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FTX's reorganization plan took effect on January 3, allowing users to begin receiving repayments, with the first group expected to see funds within 60 days. Users must file claims through the official website, and 98% are projected to receive 119% of their declared funds. However, some creditors have criticized the reimbursement method based on cryptocurrency prices at the time of bankruptcy.
As 2025 begins, several high-profile cryptocurrency criminals are spending their first New Year in prison. Sam Bankman-Fried, former CEO of FTX, was sentenced to 25 years, while Tornado Cash co-founder Alexey Pertsev received over five years for money laundering. Other notable figures include IcomTech founder David Carmona, sentenced to 10 years, and Bitfinex money launderers Ilya Lichtenstein and Heather Morgan, with Morgan set to report to prison later this month.
Ilya Lichtenstein, convicted for his role in the 2016 Bitfinex hack, claimed full responsibility for the crime in a recent statement, denying any involvement from his wife, Heather Morgan. Lichtenstein received a five-year sentence, while Morgan was sentenced to 18 months for money laundering. The Bitfinex hack resulted in the theft of 119,754 Bitcoin, and a restitution hearing for both is set for February 21, 2024.
Ilya Lichtenstein, sentenced to five years for the 2016 Bitfinex hack, took full responsibility for the crime in a recent social media statement, distancing his wife, Heather Morgan, from the hack itself. Morgan, who received 18 months for money laundering, has resumed promoting her brand online, charging $125 for personalized video messages. A restitution hearing is set for February 21, with plans for user reimbursements to begin in early 2024.
FTX's Chapter 11 reorganization plan will take effect on January 3, 2025, with initial payments to creditors expected within 60 days. The plan, which received strong creditor support, allows for recoveries averaging 119% of claims, with some receiving up to 140% in cash. Distribution will be facilitated by crypto custodians BitGo and Kraken, following the company's significant bankruptcy filing in late 2022 and the subsequent convictions of key executives.
Gary Wang, co-founder of FTX, was sentenced to time served and three years of supervised release after pleading guilty to multiple fraud charges. He was ordered to forfeit $11 billion and credited for his cooperation with authorities, which included testifying against founder Sam Bankman-Fried. Wang expressed remorse in court, stating he took the "cowardly path" and vowed to make amends.
Stock futures fell ahead of a day filled with major earnings reports from tech giants like Amazon and Apple, alongside the release of the September personal consumption expenditures price index. Starbucks CEO Brian Niccol announced a strategic overhaul after the company reported a 3% drop in net sales, attributing the decline to weakened demand in the U.S. and China. In economic news, U.S. GDP grew at a 2.8% annualized rate, driven by strong consumer spending, while Microsoft and Meta reported mixed quarterly results, with Microsoft’s stock slipping over 3% despite beating earnings expectations. Former FTX executive Nishad Singh received three years of supervised release for his role in the company's fraud, significantly less than the maximum sentence he faced, highlighting his cooperation with authorities.
Nishad Singh, former head of engineering at FTX, received no jail time but was sentenced to three years of supervised release and ordered to forfeit $11 billion for his role in the crypto fraud. His cooperation with authorities was deemed significant, leading to a lighter sentence compared to other FTX executives. Singh expressed remorse in court, acknowledging his straying from personal values while highlighting his assistance in the investigation.
Caroline Ellison
People
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