{"id":557744,"date":"2023-10-26T19:00:43","date_gmt":"2023-10-26T19:00:43","guid":{"rendered":"https:\/\/wncen.com\/?p=557744"},"modified":"2023-10-26T18:22:26","modified_gmt":"2023-10-26T18:22:26","slug":"ftx-ramps-up-restitution-efforts-subpoenas-ai-firm-cais-over-6-5m-investment","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ftx-ftt-bankman\/ftx-ramps-up-restitution-efforts-subpoenas-ai-firm-cais-over-6-5m-investment\/","title":{"rendered":"FTX Ramps Up Restitution Efforts, Subpoenas AI Firm CAIS Over $6.5M Investment"},"content":{"rendered":"

Bankrupt crypto exchange FTX, led by newly appointed CEO John Ray III, has embarked on an intensive legal campaign to regain control and <\/span>recover assets<\/span><\/a> in its pursuit of financial restitution.\u00a0<\/span><\/p>\n

As founder <\/span>Sam Bankman-Fried<\/span><\/a> awaits possible conviction and faces a staggering 114 years in prison if found guilty, FTX’s asset recovery plan continues under Ray’s leadership.\u00a0<\/span><\/p>\n

FTX Bankruptcy Battle Escalates<\/span><\/h2>\n

In a recent filing with the US Bankruptcy Court for the District of Delaware, FTX <\/span>issued a subpoena<\/span><\/a> to the artificial intelligence (AI) firm Center for AI Safety (CAIS), demanding accounting records and information regarding payments, agreements, and contracts related to the $6.5 million investment.<\/span><\/p>\n

Related Reading: Bitcoin Price Surge: Matrixport Forecasts $125,000 Price Target By December 2024<\/a><\/div>\n

The motion, filed on behalf of the debtors who sought <\/span>Chapter 11 bankruptcy <\/span><\/a>protection on November 11 and November 14, 2022, states that the Debtors are operating their businesses and managing their properties as debtors-in-possession under the Bankruptcy Code.\u00a0<\/span><\/p>\n

It also highlights the appointment of an Official Committee of Unsecured Creditors by the US Trustee. FTX’s investigations have revealed that CAIS received transfers totaling at least $6.5 million in debtors’ funds between May and September 2022.\u00a0<\/span><\/p>\n

As part of their ongoing efforts to understand the debtors’ financial landscape, transactions, and estate, FTX has requested CAIS to produce relevant documents and information related to payments, agreements, communications, and other pertinent details.<\/span><\/p>\n

Debtors Seek Answers<\/span><\/h2>\n

According to the motion filed on October 25, despite the debtors’ attempts to engage in a cooperative dialogue and resolve the matter amicably, CAIS has rejected voluntary requests for accounting and<\/span> failed to respond<\/span><\/a> to formal correspondence. The filing reads:\u00a0<\/span><\/p>\n

The Debtors have attempted to engage in a cooperative meet and confer process to obtain information from the CAIS voluntarily. The Debtors have so far been unsuccessful. On a phone call on August 22, 2023, counsel for CAIS expressed unwillingness to make its records related to the transfers available to the Debtors. In emails between October 2-6, 2023, Debtors requested information concerning the amount of Debtor funds CAIS has spent, the amount of Debtor funds it has retained, and its financial condition. CAIS declined to provide that information.\u00a0<\/span><\/p><\/blockquote>\n

Related Reading: Bitcoin\u2019s Upcoming Leap? Analyst Predicts A Potential $45,500 Rise By November<\/a><\/div>\n

The motion concludes by stating that notice of this action has been provided to relevant parties, including the US Trustee, the Committee’s counsel, the Securities and Exchange Commission, the Internal Revenue Service, the US Department of Justice, the US Attorney for the District of Delaware, and CAIS itself.<\/span><\/p>\n

\"FTX\"
FTX’s native token FTT is experiencing a correction after reaching a new 2023 high on the 4-hour chart. Source: FTTUSDT on TradingView.com<\/figcaption><\/figure>\n

FTX’s <\/span>native token, FTT, <\/span><\/a>is trading at $1.22, marking a return to the $1 level for the first time since November 2022. Although it has experienced a decline of over 5% in the past 24 hours, the token has exhibited noteworthy gains over the past seven days, amounting to a 17% upward trend.\u00a0<\/span><\/p>\n

The token’s value has diminished by more than 95% when considering the one-year timeframe.<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Bankrupt crypto exchange FTX, led by newly appointed CEO John Ray III, has embarked on an intensive legal campaign to regain control and recover assets in its pursuit of financial restitution.\u00a0 As founder Sam Bankman-Fried awaits possible conviction and faces a staggering 114 years in prison if found guilty, FTX’s asset recovery plan continues under Ray’s leadership.\u00a0 FTX Bankruptcy Battle Escalates In a recent filing with the US Bankruptcy Court for the District of Delaware, FTX issued a subpoena to the artificial intelligence (AI) firm Center for AI Safety (CAIS), demanding accounting records and information regarding payments, agreements, and contracts related to the $6.5 million investment. Related Reading: Bitcoin Price Surge: Matrixport Forecasts $125,000 Price Target By December 2024 The motion, filed on behalf of the debtors who sought Chapter 11 bankruptcy protection on November 11 and November 14, 2022, states that the Debtors are operating their businesses and managing their properties as debtors-in-possession under the Bankruptcy Code.\u00a0 It also highlights the appointment of an Official Committee of Unsecured Creditors by the US Trustee. FTX’s investigations have revealed that CAIS received transfers totaling at least $6.5 million in debtors’ funds between May and September 2022.\u00a0 As part of their ongoing efforts to understand the debtors’ financial landscape, transactions, and estate, FTX has requested CAIS to produce relevant documents and information related to payments, agreements, communications, and other pertinent details. Debtors Seek Answers According to the motion filed on October 25, despite the debtors’ attempts to engage in a cooperative dialogue and resolve the matter amicably, CAIS has rejected voluntary requests for accounting and failed to respond to formal correspondence. The filing reads:\u00a0 The Debtors have attempted to engage in a cooperative meet and confer process to obtain information from the CAIS voluntarily. The Debtors have so far been unsuccessful. On a phone call on August 22, 2023, counsel for CAIS expressed unwillingness to make its records related to the transfers available to the Debtors. In emails between October 2-6, 2023, Debtors requested information concerning the amount of Debtor funds CAIS has spent, the amount of Debtor funds it has retained, and its financial condition. CAIS declined to provide that information.\u00a0 Related Reading: Bitcoin\u2019s Upcoming Leap? Analyst Predicts A Potential $45,500 Rise By November The motion concludes by stating that notice of this action has been provided to relevant parties, including the US Trustee, the Committee’s counsel, the Securities and Exchange Commission, the Internal Revenue Service, the US Department of Justice, the US Attorney for the District of Delaware, and CAIS itself. FTX’s native token, FTT, is trading at $1.22, marking a return to the $1 level for the first time since November 2022. Although it has experienced a decline of over 5% in the past 24 hours, the token has exhibited noteworthy gains over the past seven days, amounting to a 17% upward trend.\u00a0 The token’s value has diminished by more than 95% when considering the one-year timeframe. Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":557745,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[87361],"tags":[87394,88520,86846,85702,87576,86845,71704,86844,89123,87363,87577,87578,89648,88735,89272,83748,89273,89285],"class_list":["post-557744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ftx-ftt-bankman","tag-ftt","tag-ftt-bulls","tag-ftt-price","tag-ftt-token","tag-fttusd","tag-fttusdt","tag-ftx","tag-ftx-ftt","tag-ftx-bankruptcy","tag-ftx-collapse","tag-ftx-crash","tag-ftx-crypto-exchange","tag-ftx-estate","tag-ftx-lawsuit","tag-ftx-news","tag-sam-bankman-fried","tag-sam-bankman-fried-news","tag-sam-bankman-fried-trial"],"acf":[],"yoast_head":"\nFTX Ramps Up Restitution Efforts, Subpoenas AI 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. 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