ChainCatcher news, according to court documents, Celsius Network is distributing $127 million to eligible creditors in its second payout under bankruptcy proceedings after its collapse in July 2022.The latest distribution raises the total recovery rate to 60.4% of the eligible claims amount, based on the initial payout in January 2024, when approximately 57.65% of eligible claims were paid in liquid crypto assets or cash. The second distribution is primarily composed of liquid crypto assets, with funds converted to Bitcoin at an average price of $95,836.23 to match the claim values.Payments cover various categories of creditors, including retail deposit claims, general income claims, and unsecured loan claims. Former Celsius Network CEO Alex Mashinsky will begin a jury trial on January 28, 2025, following a pre-trial hearing on January 16, 2025.

ChainCatcher news, according to Bloomberg, former Alameda Research co-CEO Sam Trabucco has agreed to transfer a range of assets, including a yacht, to FTX creditors.Trabucco purchased the 53-foot boat for $2.51 million in March 2022, just months before he left Alameda. According to a court document dated November 10, Trabucco also agreed to relinquish his legal ownership of two San Francisco apartments that he purchased for a total of $8.7 million in 2021.The document states that he also agreed to transfer all rights to approximately $70 million in claims made against FTX to the creditors, which will be dismissed.

ChainCatcher news, according to iChainfo monitoring, the Genesis creditor address transferred 1,764 BTC (worth approximately 117.86 million USD) to an anonymous address 1 hour ago.

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 Cointelegraph, FTX creditors have voluntarily withdrawn their class action lawsuit against the American law firm Sullivan & Cromwell (S&C). The Moskowitz law firm, serving as the lead representative for the plaintiffs, stated that this withdrawal is voluntary and does not involve any settlement agreement.On February 16, 2024, a group of FTX creditors sued S&C, accusing the firm of participating in FTX's multi-billion dollar fraud and profiting from it. The lawsuit sought damages for civil conspiracy, aiding and abetting breach of fiduciary duty, and aiding and abetting fraud. S&C had served as FTX's external legal advisor in several transactions and is currently overseeing FTX's bankruptcy proceedings.Adam Moskowitz, founder and managing partner of the Moskowitz law firm, explained the reason for the withdrawal: "Based on the evidence we have seen, we believe there is not enough reason to file a lawsuit, so we have withdrawn the complaint. Now, we can sit down and work together to try to obtain the maximum compensation for the victims from other third parties."

ChainCatcher news, creditors of the bankrupt cryptocurrency exchange FTX will receive over $12 billion in payments over the next few months according to a court-approved payment plan, increasing the possibility that some cash may be reinvested into digital assets. According to information released by FTX, the group has recovered between $14.7 billion and $16.5 billion, while the total claims from creditors amount to $11.2 billion.Benjamin Celermajer, Co-Chief Investment Officer of Magnet Capital, stated that the anticipated FTX repayments "are essentially providing liquidity to known cryptocurrency traders. It is very likely that we will see some funds flow back into the crypto market, providing a potential price catalyst for a market that is lacking liquidity." It is worth noting that repayments will not happen immediately; FTX must first establish a trust and hire a company to oversee the fund distribution process.

ChainCatcher news, according to TheBlock, the FTX bankruptcy plan has been criticized by the largest group of FTX creditors represented by Sunil Kavuri. Kavuri stated that when FTX filed for bankruptcy in 2022, the asset management agency in charge of liquidation should pay in the form of physical cryptocurrency rather than in USD value. David Adler, a lawyer representing some creditors, also stated in court that if creditors receive compensation in cash instead of physical assets, they will face significant taxes.Previous news, a U.S. judge approved the FTX bankruptcy plan to fully repay cryptocurrency customers in cash plus interest.

ChainCatcher news, according to The Block, FTX's restructuring administrator disclosed the voting results of its restructuring plan, with over 94% of FTX Dotcom customers voting in favor.Monday's filing shows that in the "dotcom customer equity claims" category that participated in the vote, 94.48% of creditors (by value, with claims amounting to approximately $6.83 billion) support the restructuring plan. The confirmation hearing for the restructuring plan is scheduled for October 7.According to FTX's bankruptcy plan, approximately 98% of creditors are expected to receive at least 118% of the value of their claims in cash. However, these bankruptcy claims are assessed based on the value of the relevant cryptocurrencies at the time.

ChainCatcher news, Zhu Su, co-founder of Three Arrows Capital, commented on "FTX is expected to distribute $16 billion to creditors in Q4." Even if this amount cannot fully return to the crypto market, it is still a significant figure and may hint at boosting market sentiment.

ChainCatcher news, according to Forbes, FTX is set to return $11-16 billion to creditors in the fourth quarter of 2024, which could provide significant benefits to the cryptocurrency market (especially Bitcoin, SOL, and Solana network cryptocurrencies). While the exact date is still unclear, FTX has proposed that the distribution will occur within 60 days after the restructuring plan takes effect.Currently, the next hearing regarding the restructuring plan is scheduled for October 7. If approved, FTX will have 60 days to distribute assets to creditors, meaning the returned cash could reach previous cryptocurrency buyers sometime before December 7. A large portion of this cash may remain within the cryptocurrency ecosystem, as creditors reinvest the funds into their favorite tokens or ETFs.Nevertheless, there are still some risks that could undermine this positive event. First, court delays could further extend the date for the return of funds. Additionally, some FTX creditors are currently dissatisfied with the settlement plan (which only includes cash returns).

ChainCatcher news, according to the latest revised bankruptcy documents shared by FTX creditor Sunil Kavuri, FTX creditors may only recover 10-25% of their cryptocurrency.Kavuri explained that creditors will be compensated based on the cryptocurrency prices at the time of the filing, which were significantly lower than today. For example, at the time of the legal filing, the price of Bitcoin was around $16,000. Kavuri stated that many FTX customers have suffered mental distress, panic attacks, divorce, and even suicidal thoughts due to the theft of their life savings. Other creditors have also expressed similar feelings of anger. Kavuri also pointed out that Sam Bankman-Fried violated FTX's terms of service and the broader definition of property rights by using customer funds to pay off outstanding debts.It is reported that the FTX bankruptcy management team previously reached an agreement with Emergent Technologies, founded by Bankman-Fried, to obtain $600 million in Robinhood shares for creditor repayment.

According to ChainCatcher's message, on-chain analyst Yu Jin monitored that the creditor 0x999...46E, who received the most ETH in the Genesis Trading liquidation payout in August, sold 12,100 ETH (approximately 31.43 million USD) in the last 3 days.On August 2, he received 114,502 ETH (approximately 358 million USD) from the Genesis Trading liquidation payout, making him the creditor with the most ETH received. He started transferring ETH to FalconX three days ago and has currently transferred a total of 12,100 ETH (approximately 31.43 million USD).

ChainCatcher news, on-chain detective ZachXBT posted on platform X, revealing a significant cryptocurrency asset theft case targeting Genesis creditors.On August 19, 2024, three hackers stole $243 million worth of cryptocurrency assets from a Genesis creditor through a highly sophisticated social engineering attack. According to ZachXBT's investigation, the attackers first impersonated Google customer service, deceiving the victim over the phone and successfully breaching their personal account. Subsequently, they posed as support staff from the Gemini exchange, claiming the account had been hacked, and tricked the victim into resetting two-factor authentication and transferring funds from their Gemini account to a controlled wallet. Finally, the hackers lured the victim into using AnyDesk remote desktop software to share their screen, thereby stealing the private keys to the Bitcoin Core wallet.ZachXBT confirmed three main suspects: Veer Chetal (alias Wiz), Malone Iam (alias Greavys), and Jeandiel Serrano (alias Box). Among them, Veer received the largest share of the loot, approximately $34.5 million. Malone lived a lavish lifestyle in Los Angeles and Miami, spending between $250,000 and $500,000 daily, even gifting women Hermes handbags. Jeandiel was responsible for impersonating Gemini customer service to carry out the fraud.Currently, over $9 million in funds have been successfully frozen, with more than $500,000 returned to the victims. Malone and Jeandiel have been arrested in Miami and Los Angeles, respectively. Law enforcement expects to seize more funds during the arrests, as a significant amount of fund transfers were observed before and after the arrests.

ChainCatcher message, FTX official stated on social media that creditors with access to the FTX customer claims portal can now provide tax information on the portal, and users need to provide certain tax information for distribution. Please provide the required tax information on the completed applicable IRS Form W-9 or IRS Form W-8.To complete this step, users must first complete KYC verification.

ChainCatcher news, according to a report from TheBlock, the U.S. Securities and Exchange Commission (SEC) recently submitted a document warning about FTX assets, stating that the agency may oppose any attempts to repay creditors using stablecoins or other digital assets. At the same time, the agency, like the U.S. trustee, also opposes the release clauses that limit the future legal liabilities of FTX debtors.

ChainCatcher news, according to Bloomberg, attorney Joseph Sarachek, representing Celsius Network creditors, told a New York bankruptcy judge on Tuesday that in recent weeks, numerous Celsius creditors have contacted his office to inquire about the possibility of forcing the liquidation of the assets of the Bitcoin mining company Ionic Digital, owned by Celsius.Ionic's attorney stated at the hearing that Ionic originally planned to go public on the Nasdaq stock exchange in the middle of this year, but this plan was put on hold after the resignation of the auditor and the departure of former CEO Matt Prusak. Ionic now plans to go public "sometime in 2025."