- PeckShield marked the switch of $6.27M USDT from OKX to the FTX/Alameda pockets.
- The $12.7 billion FTX creditor settlement contains $8.7 billion in restitution and a $4 billion payout.
- Cryptocurrency repayments face potential SEC opposition to stablecoins.
Blockchain safety agency PeckShield noticed transfers from cryptocurrency alternate OKX to wallets related to the failed alternate FTX. Early Friday morning, an handle labeled Alameda/FTX obtained 6.275 million USDT from OKX. The rationale for this switch stays unclear, nevertheless it may point out the start of FTX's reimbursement to collectors.
In July, FTX reached a $12.7 billion creditor settlement with the Commodity Futures Buying and selling Fee (CFTC) pending court docket approval. That marked the top of a 19-month authorized battle between the CFTC and the alternate. Just a few weeks later, New York Decide P. Kevin Castel accepted a consent order requiring FTX to pay $12.7 billion in restitution to defrauded buyers.
Additionally learn: FTX Reorganization Plan Will get 95% Creditor Approval
The settlement contains $8.7 billion in restitution and $4 billion in disgorgement. FTX's reorganization plan goals to offer 118% restoration to 98% of collectors, particularly these with claims beneath $50,000.
CFTC lawsuit towards FTX
In December 2022, the company filed a lawsuit towards FTX, its former CEO Sam Bankman-Fried, and its sister agency Alameda Analysis. The CFTC charged the alternate with fraud and misrepresentation of FTX as a digital commodity platform.
Additionally learn: Coinbase CLO attracts consideration to SEC's unclear stance on FTX reimbursement plan
In the meantime, many collectors have expressed their want to be repaid in cryptocurrency because the market has elevated by 166% because the chapter submitting. This choice may current issues, because the SEC is poised to oppose any plan to repay collectors in stablecoins. The SEC has retained its authority to problem cryptocurrency-related transactions, together with these involving stablecoins pegged to the US greenback.
Whereas a selected stablecoin was not chosen for redemption, the 2 largest stablecoin issuers, Tether (USDT) and USD Coin (USDC), had been thought of. Nonetheless, each issuers confronted their very own obstacles.
Tether got here beneath scrutiny for failing to offer audited monetary statements. In the meantime, issuer USDC Circle has a extra clear fame, however has seen publicity of $3.3 billion. The current switch of USDT from OKX to the FTX/Alameda pockets may point out a transfer in the direction of Tether's stablecoin to repay collectors.
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