Benzinga – A U.S. judge has ordered FTX Trading Ltd. and Alameda Research LLC to pay $12.7 billion in restitution and disgorgement to creditors.
What Happened: This ruling stems from a lawsuit filed by the Commodity Futures Trading Commission (CFTC) against the two entities, accusing them of committing fraud and making misrepresentations about the state of FTX’s operations.
The order states that FTX Trading and Alameda will be jointly liable for the $8.7 billion restitution obligation and the $4 billion disgorgement obligation.
These funds are to be distributed to affected customers and lenders through the ongoing FTX bankruptcy proceedings.
The court’s findings paint a damning picture of the relationship between FTX and Alameda.
The order reveals that Alameda had unfettered access to customer assets…
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