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Cryptowire Update: Proposed Settlement in Cryptocurrency Lawsuit
A group of cryptocurrency users involved in a class-action lawsuit against former FTX CEO Sam “SBF” Bankman-Fried has recently reached a proposed settlement. The plaintiffs have decided to pursue their case against FTX influencers using information presented during Bankman-Fried’s criminal trial.
Details of the Proposed Settlement
- The filing states that Bankman-Fried possesses valuable knowledge and information that will be used in cases against other defendants in the FTX multidistrict litigation.
- The information pertains to the actions taken, the connection to the company’s U.S. headquarters in Miami, Florida, and the involvement of other defendants in various states.
Plaintiffs to Target FTX Influencers
If approved by the court, the settlement would resolve the lawsuit between Bankman-Fried and the crypto users seeking compensation for losses incurred during the collapse of FTX. The proposal suggests that the plaintiffs offered Bankman-Fried the opportunity to assist in prosecuting FTX influencers and aiding victim recovery.
Appeal and Legal Proceedings
- Bankman-Fried’s legal team filed a notice to appeal his conviction and sentence for fraud and conspiracy charges on April 11.
- Last week, Bankman-Fried filed to appeal his conviction and sentence, aiming to overturn his 25-year federal prison sentence.
FTX Bankruptcy and Repayments
The FTX bankruptcy estate aims to initiate repayments to customers by the end of 2024. The bankruptcy consists of two distinct processes, including Chapter 11 bankruptcy overseen by a Delaware court and the official liquidation of FTX Digital in the Bahamas.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
