So, FTX’s bankruptcy estate-yes, the one that went down harder than a cryptocurrency in a bear market-has decided to pull the plug on its motion to limit creditor payouts in “potentially restricted foreign jurisdictions.” 🚨 Cue the collective eye-roll from creditors worldwide.
FTX Trust Backs Off Plan: Because Drama, Obviously
The FTX Recovery Trust (sounds like a superhero team, but nope) filed a notice on Monday saying, “Never mind, folks!” after trying to freeze payouts in 49 countries. 🌍 Why? Because apparently, navigating cryptocurrency regulations in places like China, Saudi Arabia, and Russia is like trying to solve a Rubik’s Cube blindfolded. 🤷♀️
This motion, filed back in July, was supposed to implement procedures that could have royally screwed creditors in these regions. But guess what? Over 70 objections were filed, and the estate was like, “Okay, fine, we’ll retreat… for now.” 😅
Weiwei Ji, one of the creditors, said, “This is a win, but let’s not pop the champagne just yet.” 🍾 He’s warning everyone that this whole debacle could actually shake trust in the crypto world. Because, shocking, right? 🙄
Meanwhile, the FTX estate’s repayment plan is raising more eyebrows than a questionable cryptocurrency mascot. Creditor rep Sunil Kavuri pointed out that payouts might be way lower than expected, especially since they’re being issued in boring old fiat instead of crypto. 💸 So, while the estate’s talking about a 143% repayment plan, it’s kinda meaningless if you’re losing crypto value. But hey, details, right? 😬
Sam Bankman-Fried: The Comeback Tour?
Speaking of drama, co-founder Sam Bankman-Fried (SBF, for those who love acronyms) is trying to overturn his fraud conviction and 25-year prison sentence. 🎤⚖️ His legal team claims he was “presumed guilty” before the trial even started because of, you guessed it, the media, prosecutors, and Judge Lewis Kaplan. 🕵️♂️
Enter Alexandra Shapiro, SBF’s criminal appeals lawyer, who’s basically the queen of overturning convictions. 👑 She’s arguing that Judge Kaplan was biased AF, pressuring jurors for a quick verdict and ridiculing SBF’s testimony. Yeah, sounds like a fair trial. 🙃
Oh, and here’s the kicker: Kaplan stopped SBF from telling the jury that FTX had enough assets to repay customers. But the prosecution? Totally cool with claiming SBF stole billions. Because balance, people. ⚖️
And of course, there are whispers that SBF’s parents are exploring a presidential pardon-possibly from Donald Trump. Because why not add a sprinkle of political chaos to this already spicy tale? 🌶️
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2025-11-05 10:13