– FTX exchange’s advisors are scrutinizing whether millions of dollars in funds offered to Shaquille O’Neal, Naomi Osaka and several NBA teams can be reversed.
– The bankrupt crypto trading platform funded Major League Baseball for $4.9 million, and $12.2 million in partnership with Formula 1 racing teams, among others.
– FTX’s advisors believe a portion of the Formula 1 related payments can potentially be reversed in Chapter 11.
FTX exchange is currently probing whether millions of dollars in payments, made to Shaquille O’Neal, Naomi Osaka, Formula 1 racing team and Major League Baseball among others.The bankrupt crypto exchange’s advisors believe a recovery is likely under Chapter 11.
Also read:
Coinbase CEO Brian Armstrong says it would help if Gary Gensler was no longer SEC Chair
FTX attempts to clawback funds from athletes
Samuel Bankman-Fried’s
FTX exchange filed for bankruptcy in November 2022.Since then, the bankrupt crypto trading platform has attempted to recover funds from its several commitments and payments to influencers, market makers, other exchanges and athletes, among others.
Financial advisors hired by the firm disclosed in recent court filings that payments made to Formula 1 racing teams are likely to be recovered under Chapter 11.Advisors reviewed several payments made to Shaquille O’Neal, Naomi Osaka, MLB, Mercedes racing team and identified millions in funds, to target for recovery.
The team of advisors is probing if pre-bankruptcy payments can be used to raise capital to return to the exchange’s creditors.There is no detailed accounting of FTX’s spend on endorsements, however the exchange is compiling the information to aid the recovery process.
The disclosures made by advisors reveal an inside look into
FTX’s lavish spend on celebrity athletes, Major League Baseball, National Basketball Association teams and Formula 1.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money.This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens.
If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents.To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand.
The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies.Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined.It provides a clear picture of Bitcoin’s interest among investors.A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin.
A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.
All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.
Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Follow us on Telegram
Stay updated of all the news
Recommended Content
Editors’ Picks
Coinbase CEO Brian Armstrong says it would help if Gary Gensler was no longer SEC Chair
Coinbase CEO Brian Armstrong and Chief Legal Officer Paul Grewal are both optimistic on the dismissal of the SEC’s lawsuit against the crypto exchange platform.
More Cryptocurrencies News
LBRY plans to appeal ruling that considered LBC token a security
Content distribution platform LBRY said late Thursday that it has filed a notice of appeal against a recent ruling that declared the LBC token as an unregistered security.
https://www.fxstreet.com/cryptocurrencies/news
MakerDAO likely to spend $100 million on development and testing of tokenized US Treasury bonds
MakerDAO expressed its interest in acquiring US Treasury bills back in February 2022.Since then, the decentralized organization spent $2 billion purchasing short-term bonds.
More MakerDAO News
Vitalik Buterin could have fueled Shiba Inu price rally by burning $1.7 billion in SHIB
Back in 2021, Vitalik Buterin, received nearly 505 trillion SHIB from Ryoshi, the creator of the Shiba Inu project.Buterin donated 10% of the tokens to a Covid-19 relief charity and sent 90% to a dead-end wallet address.
More Shiba Inu News
Bitcoin: BTC could revisit $21,000 as sell signals multiply ahead of US CPI
Bitcoin price slipped into consolidation after the end-of-the-month shenanigans in August.This rangebound movement seems to persist, as BTC saw a minor uptick to $26,451 in the late US session on Thursday.
Read full analysis.
