By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Former Alameda CEO Caroline Ellison to relinquish most assets to FTX debtors in bankruptcy agreement
Share
Notification Show More
Recent Saved
Workers in Bucharest face challenges as temperatures rise
World
Dress code guidelines for the Qatari government sector during office hours
Qatar
Court rules in favor of worker after company dismisses him for salary deductions over 6 years, awarding BD 27,000.
Bahrain
UAE to See Almost 30,000 New Millionaires in 5 Years
UAE
Proposed New Labor Law in Bahrain Targets Increasing Job Opportunities
Bahrain
Latest News
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Crypto > Former Alameda CEO Caroline Ellison to relinquish most assets to FTX debtors in bankruptcy agreement
Crypto

Former Alameda CEO Caroline Ellison to relinquish most assets to FTX debtors in bankruptcy agreement

News Room
Last updated: 2024/10/09 at 12:00 PM
News Room
Share
4 Min Read
SHARE

Caroline Ellison, the former CEO of Alameda Research, has reached an agreement to surrender the majority of her assets to FTX creditors as a part of a settlement with the FTX bankruptcy estate. The agreement, outlined in a court filing on Monday, is aimed at recuperating assets to benefit creditors affected by the collapse of FTX, a major cryptocurrency exchange. Ellison will transfer “substantially all of her assets” to the FTX debtors, including assets not already seized by the government or allocated for her legal defense. Additionally, Ellison has committed to fully cooperating with the FTX bankruptcy estate in ongoing and future investigations related to the case.

FTX filed for bankruptcy in late 2022, leading to a legal battle to recover assets from former executives, including Ellison and FTX founder Sam Bankman-Fried. The lawsuit seeks to reclaim approximately $22.5 million in bonuses Ellison received in February 2022, along with $6.3 million transferred to her in July and September 2021. As per the settlement terms, Ellison will retain only physical personal property following the asset transfer. The settlement is set to benefit the creditors impacted by the collapse of FTX, and a hearing is scheduled for November 20th to finalize the agreement.

Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware recently approved FTX’s reorganization plan, which received support from about 94% of creditors within the “dotcom customer entitlement claims” category, representing approximately $6.83 billion in claims by value. Caroline Ellison’s involvement in the FTX collapse resulted in a two-year prison sentence, while Sam Bankman-Fried, FTX’s founder, received a nearly 25-year prison sentence earlier this year and was ordered to repay up to $11 billion to investors and lenders. Despite her sentencing, Ellison has been recognized for her cooperation with the bankruptcy estate’s efforts, resulting in the recovery of substantial assets for the benefit of creditors.

In addition to Ellison’s settlement, the SEC has raised concerns about FTX’s repayment plan, particularly if it involves returning funds to creditors using stablecoins. The SEC cautioned that while repaying creditors with stablecoins may not be inherently illegal, the agency reserves the right to challenge such repayments if they involve US-dollar pegged crypto assets. FTX has explored various strategies to make creditors whole, including a plan to relaunch the exchange, which has since been abandoned. The latest proposal from FTX includes liquidating assets and settling claims based on the U.S. dollar value of those assets at the time of the exchange’s bankruptcy, with creditors being repaid in cash or stablecoins under this plan.

Overall, Caroline Ellison’s decision to forfeit the majority of her assets to FTX creditors as part of a settlement marks a significant development in the aftermath of the FTX collapse. The approval of FTX’s reorganization plan and the ongoing legal proceedings highlight the complexities surrounding the case. With key players like Ellison and Sam Bankman-Fried facing legal repercussions, the cryptocurrency industry continues to grapple with the fallout from FTX’s bankruptcy. The SEC’s scrutiny of FTX’s repayment plan underscores the regulatory challenges facing cryptocurrency exchanges in ensuring compliance with existing laws and regulations. As the case unfolds, stakeholders will be closely monitoring the proceedings to assess the implications for the broader crypto ecosystem.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room October 9, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Amir congratulates Ethiopia’s new President
Next Article US Dollar approaches new peak in September before FOMC Minutes
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World June 28, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
BusinessCrypto

Forbes Lists Bitget Amongst The World’s Most Trustworthy Crypto Exchanges

February 1, 2025
BusinessCrypto

Bitget Leverages AI Algorithms for Token Listing with the Launch of Bitget Seed

January 27, 2025
BusinessCrypto

Bitget to List Official TRUMP Meme Token for Spot Trading

January 23, 2025
BusinessCrypto

Bitget LaunchX to Support Jambo’s $5 Million Fundraising for Satellite Launch Program

January 18, 2025
BusinessCrypto

Bitget Unveils Over $5 Billion Worth of BGB Token Burn in New Whitepaper

December 28, 2024
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?