A Delaware bankruptcy court has ordered Deltec International Group (DIG) to pay back nearly $53 million to Alameda Research, the crypto hedge fund associated with the bankrupt cryptocurrency exchange, FTX.
Repayment of the loan is dependent on the debtor fund for Alameda Research from DIG under a promissory note agreement. according to Previous court documentA total of $50 million was paid to DIG by Alameda on November 4, 2021, through the FTX Trading exchange. The amount was paid in the form of USDT at a ratio of 1:1 to the US dollar.
Moreover, the court document reveals that the loan was approved by Ryan Salame, co-CEO of FTX Digital Markets. The deal is also said to have included Norton Hall, a company incorporated in Antigua and Barbuda.
“DIG is hereby authorized and directed to pay Alameda an amount equal to $52,859,644 as of April 12, 2023 (together with accrued interest at the rate of $10,538 per calendar day from such date to Payment by DIG, “Amount Due”) within 7 days of entry into this Order, and Amount Owned constitutes all principal, interest, and other amounts due by DIG under DIG’s promissory note,” Command Signed by John Dorsey, the bankruptcy judge on the case.
FTX presses asset recovery
FTX collapsed in November last year after a liquidation crisis prompted by the discovery of funds mixing between the cryptocurrency exchange and its trading subsidiary, Alameda Research. The troubled exchange was later filed for voluntary action under Chapter 11 of the United States Bankruptcy Code in the District of Delaware.
In the latest on the case, John Ray III, the new FTX CEO who took the digital asset firm’s restructuring process for bankruptcy in 2022, noted in a filing on Sunday that Alameda Research has been unclear about its positions, not talking about hedging. or accounting for it, according to a CoinDesk a report.
The update on the Alameda Research loan comes amid asset recovery efforts by the bankrupt company. Late last month, cryptocurrency exchange OKX announced that it was preparing to transfer $157 million in frozen assets and accounts linked to FTX and Alameda Research. The FTX-related trading firm also recently sued Grayscale in an effort to recover $250 million from its clients and creditors.
Moreover, FTX recently agreed to sell its preferred stock of Mystern Labs at a loss for $95 million. It came as bankruptcy lawyers ramp up efforts to back up funds to compensate clients of the failed cryptocurrency exchange.
Darwinix Zero goes into action; VTB Forex adds CNY pairs; Read snippets of today’s news.
A Delaware bankruptcy court has ordered Deltec International Group (DIG) to pay back nearly $53 million to Alameda Research, the crypto hedge fund associated with the bankrupt cryptocurrency exchange, FTX.
Repayment of the loan is dependent on the fund due to Alameda Research from DIG under a promissory note agreement. according to Previous court documentA total of $50 million was paid to DIG by Alameda on November 4, 2021, through the FTX Trading exchange. The amount was paid in the form of USDT at a ratio of 1:1 to the US dollar.
Moreover, the court document reveals that the loan was approved by Ryan Salame, co-CEO of FTX Digital Markets. The deal is also said to have included Norton Hall, a company incorporated in Antigua and Barbuda.
“DIG is hereby authorized and directed to pay Alameda an amount equal to $52,859,644 as of April 12, 2023 (together with accrued interest at the rate of $10,538 per calendar day from such date to Payment by DIG, “Amount Due”) within 7 days of entry into this Order, and Amount Owned constitutes all principal, interest, and other amounts due by DIG under DIG’s promissory note,” Command Signed by John Dorsey, the bankruptcy judge on the case.
FTX presses asset recovery
FTX collapsed in November last year after a liquidation crisis prompted by the discovery of funds mixing between the cryptocurrency exchange and its trading subsidiary, Alameda Research. The troubled exchange was later filed for voluntary action under Chapter 11 of the United States Bankruptcy Code in the District of Delaware.
In the latest on the case, John Ray III, the new FTX CEO who took the digital asset firm’s restructuring process for bankruptcy in 2022, noted in a filing on Sunday that Alameda Research has been unclear about its positions, not talking about hedging. or accounting for it, according to a CoinDesk a report.
The update on the Alameda Research loan comes amid asset recovery efforts by the bankrupt company. Late last month, cryptocurrency exchange OKX announced that it was preparing to transfer $157 million in frozen assets and accounts linked to FTX and Alameda Research. The FTX-related trading firm also recently sued Grayscale in an effort to recover $250 million from its clients and creditors.
Moreover, FTX recently agreed to sell its preferred stock of Mystern Labs at a loss for $95 million. It came as bankruptcy lawyers ramp up efforts to back up funds to compensate clients of the failed cryptocurrency exchange.
Darwinix Zero goes into action; VTB Forex adds CNY pairs; Read snippets of today’s news.