What's Going On? FTX Announces a Rare Move, Causing FTT Token to Surge Over 40%
Bankrupt exchange FTX announced that 98% of creditors will receive a 118% cash repayment, with disbursement starting as early as September.
MiyukiLog in/ Sign up
Singapore's ComChest To Return $360,000 Donation From FTX
Follow
The Community Chest (ComChest), the philanthropic arm of the National Council of Social Service, is making efforts to refund a $360,000 donation it received in 2022 from FTX Foundation, the now-bankrupt cryptocurrency exchange FTX's philanthropic arm. This decision comes in light of FTX founder Sam Bankman-Fried facing charges for orchestrating a scheme to embezzle up to US$10 billion from FTX clients.
ComChest has taken formal steps by filing a suspicious transaction report with the police and expressing its intention to return the donated amount through appropriate legal channels. The donation, initially made in support of the President's Challenge and ComChest through the Sentosa Golden Jubilee Charity Golf event in August 2022, will be processed in adherence to legal protocols, according to a ComChest spokesman.
The donation amount was large enough for FTX to be considered a diamond sponsor.
Before the collapse of FTX, Bankman-Fried and associates, including FTX Foundation, were notable contributors to philanthropic causes, reportedly donating close to US$200 million to various political and charitable initiatives. However, the FTX collapse in November 2022 led to a cryptocurrency equivalent of a bank run, resulting in a liquidity crisis and bankruptcy declaration.
Legal Proceedings and Financial Irregularities Surrounding FTX Founder
Bankman-Fried, currently on trial in New York City since early October, faces charges of fraud, conspiracy, and money laundering, pleading not guilty to seven counts. Prosecutors allege that funds embezzled from FTX clients were diverted for luxury property purchases, political contributions, supporting Bankman-Fried's hedge fund, Alameda Research, and other purposes.
Additional Donations Under Scrutiny Amidst Singapore's Money Laundering Case
In a separate development, ComChest and the President's Challenge have disclosed receiving donations from individuals linked to Singapore's largest money laundering case. ComChest received $30,000, and the President's Challenge received over $350,000. Both organisations have filed police reports and suspicious transaction reports and are collaborating with the Commissioner of Charities to determine the appropriate handling of these donations.
Gain a broader understanding of the crypto industry through informative reports, and engage in in-depth discussions with other like-minded authors and readers. You are welcome to join us in our growing Coinlive community:https://t.me/CoinliveSG
Add Comment
LoginLeave your comments
0 Comments
Earliest
Load more comments
Related News
- Miyuki
FTX Founder Sam Bankman-Fried Spared Second Trial
The announcement came through a letter submitted to New York federal court on Friday.
AlexRipple's Subsidiary Dominates FTX Bankruptcy Claims
Ripple Labs Singapore emerges as a major creditor in FTX bankruptcy with a significant $11.4 million claim, revealing complex ties in the cryptocurrency ecosystem.
BrianFTX's Bankruptcy Saga: A Complex Puzzle for Creditors
FTX's bankruptcy plan raises critical valuation and repayment issues, leaving creditors and the crypto industry in limbo.
KikyoFTX Judge Aims to Expedite Customer Fund Recovery in Bankruptcy Case
FTX Judge's intervention sparks hope for quicker customer fund recovery in the bankruptcy case, yet uncertainties persist, with IRS cautioned about potentially lower-than-expected recoveries amid complex proceedings.
EdmundFTX Founder SBF Adapts to Prison Life Amid Legal Woes
Sam Bankman-Fried's prison experience, marked by unconventional currency use and alleged challenges to living conditions, adds an unexpected chapter to his legal saga. As the legal proceedings continue, the controversy surrounding SBF's actions inside the prison walls raises questions about the complexities of adapting to a new reality while facing serious legal consequences.
BerniceFTX Used Customer Funds to Repurchase Binance Stake, Court Reveals
Recent court hearings disclosed that the bankrupt crypto exchange FTX utilized customer funds to repurchase its entire stake held by competitor Binance. The revelation came as part of ongoing investigations related to the trial of Sam Bankman-Fried, with the U.S. Department of Justice hiring an accounting professor to trace the funds between Alameda and FTX.
Huang BoFTX Estate Pursues $953 Million Lawsuit Against Bybit, Alleging Misappropriation of Funds
The estate of bankrupt crypto firm FTX has filed a lawsuit against Bybit, seeking to recover $953 million transferred to Bybit's investment arm. The legal complaint alleges misappropriation of funds and points to VIP status and questionable withdrawals leading up to FTX's bankruptcy filing.
Cheng YuanFormer FTX Execs Debut New Crypto Exchange A Year After FTX Downfall
This crypto exchange presents a self-custodial solution that incorporates a multiparty computation technique, ensuring the utmost security for entrusted funds.
KikyoFTX's $953M Asset Recovery Battle: Legal Action Against Bybit Amid Bankruptcy
FTX initiates legal action against Bybit and associates in a $953 million asset recovery effort, amidst broader bankruptcy proceedings and ongoing efforts to reclaim funds.
Hui Xin
More news about $360.000
- 디파이 플랫폼 커런스, $360만 시드 투자 유치BullishBearish
- 6,360 BTC 이체...바이낸스→익명BullishBearish
More news about $360.000
NIST Allocates Nearly $3.6 Million to Bolster Cybersecurity Workforce
NIST awards $3.6 million to 18 organizations to address the shortage of cybersecurity professionals. RAMPS program aims to align with local businesses for workforce development.
MiyukiMicroStrategy Surpasses BlackRock: Acquires 12,000 BTC for $72,000; What's the Next Plan?
MicroStrategy, led by CEO Michael Saylor, acquires 12,000 BTC at $68,477 each, totaling 205,000 BTC worth $6.91 billion, surpassing BlackRock's holdings. Strategic investment coincides with Bitcoin's all-time high, signaling institutional adoption.
Xu LinBitcoin Breaks $57,000 Barrier
Bitcoin surges past $57,000, driving record trading in US Bitcoin ETFs, signaling institutional interest, despite traditional market indicators.
Huang BoEthereum Approaches $3,000 Milestone
Ethereum surges near $3,000, signaling investor confidence. Solana struggles below $120, faces technical challenges. Dogecoin battles resistance at $0.08 but shows resilience with increased volume.
Huang BoRaft遭攻击损失360万 黑客骚操作几乎全部送进黑洞
JinseFinanceBitcoin Core Dev Loses At Least $3.6 Million in BTC to Hack
Luke Dashjr revealed that an unknown hacker had raided “basically all” of his Bitcoin holdings on New Year’s Day.
decrypt[Feature] Trump & His 360-Degree Change About the World of Crypto
Trump’s distrust toward crypto has been apparent in the past when he called it a “scam” and deemed it “dangerous”. So his dive into the NFT world was a mind-boggling change.
CatherineBrazil brokerage giant with 3.6M clients launches BTC and ETH trading
XP Inc has become the latest Brazilian fintech player to offer crypto trading services, following Nubank and MercadoLibre.
CointelegraphBitsCrunch Raises $3.6M for NFT Analysis Tool
Several high-profile investment firms participated in the round, suggesting that interest in the space is far from waning anytime soon.
Cointelegraph3.6M Americans to use crypto to make a purchase in 2022, research firm predicts
Analysts from Insider Intelligence believe that crypto’s transactional value will increase by 70% in 2022.
Cointelegraph