Golden Finance reported that, according to Bloomberg, the FTX liquidator is about to sell Sam Bankman-Fried's top-level apartment in the Bahamas worth $30 million.

PANews reported on May 22 that, according to The Block, Kelp DAO, a Ethereum liquidity re-stake platform, raised $9 million in a private sale Token sales round, valuing it at $90 million. The funding round was led by SCB Limited of the Bahamas and Laser Digital, the encryption arm of Nomura Global, with a joint investment of $3.5 million, with other investors including Bankless Ventures, Hypersphere Ventures, Draper Dragon and others. Kelp co-founder Amitej Gajjala said the round was completed in March, when Kelp's total Lock-up Position (TVL) was about $300 million, which has now increased to about $961 million. Kelp plans to use the funds to expand its liquidity stake services on Blockchain such as Bitcoin, Solana and BNB Chain, and expects to launch 1-2 new chains in the third quarter of this year.

While FTX's newly revised proposal promises "billions of dollars in compensation," creditors are unhappy with specific provisions related to the law firm Sullivan & Cromwell (S&C). FTX announced a new amendment to the debt repayment bill on the 7th, which contains an exemption clause. An exemption clause is one that exempts some parties from liability if damage is caused during the enforcement of the insolvency proceedings. FTX creditor Sunil said that in FTX's case, S&C may have added a clause that exempted itself from any potential liability. Sunil is part of FTX's largest creditor group, the FTX Customer Ad-Hoc Committee, which has longest 1,500 FTX creditors. （Cointelegraph） Earlier today, it was reported that FTX and its related debtors filed a revised restructuring plan and disclosure statement with the U.S. Bankruptcy Court in Delaware on Tuesday. The plan is expected to centrally distribute nearly all of FTX's assets at the time of FTX's bankruptcy in November 2022 to customers and other creditors around the world. FTX expects the total value of assets collected, converted into cash, and available for distribution to be between $14.5 billion and $16.3 billion. This amount includes assets controlled by the Chapter 11 debtor and assets controlled by the joint official liquidators of FTX Digital Markets, Ltd. (Bahamas), the Securities Commission of the Bahamas, and FTX Australia. It is reported that FTX owes about $11 billion to customers and other non-government creditors. This extra cash will be used to pay interests on the company's longest 2 million customers, a rare outcome because creditors typically receive only a fraction of the face value in U.S. bankruptcy cases.

Ryan Salame, the former co-CEO of FTX Digital Markets, agreed to transfer his multimillion-dollar fortune in the Bahamas as part of his plea protocol in a criminal case. Salame has agreed to abandon his $5.9 million property in the Bahamas under a motion filed May 1 with the U.S. Bankruptcy Court for the District of Delaware by FTX Trading Ltd and its affiliated debtors. Salame pleaded guilty to criminal charges in September 2023 that protocol asked him to pay $5.6 million in restitution to the debtor. Salame offered to transfer one of his own residences to FTX Digital Markets Ltd. instead of paying cash to satisfy his claim for compensation. （Cointelegraph） Previously, former FTX executive Ryan Salame will be sentenced in a New York court on May 28 after pleading guilty to criminal charges. It is reported that Ryan Salame pleaded guilty in September to conspiracy to make illegal political contributions and conspiracy to operate an unlicensed money transfer business.

Crypto startup Credbull is about to launch an on-chain private credit fund designed to provide investors with exposure to the high-yield loan market, which is becoming increasingly popular in traditional finance. It allows investors to buy with USDC, and Credbull converts USDC into USD through Circle, which then transfers the funds to SME sponsors, the debt financing companies that lend to businesses. According to reports, the fund, which has a lock-up period of 6 to 12 months, is registered in the Bahamas, may begin operations in May, and is currently in active discussions with crypto financial platforms considering joining Credbull. （CoinDesk）

FTX Bankruptcy Estate Plans to Start Repaying Customers by End of 2024 The FTX bankruptcy estate aims to start repaying customers by the end of 2024, as stated in a meeting of FTX Digital's Joint Official Liquidators. The bankruptcy consists of two processes: Chapter 11 in the US and official liquidation in the Bahamas. Creditors can submit claims to either entity, with the goal of ensuring no creditor receives less than their entitled value.

PANews reported on April 1 that, according to The Block, according to the minutes of a meeting held in the Bahamas by the joint official liquidators of FTX Digital, the FTX bankruptcy committee plans to begin distributing the first tranche of funds to creditors by the end of 2024. Since the FTX claims portal went live on March 1, creditors have been able to file claims on the portal. The current deadline for creditors to file claims is May 15, but the minutes show that "based on recent developments, the deadline is expected to be extended until at least June 2024". The debt will be valued at prices as of November 11, 2022.

PANews reported on March 22 that according to The Block, U.S. prosecutors want the court to allow them to sell two planes worth tens of millions of dollars related to former FTX CEO Sam Bankman-Fried (SBF). U.S. U.S. Attorney Damian Williams wrote to Judge Lewis Kaplan Friday saying the government is submitting a "proposed rule and order" related to the Bombardier Global 5000 BD-700-1A11 and Embraer Legacy EMB-135BJ, both of which are related to SBF. Bombardier and Embraer were acquired for $15.9 million and $12.5 million, respectively, according to previous court documents. The letter said the order involved an agreement reached by multiple parties, including Ryan Salame, an FTX debtor and former FTX executive, and Paul Aranha, the founder of a charter company in the Bahamas. This charter company operates SBF's aircraft to and from the Bahamas. In a footnote, prosecutors said they also sent a copy of the order to SBF and said he and his lawyer had no objections.

Gate.MT, a Maltese-regulated company owned by Gate Group, today announced that it has completed its VASP registration with Organismo Agenti e Mediatori (OAM), Italy's virtual asset services regulator, through its Italian subsidiary. This initiative allows Gate.MT to offer virtual asset services to local clients through its Italian subsidiary in compliance with local regulations. It is reported that Gate Group has also obtained digital currency-related licenses or completed VASP registration in Gibraltar, Bahamas, Australia, Malta, Italy, Dubai, Hong Kong, Lithuania and other countries and regions. Its global expansion strategy aims to better serve global customers and strengthen credibility in the blockchain and digital asset space.

PANews reported on January 17 that, according to a court filing on January 15, Joseph Bankman and Barbara Fried, the parents of FTX founder Sam Bankman-Fried (SBF), are seeking to dismiss FTX's lawsuit against them, denying that they knew about FTX's problems and benefited from the company's misconduct. Their lawyers argue that FTX's lawsuit seeks to "exploit the sheer fact that they are the parents of the former FTX CEO." FTX's previous lawsuit alleges that Bankman and Fried used their connections and influence in the FTX empire to enrich themselves at the expense of debtors in FTX's Rekt estate. Bankman and Fried denied the claims, arguing that most of them were based on their relationship with their son. The lawyers denied that Bankman had a fiduciary relationship with FTX and served as a de facto director, but said that even if a fiduciary relationship existed, the plaintiffs failed to reasonably allege a breach of contract. Fried made a similar argument, arguing that there were no allegations of potential irregularities and no real knowledge of any wrongdoing. It is reported that for months, FTX has been trying to get back millions of dollars in cash and gifts from the Bankmans, including a $16.4 million villa in the Bahamas.

The FTX Rekt Committee plans to sell 35 of FTX's properties in the Bahamas, including the Orchid Penthouse, a luxury apartment where SBF once lived with Gary Wang, Nishad Singh and Caroline Ellison. FTX attorneys say the properties must sell for at least 80% of the designated broker's estimated price, and that properties sold for more than $5 million should be reported to U.S. trustees, creditor committee counsel and interested parties who have legal claims against the listed properties. The proceeds from the sale of the property will be used to distribute to FTX customers. At one point, FTX owned a total of 38 properties worth $199 million in the Bahamas, according to a filing last year. （The Block）

PANews News on January 11, according to The Block, a document filed with the court on Tuesday shows that the FTX Rekt Committee plans to sell 35 FTX properties in the Bahamas, including the Orchid Penthouse, a luxury apartment where SBF and Gary Wang, Nishad Singh and Caroline Ellison once lived together. FTX attorneys say the property must sell for at least 80% of the designated broker's estimated price, and any sale of more than $5 million should be reported to the U.S. trustee, creditor committee attorneys, and interested parties who have legal claims against the listed properties. Funds from the sale will be distributed to FTX customers. At one point, FTX owned a total of 38 properties worth $199 million in the Bahamas, according to a filing last year.

FTX's Rekt Committee is ready to sell a total of 35 properties owned by FTX in the Bahamas, including the luxury apartment where former CEO Sam Bankman-Fried once lived, according to court documents. FTX attorneys said in court filings that properties must be sold for at least 80 percent of the designated broker's estimated price, and that any sale over $5 million should be reported to U.S. trustees, attorneys for creditor committees, and interested parties who have legal claims against the listed properties. According to a filing last year, FTX once owned a total of 38 properties in the Bahamas worth $199 million.

According to PwC's 2023 Global Crypto Assets Regulatory Report released on December 19, as many as 25 countries have enacted Stable Coin legislation or regulation in 2023. According to PwC's analysis and regulatory assessment, these countries include Austria, Bahamas, Denmark, Estonia, Finland, France, Germany, Greece, Japan, Luxembourg, Portugal, Spain, Sweden, Switzerland, etc. The vast majority of countries that have enacted Stable Coin laws have also ensured or enforced all other regulations reviewed, including Crypto Assets regulatory frameworks, licensing or registration, and the Financial Action Task Force (FATF) travel rules. The report assesses the regulatory status of Crypto Assets in 43 countries, including the United States and the United Kingdom. According to the report's analysis, countries such as the United States, the United Kingdom, and Canada have yet to finalize Stable Coin legislation and have not yet developed a regulatory framework for Crypto Assets. The data shows that some Crypto Assets-friendly countries, such as Singapore and the United Arab Emirates, have adopted all Crypto Assets related regulations except Stable Coins. （Cointelegraph）

PANews reported on December 19 that FTX Trading Ltd. (i.e., FTX.com) and its affiliated debtors (collectively referred to as "FTX debtors") announced that they have reached a global settlement with Brian C. Simms KC, Peter Greaves and Kevin Cambridge, the joint official liquidators representing FTX Digital Markets Ltd. The settlement is reflected in the global settlement agreement signed today by the parties, which is subject to approval by the U.S. District Bankruptcy Court for the District of Delaware and the Supreme Court of the Bahamas. Under the settlement agreement, FTX debtors and FTX Digital Markets will jointly handle the assets, ensuring that FTX.com clients receive nearly the same relative distribution in both programs. FTX debtors and FTX Digital Markets have agreed to seek to reconcile their valuations of FTX.com customer claims in order to maximize resource recovery. All FTX.com customer claims (with the exception of NFT-related claims) will be denominated in U.S. dollars, and FTT benefits are treated as equity and will not receive any recycling. The global settlement also includes an important agreement between FTX debtors and FTX Digital Markets regarding the realization of FTX Group's assets and cross-sector funding, with the aim of maximizing recovery benefits for customers and creditors.

The FTX debtor entered into a global settlement agreement with the joint official liquidators on behalf of FTX Digital Markets, subject to approval by the U.S. District Bankruptcy Court for the District of Delaware and the Supreme Court of the Bahamas, and the parties agreed to seek approval immediately.

According to an email sent by PricewaterhouseCoopers, the Supreme Court of the Bahamas has formally appointed the provisional liquidators Brian C. Simms KC, Peter J. Greaves and Kevin G. Cambridge of FTX Digital Markets as joint formal liquidators (JOL), and granted JOL the ability to liquidate assets for the benefit of FTX Digital's customers and creditors under the Companies (Winding-up Amendment) Act 2011. The power to initiate claims settlement proceedings and, where appropriate, distributions to customers and creditors. After initiating mediation proceedings between FTX Digital and other FTX Group entities designated (U.S. Bankruptcy Code) Chapter 11 debtors, JOL engaged in months-long negotiations to resolve all disputes between the parties and seek mutual support for their respective bankruptcy proceedings, the email said. JOL said that FTX Digital's negotiations with creditors are making meaningful progress and that once the negotiations are concluded, JOL will begin processing claims against the property by creditors.

PANews reported on November 16 that, according to The Block, FTX's lawyer Lawrence Gebhardt asked the Delaware court to postpone the bankruptcy process "one to two months" to find out the cause of FTX's bankruptcy. He said that the important parties in the case are located around the world, such as FTX's former lawyer Dan Friedberg is currently in Washington, another former lawyer, Can Sun, is in the Bahamas, and SBF is in prison. As a result, the investigation of the case will be "costly and require a lot of travel" to find out what led to FTX's bankruptcy between November 2021 and October 2022. Judge John Dorsey denied the motion, saying there was no need to postpone the bankruptcy proceedings. If the investigation is as complex as it suggests, it should start now, not delay.

Odaily Planet News faces cross-examination by prosecutor Danielle Sassoon as SBF reappears to testify, who sought to highlight evidence that FTX and SBF assure investors that the trading platform is safe. SBF often replies "I'm not sure" and doesn't answer questions directly. According to Bloomberg Court reporter Bob Van Voris, SBF said "uncertain" 99 times. Closing arguments are likely to take place as early as Tuesday instead of Wednesday. SBF said it doesn't remember telling the Bahamian prime minister that FTX would repay the country's $11.6 billion debt. [Bloomberg]

Notre Dame, an expert witness in the SBF trial and a professor of accounting at the University of Notre Dame, testified Wednesday to present the results of a comprehensive analysis of thousands of pages of bank statements and FTX's internal data. As of June 2022, SBF spent $228 million in client money on real estate in the Bahamas, including the purchase of $16.4 million worth of properties for his parents, and $195.2 million went to so-called "insiders," namely FTX and Alameda executives. （Blockworks） Earlier, Peter Easton, an accounting professor at the University of Notre Dame, testified in court on Wednesday that FTX client deposits were reinvested in business and real estate and used for political and charitable contributions. Easton was hired by the U.S. Department of Justice to track billions of dollars in Alameda and FTX. Easton said that around March 2021, total customer deposits were already below FTX's bank balance, meaning that customer funds had lost support by then. By June 2022, when FTX deposits peaked, the exchange had only about $2 billion on hand to support $11.3 billion in customer deposits, leaving a funding gap of $9 billion.

Notre Dame, an expert witness in the SBF trial and a professor of accounting at the University of Notre Dame, testified in court to present the results of a comprehensive analysis of thousands of pages of bank statements and FTX internal data, which revealed that Sam Bankman-Fried spent $228 million in client money on real estate in the Bahamas, including the purchase of $16.4 million worth of property for his parents, and $195.2 million went to so-called "insiders," Namely the executives of FTX and Alameda.

Two months before FTX's collapse, Bahamian Prime Minister Philip Davis asked SBF to advise his son on an NFT project, according to an email evidence filed by prosecutors on Tuesday. Internal emails show that in response, SBF sent his phone number and said he could be reached by phone or Zoom. This request made by the Prime Minister of the Bahamas to the SBF in September 2022 highlights the close relationship between the FTX Exchange and officials in the Bahamas. The Bahamian government has faced criticism for overly lax regulation of cryptocurrency companies, and the Bahamas Securities Commission has allowed FTX to operate without a license for more than two years. （CoinDesk）

Two months before the FTX crash, Bahamian Prime Minister Philip Davis asked SBF to advise his son on an NFT project, Golden Finance reported. Internal emails show that in response, SBF sent his phone number and said he could be reached by phone or Zoom. The request made by the Prime Minister of the Bahamas to Bankman-Fried in September 2022 highlighted the rapport between the FTX Exchange and officials in the Bahamas. The government has faced criticism for overly lax regulation of cryptocurrency companies, and the Bahamas Securities Commission had allowed FTX to operate without a license for more than two years.

PANews reported on October 14 that FTX estate pledged more than 5.5 million Solana (SOL) tokens worth $122 million from a major wallet on the Solana blockchain according to on-chain data. As on-chain analyst "ashpool" points out, wallet addresses managed by FTX estate delegate tokens to staking service Figment. FTX estate is managed by a bankruptcy trustee and includes assets and liabilities at the time the exchange files for bankruptcy. The trustee is responsible for asset recovery and distribution to creditors. According to Sept. 11 court filings, the FTX estate administration disclosed that approximately $7 billion in assets had been recovered. These assets include over $1 billion in Solana (SOL) tokens and $560 million in Bitcoin (BTC). In addition, it is reported to have $200 million in real estate and $1.9 billion in illiquid assets in the Bahamas.

Bahamian central bank executives predicted yesterday that by the end of 2024, 50% of Bahamians will have active Sand Dollar accounts, with 160,000 of them already using the country's central bank digital currency. Brett Lashley, the regulator's deputy manager for customer experience, told the D3 Digital Assets conference that more than 35 percent of Bahamian adults currently use a central bank-backed CBDC. We have exceeded 35% of the adult population. We have a relatively small population, only around 400,000, so, you know, 150,000 to 160,000 wallets have been activated, which shows that we are going well. The goal is closer to 50 percent by next year.

Bahamian Prime Minister Philip Davis Says Future of Crypto Needs Stable Regulatory Framework Bahamian Prime Minister Philip Davis expressed his confidence in the future of digital assets during his speech at the D3 Bahamas event. He emphasized the importance of developing a stable regulatory framework to support the industry's growth. The Bahamas has been a pioneer in blockchain technology, launching the world's first blockchain-based central bank digital currency, the Sand Dollar, in 2020.

PANews reported on October 10 that according to Cointelegraph, the legal team of FTX founder Sam Bankman-Fried (SBF) is seeking permission to investigate FTX lawyers’ alleged involvement in Alameda’s issuance of a $200 million loan, which has been obtained by Gary Wang of approval. As previously reported, in preparation for this trial, an October 1 court ruling temporarily prohibited SBF from assigning blame to FTX lawyers allegedly involved in the structuring and approval of the loan between Alameda and FTX. U.S. Judge Lewis Kaplan granted the government's motion and ruled that SBF's legal team must obtain permission to mention the involvement of FTX attorneys throughout the trial. Following the prosecution's initial cross-examination of former FTX co-founder Gary Wang on October 9, the defense is currently seeking permission to question Wang regarding FTX lawyers' alleged involvement in Alameda's loans to FTX. The defense letter highlights the government's questioning of Wang regarding a series of personal loans worth up to $300 million made by Alameda that FTX used to fund venture capital investments. Wang also used part of the funds to purchase a home in the Bahamas.

Golden Finance reports that according to a legal document, SBF wants to ask FTX co-founder Gary Wang whether he relied on legal advice when he agreed to obtain a series of loans from affiliated hedge fund Alameda Research. The judge previously proved reluctant to allow SBF to pin the blame for the alleged fraud on his lawyers. Prosecutors have investigated Wang's roughly $200-$300 million in loans from Alameda, which he used to make venture capital investments and buy himself a house in the Bahamas. Wang had previously said he didn't think lawyers would let him sign something illegal, the filing said. The relationship between FTX and Alameda proved crucial to the criminal case following FTX’s collapse, as prosecutors believed SBF used funds illegally transferred to Alameda as his personal piggy bank. SBF has pleaded not guilty to fraud charges, and his lawyers said the company lawyer's involvement in the loan arrangement showed he was unaware it was improper. Judge Lewis Kaplan previously ruled that arguments about counsel's advice could confuse or prejudice the jury and therefore could not be raised in the defense's opening statements.

Odaily Planet Daily reported that "The Big Short" Michael Lewis disclosed in his new book "Going Infinite" that SBF had some strange plans, including: 1. SBF once offered Trump US$5 billion to dissuade him from participating in the 2024 presidential election because he was worried that Trump would further undermine American democracy. 2. SBF spent $12 million to support Carrick Flynn’s Democratic primary campaign, but ultimately failed. SBF believed that Flynn could help him fight what he considered the three major threats to humanity: epidemics, misaligned artificial intelligence, and the collapse of democracy. 3. SBF met with the Prime Minister of the Bahamas to discuss repaying the country’s entire national debt of approximately US$10 billion. 4. SBF plans to apply for a $1 billion loan from Morgan Stanley to participate in Musk’s acquisition of Twitter, and plans to use FTT tokens as collateral. Lewis said Musk sought help from SBF to raise $44 billion for the deal. (The Block)

PANews reported on October 8 that according to The Block, "The Big Short" author Michael Lewis disclosed in his new book "Going Infinite" that SBF had met with the Prime Minister of the Bahamas to discuss repaying the country's entire national debt of approximately US$10 billion. Lewis claimed that FTX moved its headquarters from Hong Kong to the Bahamas in 2021, in part due to the Chinese government’s crackdown on cryptocurrencies. SBF chose The Bahamas as its place of incorporation because the country has implemented regulations that would legalize the crypto industry. SBF developed a plan to repay the Bahamas national debt, thereby improving the country’s infrastructure and providing a more attractive working and living environment for FTX employees. The book states that the idea was discussed during a meeting with Bahamian Prime Minister Philip Davis. In addition, SBF had planned to apply for a $1 billion loan from Morgan Stanley to invest in Musk’s acquisition of Twitter, and planned to use FTT tokens as collateral. Lewis said Musk sought help from SBF to raise $44 billion for the deal. SBF recommended that former FTX executives Nishad Singh and Ramnik Arora invest $250 million to $1 billion in Twitter, but the two executives opposed it. However, SBF ignored their advice and asked Morgan Stanley if it would lend him $1 billion to invest in Twitter, using FTT as collateral.

Golden Finance reported that according to the new book "Going Infinite" by Michael Lewis, author of "The Big Short", Sam Bankman-Fried met with the Prime Minister of the Bahamas to discuss repaying the country's entire national debt of approximately US$10 billion. Lewis claimed that FTX moved its headquarters from Hong Kong to the Bahamas in 2021, in part due to the Chinese government’s crackdown on cryptocurrencies. He added that SBF chose the Bahamas as the location for its rapidly growing operations because the country has implemented regulations that would legalize the crypto industry. According to the author, the SBF developed a plan to repay the Bahamas national debt, thereby improving the island’s infrastructure and providing a more attractive working and living environment for the exchange’s growing workforce. The book states that the idea was discussed during a meeting with Bahamian Prime Minister Philip Davis.

Golden Finance reported that FTX co-founder and former chief technology officer Gary Wang appeared in court again on the fourth day of former CEO SBF’s criminal trial and spoke out about the connection between the cryptocurrency exchange and Alameda Research. On October 6, Wang returned to the New York court to testify that Alameda’s account on FTX was the only account authorized to trade in excess of its available limit, a feature known as allowing negative numbers. The former CTO reportedly claimed that SBF ordered Gary Wang and FTX’s former engineering director Nishad Singh to implement the feature in 2019. Wang said the addition of “allowed negative numbers” in the FTX code allowed Alameda to achieve a larger negative balance than FTX’s 2020 revenue, $200 million versus $150 million. He reportedly testified that SBF extended a $65 billion credit line to Alameda despite making contrary statements to the public about the relationship between the two companies. "We said we would not use funds this way," Wang said. After I said the Alameda balance was down by billions, SBF requested a meeting at the Bahamas offices. He asked me about the error and then he told Caroline that she could continue to pay back the loan. "

Golden Finance reported that according to court documents, the assets of the bankrupt crypto exchange FTX included digital assets, cash, brokerage investments, venture capital portfolios, tokens and real estate, totaling US$7 billion. FTX owns 38 properties in the Bahamas with a book value of $222 million. Documents show that 50 "insiders," including former CEOs Sam Bankman-Fried and Caroline Ellison, received $2.2 billion worth of cash, cryptocurrency, equity and real estate.

Billionaire Joe Lewis Sold Properties to FTX Founder Sam Bankman-Fried: Report Joe Lewis, the billionaire owner of Tottenham Hotspur, sold properties worth over $76 million to FTX founder Sam Bankman-Fried. Lewis is facing insider trading charges and has secured a $300 million bail bond, the largest in history. He is accused of helping his ex-girlfriend and personal pilots profit from investments in biotech companies before positive news was made public. Lewis, Bankman-Fried, and Jean Chalopin, the owner of Deltec Bank, are connected through property transactions and their involvement in the Bahamas' crypto industry.