FTX Debtors Have Reached Proposed Settlement Over Client Asset Dispute
October 17th, FTX officially announced that after extensive discussions with the Non-US Customer Special Committee, the Unsecured Creditors Committee, and the Collective Litigation Plaintiffs, FTX debtors have reached a proposed settlement regarding customer asset disputes.
Former FTX Engineering Director: SBF Had Planned to Spend $120 Million to Reach an Agreement With Telegram to Obtain TON Tokens
On October 17th, according to BitMEX Research citing testimony from former FTX engineering director Nishad Singh, in September 2022, SBF attempted to raise funds in the Middle East and planned to reach an agreement with Telegram to obtain TON tokens, with an expected cost of $120 million.
Former FTX engineering director faces up to 75 years in prison after pleading guilty
Former engineering director of the now-defunct cryptocurrency exchange FTX, Nishad Singh, is facing up to 75 years in prison on charges related to defrauding users. Singh also revealed details of his agreement with the US Department of Justice, which led him to plead guilty to fraud charges announced in February. As part of the agreement reached with prosecutors, Singh said he "hopes not to go to jail."
Former FTX Executive Testifies to Improper Use of Customers' Funds in SBF's Trial
The trial of Sam Bankman-Fried, founder of the now-defunct FTX exchange, took a dramatic turn in its third week as Nishad Singh, a former senior FTX executive, testified about improper use of customers' funds within the company. Singh, who had served as Head of Engineering at FTX, revealed that he became aware of a financial "hole" in the company's finances in September 2022, amounting to approximately $8 billion. Despite his knowledge of the discrepancies, Singh approved transactions that he believed were funded by user deposits. Singh's testimony offered insight into his relationship with Bankman-Fried, whom he initially admired but later lost respect for.
Former FTX engineering director reveals over $1 billion in funds given to celebrities and influencers
Former engineering director of FTX, Nishad Singh, presented a list of celebrity and influencer deals in court during Sam Bankman-Fried's criminal trial. The deals totaled over $1.3 billion, including $135 million for the renaming of a Miami entertainment complex to FTX Arena, $28 million for basketball player Steph Curry, $14 million for Canadian businessman Kevin O'Leary, and undisclosed amounts for Tom Brady, Gisele Bundchen, and Larry David. Singh also mentioned a conversation with Bankman-Fried and Gary Wang regarding an investment in K5 Global, which was ultimately made with FTX's money. Bankman-Fried previously made a $700 million deal with K5 Global's Michael Kives and Bryan Baum.
FTX’s estimated annualized income from staking SOL and ETH exceeds US$9 million
According to on-chain data on October 16th, FTX-related addresses have staked over 5.5 million SOL tokens (approximately $122 million) and over 24,000 ETH tokens (approximately $30 million).
The SOL tokens were staked through Figment with an estimated annual return of 6.79% (approximately $8 million), while the ETH tokens were staked on the Ethereum mainnet with an expected annual return of 3.4% (approximately $1 million).
The 5.5 Million SOL Pledged by FTX on Figment Is Expected to Receive More Than $8 Million in SOL
Blockchain addresses associated with FTX have shown that FTX pledged millions of dollars worth of ETH and SOL over the weekend. Of these, over 5.5 million SOL (valued at $122 million) and over 24,000 ETH (valued at $30 million) have been pledged, as shown as separate transactions on the blockchain.
PeckShield: Marked As FTX Bankruptcy Address Pledged 4416 ETH to Figment
PeckShield monitoring shows that the address marked as FTX bankruptcy has pledged 4416 ETH (6.85 million US dollars) to Figment.
Lawyers for FTX Founder Seek Expanded Questioning of Prosecution Witnesses in Trial Defense
FTX founder Sam Bankman-Fried's defense lawyers are requesting more room to explore defense theories through cross-examination and to bar prosecutors from relying on lay witnesses for expert testimony. The defense is likely looking to prevent more damage to Bankman-Fried's image in the eyes of jurors by shaping the testimony of upcoming witnesses.
FTX Co-Founder Requests Long-Release Adderall for Concentration During Criminal Trial
Sam Bankman-Fried, co-founder of FTX, has requested a long-release Adderall prescription from a US judge, claiming he is struggling to concentrate during his criminal trial. His lawyers have asked if he can take a 12-hour extended-release 20mg dose of Adderall before being transported to trial. They have also requested that the trial be stopped for one day if Bankman-Fried is unable to take the medication or if it doesn't work. The lawyers claim they have attempted to solve the issue with the Bureau of Prisons but have not received a response.
