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 […]
Ryan Salame Releases Bahamas Property in Legal Settlement
Former FTX Digital Markets co-chief executive Ryan Salame has agreed to transfer his multimillion-dollar Bahamas property as part of a plea agreement in a criminal case. Ryan Salame, formerly co-chief executive at FTX Digital Markets, has recently entered into a significant legal agreement regarding his multimillion-dollar property based in the Bahamas. Following the terms of a […]