Business Metrics

Messi vs Ronaldo : Who Takes Over from Here?

By Gharny Yeku Football is an exciting game that brings people of all ages and backgrounds together. It is also a great way to stay fit...

Cryptocurrency2 years ago

What’s the Relationship Between Crypto and AI? Is There Any?

By David Z. Morris The past six months has been a banner stretch for the development of artificial intelligence (AI). Image processors such as Midjourney and text...

Failed Crypto Exchange FTX Recovers $5B in Assets, Bankruptcy Failed crypto exchange FTX has recovered more than $5 billion in different assets, not including another $425 million in crypto held by the Securities Commission of the Bahamas, a bankruptcy attorney said during a hearing Wednesday. According to the attorney, there's still a sum missing in what is owed to customers and the amount is still unclear. "We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities measured at petition date value. It just does not ascribe any value to holdings of dozens of illiquid cryptocurrency tokens, where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token," said Landis Rath & Cobb attorney Adam Landis on FTX's behalf. The announcement substantially raises the total FTX claims it holds, after the company's new leadership said it could only find just over $1 billion on Dec. 20, 2022. The total amount FTX owes its creditors is still unclear. In initial bankruptcy filings, the company's management checked off the box indicating a figure between $1 billion and $10 billion. Embattled former CEO of FTX Exchange, Sam Bankman-Fried, reportedly instructed his lieutenant, Gary Wang, to create a "backdoor" for Alameda to borrow from FTX customers without their permission, Landis said. He added the former CEO created a line of credit worth $65 billion from the exchange to the trading arm. "We know what Alameda did with the money. It bought planes, houses, threw parties, made political donations. It made personal loans to its founders. It sponsored the FTX Arena in Miami, a Formula One team, the League of Legends, Coachella and many other businesses, events and personalities," Landis said. He added that this has led to a "shortfall in value" to repay customers and creditors. "The amount of the shortfall is not yet clear. It will depend on the size of the claims pool and our recovery efforts. But every week we come closer to completing the work necessary to estimate recoveries for the purposes of a plan of reorganization," Landis said. Chief Financial Officer Mary Cilia estimated in December the company could complete that work by April. However, Judge John Dorsey of the Delaware Bankruptcy Court set a March 15 deadline in Wednesday's hearing. Brian Glueckstein of Sullivan & Cromwell said there may be as many as 9 million creditors, echoing a figure made by Kevin Cofsky, a partner with Parella Weinberg Partners, a financial advisory firm. Landis also spoke about a recently announced cooperation agreement with the Securities Commission of the Bahamas, saying it was "an important first step to align incentives and maximize joint recoveries." "It does not matter who collects $1 for customers, as long as the customers get it," Landis said. "We've established a task force with the official committee of creditors and the Bahamas JPL to explore alternatives for the sale or reorganization of the international platform."

Cryptocurrency2 years ago

Failed Crypto Exchange FTX Recovers $5B in Assets, Bankruptcy

Sandra Orim Failed crypto exchange FTX has recovered more than $5 billion in different assets, not including another $425 million in crypto held by the Securities...

Sponsored2 years ago

Wakanow appoints Adenike Macaulay as Chief Executive Officer

The Board of Directors and Management of Wakanow Group has appointed Mrs. Adenike Macaulay as Chief Executive Officer of Wakanow Nigeria effective January 2023. She is...

Viewpoints2 years ago

Benefits of Storytelling in Marketing

By Kenneth Horsfall Why brands should aim to tell a story, to live a purpose (and not just sell products) Storytelling enables marketers to develop a...

Ethiopian Airlines Confesses 15-Year Tax Moratorium Demand, Other Goodies

Aviation2 years ago

Ethiopian Airlines Confesses 15-Year Tax Moratorium Demand, Other Goodies

Ethiopian Airlines has disclosed that it negotiated for a 15-year tax moratorium and other incentives from the Federal Government during the botched national carrier project, the...

Telecoms2 years ago

NCC Returns to Television with Telecom Weekly

The Nigerian Communications Commission (NCC) is set for a return to the tube with a newly packaged 30 – Minute weekly television programme that will regularly...

Economy2 years ago

2022 Budget Review: FG’s Debt Service to Revenue Ratio Drops to 80.66%

By CSL Research Team Based on the review of the 2022 budget as contained in the 2023 Federal Government of Nigeria (FGN) approved Budget presentation, the...

Food and Agriculture Organization of the United Nations

Commodities News & Agribusiness2 years ago

FAO Shares Achievements in Solar Energy and Agric Development in West Africa

In Niger, 14326 households (including 1719 women-led households) have benefited from solar energy infrastructure for domestic water supply, irrigation and livestock watering contribution of solar energy...

DMO Explains the Projected Debt Stock of N77trn by May 2023

Economy2 years ago

DMO Explains the Projected Debt Stock of N77trn by May 2023

At the Public Presentation of the 2023 Appropriation Act by the Honourable Minister of Finance, Budget and National Planning Hajia (Dr) Zainab Shamsuna Ahmed, CON, one...