ChainCatcher news, FTX creditor representative Sunil stated that the FTX Estate sold 41 million locked SOL in three bankruptcy auctions, with the buyers being:Galaxy + clients (Defiance): the largest buyer, acquiring 25.5 million locked SOL at an average price of $64;Pantera + others: locked SOL purchased at an average price of about $95;Figure + others: locked SOL purchased at an average price of about $102.FTX also sold approximately 14 million unlocked SOL at an average price of about $20 - $30.The total unrealized profit for the buyers from FTX's three bankruptcy auctions is currently about $2.9302 billion (calculated at the current SOL price of $143).

ChainCatcher news, according to Cointelegraph, the legal and consulting fees for the FTX bankruptcy case have accumulated to $950 million, making it one of the most expensive bankruptcy cases in U.S. history, second only to the Lehman Brothers case. Among them, the fees for the restructuring advisor Alvarez & Marsal are close to $400 million, the legal advisor Sullivan & Cromwell has fees exceeding $300 million, and John Ray's consulting firm fees are nearly $10 million. The overall legal and financial advisory fees are still on the rise, and the final costs are expected to exceed $1 billion.

ChainCatcher news, FTX creditor representative Sunil revealed that currently many FTX claim users come from jurisdictions that are temporarily unable to participate in the distribution, including: Russia, China, Egypt, Nigeria, and Ukraine. FTX is reviewing relevant solutions. Among them, the number of users from China is the largest, accounting for 8% of the total customer base.

ChainCatcher news, according to Cointelegraph, Coinbase shareholder Wenduo Guo filed a lawsuit in the New Jersey federal court on February 18, accusing the cryptocurrency exchange and its executives of violating securities laws by allegedly concealing information related to bankruptcy risks from investors.The lawsuit claims that Coinbase and its management failed to disclose the risk that user assets could be considered bankruptcy property, which would make retail users unsecured creditors. The complaint also points out that at least 75 cryptocurrency exchanges had collapsed before the company's listing in April 2021, leaving users unable to recover their digital assets.Additionally, the lawsuit alleges that Coinbase did not disclose its engagement in proprietary trading to cope with the decline in cryptocurrency prices. The defendants include several executives and board members, including CEO Brian Armstrong. The plaintiffs are seeking a jury trial and are requesting damages and corporate governance reforms.

ChainCatcher news, according to @ai_9684xtpa monitoring, 11.2 million SOL from the FTX bankruptcy auction will be unlocked on March 1, worth $2.06 billion.FTX has sold 41 million SOL in three auctions.

ChainCatcher news, according to FTX creditor representative Sunil's analysis, if SBF had not filed for bankruptcy, the valuation of his assets could exceed $65 billion, which includes: 55 million Solana (approximately $11 billion), Anthropic ($4.2 billion), 890 million Sui tokens and equity ($3.2 billion), GDA investments (over $1.2 billion), K5 investments ($700 million, including $190 million in SpaceX), FTX business valuation (net income of $40 million corresponding to a valuation of $40 billion), and 280 million FTT tokens (approximately $5 billion).

ChainCatcher news, Coinbase has submitted an amicus brief regarding the ongoing bankruptcy case of Prime Trust, urging the court to support legal protections for customer assets held by the trustee. Coinbase's Chief Legal Officer Paul Grewal announced this document, emphasizing that customer assets should not be included in the trustee's bankruptcy proceedings.The company advocates for the enforcement of Section 8 of the Uniform Commercial Code (UCC), which ensures that assets held by the trustee belong to the customers, not to the trustee itself. Coinbase argues that both its user agreement and Prime Trust's user agreement clearly state that the assets remain the property of the customers. Bankruptcy should not alter these agreements or reclassify the assets as part of the trustee's property.The legal document will prevent customer funds from being included in Prime Trust's bankruptcy estate. Coinbase insists that upholding UCC Section 8 is crucial for maintaining trust in the trustee, whether in the digital finance or traditional finance sectors.

ChainCatcher news, FTX's bankruptcy administrator is being sued by creditor Lidia Favario for extravagant spending. Favario pointed out that the bankruptcy administrator's expenses during the handling of the FTX bankruptcy proceedings were excessively luxurious, including high-end hotel accommodations and exorbitant transportation costs. She mentioned that A&M professionals spent $971.74 for one night at a luxury hotel in New York, and one professional spent $1,733 on a taxi.Additionally, FTX paid $2,683 to have three taxis wait for CEO John Ray's testimony. Favario is urging the court to expand the review of expenses to ensure compliance with the Department of Justice's reasonable spending standards.

ChainCatcher news, Backpack Exchange, founded by former FTX and Alameda employees, has acquired the bankrupt FTX's former European entity for $32.7 million to expand its derivatives business in the region.FTX EU is one of the business units that ultimately went bankrupt after FTX collapsed in 2022. As part of the acquisition, Dubai-based Backpack will be responsible for distributing approximately €53 million ($55 million) in FTX bankruptcy claims previously approved by the court to FTX EU customers.The FTX bankruptcy asset manager filed a lawsuit attempting to recover millions of dollars from the original owners of FTX EU. The lawsuit was ultimately dismissed as part of a settlement agreement, which included the resale of the unit to FTX Europe's co-founders Patrick Gruhn and Robin Matzke. Backpack purchased the company from the co-founders. (Bloomberg)Yesterday's news, Backpack Exchange has received approval from the Cyprus Securities and Exchange Commission and the FTX bankruptcy court to officially acquire FTX EU. Backpack Exchange will be responsible for distributing the previously court-approved bankruptcy claims for FTX EU users.The trading platform is valued at $120 million in its Series A funding round in early 2024 and has obtained licenses from Dubai VARA and EU MiFID II. The newly established Backpack EU plans to launch in the first quarter of 2025, offering cryptocurrency derivatives trading services, supporting SEP A payments and major European currency wire transfers.

ChainCatcher news, according to Jinshi reports, data from S&P Global Market Intelligence shows that the number of corporate bankruptcy filings in the United States will reach 686 in 2024, an increase of 8% year-on-year, marking the highest level since 2010 (828 filings). Among them, at least 30 companies have debts exceeding $1 billion at the time of bankruptcy, including well-known companies like Party City, Tupperware, and Red Lobster.Specific data shows that there were only 777 corporate bankruptcy filings in the United States from 2021 to 2022, which surged to 636 in 2023. Fitch Ratings data indicates that the ratio of out-of-court restructurings to bankruptcies in 2024 is about 2:1, with the recovery rate for senior loans of issuers with total debts exceeding $100 million dropping to the lowest level since 2016.Gregory Daco, chief economist at EY, pointed out that rising costs of goods and services continue to suppress consumer demand, leading to cautious spending across all income groups. Although the Federal Reserve has begun to cut interest rates, it plans to lower rates by only an additional 50 basis points by 2025. Experts at Academy Securities believe that the current corporate bankruptcies pose limited risks of a chain reaction to the overall economy and banking system, but it is necessary to continue monitoring corporate debt conditions in a high-interest-rate environment.

ChainCatcher news, according to Dailyhodl, the Federal Deposit Insurance Corporation (FDIC) stated in its quarterly bank profile report that the number of U.S. banks on its "problem bank list" rose to 68 in the third quarter. The total assets held by problem banks increased by $3.9 billion, reaching $87.3 billion. Problem banks account for 1.5% of the total number of banks, which is within the normal range of 1% to 2% for all banks during non-crisis periods.Meanwhile, the amount of unrealized losses on bank balance sheets has decreased. As of the third quarter of this year, banks reported book losses of $364 billion, primarily due to their involvement in the residential real estate and treasury markets. Unrealized losses represent the difference between the price banks paid for securities and the current market value of those assets. In the third quarter, bank book losses decreased by $148.9 billion from $512.9 billion in the second quarter.

ChainCatcher message, according to recent court documents, the government believes that Sam Bankman-Fried's claims are baseless, asserting that the jury's verdict and trial outcome are reasonable.SBF had filed a request in September with the Second Circuit Court of Appeals to overturn his conviction. He argued that Judge Lewis Kaplan's judicial bias and procedural errors undermined his trial. Bankman-Fried stated that the judge's decisions limited key defense arguments and restricted evidence regarding his investments. He also suggested that FTX's financial issues were exaggerated, implying that customers could still recover their funds.The government dismissed these arguments, pointing out that SBF's appeal failed to demonstrate any errors or biases in the original trial. The government also supported the denial of SBF's request to compel third-party debtors to provide specific documents, stating that the court's actions were correct since those documents were not in the court's possession.

ChainCatcher news, CryptoQuant founder and CEO Ki Young Ju posted on the X platform that the probability of MicroStrategy going bankrupt is extremely low. For 15 years, Bitcoin has never fallen below the cost basis of long-term holders, which is currently around $30,000. MicroStrategy's debt is $7 billion, while the value of its Bitcoin holdings is $46 billion. Based solely on its Bitcoin holdings, its liquidation price is $16,500.

ChainCatcher message, according to a study by KPMG on the Australian fintech industry, it is found that over 7% of fintech companies headquartered in Australia will close in 2024, with the blockchain and cryptocurrency market being the hardest hit.The report indicates that the total number of independent fintech companies in Australia has declined for two consecutive years, from 800 companies in 2022 to 767 active companies as of December 9, covering various business sectors.Among the 60 Australian fintech companies closing in 2024, 14% are from the blockchain and cryptocurrency industry. The report states: "The blockchain and cryptocurrency sector in the Australian fintech industry has been hit the hardest, with the number of active companies decreasing by 14% year-on-year by 2024, leaving only 74."

ChainCatcher news, according to Cointelegraph, the FTX bankruptcy group is seeking to recover over $100 million from SkyBridge Capital and founder Anthony Scaramucci to reclaim funds spent by former FTX CEO Sam Bankman-Fried (SBF) on sponsorship and investment agreements made with Scaramucci and SkyBridge since 2022.According to legal documents dated November 8, before FTX's collapse, Bankman-Fried engaged in a series of investments and partnerships with SkyBridge Capital and Scaramucci—first providing a $12 million sponsorship for Scaramucci's SALT conference in January 2022.Shortly thereafter, in March 2022, SBF directed Alameda Research to invest $10 million in the SkyBridge Coin Fund. Later, in September 2022, FTX acquired a 30% stake in the operating company managing SkyBridge investment vehicles for $45 million. FTX's lawyers argue that this investment lacked financial prudence—believing that "the FTX group could have easily purchased a basket of cryptocurrencies for a significantly lower cost than the majority of the $45 million investment."

ChainCatcher news, the crypto bank Banq previously filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for Nevada, but its application has been dismissed.The judge presiding over the case, Natalie M. Cox, stated that the bank's bankruptcy filing was a "malicious" strategy aimed at "gaining an advantage in pending litigation" rather than restructuring.Judge Cox wrote in her ruling that the bankruptcy proceedings were a tactic to protect Banq and its founder Jon Jiles from an investor lawsuit initiated by N9 (the company's primary creditor holding a $3 million stake). N9 accused Jiles of failing to fulfill his fiduciary duties by prioritizing the interests of Prime Trust (of which he is a founder and managing member) over those of Banq.Previous news, the crypto custody company Prime Trust's subsidiary Banq has filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of Nevada.

ChainCatcher news, according to The Block, former FTX user Alexander Nikolas Gierczyk has filed a lawsuit in the U.S. District Court for the Southern District of New York, accusing the hedge fund Olympus Peak of violating an agreement regarding additional bankruptcy claim proceeds. It is reported that Gierczyk transferred his bankruptcy claim worth $1.59 million to Olympus Peak at a 58% discount in November 2023.Recently, U.S. Bankruptcy Court Judge John Dorsey in Delaware approved the FTX asset restructuring plan. The plan is expected to repay FTX creditors between 129% and 146% of the claim value at the time of the bankruptcy filing in fiat currency. According to the lawsuit documents, based on this repayment ratio, Olympus Peak is expected to profit between $1.1 million and $1.4 million from Gierczyk's claim.The lawsuit documents indicate that although Gierczyk transferred the claim at a discount, the agreement with Olympus Peak included an "excess claim clause." This clause was originally intended to allow Gierczyk to receive additional compensation in the same proportion if the bankruptcy distribution exceeded expectations. However, the plaintiff's attorney stated that Olympus Peak has explicitly indicated it will not fulfill its obligations under this clause.

ChainCatcher news, according to Coindesk, U.S. Delaware bankruptcy court judge John Dorsey decided on Monday during a hearing to approve the FTX bankruptcy plan, which will fully repay cryptocurrency customers in cash plus interest. Under the plan, 98% of creditors will receive at least 118% of the value of their claims in cash.FTX lawyers stated that they are still considering distributing stablecoins to creditors as an option and confirmed that they are in discussions with at least four companies that could handle such distribution if necessary.