FTX operates as a cryptocurrency derivatives exchange that aims to solve prevalent issues in the market, such as clawbacks and ineffective liquidation systems. The platform caters to both retail and institutional clients, providing a trading environment that addresses the inefficiencies commonly found in other exchanges. FTX generates revenue through transaction fees, margin trading, and various financial services. A key aspect of FTX's approach is its commitment to education and collaboration with other players in the cryptocurrency ecosystem, which sets it apart from competitors. The company's goal is to enhance the overall cryptocurrency trading experience and contribute positively to the development of the market.

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FTX EU sold to former FTX employees' Backpack Exchange for $32.7 million.

FTX EU sold to former FTX employees' Backpack Exchange for $32.7 million

HANOVER, Germany, Jan. 8, 2025 /PRNewswire/ -- Backpack Exchange, a fully regulated global cryptocurrency exchange, today responded to statements made by FTX Trading LTD (d/b/a. FTX.com) and the FTX Recovery Trust (collectively "FTX") regarding the recent acquisition of FTX EU. Backpack recognizes that the sale of FTX's European assets is a complex process and appreciates the FTX bankruptcy estate for their commitment to clarity and maximizing customer return

Backpack Responds To Ftx Statement

FTX EU, the European arm of the bankrupt FTX, has been sold to Backpack Exchange for $32.7 million. Backpack, founded by former Alameda Research and FTX employees, plans to offer regulated crypto derivatives across Europe, leveraging its position as the only regulated perpetual futures provider. The firm has submitted its MiCA notification and aims to go live in Q1 2025. Backpack raised $17 million last year and plans to return FTX EU customers' funds before launching its products.

Backpack Exchange Buys FTX EU for $32.7M

Initial Distribution to Occur within 60 Days of Effective DateEnters into Agreements with BitGo and Kraken to Distribute Payments to Customers and CreditorsWILMINGTON, Del., Dec. 16, 2024 /PRNewswire/ -- FTX Trading Ltd. (d.b.a. FTX.com) ("FTX") and its affiliated debtors (the "FTX Debtors") today announced its Court-approved Chapter 11 Plan of Reorganization (the "Plan") will become effective on January 3, 2025, which has also been set as the initial distribution record date for holders of allowed claims in the Plan's Convenience Classes (the "Initial Distribution"). The Initial Distribution is expected to occur within 60 days of the Effective Date, with participation subject to know-your-customer and other distribution requirements. The Initial Distribution is limited to the Plan's Convenience Classes

Ftx Announces Effective Date And Record Date Of January 3, 2025 For Its Chapter 11 Plan Of Reorganization

Crypto: FTX raises 14 million dollars from political organizations.

Crypto: FTX Raises 14 Million Dollars From Political Organizations

Expects Plan of Reorganization to be Effective Early January 2025; Distributions to Begin No Later than 60 Days Thereafter. WILMINGTON, Del., Nov. 21, 2024 /PRNewswire/ -- FTX Trading Ltd. (d.b.a. FTX.com) and its affiliated debtors ("FTX" or the "Debtors") today announced that FTX is nearing completion of the final prerequisites for its Court-approved Chapter 11 Plan of Reorganization (the "Plan") to become effective, paving the way for FTX to begin creditor and customer distributions. John J

Ftx Provides Update On Upcoming Timeline For Creditor And Customer Distributions

The U.S. Attorney’s Office in Manhattan reportedly will pursue fewer cases related to cryptocurrency.Scott Hartman, co-chief of the securities and commodities task force at the U.S. Attorney’s Office for the Southern District of New York, said Friday (Nov. 15) that the office has fewer prosecutors working on crypto cases than it did during the crypto winter, Reuters reported Friday.“We brought a lot of big cases in the wake of the crypto winter — there were a lot of important fraud cases to bring there — but we know our regulatory partners are very active in this space,” Hartman said at a conference hosted by the Practicing Law Institute in New York, according to the report.The Manhattan U.S. Attorney’s Office secured several convictions related to crypto crime, including that of FTX founder Sam Bankman-Fried, the report said.Current U.S. attorney Damian Williams, who was appointed by President Joe Biden, is set to be replaced by Jay Clayton, who was nominated for the post by President-elect Donald Trump, per the report.Clayton led the Securities and Exchange Commission (SEC) during Trump’s first term and was less aggressive at pursuing crypto cases than current SEC Chair Gary Gensler, the report said.It was reported Tuesday (Nov

Prosecutor Says Us Attorney’S Office Will Pursue Fewer Crypto Cases

FTX is suing cryptocurrency giant Binance and its former CEO for $1.8 billion.The lawsuit, filed Sunday (Nov. 10) by the FTX bankruptcy estate, centers around what FTX labeled a “fraudulent” share deal. It also accuses ex-Binance chief executive Chanpeng Zhao of orchestrating a “campaign to destroy” his one-time rival crypto exchange.The share deal happened in July of 2021, when Binance, Zhao and other executives sold a 20% stake in FTX back to the company for $1.7 billion in crypto. The suit argues that the transaction — part of a deal made with FTX founder/convicted fraudster Sam Bankman-Fried — should not have gone forward.According to the suit, FTX and sister company Alameda Research “may have been insolvent from inception and certainly were balance-sheet insolvent by early 2021,” and thus the resale deal should not have been permitted.“The claims are meritless, and we will vigorously defend ourselves,” a Binance spokesperson said in a statement issued to PYMNTS Monday (Nov. 11) morning.Meanwhile, the suit also claims that Zhao tried to undermine FTX via a “months-long coordinated FUD [fear, uncertainty and doubt] campaign against FTX” in 2022. This involved leaking financial information about Alameda to crypto news outlet CoinDesk, as well as “misleading” statements by Zhao on social media, the suit says.Binance had announced in November of 2022 that it was going to begin liquidating its holdings of FTX’s FTT token.“A competitor is trying to go after us with false rumors,” Bankman-Fried said on Twitter soon after

Ftx Blasts Binance’S ‘Campaign To Destroy’ In $1.8 Billion Lawsuit

FTX hat eine Klage gegen die Kryptobörse Binance und deren Gründer Changpeng Zhao eingereicht. Laut einem Gerichtsdokument vom Sonntag fordert FTX die Rückzahlung von 1,76 Milliarden Dollar, die im Rahmen einer betrügerischen Transaktion an Binance überwiesen worden sein sollen. FTX ist nach dem Kollaps von 2022 in Insolvenz.Die Insolvenzverwalter von FTX haben bereits mehrere Klagen gegen verschiedene Unternehmen und Personen eingereicht, um Gelder zur Rückzahlung von Gläubigern zurückzufordern. Die neue Klage besagt, dass Binance im November 2019 zunächst eine 20-prozentige Beteiligung an FTX.com erwarb und Führungskräfte von Binance 2020 weitere 18,4 Prozent an einer Holdinggesellschaft von Sam Bankman-Frieds US-Krypto-Unternehmen kauften.Betrügerische Transaktion trotz Insolvenz von Alameda2021 verhandelten beide Parteien einen Deal, bei dem FTX die von Binance und seinen Führungskräften erworbenen Anteile für 1,76 Milliarden Dollar in FTT, BNB und BUSD zurückkaufte. Laut Klageschrift wurde diese Transaktion betrügerisch durchgeführt, da FTXs Schwesterfirma Alameda zu diesem Zeitpunkt bereits insolvent war und die Transaktion nicht finanzieren konnte.Die Klage zitiert die Aussage der ehemaligen Alameda-Chefin Caroline Ellison, wonach Alameda eine Milliarde Dollar des Kapitals von FTX-Einlegern für den Rückkauf verwendete. Aufgrund dieses Betrugs sei auch FTX zum Zeitpunkt des Aktienrückkaufs insolvent gewesen, so die Klageschrift weiter.Vorwurf der Marktmanipulation gegen Binance-Gründer ZhaoZudem wirft die FTX-Insolvenzmasse Binance-Gründer Zhao vor, eine Reihe „falscher, irreführender und betrügerischer“ Tweets abgesetzt zu haben, um die Konkurrenz-Börse auf Kosten von FTX-Kunden und -Gläubigern zu Fall zu bringen

Ftx Verklagt Binance Und Dessen Gründer Auf 1,76 Milliarden Dollar

FTX has reportedly sued former Trump administration official Anthony Scaramucci to recover creditor funds.The suit was one of several filed by the bankrupt cryptocurrency company in its efforts to claw back money owed to its creditors, TechCrunch reported Saturday (Nov. 9). In addition to Scaramucci’s SkyBridge Capital, other defendants include Crypto.com and Fwd.us, a lobbying group backed by Mark Zuckerberg.According to the report, FTX says it is seeking to recoup money that was part of “a campaign of influence-buying” by founder and CEO Sam Bankman-Fried, carried out as the company was struggling to cover its cash flow needs.“These ‘investments’ conveyed little to no benefit to Debtors, and instead served only to prop up Bankman-Fried’s standing in the worlds of politics and traditional finance,” the suit says, adding he then attempted to leverage as “potential sources of equity investment in FTX to fill the hole in the balance sheet and, therefore, keep his scheme afloat.”FTX went bankrupt two years ago this month, sending shockwaves through the crypto world and leading to the prosecution of several executives, including Bankman-Fried, who was sentenced to 25 years in prison. But before the company collapsed, it announced it was acquiring a 30% stake in SkyBridge.In exchange for Bankman-Fried’s investment in SkyBridge, the suit says, Scaramucci took Bankman-Fried on “a whirlwind tour of the U.S. and the Middle East” to meet potential investors, with Scaramucci “so invested in the success of Bankman-Fried’s fundraising efforts that he lent Bankman-Fried his own suit and tie in advance of their meetings so that Bankman-Fried wouldn’t show up to important meetings in his trademark shorts and a t-shirt.”PYMNTS has contacted SkyBridge for comment but has not yet gotten a reply.The suit comes one month after a federal court approved a bankruptcy agreement from FTX, which gives 98% of the company’s creditors approximately 119% of their claim.“Looking ahead, we are poised to return 100% of bankruptcy claim amounts plus interest for non-governmental creditors through what will be the largest and most complex bankruptcy estate asset distribution in history,” FTX CEO John Ray said in a news release.Ray added that FTX was finalizing plans to “make distributions to creditors across more than 200 jurisdictions around the world.”Meanwhile, the criminal cases against Bankman-Fried’s accomplices-turned-government-witnesses continue to wind down.Last week, Caroline Ellison — former head of FTX sister firm Alameda Research — reported to prison to begin serving a two-year sentence for fraud. Another executive, Gary Wang, is scheduled to be sentenced later this month

Ftx Sues Anthony Scaramucci To Recover Creditor Funds

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Cryptocurrency derivatives trading platform

FTX

Cryptocurrency derivatives trading platform

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