Ripple claims over $11.4 million in FTX bankruptcy case
The post Ripple claims over $11.4 million in FTX bankruptcy case appeared on BitcoinEthereumNews.com.
Ripple Labs Singapore Pte. Ltd., a subsidiary of the U.S. fintech giant Ripple, has emerged as a major creditor in the ongoing FTX bankruptcy case. The claim, amounting to a substantial $11.4 million, stands out as the largest among those disclosed in FTX bankruptcy reveals unlikely creditors The disclosure came to light through a document that dismissed duplicate non-client-related claims by FTX debtors. This document, authorized by United States Bankruptcy Judge John T. Dorsey and issued by Kroll, the creditor claims administrator in the FTX case, sheds light on the intricate financial web surrounding the collapsed exchange. #Ripple has a claim on FTX assets. What’s interesting is Ripple Singapore is making the claim (against Alameda assets.) FTX: Bahamas, Alameda:HK, and Ripple:Singapore. Does this suggest how wallets are operated? Shows the damage Gensler has done. Also, Shaq 😅 pic.twitter.com/zLYFSWeXCc — WrathofKahneman (@WKahneman) December 23, 2023 Notably, Ripple Labs is not the sole prominent player in this legal saga. Joining the fray is Avalanche (BVI), Inc., a firm associated with basketball legend Shaquille O’Neal and the blockchain platform Avalanche (AVAX). The involvement of such diverse entities highlights the complexity of FTX’s creditor landscape. Ripple’s subsidiary takes center stage Ripple Labs Singapore Pte. Ltd.’s claim of over $11.4 million marks a significant development, positioning the fintech heavyweight as a key player in resolving FTX’s financial woes. The document also unveils the sophisticated legal structures of the involved firms, with speculation arising about potential links to U.S. regulatory sentiments towards alternative coins. Simultaneously, the claimant list includes NBA icon Shaquille “Shaq” O’Neal, recognized individually and as ABG-Shaq, LLC—a Delaware limited liability company associated with his personal services. Reports suggest O’Neal might have secured a $750,000 endorsement contract with FTX, adding a layer of complexity to the overall scenario. Avalanche (AVAX) enters the fray Adding…
Filed under: News - @ December 25, 2023 7:08 pm