FTX Leaders Agree to $1.35 Million Payout After Founder's Sentencing

FTX Leaders Agree to $1.35 Million Payout After Founder's Sentencing

LawLegal

By Jakub Lazurek

01 Apr 2024 (4 months ago)

1 min read

Share:

FTX execs settle for $1.35M in fraud case, marking progress for victims post- founder's 25-year sentence

In a recent turn of events, former leaders and promoters of the now-bankrupt FTX cryptocurrency exchange agreed to a $1.35 million settlement in a lawsuit.

This follows after the sentencing of the exchange's founder, aiming to offer compensation to those affected by FTX's failure.

Key individuals involved in this agreement include FTX's co-founder Gary Wang, its former engineering head Nishad Singh, and Caroline Ellison, the ex-CEO of Alameda Research, a trading firm linked to FTX.

Their consent to the settlement is a crucial step in ensuring victims of the exchange's collapse receive fair compensation.

These executives admitted to fraud and contributed evidence against Sam Bankman-Fried, FTX's ex-CEO, who was recently sentenced to 25 years in prison.

His sentence fell between the prosecution's request for 40 to 50 years and his defense's suggestion of six-and-a-half years, highlighting the severity of his actions.

FTX declared bankruptcy in

ShareFacebookTelegram
Go back to All News
Previous article

TRON Fights SEC Lawsuit: A Battle Over Global ICOs and Regulatory Clarity

TRON Fights SEC Lawsuit: A Battle Over Global ICOs and Regulatory Clarity
Next article

Small Brazilian Town Leads Global Bitcoin Adoption Wave

Small Brazilian Town Leads Global Bitcoin Adoption Wave