This purchase is pending approval from a bankruptcy court, with a hearing scheduled for January 25. 
Dave, known for its mobile financial services app offering savings accounts, cash advances, and spending accounts, has raised a total of $536.3 million across nine funding rounds. Their latest round in September 2023 brought in $50 million through a debit emission. 
The neobank had previously partnered with FTX in March 2022 to enable cryptocurrency payments on its platform, alongside a $100-million investment from FTX Ventures. Following FTX's bankruptcy in November 2022, various investments, payments, and donations made by FTX and its subsidiaries are being reclaimed by the bankruptcy court. 
Earlier in December, FTX debtors announced a global settlement with the liquidators of FTX's Bahamian branch as part of the ongoing bankruptcy proceedings. This settlement aims to resolve cross-border legal challenges and is described as a "novel and mutually-beneficial solution." 
FTX Trading also presented its latest proposal for reimbursing billions of dollars to its customers and creditors. The core of FTX’s reorganization plan involves addressing the substantial debts incurred. However, it fails to clarify the future of its defunct cryptocurrency exchange, the valuation methods for certain digital tokens, and the expected repayment amounts for creditors. The plan’s ambiguity on these crucial points adds complexity to an already convoluted case. 
A recent milestone in this process was the Delaware Bankruptcy Court’s approval of over $700 million in trust asset liquidation. These assets consist of holdings in five different&nbsp;<a href="https://financefeeds.com/sec-to-decide-on-grayscales-spot-bitcoin-etf-tomorrow/">Grayscale Trusts</a>, which have a combined value of $691 million, and one trust managed by Bitwise, with an estimated worth of $53 million. 
This move follows the court’s earlier&nbsp;<a href="https://financefeeds.com/ftx-collapse-a-catalyst-for-evolving-standards-in-crypto-industry/">authorization for FTX</a>&nbsp;to liquidate nearly $3.4 billion in cryptocurrency assets. To mitigate potential adverse impacts on the market, the court directed that these assets be sold in tranches, with each batch not exceeding $50 million to $100 million in value. 
The development comes hot on the heels of the conviction of&nbsp;<a href="https://financefeeds.com/sam-bankman-fried-convicted-in-high-profile-ftx-fraud-case/">FTX founder Sam Bankman-Fried</a>&nbsp;for fraud. While the maximum sentence for his crimes could reach 115 years, legal experts suggest a more realistic term could range between 15 to 20 years. A sentencing hearing is scheduled for March 28, 2024. 
Earlier in October, a New York bankruptcy judge agreed to a settlement agreement between FTX and bankrupt crypto lender Genesis Global Capital (GGC). Following the approval, FTX’s hedge fund,&nbsp;<a href="https://financefeeds.com/ftx-sues-sbfs-parents-to-claw-back-misappropriated-millions/">Alameda Research</a>, is set to receive $175 million from the affiliate of Digital Currency Group, the struggling crypto empire whose lending unit filed for bankruptcy in January.

FTX sells $100 million stake to Dave for 29% off

FinanceFeeds

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