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FTX, the bankrupt cryptocurrency exchange, is set to refund $14 billion to $16 billion in cash to its creditors between October and November 2024. This significant redistribution of funds, scheduled for Q4 2024, is expected to potentially drive growth in the cryptocurrency market, with estimates suggesting that 40-50% of the refunded amount could flow back into digital assets. Additionally, sentencing hearings have been scheduled for two former FTX executives, Gary Wang and Nishad Singh, who testified against the exchange's founder, Sam Bankman-Fried. Wang, the co-founder of FTX, will be sentenced on November 20, while Singh, the former Director of Engineering, will face sentencing on October 30. Both executives pleaded guilty to fraud charges and are expected to receive reduced sentences for their cooperation. The hearings will take place in Manhattan federal court.
FTX announces $16B cash distribution to creditors by Q4, potentially boosting the crypto market. Former execs Nishad Singh & Gary Wang face sentencing amidst the exchange's liquidation. Market volatility expected as payout coincides with key events. Source: Coin Edition https://t.co/nMDanOxsdf
FTX Gears Up to Drop $16B to Creditors FTX is prepping to unload a massive $16 billion in cash to creditors by Q4, shaking up the crypto markets big time. Former top dogs Nishad Singh and Gary Wang are getting their sentences soon, adding more drama to the liquidation saga.… https://t.co/agpsjBeIqc
Sentencing Dates Set for Former FTX Executives Nishad Singh and Gary Wang Former FTX executives, Nishad Singh and Gary Wang, who both testified during Sam Bankman-Fried’s criminal trial, are slated to be sentenced later this year. Federal Judge Lewis Kaplan, who oversaw the…
