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On September 13, Sam Bankman-Fried’s lawyers submitted a 102-page brief to the United States Court of Appeals for the Second Circuit, claiming that the former FTX CEO was “never presumed innocent” and was subject to scrutiny that allegedly influenced prosecutors, the presiding judge, and the media. 
According to the appeal, SBF’s lawyers argue that the jury “was only allowed to see half of the situation regarding FTX user funds” and allege that prosecutors “made false claims” by stating that the funds were permanently lost, and that Bankman-Fried deliberately caused this loss. They further assert that FTX debtors’ attorneys collaborated with the U.S. government in a manner beyond “cooperation,” supposedly acting as an “extension of the prosecution” by providing information.

The appeal reads: “From day one, the mainstream narrative has been that Bankman-Fried stole billions of dollars in customer funds, leading to FTX’s collapse and resulting in billions of dollars in losses. This narrative was originally fabricated by the lawyers who took over FTX and was later adopted by contacts within the U.S. Attorney’s Office.” It goes on to claim that “Now, nearly two years later, a different picture has emerged—confirming that FTX was never insolvent and actually had billions of dollars in assets to repay customers. But the jury in the Bankman-Fried case never saw this picture.”
Sam Bankman-Fried’s Conviction for Fraud
In November 2022, FTX declared bankruptcy due to a liquidity crisis, causing widespread market disruption and significant losses for investors. SBF and his company Alameda Research were accused of misusing customer funds for high-risk trading and failing to fulfill proper financial management responsibilities. 
SBF faced charges including wire fraud, securities fraud, and money laundering. Prosecutors argued that SBF deceived investors and customers by hiding FTX’s true financial state and illegally used customer deposits for risky investments and personal expenses. Despite his defense lawyers arguing that he did not intentionally deceive anyone, the court found him guilty.
FTX’s Overcompensation Plan
On May 8, FTX and its affiliated debtors filed a reorganization plan and disclosure statement with the U.S. Bankruptcy Court for the District of Delaware. The plan outlined a distribution strategy for global customers and other creditors, focusing on redistributing nearly all assets held by FTX at the time of its November 2022 bankruptcy. FTX expects to recover between $14.5 billion and $16.3 billion in assets for distribution. The plan projects that 98% of FTX creditors will receive at least 118% of their recognized claims within 60 days of the plan’s implementation, with the remainder of creditors receiving 100% compensation for their recognized claims, including reimbursement for the time value of their investments.

#FTT🔥🔥 #sbf #FTXAuction

🚨 Solana Whale Alert: Potential Price Crash? 🚨
A major Solana whale has been offloading massive amounts of SOL tokens in the past few days, raising concerns about a potential price crash.
In the last 24 hours alone, the whale unstaked 100,000 SOL (worth around $14.9 million) and transferred it to Binance. This follows a similar move of 100,000 SOL just a few days ago.
Key points to consider:
* The whale's previous actions have correlated with significant price drops in the past.
* Solana has been on a strong bull run, making this timing even more intriguing.
* The FTX bankruptcy estate is also selling off Solana, adding to the selling pressure.
What do you think will happen to Solana's price? Let's discuss!
#Solana #CryptocurrencyCulture #WhalesBuying #pricecrash #FTXAuction

A Wild 641.10% Surge – Should You Jump In?
HMSTR has recently made waves with a massive 641.10% price jump, drawing attention from traders across the board. It’s natural to get excited about such a dramatic rise, but before rushing in, it’s important to consider the risks involved. In the world of crypto, big surges like this are often short-lived. Should you take a closer look, or stay away?
What’s Driving the Spike?
The reasons behind HMSTR’s sudden rise might include strategic partnerships, new project developments, or even expansion into new markets. While these factors are promising, it’s worth remembering that volatility is always a key factor in the crypto space. What seems like a rocket to the moon can sometimes crash just as fast.
Do Your Homework Before Investing
For potential investors, it’s essential to take a deeper dive into HMSTR’s fundamentals. Look at the project’s development roadmap, recent news, and any updates from their team. Hype can easily cloud judgment, so balancing that excitement with a solid understanding of what’s happening behind the scenes will help make better decisions.
#HMSTRonBinance #BinanceLaunchpoolHMSTR #BTCReboundsAfterFOMC #BinanceLaunchPool🔥 #FTXAuction

In a significant legal breakthrough, the Delaware bankruptcy court has officially approved FTX's customer refund plan. The once-dominant crypto exchange, which collapsed in November 2022, will now move forward with refunding its users 100% in fiat currency. Here’s everything you need to know about the decision and its impact on customers. 👇
💼 The Approved Refund Plan
On Monday night, the court gave the green light to a plan that aims to repay 98% of FTX customers between 118% and 140% of their deposited funds. This refund, however, comes with a key catch: it will be based on the November 2022 value of their assets, not their current worth. 💰
Refund in Fiat Currency: All repayments will be made in fiat, meaning no crypto will be distributed.Processing Timeline: Payments are expected to be issued within 60 days after the plan is fully in effect, though the exact date is yet to be determined.
📉 Why the November 2022 Valuation Matters
The repayment amount is calculated based on asset values from November 11, 2022, the day FTX declared bankruptcy. At that time, Bitcoin was hovering around $17,000. So, while the plan includes a bonus of up to 140% of initial deposits, many customers may still find their refund to be significantly lower than the current value of their holdings. With Bitcoin now trading above $27,000, customers will see roughly 25% of their asset's current value. 🪙⚖️
🛑 Six-Hour Hearing & Customer Objections
The approval didn’t come without challenges. During the lengthy six-hour hearing, two main objections were raised:
Fiat vs Crypto Refund: Many argued for refunds to be made in crypto rather than fiat, allowing customers to benefit from the recent market gains.FTT Token Valuation: The value assigned to FTX’s native token, $FTT , was another point of contention. The court ruled that FTT has zero nominal value, as it no longer holds any utility since FTX is no longer operational.
Despite these objections, the court stood by the fiat repayment plan and confirmed FTT as effectively worthless. 🏛️❌
🚀 FTT Token’s Rollercoaster Reaction
Interestingly, following the court’s decision, the FTT token saw a sharp rise of 70%, jumping from $2 to a peak of $3.4, before stabilizing back below $2.5. While FTT is now practically useless, speculators drove the price up temporarily, reflecting the volatile nature of the crypto market. 📈🔥
🔄 Stablecoin Refunds? Still Under Review
One intriguing option discussed during the hearing was the potential for customers to receive refunds in stablecoins instead of fiat. This option, however, remains under consideration due to concerns raised by the U.S. Securities and Exchange Commission (SEC). Further discussions will determine whether stablecoin payouts could be a viable alternative for FTX’s creditors. 💬🔗
🛠️ What Made the Refund Possible?
The ability to offer such high refund rates is largely due to the recovery efforts by FTX’s liquidators, who successfully retrieved a large portion of the exchange’s assets. Additionally, the rise in value of assets held by FTX and its sister company, Alameda Research, played a crucial role in making these refunds feasible. 🔍📊
🎯 What’s Next for FTX Customers?
With the plan now approved, the focus shifts to ensuring the timely execution of payments. Customers can expect the process to start within 60 days once the plan is fully set into motion. While the refunds in fiat currency might not fully reflect the current value of their crypto holdings, the resolution brings closure to many users who have been waiting for nearly two years.
FTX’s saga has been a cautionary tale for the crypto industry, highlighting the importance of trust, transparency, and responsible financial management. 🏦🔑
#FTXRecovery #FTX's #FTXAuction #FTT🔥🔥 #CryptoNewss

Top 3 Altcoins to Sell in Uptober
Discover the top 3 altcoins to sell in Uptober 2024 as market conditions shift. Learn why they are showing signs of potential decline.
#

HIGHLIGHTS
FTX (FTT), Stacks (STX), and MANTRA (OM) show signs of dropping between 25% and 40% in October.After hitting a new all-time high, OM price is showing signs of a 34% correction.Despite FTX’s $16B reorganization plan, FTT price action shows a potential 37% drop.
The crypto market is in the red today after a 3.2% sell-off. This price action is against investors’ hopes of a bullish October, dubbed “Uptober” by the crypto folks. With Bitcoin (BTC) looking ready to extend its losses, here are three altcoins to sell in Uptober ahead of the election results on November 5. 

3 Altcoins to Sell in Uptober
October has historically been one of the best months for crypto over the past 12 years, and many anticipate a new all-time high for Bitcoin. However, the total crypto market cap, excluding Bitcoin, has fallen by 5.68% since the start of the month. While analysts consider this drop to be within the expected 10% range, the Bitcoin Fear and Greed Index has dropped from 49 yesterday to 33 today, indicating growing investor fear. Here are three altcoins to consider selling before October ends.
1. FTX Token (FTT)
FTT is the native token of the infamous FTX crypto exchange. While the token spiked by over 55% following the court approval of the FTX reorganization plan, it has also seen a sharp decline due to profit-taking, as evidenced by the long wicks.

FTT price is down 2.6% in the last 24 hours and is trading at $2.21. While the $16 billion compensation plan is good news for all of the crypto market, with selling pressure mounting, it could face a downturn in October.
2. MANTRA ($OM )
OM is the main utility and governance token of the MANTRA DeFi protocol.  The token recently hit a new all-time high due to the anticipation of its upcoming main net launch, topping out at $1.4746. 

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However, candlestick analysis shows weakness as the OM price reached a zone of resistance. The long upper wicks indicate buyer exhaustion, and the short consolidation period followed by a long black candle suggests sellers may be taking control.

Investors selling to make a profit could cause the price to drop as low as $0.85, a 34% drop from the current price. This makes OM one of the top altcoins to sell before October is over.
3. Stacks ($STX )
The Stacks network is a layer-2 solution for Bitcoin that enables the deployment of smart contracts and decentralized applications (dApps) on the Bitcoin mainnet. STX is the native token of the platform and has had a nice 30% pump ahead of the Nakamoto network upgrade and the launch of a new Bitcoin-pegged stablecoin, sBTC. 
While $STX is expected to benefit from the Nakamoto hard fork, selling pressure could affect its price, as the chart shows the asset in a pattern with a measured move of 25% to the downside. 

The STX price is $1.69, representing a 3% decrease in the last 24 hours. A 25% drop from the current price will set it around $1.28.
Conclusion
While October is indeed a green month on average, it is good to check tokens that may perform better than others and diversify into them. On the other hand, tokens like FTX (FTT), Stacks (STX), and MANTRA (OM) show signs of dropping between 25% and 40% in October (Uptober), meaning they are altcoins to sell.
#STX/USDT #FTXAuction #Ftx❓ #AltcoinInvesting #AltcoinGains

Major Token Unlocks

The Sandbox (SAND) will unlock approximately 205.6 million tokens at 08:00 UTC on August 14, representing 9% of the current circulating supply, with an estimated value of $54.5 million.Arbitrum (ARB) will unlock approximately 92.65 million tokens at 13:00 UTC on August 16, representing 2.77% of the current circulating supply, with an estimated value of $53.4 million.

Trump: Scheduled Interview with Elon Musk This Monday Evening

According to Reuters, Republican presidential candidate Donald Trump has announced a major interview with Elon Musk, scheduled for the evening of August 12 (Monday). Trump shared this news on social media but provided no specific details.

Immutable to Shut Down Immutable X Marketplace on August 13

Immutable recently announced that it will shut down its Immutable X Marketplace on August 13, with a full cessation of operations on September 27. Initially launched to showcase the capabilities of the Immutable SDK, the focus will now shift to supporting third-party marketplaces instead of maintaining its own trading platform. However, users of the Immutable Marketplace do not need to take any additional steps for their assets, as all NFTs and tokens are stored on the blockchain and linked to users' wallet addresses, accessible across different markets using Immutable’s global order book.

Bybit to Terminate Services in France, All Remaining Open Positions to Be Closed by August 13

Crypto exchange Bybit will cease offering products or services in France. Starting from 08:00 (UTC) on August 2, French users will no longer be able to purchase any products, open new positions, or add to existing positions. All Bybit products, including Bybit Earn and all spot products, are included in the restriction. All remaining open positions held by French users will be closed after 08:00 (UTC) on August 13. After that, only withdrawals of assets and funds will be allowed. The difficulty for crypto companies to obtain licenses in France has increased as the EU’s Markets in Crypto-Assets (MiCA) regulatory framework is set to take full effect in December. Bybit stated in a press release last Thursday, “In light of recent regulatory developments from French regulators, Bybit will cease offering our products and services to French nationals and residents. We look forward to resuming services once we have obtained the appropriate licenses in the near future.”

Scroll to Implement Darwin Proof Recursion Upgrade on Testnet on August 14, Reducing Gas Fees by 34%

Scroll announced on X that it will implement the Darwin Proof Recursion upgrade on August 21, which will reduce gas fees by approximately 34%.
Through the Darwin hard fork, multiple batches of proofs will be bundled into a single validity proof, thereby reducing verification costs. Scroll will deploy this upgrade on the Scroll Sepolia testnet on August 14, followed by a deployment on the mainnet.

gm.ai: GM Set to Launch on August 14, Airdrop Expected to Begin 24 Hours Before Trading

gm.ai announced on the X platform that GM will launch on August 14. The official list of CEX/DEX, Launchpads, and partners will be gradually released this week. The airdrop for presale participants is expected to begin approximately 24 hours before trading. However, gm.ai’s founder Dexter mentioned that CEX has suggested postponing the launch this month due to market conditions, and the GM launch may be delayed again.

Optimism's Fifth Retroactive Public Goods Funding to Open on August 15, Allocating 8 Million OP

Optimism announced that its fifth Retroactive Public Goods Funding (Retro Funding 5: OP Stack) will open for applications on August 15, closing on August 29, with 8 million OP to be awarded to contributors to the OP Stack between October 2023 and August 2024. The review process for this round of applications will take place from August 30 to September 13, with voting from September 14 to September 28. The results will be announced and grants delivered on October 3. This round of funding will reward contributions to Ethereum core contributions, OP Stack research and development, and OP Stack tooling development.

OKX to Cease Services in Nigeria on August 16

In an email sent to Nigerian customers on July 17, OKX revealed that it would exit Nigeria and stop providing services to all Nigerian customers.
OKX cited "recent changes in local regulations" as the main reason for ceasing services in the country and specified August 16, 2024, as the deadline for users to access platform functions. After the deadline, Nigerian users will only be able to access the platform to withdraw funds or close positions.

FTX Initiates Next Phase of Liquidation Process, Customers Must Choose Bahamas or US Process by August 17 at 04:00

The liquidators of FTX Digital Markets Ltd. have initiated the next phase of the liquidation process. FTX.com customers must choose whether to participate in the official liquidation proceedings in the Bahamas ("Bahamas Process") or the Chapter 11 case in the US ("US Process") by 04:00 on August 17.
FTX Digital Markets' liquidators will host a Q&A session to help customers understand the selection process. The Q&A session is open to all FTX.com customers and does not require prior registration, with the first session held on July 31 at 19:00.
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As the saga and long shadow of FTX continues to dominate crypto discourse, the recent news that the long-awaited bankruptcy distribution had been approved was - justifiably so – a headline generating event. Nearly 2 years after the implosion of the exchange and 1 year after the conviction of Samuel Bankman-Fried on criminal charges, the unlocking of between $14 and $16 billion from the bankruptcy estate has market analysts revising price targets upwards. With reports that 98% of FTX creditors will receive approximately 119% of allowed bankruptcy claims there is understandable optimism for what these distributions will mean for the wider crypto marketplace.
One important caveat that needs to be identified up front is that these distributions, including the widely reported 119% of claims figure, are based on the claims filed in November 2022. During the time since bankruptcy bitcoin has risen approximately 260%, matching a wide-ranging rise in asset prices during that same period. In other words, investors whose holdings/deposits at FTX were denominated in bitcoin or other cryptoassets will have missed out on the recent bull market and still only recoup a percentage of what would have been earned had the exchange not collapsed to due to criminal activities of Bankman-Fried.
That, and two other reasons are why these distributions will not cause the surge in prices that some market watchers are predicting.
Acknowledging the fact that the bankruptcy estate has missed previously established deadlines during the bankruptcy process, the estimated date (set by the court) for the plan to be implemented is October 31st. Once an effective date is reached, the debtors (FTX) will have 60 days to make distributions to a class of creditors known as the convenience class; in case of this distribution that class includes any individual customer claims under $50,000. The total amount to be distributed to this class is approximately $1.2 billion, with the payment schedule still to be determined after the effective date has been established. While $1.2 billion might seem like a large number to retail investors, when compared to the daily trading volume of bitcoin and cryptoassets this total amount is relatively small.
Larger creditors, also known as the entitlement class, are likely to begin receiving distributions during early 2025. These creditors hold approximately $9 billion in claims and will receive payments in the form of initial payments as well interest payments on the unpaid portion of claims until the claims are paid in full. In addition, payments will also be distributed from a $12.7 billion settlement between the FTX estate and CFTC. In totality, the FTX estate estimates a recovery rate of between 129% and 143% for this creditor class.
In other words, even with the billions that are owed and due to be distributed to FTX creditors 1) the investors most likely to reallocate into crypto first (retail) are receiving a relatively small amount, and 2) the larger investors will only begin receiving incremental distribution at some point in 2025.

On October 7, 2024, FTX Trading Ltd. (operating as FTX.com) and its affiliate debtors announced that the U.S. Bankruptcy Court for the District of Delaware confirmed their reorganization plan, less than two years after their historic bankruptcy filing.
Asset Value
In filings on May 8, FTX reported that since filing for bankruptcy, they have recovered and liquidated assets valued between $14.5 billion and $16.3 billion. Under the reorganization plan, approximately 98% of creditors will receive around 119% of their approved claims within 60 days after the plan becomes effective, subject to KYC requirements. The distribution includes assets managed by FTX’s Chapter 11 debtors and various partners like FTX Digital Markets, Ltd. (Bahamas) and FTX Australia.
Payment Timeline
With the plan’s approval, FTX aims to compensate 98% of users within 60 days post-activation of the plan. While the plan is approved, the effective date is not yet determined. FTX creditor Mr. Purple has suggested two timelines: an activation on October 31, potentially allowing payments before year-end, or delays extending payments to early 2025 due to the reserve fund motion expected in November or December.

Impact on FTT
Following the plan’s approval, FTT surged past $3.4, reaching a peak of $3.43 before stabilizing at $2.49.

Broader Impact
The reorganization plan stipulates that 98% of creditors will be compensated in cash at 118% of their claim value based on the November 2022 bankruptcy filing. Remaining creditors are set to receive 100% of their claims, along with additional time-value compensation worth billions. About 94.48% of creditors, representing claims worth $6.83 billion, supported the plan.
Some creditors, including those led by Sunil Kavuri, opposed the plan, preferring direct compensation in cryptocurrency rather than cash-based on 2022 values. However, the FTX liquidation team and the presiding judge opposed this approach.
As the compensation progresses, some funds are expected to re-enter the crypto market, potentially supporting market trends.

$FTT #FTXAuction #FTX.Trading.Ltd

FTX Payouts Calculated by K33 Analysts: How Much Will Flow Back Into the Crypto Market?
The approval of FTX’s repayment plan by the US bankruptcy court has sparked excitement among crypto investors. With expectations high for cash payouts, K33 analysts estimate that around $2.4 billion could re-enter the crypto market.
After years of anticipation, the official decision on FTX repayments was finalized last night. As predicted, despite numerous objections, it was determined that users will be paid in cash based on their account values, regardless of the cryptocurrencies held at the time of bankruptcy.
When Will Payments Begin?
K33 Research, a crypto research firm that has previously issued reports on FTX payments, provided key insights into the expected timeline. According to the company’s latest report, released on Tuesday, payments are anticipated to be distributed by the end of this quarter and into the first quarter of 2025.
"Creditors with individual claims under $50,000 will receive payments within a 60-day window," the report stated. K33 estimates this will amount to approximately $1.2 billion. Larger creditor claims, which total around $9 billion, are projected to be paid by February 2025.
Will All the Money Flow Back Into the Crypto Market?
A pressing question for many is how much of these payouts will return to the crypto market—if any at all. K33 analysts crunched the numbers on this topic.
They revealed that around $3.9 billion of the claims, out of a total of $14.4 billion to $16.3 billion, had been acquired by loan funds. According to the analysts, it’s unlikely that this portion of the funds will be converted back into cryptocurrencies.
While expectations are high, only a fraction of the overall amount is expected to find its way back into the crypto ecosystem.

#FTXAuction #FTX.Trading.Ltd #HBODocumentarySatoshiRevealed #BinanceLaunchpoolSCR #SECAppealRipple