The Fall of FTX: The SBF Family Follows the Drag!

The FTX bankruptcy case enters a new phase after the FTX restructuring plan was approved. Read this article to find out more!

FTX Restructuring Approved, Refund in Cash!

<img src="https://static.bittime.com/cms-static/upload/FTX_Restructuring_ed4b9d8a1a.webp" alt="FTX Restructuring" width="2048" height="1152"><a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com?content_id=news&amp;cn=400001">Bittime</a> -&nbsp;FTX's bankruptcy case entered a new chapter after Judge John Dorsey of the Delaware Bankruptcy Court approved FTX's proposed restructuring plan.That way, FTX will start paying off debts to customers, with the promise of a full return in cash with interest. Read this article to find out more!<a target="_blank" rel="noopener noreferrer" href="https://support.bittime.com/hc/id/articles/10813570229391--Memecoin-Civil-War-Team-HMSTR-vs-Team-CATI-Menangkan-Total-Hadiah-50-Juta-Rupiah"><img src="https://static.bittime.com/cms-static/upload/hmstr_vs_cati_010a69d12b.webp" alt="hmstr vs cati.webp" width="2985" height="620"></a><h2 style="line-height:1.7999999999999998;margin-bottom:4pt;margin-top:18pt;text-align:justify;" dir="ltr">FTX Restructuring Plan Details</h2>With this FTX restructuring plan, 98% of FTX creditors will receive refunds estimated at 119% of allowed claims.&nbsp;These returns will be made within 60 days after the plan's effective date, provided creditors comply with identity verification requirements and other distribution requirements.Therefore, The majority of FTX users who experience losses due to bankruptcy will recover funds in amounts that even exceed the initial value of the claim.&nbsp;Read Also:&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/en/blog/rencana-restrukturisasi-ftx-didukung-kreditor">FTX Restructuring Plan Supported by Over 95% of Creditors!</a><h2 style="line-height:1.7999999999999998;margin-bottom:4pt;margin-top:18pt;text-align:justify;" dir="ltr">Assets Pooled for FTX Restructuring&nbsp;</h2>FTX expects the total value of assets collected and converted to cash, and to be distributed to creditors, to be between $14.7 billion to $16.5 billion.&nbsp;&nbsp;This FTX restructuring process of course involves the liquidation of various types of assets and the exchange of crypto into cash.&nbsp;Since bankruptcy, FTX has worked closely with various parties to ensure that all assets that may still be under the company's control can be recovered and returned to creditors.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/register?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/Banner_Daftar_Bittime_c71afe9bcb.webp" alt="Banner Daftar Bittime" width="2985" height="620"></a><h2 style="line-height:1.7999999999999998;margin-bottom:4pt;margin-top:18pt;text-align:justify;" dir="ltr">Requirements for FTX Restructuring&nbsp;</h2>To ensure the smooth distribution of FTX restructuring, there are several compliance requirements that must be met by creditors.&nbsp;One of them is identity verification which will ensure that each payment recipient is indeed an eligible individual or entity.&nbsp;&nbsp;Additionally, there are also other distribution requirements that creditors must meet before they can receive their funds.&nbsp;By complying with the requirements, the FTX restructuring process and customer refunds can run smoothly and in accordance with applicable regulations.Read Also:&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/en/blog/sec-menentang-rencana-ftx-untuk-membayar-kreditur-dengan-stablecoin">SEC Opposes FTX's Plan to Pay Creditors with Stablecoins&nbsp;</a>&nbsp;&nbsp;<h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">How to Buy Crypto with Bittime</h2><a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/how-to-buy?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/banner_cara_beli_ab926002c1.webp" alt="cara beli crypto di bittime" width="2985" height="620"></a>Want to trade, sell and&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://play.google.com/store/apps/details?id=com.bittime.currency.exchange&amp;hl=id">buy Bitcoins</a> and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!Check the exchange rate<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/converter/btc-to-idr">&nbsp;BTC to IDR</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/converter/eth-to-idr">&nbsp;ETH to IDR</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/converter/sol-to-idr">&nbsp;SOL to IDR</a> and other crypto assets to find out today's crypto market trends in real-time on Bittime.

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FTX Restructuring.webp

FTX Restructuring Plan Approved, Refund in Cash! 

FTX's refund was delayed until October 7 because it needed court approval. Users must be patient in waiting for certainty from the reorganization process.

Reasons Why FTX Refunds Will Not Be Issued Today

Alasan Kenapa Pengembalian Dana FTX Tidak Akan Dilakukan Hari Ini.

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Alasan Kenapa Pengembalian Dana FTX Tidak Akan Dilakukan Hari Ini (1).webp

The SEC issued a warning to FTX regarding plans to use the stablecoin as a payment to creditors.

SEC Opposes FTX to Pay Creditors with Stablecoins 

<img src="https://static.bittime.com/cms-static/upload/SEC_Opposes_FTX_s_Plan_91b8d2ad80.webp" alt="SEC Opposes FTX" width="2048" height="1152"><a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com?content_id=airdrop&amp;cn=400005">Bittime</a> -&nbsp;The EC issued a strong warning to FTX regarding plans to use stablecoins or other crypto assets as a means of payment to creditors.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/register?content_id=airdrop&amp;cn=400005"><img src="https://static.bittime.com/cms-static/upload/Banner_2_988b13eca2.webp" alt="Banner 2" width="1999" height="415"></a><h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">FTX Payment Plan&nbsp;</h2>Currently, FTX plans to pay creditors in cash or stablecoins pegged to the US dollar. However, some creditors suggest that payments be made in the form of crypto assets, not cash.&nbsp;Throughout FTX's bankruptcy process, various options have been considered and proposed to maximize creditor recovery. Starting from the relaunch of the FTX exchange to make money for creditors, to the distribution of claims in the form of tokens in new tradable ventures.However, the idea of ​​relaunching the FTX exchange was rejected as no investors seemed willing to provide the necessary capital to revive the bankrupt exchange.&nbsp;Although some creditors have requested distributions in crypto assets, FTX's current plan is to pay out in cash or stablecoins pegged to the US dollar.Read Also:&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/en/blog/kasus-ftx-dan-alameda-research">FTX and Alameda Research Obliged to Pay $12.7 Billion to Creditors</a>&nbsp;&nbsp;<h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">SEC Concerns Over FTX Plan</h2>One of the main points of the SEC's warning is the lack of clarity in FTX's plan regarding who will be responsible for distributing the stablecoin if the plan is approved.&nbsp;While the SEC did not directly state that these actions were illegal, they asserted the right to challenge transactions involving crypto assets in the future.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/reward/dogsairdrop?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/airdrop_dogs_bittime_14f57ae441.webp" alt="airdrop dogs bittime.webp" width="2985" height="620"></a><h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">FTX Bankruptcy Process</h2>Meanwhile, the US bankruptcy watchdog overseeing FTX's bankruptcy process also raised objections. They rejected FTX's efforts to grant debtors immunity from future legal action by creditors.&nbsp;According to U.S. Trustee, the plan should be rejected by the courts unless significant changes are made, including the repeal of the provisions granting such immunity.This statement emphasizes that FTX's bankruptcy process will not only face challenges from the SEC, but also from other US bankruptcy authorities, which apparently do not want to make it easy for FTX to escape legal responsibility.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/staking?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/banner_staking_coin_8abe277d88.webp" alt="banner staking coin.webp" width="2985" height="620"></a><h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">FTX Bankruptcy Administrative Fees&nbsp;</h2>The FTX bankruptcy process is not only related to legal issues, but also has a huge financial burden. Administrative costs associated with FTX's bankruptcy continue to increase.&nbsp;The charges filed by FTX employees have exceeded 800 million US dollars. This figure reflects how complex the bankruptcy process of one of the largest crypto exchanges in the world is.These high fees of course add to the burden on creditors who hope to get back some of their assets. In situations like this, decisions about payments to creditors will be very crucial.Read Also:&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/en/blog/rencana-restrukturisasi-ftx-didukung-kreditor">FTX Restructuring Plan Supported by Over 95% of Creditors!</a>&nbsp;&nbsp;<h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">How to Buy Crypto with Bittime</h2><a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/how-to-buy?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/banner_cara_beli_ab926002c1.webp" alt="cara beli crypto di bittime" width="2985" height="620"></a>You can buy and sell crypto assets in an easy and safe way via Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti.&nbsp;To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.&nbsp;Monitor graphic movement<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?cn=400001">&nbsp;</a>price&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?content_id=airdrop&amp;cn=400005">Bitcoin (BTC)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/ETH?content_id=airdrop&amp;cn=400005"> Ethereum (ETH)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/SOL?content_id=airdrop&amp;cn=400005"> Solana (SOL)</a>&nbsp;and other cryptos to find out today's crypto market trends in real-time on Bittime.

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SEC Opposes FTX’s Plan.webp

SEC Opposes FTX’s Plan to Pay Creditors with Stablecoins 

FTX's restructuring plan finally received support from creditors, more than 95% of creditors.

FTX Restructuring Plan Supported by Creditors

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FTX Restructuring Plan.webp

FTX Restructuring Plan Supported by Over 95% of Creditors!

FTX and Alameda Research have been ordered to pay back $12.7 billion to their creditors. 

FTX and Alameda Research Case

<img src="https://static.bittime.com/cms-static/upload/FTX_and_Alamada_Research_Case_72e0831cb0.webp" alt="FTX and Alamada Research Case" width="2048" height="1152"><a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com?content_id=news&amp;cn=400001">Bittime</a> -&nbsp;FTX and Alameda Research have been ordered to pay back $12.7 billion to their creditors. This decision is part of the settlement of a 20-month lawsuit with the US CFTC.&nbsp;&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/register?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/Banner_2_988b13eca2.webp" alt="Banner 2" width="1999" height="415"></a><h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">FTX Case Background</h2>FTX, founded by Sam Bankman-Fried, was once one of the largest crypto exchanges in the world.&nbsp;However, in November 2022, the company filed for bankruptcy protection under Chapter 11 after facing serious liquidity problems caused by alleged fraudulent practices and mismanagement of funds.&nbsp;Its affiliated company, Alameda Research, was also involved in this scandal, leading to huge losses for its investors and creditors.Read Also:&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/blog/ftx-berencana-kembalikan-dana">FTX Plans to Refund $16 Billion in Stablecoins</a><h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">FTX Must Pay $12.7 Billion to Creditors</h2>With this ruling, FTX was required to pay $8.7 billion in compensation to investors who had been harmed by its founder, Sam Bankman-Fried, as well as an additional $4 billion in disgorgement or return of ill-gotten profits.What's interesting about this decision is that the CFTC is not seeking a civil monetary penalty, meaning the entire $12.7 billion amount will be used directly to repay FTX's creditors.&nbsp;&nbsp;Apart from payment obligations, this decision also permanently prohibits FTX and Alameda Research from carrying out any transactions involving digital asset commodities, as well as buying or selling digital assets on behalf of third parties. This means that FTX and Alameda will no longer be able to operate in the crypto industry in the future.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/blog?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/Banner_Blog_7d687b658d.webp" alt="Banner Blog.webp" width="2985" height="620"></a><h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">FTX Restructuring Plan</h2>FTX's ongoing restructuring process includes payment plans for most of its creditors. Under the proposed plan, about 98% of creditors with claims of less than $50,000 would receive a return of 118%, based on the value of FTX's assets at the time of the bankruptcy filing.&nbsp;&nbsp;However, many creditors prefer to accept payments in crypto rather than US dollars. The main reason is the approximately 150% increase in total crypto market capitalization since FTX filed for bankruptcy protection in November 2022. If payments are made in crypto, creditors can obtain a higher value compared to payments in cash.Currently, creditors are voting to choose the payment method they want. This voting will last until August 16 and the final decision will be made by Judge John Dorsey of the US Bankruptcy Court on October 7.Read Also:&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/en/blog/pelanggan-ftx-voting-proses-likuidasi">FTX Customers Must Vote on Liquidation Process Before August 17th!</a><h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">How to Buy Crypto with Bittime</h2><a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/how-to-buy?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/Banner_Daftar_Bittime_c71afe9bcb.webp" alt="Banner Daftar Bittime" width="2985" height="620"></a>You can buy and sell crypto assets in an easy and safe way via Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti.&nbsp;To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.&nbsp;Monitor graphic movement<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?cn=400001">&nbsp;</a>price&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?content_id=news&amp;cn=400001">Bitcoin (BTC)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/ETH?content_id=news&amp;cn=400001"> Ethereum (ETH)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/SOL?content_id=news&amp;cn=400001"> Solana (SOL)</a>&nbsp;and other cryptos to find out today's crypto market trends in real-time on Bittime.

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FTX and Alameda Research Case.webp

FTX and Alameda Research Required to Pay $12.7 Billion to Creditors

This article takes a deeper look at these whistleblower FTX and their impact on the Solana. Learn here!

Solana and Meme Coin Crash: The Impact of Whistleblowers and Hidden FTX Wallets?

Solana and Meme Coin Crash The Impact of Whistleblowers and Hidden FTX Wallets

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Solana and Meme Coin Crash The Impact of Whistleblowers and Hidden FTX Wallets.png

FTX is entering an important stage in the liquidation process. FTX customers must choose between the Bahamas Process or the US Process.

FTX Customers Vote on the Liquidation Process

<img src="https://static.bittime.com/cms-static/upload/FTX_Customers_Vote_on_the_Liquidation_Process_567a6208cd.webp" alt="FTX Customers Vote on the Liquidation Process" width="2048" height="1152"><a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/?cn=400001">Bittime</a> -&nbsp;FTX is entering an important stage in the liquidation process. FTX customers must decide whether to participate in the official liquidation process in the Bahamas (Bahamas Process) or in a Chapter 11 case in the United States (US Process).&nbsp;&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/register?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Banner_2_988b13eca2.webp" alt="Banner 2" width="1999" height="415"></a><h2 style="line-height:1.38;margin-bottom:2pt;margin-top:12pt;text-align:justify;" dir="ltr">FTX Liquidation Process</h2>FTX Digital Markets Ltd liquidation process involves two different jurisdictions, each with unique procedures and legal implications. FTX customers need to understand the differences between these two options to make an informed decision.<ol style="margin-bottom:0;margin-top:0;padding-inline-start:48px;"><li style="background-color:transparent;color:#000000;font-family:'Helvetica Neue',sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:decimal;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Bahamas Process: This process is an official liquidation taking place in the Bahamas, where FTX Digital Markets Ltd. registered. This process may have different rules and procedures than the process in the United States.</li><li style="background-color:transparent;color:#000000;font-family:'Helvetica Neue',sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:decimal;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">US Process (Chapter 11): This process involves submission under Chapter 11 in United States courts, known as bankruptcy reorganization proceedings. This process allows the company to continue operating while developing a plan to pay creditors.</li></ol>&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/staking?=cn400001"><img src="https://static.bittime.com/cms-static/upload/banner_staking_coin_8abe277d88.webp" alt="banner staking coin.webp" width="2985" height="620"></a><h2 style="line-height:1.38;margin-bottom:2pt;margin-top:12pt;text-align:justify;" dir="ltr">Q&amp;A Session for FTX Customers</h2>To help customers understand their options, liquidators FTX Digital Markets Ltd. has scheduled several live Q&amp;A sessions. This session will provide a brief summary of the liquidation process, the steps required to make the selection, and will be followed by a question and answer session.<ul style="margin-bottom:0;margin-top:0;padding-inline-start:48px;"><li style="background-color:transparent;color:#000000;font-family:'Helvetica Neue',sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">First session: Wednesday, July 31 2024 at 08:00 WIB</li><li style="background-color:transparent;color:#000000;font-family:'Helvetica Neue',sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Second Session: Wednesday, 01 August 2024, at 06:00 WIB</li></ul>&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/blog?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Banner_Blog_7d687b658d.webp" alt="Banner Blog.webp" width="2985" height="620"></a><h2 style="line-height:1.38;margin-bottom:2pt;margin-top:12pt;text-align:justify;" dir="ltr">The Importance of the Liquidation Process</h2>The liquidation process is a complex and crucial stage in handling company bankruptcy, especially large companies like FTX. The decisions a customer makes can have a significant impact on the final outcome of their claim. Therefore, it is very important for customers to fully understand both available options before making a final decision.PFTX.com subscribers must decide whether to participate in the Bahamas Proceedings or the US Proceedings before August 17, 2024. With the help of the Q&amp;A session and the information available, FTX subscribers are expected to make informed decisions to protect their assets.<h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">How to Buy Crypto with Bittime</h2><a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/how-to-buy?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Banner_Daftar_Bittime_c71afe9bcb.webp" alt="Banner Daftar Bittime" width="2985" height="620"></a>You can buy and sell crypto assets in an easy and safe way through Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti.&nbsp;To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.&nbsp;Monitor graphic movement<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?cn=400001">&nbsp;</a>price&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?cn=400001">Bitcoin (BTC)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/ETH?cn=400001">&nbsp;Ethereum (ETH)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/SOL?cn=400001">&nbsp;Solana (SOL)</a>&nbsp;and other cryptos to find out today's crypto market trends in real-time on Bittime.

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FTX Customers Vote on the Liquidation Process.webp

FTX Customers Must Vote on the Liquidation Process Before August 17th!

FTX rejected claims from Jump Trading subsidiary Tai Ho Shan, which sought $264 million in damages for 800 million Serum tokens (SRM). 

FTX Rejects Jump Trading's Claim

<img src="https://static.bittime.com/cms-static/upload/FTX_Rejects_Jump_Trading_s_Claim_2bff527499.webp" alt="FTX Rejects Jump Trading's Claim.webp" width="2048" height="1152"><meta charset="utf-8"><a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/?cn=400001">Bittime</a> - FTX has rejected claims from Jump Trading subsidiary Tai Ho Shan, which is seeking $264 million in damages for 800 million Serum tokens (SRM). This claim was filed based on allegations that Alameda failed to deliver promised tokens.&nbsp;&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/register?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Lucky_Draw_Bittime_072d476ddf.jpg" alt="Lucky Draw Bittime" width="746" height="155"></a><h2 style="line-height:1.38;margin-bottom:4pt;margin-top:18pt;text-align:justify;" dir="ltr">Charges Filed Jump Trading&nbsp;&nbsp;</h2>Tai Ho Shan claimed that Alameda did not fulfill its obligations to deliver the promised 800 million SRM tokens, so they demanded compensation of $264 million.&nbsp;In court documents, Jump Trading used an options model to calculate their losses, which took into consideration the market price of SRM on the date of the bankruptcy filing, the price of the repayment option, SRM's implicit volatility, and the interest rate on the loan.However, the FTX-Alameda management team rejected this claim and stated that the loan was never initiated because the SRM tokens were never delivered.&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/staking?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Staking_Meme_Coin_3f18ac9bb9.jpg" alt="Staking Meme Coin" width="2985" height="620"></a>&nbsp;<h2 style="line-height:1.38;margin-bottom:4pt;margin-top:18pt;text-align:justify;" dir="ltr">Questions Regarding Valuation and Potential Fraud</h2>FTX-Alameda also questioned the valuation amount proposed by Jump Trading, and said that Tai Ho Shan's loss calculation was completely unprovable and was based on a model option who is disabled.&nbsp;Additionally, there is no explanation or documentation to support the claim. FTX lawyers also alleged that Tai Mo Shan may have been involved in fraudulent transfers.&nbsp;&nbsp;The lawyer also highlighted that the Master Loan Agreement and Loan Confirmation state that Tai Mo Shan will receive 800 million SRM tokens without fees and interest, which is considered suspicious.&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/airdrop/Hamster_Kombat?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Airdrop_Hamster_Kombat_Bittime_7831a61198.webp" alt="Airdrop Hamster Kombat Bittime.webp" width="1600" height="332"></a><h2 style="line-height:1.38;margin-bottom:4pt;margin-top:18pt;text-align:justify;" dir="ltr">Token Serum (SRM)</h2>SRM is the native token of DEX Serum. At its peak in September 2021, SRM's price reached over $12.50 with trading volume reaching $1.2 billion.&nbsp;This surge created many millionaires in DEX Serum, which ultimately worried Sam Bankman-Fried, founder of FTX-Alameda. He is worried that employees will not work hard. However, SRM's value is now only about 3 cents, well below its peak.<h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">Serum Goes Bankrupt After FTX</h2>DEX Serum collapsed after FTX went bankrupt in November 2022. At that time, insiders said that the exchange was not actually decentralized because all orders came from FTX.&nbsp;Market data shows that the 800 million SRM tokens claimed by Tai Ho Shan would cover about 80% of the total of around 1 billion SRM in existence and more than 372.7 million current circulating supply. The token was scheduled to have a maximum supply of over 10.1 billion tokens, but this stalled due to its crash in 2022.These claims and disputes demonstrate the complexity and risks involved in the crypto market, especially in bankruptcy situations. FTX's rejection of Jump Trading's claims will likely have a major impact on FTX-Alameda's bankruptcy and asset settlement process.&nbsp;&nbsp;<h2 style="line-height:1.38;margin-bottom:6pt;margin-top:18pt;text-align:justify;" dir="ltr">How to Buy Crypto with Bittime</h2><a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/how-to-buy?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Cara_Beli_Crypto_di_Bittime_8a66f330dc.jpg" alt="Cara Beli Crypto di Bittime" width="776" height="273"></a>You can buy and sell crypto assets in an easy and safe way through Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti.&nbsp;To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.&nbsp;Monitor graphic movement<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?cn=400001">&nbsp;</a>price&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?cn=400001">Bitcoin (BTC)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/ETH?cn=400001">&nbsp;Ethereum (ETH)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/SOL?cn=400001">&nbsp;Solana (SOL)</a>&nbsp;and other cryptos to find out today's crypto market trends in real-time on Bittime.

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FTX Rejects Jump Trading's Claim.webp

FTX Rejects Jump Trading's Claim to Compensate 800 Million SRM Tokens  

FTX plans to distribute more than $16 billion in stablecoins to its creditors. Read this article to find out more!

FTX Plans to Refund in Stablecoins

<img src="https://static.bittime.com/cms-static/upload/FTX_Plans_to_Refund_16_Billion_in_Stablecoins_e7d12dbaae.png" alt="FTX Plans to Refund in Stablecoins" width="2048" height="1152"><a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/?cn=400001">Bittime</a> -&nbsp;FTX is planning a big move that is predicted to change the landscape of the crypto market. According to analysts from Ash Crypto, FTX plans to distribute more than $16 billion in stablecoins to its creditors.&nbsp;&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/register?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Lucky_Draw_Bittime_072d476ddf.jpg" alt="Lucky Draw Bittime" width="746" height="155"></a><h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">FTX Refund Schedule</h2>This refund process has several important stages, namely:<ul style="margin-bottom:0;margin-top:0;padding-inline-start:48px;"><li style="background-color:transparent;color:#000000;font-family:Arial,sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">August 16: FTX customer voting closes</li><li style="background-color:transparent;color:#000000;font-family:Arial,sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">October 7: Judge Dorsey's decision regarding the refund plan</li></ul>If this plan is approved by the court, FTX will begin returning funds to its creditors within 2 months of the decision.&nbsp;Thus, the refund process is expected to take place between Q4 2024 and Q1 2025.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/staking?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Staking_Meme_Coin_3f18ac9bb9.jpg" alt="Staking Meme Coin" width="2985" height="620"></a><h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">Impact of FTX Refunds on Crypto Prices</h2>The $16 billion distribution of stablecoins into the market is expected to have a major impact on liquidity and price movements. Most of FTX's customers are crypto players, which means the funds will likely return to the crypto market.&nbsp;In this way, the return of FTX funds is predicted to increase trading volume and potential price increases. Ash Crypto predicts that this $16 billion refund will lead to an increase in the prices of cryptos, such as Bitcoin, Ethereum, and Altcoins.&nbsp;&nbsp;<ul style="margin-bottom:0;margin-top:0;padding-inline-start:48px;"><li style="background-color:transparent;color:#000000;font-family:Arial,sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Bitcoin (BTC): It is predicted to exceed $120,000.</li><li style="background-color:transparent;color:#000000;font-family:Arial,sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Ethereum (ETH): It is predicted to surpass $12,000.</li><li style="background-color:transparent;color:#000000;font-family:Arial,sans-serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Other Altcoins: It is predicted that there will be a price spike of between 10 and 50 fold.</li></ul><a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/airdrop/Hamster_Kombat?cn=400001"><img src="https://static.bittime.com/cms-static/upload/banner_airdrop_hamster_kombat_bittime_7ccd46df19.jpg" alt="Airdrop Hamster Kombat Bittime" width="2985" height="620"></a><h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">Controversy Among Creditors</h2>Although this plan looks promising, there is some controversy that has arisen among FTX's creditors. Previously, representatives of FTX's creditor group recommended opposing FTX's restructuring plan. They argue that compensation should be given in crypto, not US dollars.FTX has extended the deadline for creditors to submit their claims to late July or early August. This gives creditors more time to convey their opinions and demands.<h2 style="line-height:1.38;margin-bottom:6pt;margin-top:18pt;" dir="ltr">How to Buy Crypto with Bittime</h2><a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/how-to-buy?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Cara_Beli_Crypto_di_Bittime_8a66f330dc.jpg" alt="Cara Beli Crypto di Bittime" width="776" height="273"></a>You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.&nbsp;To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.&nbsp;Monitor graphic movement of the price of<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?cn=400001">&nbsp;Bitcoin (BTC)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/ETH?cn=400001">&nbsp;Ethereum (ETH)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/SOL?cn=400001">&nbsp;Solana (SOL)</a>&nbsp;and other cryptos to find out today's crypto market trends in real-time on Bittime.

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FTX Plans to Refund $16 Billion in Stablecoins.png

FTX Plans to Refund $16 Billion in Stablecoins 

FTX's downfall revealed a major scandal involving founder Sam Bankman-Fried and his family in a $100 million illegal political donations scheme. 