Cryptocurrency

Settlement Reached in Bankrupt FTX's Dispute Over Robinhood Shares

Wednesday. September 11 at 12:30 AM

1 min. read

Bankrupt cryptocurrency exchange FTX has finalized an agreement with Emergent Technologies, founded by Sam Bankman-Fried, regarding over $600 million worth of Robinhood shares. FTX will pay Emergent $14 million to cover administrative costs linked to withdrawing a petition for 55 million Robinhood shares and cash. This resolution also paves the way for Emergent to swiftly conclude its bankruptcy proceedings in Antigua. FTX stated that the deal will aid in recovering more funds for its creditors, avoiding additional legal expenses, and is a crucial step in its restructuring plan to maximize creditor value. The settlement, as outlined in a motion filed by FTX CEO John Ray III, was the result of fair negotiations devoid of collusion. Emergent had acquired approximately 56 million Robinhood shares valued at $600 million in May 2022 through an agreement with Bankman-Fried and Alameda Research.

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Analysis of Dogecoin Price Reversal

Saturday. December 21 at 1:00 PM

Dogecoin (DOGE) price has sharply reversed after surpassing Porsche's market cap in December. The price corrected by 20% in the last 24 hours and nearly 30% in the past week, indicating increasing bearish pressure. Technical indicators suggest further downside risks as DOGE hovers near critical support levels. The Ichimoku Cloud chart shows a bearish trend with strong overhead resistance. The DMI chart reflects significant bearish strength, with the ADX value rising to 46.7, indicating a strong downtrend. If the current trend continues, DOGE could decline further towards $0.219, with a potential drop to $0.14. However, a positive momentum shift could lead to a recovery to $0.34 and possibly $0.43. This analysis serves as information only, and readers are advised to conduct their own research before making financial decisions.

Cryptocurrency

High-Profile Inmates at Metropolitan Detention Center

Saturday. December 21 at 12:00 PM

Luigi Mangione, the alleged murderer of UnitedHealth Group CEO Brian Thompson, has been transferred to the Metropolitan Detention Center in Brooklyn, where he joins crypto criminal Sam Bankman-Fried. Bankman-Fried, the ex-FTX boss serving a 25-year sentence for his involvement in his company's collapse, is not the only notable inmate at the facility. Superstar music producer Sean 'Diddy' Combs is also being held there on racketeering conspiracy and sex trafficking charges. Combs shared a space with Bankman-Fried and even used one of his lawyers. FTX, once a major player in the crypto space, went bankrupt in November 2022 due to criminal mismanagement by Bankman-Fried and his team. Mangione, charged with murder in Thompson's killing, was apprehended in Pennsylvania after a manhunt. Prosecutors allege that Mangione targeted Thompson due to his disdain for the U.S. healthcare industry.

Cryptocurrency

CoinDesk Editors Fired Amid Controversy

Saturday. December 21 at 10:00 AM

CoinDesk, a subsidiary of Bullish, terminated three senior editors due to cost-cutting and restructuring reasons. The publication's independence came into question after an article on Tron founder Justin Sun was removed for allegedly spreading misinformation. In an interview with Fortune, the fired editors expressed their dismissal. The controversy stemmed from an article critiquing Sun's extravagant purchase of a banana art piece and his legal issues with the SEC. The removal of the article without notice raised concerns about editorial independence. The decision led to further resignations, with critics speculating about the influence of Tron's sponsorship on CoinDesk. Despite CEO Sara Stratoberdha emphasizing the layoffs' necessity for productivity, doubts remain about the publication's credibility as a crypto industry watchdog. The incident highlights the challenges faced by editors in maintaining journalistic integrity in a rapidly evolving industry.

Cryptocurrency

Ripple's $5 Million Donation to Trump Inauguration Fund

Saturday. December 21 at 7:00 AM

Ripple has pledged $5 million worth of XRP to support the inauguration celebrations for President-elect Donald Trump and Vice President-elect J.D. Vance in January. Other crypto firms, such as Coinbase, Kraken, and Ondo Finance, have also made significant donations to the inauguration fund. Coinbase and Kraken each contributed $1 million to the Trump-Vance Inaugural Committee, while Ondo Finance donated $1 million as well. The donations come with perks, including exclusive event tickets over the inauguration weekend. Ripple CEO Brad Garlinghouse also donated $25 million to a pro-crypto super PAC. The cryptocurrency industry's efforts to engage with the incoming administration have led to key appointments, such as David Sacks being named the first AI and Crypto Czar. These developments indicate the industry's potential to influence decisions during Trump's presidency.

Cryptocurrency