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, 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, 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 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, 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, according to The Block, the FTX bankruptcy management team is auctioning 22.3 million locked Worldcoin (WLD) tokens at a significant discount, currently valued at approximately $37.7 million. This auction is part of FTX's ongoing efforts to recover funds for creditors. Interested buyers must submit bids by 8 PM Eastern Time on Wednesday, with discounts potentially ranging from 40% to 75%.These WLD tokens will be unlocked daily until 2028, and the auction marks FTX's continued efforts to manage its assets following the sale of Solana and Metaplex tokens. The FTX estate currently holds approximately $594 million in assets, most of which are illiquid FTT tokens.

ChainCatcher news, according to CoinDesk, the FTX bankruptcy management team is countering claims from Jump Trading subsidiary Tai Ho Shan, which alleges that Alameda failed to deliver 800 million Serum (SRM) tokens and is seeking $264 million in damages, exceeding the current market value of the agreement. However, Alameda states that the claim is invalid because the loan never commenced.SRM is the native token of the decentralized trading platform Serum. Jump Trading announced a significant investment in Serum in the fall of 2020 and would provide market-making services. The DEX collapsed after FTX's bankruptcy in November 2022. At that time, insiders indicated that the trading platform was merely nominally decentralized, as orders were placed by FTX.In court documents, Jump Trading argues that the FTX-Alameda estate owes it over $264 million in damages based on an options model. The options model utilized factors such as the market price of SRM on the bankruptcy filing date, the repayment option price, the implied volatility of SRM, and the loan interest rate.

ChainCatcher message, according to documents submitted to the U.S. District Court for the Southern District of New York on Friday, FTX bankruptcy victims are seeking a ruling that the seized assets of the collapsed cryptocurrency exchange (approximately $8 billion) belong to its customers, not the bankruptcy estate. Last month, the FTX bankruptcy management proposed a new reorganization plan that would allow 98% of creditors to recover 118% of their claims in cash within 60 days after court approval. However, the plan has left many FTX customers feeling that they missed the opportunity to profit from the rise in cryptocurrency prices.

ChainCatcher news, an independent investigation shows that the law firm Sullivan & Cromwell LLP, which oversaw the FTX bankruptcy, was unaware of the serious financial conditions and potential fraud that led to the collapse of the exchange. The investigation by former U.S. prosecutor Robert Cleary pointed out that although the firm's lawyers made false statements while representing FTX, they did not realize these statements were incorrect. Sullivan & Cromwell expressed confidence in their work prior to the FTX bankruptcy and welcomed the examiner's findings that refuted various unfounded allegations after the investigation results were published. This investigation was initiated due to widespread suspicion and condemnation from FTX creditors and customers towards Sullivan & Cromwell. When initially selected to oversee the bankruptcy proceedings, the law firm faced strong opposition from concerned creditors and former clients who believed that the firm's collaboration with FTX before the bankruptcy compromised its impartiality and objectivity.

ChainCatcher news, IntoTheBlock disclosed data showing that since U.S. regulators approved the Bitcoin spot ETF, the number of Bitcoins held by addresses with over 1,000 BTC has increased by approximately 250,000 BTC, and it has now returned to levels close to those before the FTX bankruptcy.

ChainCatcher message, according to the latest developments in the FTX bankruptcy case, a significant claim against FTX EU Ltd. has been transferred to FTXCREDITOR, LLC. This transfer may expedite all further proceedings, but it also poses risks to smaller creditors. According to documents submitted to the U.S. Bankruptcy Court for the District of Delaware on May 15, this claim is part of the ongoing Chapter 11 proceedings, following litigation against FTX EU Ltd. While this could potentially accelerate the case towards resolution, it indeed presents risks for smaller creditors. Due to the single-point entry of claims through the LLC, smaller creditors may be overshadowed by larger creditors—resulting in receiving less favorable terms or outcomes.

ChainCatcher news, according to TheBlock, sources have disclosed that Solana from FTX's bankruptcy assets has completed its second batch sale at a price of approximately $100, selling around 1.8 million SOL in an auction transaction, valued at about $232 million.Sources say that the bidding was completed on April 25, and the KYC procedures and documents will expire today. The bidding range for the locked Solana was between $85 and $110, with claims that bids of $95 and above have been accepted. According to Bloomberg, citing an informed source, Pantera Capital purchased more locked Solana in the recent auction.

ChainCatcher news, Covalent co-founder Ganesh Swami stated on the X platform that as of April 26, 2024, Covalent has fully acquired all CQT tokens held by the FTX bankruptcy estate.Swami mentioned that a private buyer purchased these assets a month ago and has since been selling them on the open market, which negatively impacted CQT. Therefore, Covalent reached out to this buyer last week and conducted a private transaction for all remaining CQT.

According to ChainCatcher, The Block reported that U.S. Senators Elizabeth Warren and Chuck Grassley have sent a letter to Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam, requesting the submission of correspondence with FTX founder Sam Bankman-Fried (SBF) by April 29.The two senators stated that to determine the nature of the relationship between the regulatory agency CFTC and SBF, and to uncover how this multi-billion dollar criminal case occurred, Congress and market regulators like the CFTC must take action to safeguard the savings and pensions of the American public.It is reported that in 2022, Behnam testified before the Senate Agriculture Committee, stating that his team met with SBF and other FTX executives about 10 times in the 14 months leading up to FTX's bankruptcy, and exchanged "multiple messages" with SBF.

ChainCatcher news, FTX creditor Sunil Kavuri posted on X platform stating that Senators John Hickenlooper, Cynthia Lummis, and Thom Tillis wrote to FTX bankruptcy judge Dorsey, requesting an investigation into the low-priced sale of SOL by the FTX bankruptcy law firm Sullivan and Cromwell.According to previous reports, Sullivan and Cromwell sold SOL, originally valued at 1.7 billion USD, for 64 USDT.