FTX Settles with IRS Over $24B Tax Bill
FTX has settled with the IRS for $200 million instead of $24 billion, clearing a significant hurdle in its bankruptcy. As per the documents submitted to the Bankruptcy Court for the District of Delaware, FTX has agreed to settle $200 million worth of priority claims against the Internal Revenue Service (IRS). This sum is payable […]
FTX Bankruptcy Lawyer Cleared of Conspiracy
An investigation cleared Sullivan & Cromwell LLP of knowing about the financial issues and fraud behind FTX’s collapse. The law firm that presided over the FTX bankruptcy, Sullivan & Cromwell LLP, was found to have been unaware of the perilous financial conditions and underlying fraud that precipitated the demise of the once-thriving exchange, according to […]
US Prosecutors File for 5-7 Yrs Jail Term for Ryan Salame
US prosecutors are demanding a reduced prison sentence of five to seven years for former FTX executive Ryan Salame, wingman of FTX co-founder Sam “SBF” Bankman-Fried. Federal prosecutors submitted a sentencing memo to a Manhattan federal court on May 21, requesting Salame to serve a stringent sentence in light of his guilty plea for “serious […]
Former FTX Co-founder SBF Continues to Maintain His Innocence
Sam Bankman-Fried (SBF), co-founder of FTX, continues to assert his innocence despite receiving a 25-year prison sentence for fraud. In the interim, he has engaged in commodities trading, specifically sacks of rice, while he prepares his appeal. Bankman-Fried engaged in an interview with Puck News’ William Cohan on May 9, 2023. This interview marked his […]
BlockFi to Shuts Down Web Platform, Partners with Coinbase
Bankrupt cryptocurrency lender BlockFi announced its intention to shut down its web platform in May and partner with Coinbase to enable customers to access and withdraw funds. The company announced in a blog post that “eligible BlockFi Interest Accounts (BIA), Retail Loans, and Private Clients” can withdraw funds through its partnership with Coinbase. BlockFi initiated […]