The motion to pause repayments to residents of certain countries has added a new wrinkle to the FTX saga.
Bankruptcy News
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Ripple shareholder Linqto has filed for bankruptcy following months of controversy around securities laws violations, with the first hearing expected on Tuesday.
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FTX’s bankruptcy estate is uncertain whether it is legally entitled to distribute payouts to creditors in countries such as China amid local crypto restrictions.
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FTX lawyers argued that creditors should not serve as a “backstop” for Three Arrows Capital’s risky leveraged strategy.
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Alex Mashinsky and related entities have forfeited all claims to Celsius’ bankruptcy estate as the court prioritizes restitution to creditors.
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FTX creditors are awaiting progress on at least $2.2 billion worth of disputed claims, with some users reporting issues with the KYC verification process.
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The UK Insolvency Service has hired a former police investigator to help creditors recover cryptocurrency from failed companies and criminal cases.
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The payouts to FTX creditors have sparked both controversy and speculation that the payouts could be reinvested back in the crypto markets.
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Not all FTX account holders will be reimbursed in the second distribution of assets, but the trust said it will send more than $5 billion “within 1 to 3 business days” of May 30.
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Former Cred CEO Daniel Schatt and ex-financial chief Joseph Podulka admitted to misleading customers about the firm’s financial troubles as part of a plea agreement.
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Backpack allows former FTX EU users to reclaim euro balances after KYC verification, following its acquisition of the bankrupt crypto platform's EU arm.
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FTX has sued NFT Stars and Kurosemi, which operates as Delysium, in the collapsed crypto exchange’s latest bid to try to scrape together money for its creditors.
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Nearly 400,000 FTX users risk losing $2.5 billion in crypto repayments unless they complete KYC verification before the extended June 1 deadline.
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Privacy advocates and government officials are urging users to delete their DNA data from 23andMe while blockchain builders seek to bring genomics onchain.
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Backpack acquired FTX EU in January 2025 to offer crypto derivatives throughout Europe.
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