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- 1 A federal judge moved to limit the expense and duration of a new outside investigation- Bloomberg.
- 2 John Dorsey favored the lawyer of FTX and creditors, arguing that an appellate court ordered the fresh investigation.
- 3 The guilty co-founder of FTX is in prison and reportedly provided free trading tips to a prison guard.
As per a report from Bloomberg, a federal judge moved to limit the expense and duration of a new outside investigation into fraud-tainted cryptocurrency exchange FTX Trading, arguing its bankruptcy case should not be disrupted by another multimillion-dollar investigation.
John Dorsey, the US Bankruptcy Judge, favored the lawyer of FTX, the bankrupt firm of Sam Bankman Fried (SBF), and creditors, arguing that the fresh investigation ordered by an appellate court should be short and limited in scope.
The Judge noted that the yet-to-be-appointed examiner should examine several investigations into FTX carried out by the restructuring professional appointed by the company and outside probes by regulators and prosecutors.
After-Bankruptcy Affects
Following the demise of FTX in the last quarter of 2022, dozens of firms filed for bankruptcy.
The Judge noted that the yet-to-be-appointed examiner should examine several investigations into FTX carried out by the restructuring professional appointed by the company and outside probes by regulators and prosecutors.
FTX bankruptcy is one of the most discussed demises in the crypto sectors, and some other bankruptcies involve Celsius Bankruptcy, Terra, and others. Dozens of data sources claim that a sum of approximately $200 Billion went out of the market following the sudden collapse.
The firm, co-founded by one of the youngest crypto moguls, Sam Bankman Fried (SBF), was in strategic partnership with hundreds of companies in the crypto sectors and outside the crypto industry.
SBF is a gaming enthusiast, and before his firm’s bankruptcy, the company partnered with the F1 racing team. One of the leading basketball teams was indirectly associated with FTX, and the arena associated with that team was named FTX Arena. The deal was worth $135 Million for a tenure of 19 years.
SBF is in prison and recently was accused of providing free trading tips to prison guards; before founding the centralized exchange, he was a renowned trader in the crypto market.
Crypto Market Price Update
According to CoinMarketCap, in the past seven days, FTT, the native token of FTX, has declined over 9.60%. At press time, it was trading at $2.65 while its all-time token was $85.02.
Similarly, in the monthly time frame, FTT declined 25.90%. However, in the yearly time frame, the token’s price chart reflects a profit of 38.61%.
Bitcoin has declined steadily over the past few days, although before the approval of Bitcoin spot ETFs, the price was flourishing. A few days before the approval, it was trading near the boundary of $49k, which is the highest trading price in the past 365 days.
When writing, Bitcoin was trading at $40,243.96, with a decline of 5.07% in the past seven days.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
