Bitcoin

Ethereum

FTX Token

Claim Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On <a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow">ChikaMoji.Lol</a>The US Commodity Futures Trading Commission (CFTC) and FTX have reached a $12.7 billion settlement to resolve their lawsuit. This settlement will be used to repay FTX’s creditors.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/bddd1e5488bd44ccbecdc8ef774c84f3.png" />The deal, which needs court approval, includes $4 billion in disgorgement fees—money FTX must give up from profits made through illegal activities—and $8.7 billion in restitution fees to compensate for losses.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/36ba46c7532c48c9ab3b2ddafb9f63c1.png" /><h3 id="ftx-settlement-with-cftc-to-aid-bankruptcy-reorganization">FTX Settlement with CFTC to Aid Bankruptcy Reorganization</h3>The US Commodity Futures Trading Commission (CFTC) will not impose additional monetary penalties on FTX. Instead, the $12.7 billion settlement will be used to repay FTX’s creditors. According to the court filing, this proposed settlement is a key part of FTX’s bankruptcy reorganization plan.The settlement is described as crucial for resolving ongoing litigation and disputes with one of FTX’s largest creditors. It aims to avoid the costs and delays associated with further litigation and helps prevent a significant reduction in the assets available for <a href="https://cryptosheadlines.com/mt-gox-moves-44527-btc-before-creditor-repayments/" rel="noopener noreferrer nofollow">creditor repayment</a>.A court hearing to review the settlement is scheduled for August 6 in the Bankruptcy Court for the District of Delaware.<h3 id="ftx-collapse-and-legal-consequences-a-detailed-overview">FTX Collapse and Legal Consequences: A Detailed Overview</h3>In late 2022, the US Commodity Futures Trading Commission (CFTC) sued FTX, its affiliate Alameda Research, and their owner <a href="https://cryptosheadlines.com/ftxs-sam-bankman-fried-seeks-dismissal-of-majority-of-criminal-charges/" rel="noopener noreferrer nofollow">Sam Bankman-Fried</a>. This legal action followed one of the most significant collapses in crypto history, which resulted in substantial customer funds going missing after FTX <a href="https://cryptosheadlines.com/bittrex-u-s-crypto-exchange-declares-bankruptcy-in-delaware/" rel="noopener noreferrer nofollow">declared bankruptcy</a>.Alameda Research, Bankman-Fried’s hedge fund, held billions of dollars in FTX’s cryptocurrency. The situation worsened when FTX experienced approximately $6 billion in withdrawals within 72 hours, triggered by a growing customer exodus and rising concerns.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/36ba46c7532c48c9ab3b2ddafb9f63c1.png" />The collapse of FTX became one of the largest financial fraud cases in US history. Bankman-Fried was found to have used FTX as a vehicle for <a href="https://cryptosheadlines.com/the-fbi-seizes-9-cryptocurrency-exchanges-due-to-allegations-of-money-laundering/" rel="noopener noreferrer nofollow">money laundering</a> and to steal customer funds to support Alameda Research. As a result, Bankman-Fried was <a href="https://cryptosheadlines.com/us-doj-seeks-3-year-prison-sentence-for-binance-founder-cz/" rel="noopener noreferrer nofollow">sentenced to 25 years in prison</a>. Although this sentence was significantly shorter than the up to 115 years prosecutors had sought, it marked a major legal consequence for the disgraced crypto founder.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/a23e539022c04ecda26324c3d301a3f1.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

FTX Settles Bankruptcy Case with CFTC for $12.7 Billion

Table of Contents

CryptosHeadlines.com

Other articles published on Jul 17, 2024

Vitalik Buterin Criticizes Blockchain Investment Focus on Speculation

Get the Inside Scoop on Upcoming Presales

CoinGecko's Quarterly Crypto Report Reveals 14.4% Market Cap Decline

Shiba Inu Jumps 14%: Is SHIB the Next 100x Crypto?

Shiba Inu Soars with 2.6 Billion SHIB Traded in 24 Hours

SparkDEX’s Cutting-Edge AMM & Perps Protocol to Launch on Flare

Join our free newsletter for daily crypto updates!