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FTX, which is in the midst of a bankruptcy reorganization, filed a lawsuit seeking to recover at least $11.40 million from the Crypto.com. The money was allegedly held in a Crypto.com account linked to FTX's sister company, Alameda Research. According to the lawsuit documents, the account was registered in the name of Alameda employee Ka Yu Tin, aka Nicole Tin. FTX said the practice was routine for Alameda to disguise its trading activities. FTX claims Alameda actually controlled and funded the ...
After the US court approves the bankruptcy reorganization plan of FTX, FTX will distribute cash to customers and creditors. At this stage, it is working to finalize the arrangement of distributing funds to creditors in more than 200 jurisdictions around the world, and is formulating relevant agreements. It will also hire professional agencies to recover debts from customers around the world.
FTX's bankruptcy reorganization plan has sparked a heated debate in Delaware bankruptcy court. FTX attorneys and creditors debated the disclosure statement at Tuesday's hearing. The statement gives creditors information to help them decide whether to accept the reorganization plan. FTX plans to pay at least 118 percent of the amount claimed to 98 percent of its creditors, but some want to pay in cryptocurrency rather than cash. Judge John Dorsey needs to approve the plan, creditors will then vot...
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