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CryptoWatch: The 'Unsellable' NFT Marketplace and FTX's Court Hearing Events

(Image Credit Google)
The FTX troubles and its court procedures are still one of the biggest events from last year, according to CryptoWatch's cryptocurrency weekly wrap-up, which is coming to present another batch of top stories in the digital blockchain world and everything that comes with it. As a result of the numerous accusations made against Sam Bankman-Fried and his involvement in the FTX collapse, the legal processes are gradually revealing the reasons why the company actually collapsed. For NFTs that are having trouble selling, there is a new market called "Unsellables," on the other hand. Alameda researchers allege that SBF stole billions in an FTX lawsuit. Former Alameda Research employees have lately claimed the task Sam Bankman-Fried assigned them to undertake, making them one of the most numerous participants in the FTX bankruptcy case. CryptoWatch Caroline Ellison disclosed that the founder of FTX had been using shareholder and investor loans to sustain the faltering cryptocurrency startup. According to Ellison, these loans totaling billions of dollars were paid out to the CEO and were made possible by Alameda Research carrying out Bankman-instructions. Fried's Investigations into the matter are still ongoing, particularly in light of the untold billions of dollars and whether they actually contributed to keeping FTX afloat. [caption id="" align="aligncenter" width="620"]Crypto wrap: Market stable even as FTX fallout claims one more victim | Business Standard News Image credit- Business Standard News[/caption] According to a different report on the FTX lawsuit, SBF made yet another loan, but this time it was from Alameda Research and was in his name. The loan was for $546 million. The previous CEO of FTX and Gary Wang, a senior executive at Alameda, both publicly acknowledged that this loan was not intended for the company and that it was instead intended to be used to buy stocks through Robinhood. The pair purchased around 8% of the shares on the Robinhood market. The executive was detained in the Bahamas before being extradited to the United States, and according to the proceedings, SBF informed the court of this on December 12. 56 million shares were bought on Emergent Fidelity, with Wang holding 10% and Bankman-Fried controlling 90%, according to report. The platform buys the NFT for a small portion of its original cost and provides receipts for its customers' requirement for legal and tax write-offs.

By Monica Green

I am specialised in latest tech and tech discoveries.


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