clocked 231 hours, netting $363,825, which annualizes to approximately $4.36 million, though these figures may vary from month to month.

Today, March 28th at 9:30 AM EST, a sentencing hearing for Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange, is scheduled to take place in the Federal Court building in downtown Manhattan.

The Chinese government is scrutinizing PricewaterhouseCoopers (PwC), the audit firm implicated in a significant fraud case with the Evergrande Group, involving around $78 billion. Chinese officials have reached out to PwC accountants who audited the construction giant, seeking more insights.

A handful of bold investors are seeking to acquire preferred shares of the defunct crypto exchange FTX, drawn by the rising value of assets held for compensation despite almost nonexistent prospects for payouts. Preferred creditors rank at the very bottom of the payout hierarchy in bankruptcy proceedings.

LedgerPrime, previously a hedge fund within the collapsed crypto exchange FTX, has made a comeback under the new banner of MNNC Group, now officially registered in the Cayman Islands. Shiliang Tan, a principal partner, announced that not only has the group reclaimed most of its investor base, but it has also attracted a hefty investment sum in the process.

Backpack, a new cryptocurrency exchange, has officially launched operations in 11 U.S. states, including California, Colorado, and Indiana.