The FTX assets that will be sold include the derivatives platform LedgerX, the stock-clearing platform Embed and its regional arms, FTX Japan and FTX Europe. 752 Total views 45 Total shares Listen to article 0:00 News Own this piece of history
Collect this article as an NFT The judge in charge of overseeing the FTX bankruptcy proceedings has given the embattled crypto exchange the approval to sell some of its assets to aid its efforts in repaying its creditors.
According to a filing in Delaware Bankruptcy Court, Judge John Dorsey has approved the sale of four key units of FTX. The assets include the derivatives platform LedgerX, the stock-trading platform Embed and its regional arms, FTX Japan and FTX Europe.
Interested bidders can now contact investment bank Perella Weinberg, tasked to begin the sale process, representing FTX and its assets. Earlier this week, 117 partiesexpressed interest in purchasing the FTX assets for sale. These parties can access information regarding the assets as part of their due diligence before buying up the units. Cast your vote now!
Lawyers representing FTX started to seek the courts permission to sell the four units on Dec. 15, citing the risks of value loss for the assets. Currently, FTX Europe has its licenses suspended, while FTX Japan has been subject to business suspension orders.
Related: Crypto.?com CEO announces 20% staff cut, did not account for FTX collapse
The embattled crypto exchange has reportedly recovered around $5 billion in cash and cryptocurrencies, according to FTX lawyer Andy Dietderich. The FTX attorney said that while the exchange has recovered some funds, the crypto platform is still working to rebuild its transaction history. In addition, the customer shortfalls total amount remains unclear, the lawyer said.
Meanwhile, former FTX CEO Sam Bankman-Fried, who pled not guilty to all criminal charges,recently claimed that he did not steal funds nor stash billions. The former CEO said FTX international had $8 billion when its next CEO John Ray took over. Bankman-Fried also said that he pledged to use his personal assets to aid the effort in reimbursing users. #Law #Business #FTX #Regulation Related News What is total value locked (TVL) in crypto and why does it matter? Cryptocurrency is headed toward surviving its first ice age Silvergate faces class-action lawsuit over FTX and Alameda dealings FTX asks bankruptcy judge to stop BlockFi from claiming Robinhood shares FTX paid $12M retainer to a New York law firm before bankruptcy filing
Actors, directors and celebrity friends have paid tribute to Val Kilmer, after he died aged 65.
The California-born star of Top Gun, Batman and Heat died of pneumonia on Tuesday night in Los Angeles, his daughter Mercedes told the Associated Press.
She said Kilmer was diagnosed with throat cancer in 2014 but later recovered.
Tributes flooded in after reports broke of the actor’s death, with No Country For Old Men star Josh Brolin among the first to share their memories.
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Watch: Val Kilmer in his most iconic roles
He wrote on Instagram: “See ya, pal. I’m going to miss you. You were a smart, challenging, brave, uber-creative firecracker. There’s not a lot left of those.
“I hope to see you up there in the heavens when I eventually get there. Until then, amazing memories, lovely thoughts.”
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Kyle Maclachlan, who co-starred with Kilmer in the 1991 biopic The Doors, wrote on social media: “You’ll always be my Jim. See you on the other side my friend.”
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Michael Mann, who directed Kilmer in 1995’s Heat, also paid tribute in a statement, saying: “I always marvelled at the range, the brilliant variability within the powerful current of Val’s possessing and expressing character.
“After so many years of Val battling disease and maintaining his spirit, this is tremendously sad news.”
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Heat co-star Danny Trejo also called Kilmer “a great actor, a wonderful person, and a dear friend of mine” on Instagram.
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Cher, who once dated the actor, said on X that “U Were Funny, crazy, pain in the ass, GREAT FRIEND… BRILLIANT as Mark Twain, BRAVE here during ur sickness”.
Lifelong friend and director of Twixt, Francis Ford Coppola said: “Val Kilmer was the most talented actor when in his High School, and that talent only grew greater throughout his life.
“He was a wonderful person to work with and a joy to know – I will always remember him.”
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The Top Gun account on X also said it was remembering Kilmer, who starred as Iceman in both the 1986 original and 2022 sequel, and “whose indelible cinematic mark spanned genres and generations”.
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No one expected penguins to bear the brunt of Liberation Day.
But among the barrage of tariffs set out by Donald Trump, the US also took aim at uninhabited islands, talked up American beef and turned its nose up at plastic eggs.
Here is what you might have missed in the US leader’s expansive announcement.
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What the numbers behind Trump’s tariffs really mean
Tiny territories hit with big tariffs
At first glance, newly imposed tariffs on countries such as China, the European Union, India and the UK stand out – ranging from 34% to 10% respectively.
But the president also imposed tariffs on dozens of tiny territories – some of which don’t even have human inhabitants.
One of those was the Heard and McDonald Islands, an external territory of Australia in the Antarctic that is inhabited only by penguins and seals.
Image: All of Australia’s external territories that have been hit with US tariffs
Despite having no human residents – or imports and exports – the island now faces a 10% tariff for any goods bound for the US.
According to export data from the World Bank, the US imported $1.4m (£1m) of mainly “machinery and electrical” products from Heard Island and McDonald Islands in 2022.
Australian territory Norfolk Island, a volcanic island 600 miles east of Queensland, was also hit with a hefty 29% tariff on exports to the US. That’s much higher than mainland Australia, which had a 10% tariff imposed.
The news was met with confusion by some of Norfolk Island’s 2,188 residents.
“Norfolk Island is a little dot in the world,” Richard Cottle, owner of a concrete-mixing business on the island, said on Thursday.
“We don’t export anything. It was just a mistake”.
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How is the world reacting to Trump’s tariffs?
Although the island does ship a modest amount of Kentia palm seeds abroad, this is typically worth less than $1m (£760,000) a year, with the products mostly going to Europe.
According to US government data, America has recorded trade deficits with Norfolk Island for the past three years.
Other tiny nations and territories were also hit with 10% tariffs, including Tokelau, a dependent territory of New Zealand, with a population of around 1,600 people, and the Cocos Islands, another territory of Australia, with a population of around 600 people.
Australian Prime Minister Anthony Albanese told reporters he had no explanation for the tariffs, calling them “unexpected” and “a bit strange”.
Image: We have a feeling the seals won’t welcome Trump for his next holiday to the Heard Island… Pic: AP
‘Our beef is beautiful, theirs is weak’
After announcing a 20% tariff against the European Union, Mr Trump’s secretary of commerce Howard Lutnick spoke to Fox News to try to explain what was behind the decision.
In a brief but bizarre rant, Mr Lutnick spoke about the bloc’s ban on imported chicken from the US.
“I mean European Union won’t take chicken from America,” he said.
“They will take lobsters from America… they hate our beef because our beef is beautiful and theirs is weak.”
The EU has a ban on chicken washed in chlorine – a practice that is approved by the United States Department of Agriculture.
Although US beef is not completely prohibited in Europe, any beef that has been treated with artificial growth hormones – which is legal in the US and common among producers – is banned by the EU.
Why was Russia exempt?
Russia was not on Mr Trump’s tariff list, despite his threat to introduce some on Russian oil imports last week.
The US president made the threat after telling NBC’s Kirsten Welker he was “very angry” and “pissed off” after Vladimir Putin criticised the credibility of Ukraine’s president Volodymyr Zelenskyy, as fragile peace negotiations are ongoing.
Mr Trump said that if Russia was unable to make a deal on “stopping bloodshed in Ukraine” – and Mr Trump felt that Moscow was to blame – then he would put secondary tariffs on “all oil coming out of Russia”.
“That would be that if you buy oil from Russia, you can’t do business in the United States. There will be a 25% tariff on all oil, a 25 to 50-point tariff on all oil,” he said.
Axios reported that White House press secretary Karoline Leavitt told the publication on Wednesday that Russia was left off the tariffs list because US sanctions already “preclude any meaningful trade”.
Russia ran a $2.5bn goods trade surplus with the US in 2024, according to the US Trade Representative’s office, falling from $35bn in 2021 as a result of sanctions put in place due to the war in Ukraine.
World’s poorest nations face highest tariffs
Many of Mr Trump’s tariffs have targeted the world’s poorest countries.
Lesotho in southern Africa, listed as the 22 poorest country in the world, has been slapped with the highest duty of 50%. It primarily exports diamonds and garments, with the US as one of the top five exporting destinations, Sky News’ US partner network NBC News reported.
The second-highest tariff went to Cambodia at 49%, even though the US is Cambodia’s largest single-country export destination.
Madagascar in east Africa, the world’s ninth poorest country, will face 47% reciprocal tariffs. It primarily exports vanilla, cloves, and garments, with the US among the top five countries it exports to, according to NBC.
‘Huge complexities’ for Northern Ireland and the Republic
Image: Deputy premier Simon Harris said the difference in tariffs between the Republic of Ireland and Northern Ireland will cause complexities. Pic: Cillian Sherlock/PA Wire
Under the 10% tariff imposed on the UK, Northern Irish goods will also be covered at the same rate.
Whereas the Republic of Ireland will subject to a 20% tariffs – which Mr Trump imposed on the entirety of the EU.
Reacting to the announcement, Ireland deputy premier Simon Harris said the tariff difference would create “huge complexities” for products that need to be carried across the cross-border dimension during production.
He said the issues were similar to those at play during the Brexit debate around maintaining a frictionless land border on the island of Ireland.
Mr Harris said it was on the US to “outline their understanding” on how the 10% differential between Northern Ireland and Ireland will play out.
Trump defines groceries
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Trump says ‘groceries’ is a ‘beautiful term’
As has become common when delivering major addresses, the US president repeatedly deviated from his script.
At one point, he took time to define the word groceries: “It’s a bag with a lot of different things in it.”
He went on to describe the word as “old-fashioned” but “beautiful”.
‘Could you use plastic eggs?’
In another part of his wide-ranging speech, Mr Trump got onto the topic of eggs – the price of which reached an all-time high earlier this year in the US due to the outbreak of bird flu.
On Wednesday, Mr Trump confirmed that the annual White House tradition of rolling around 30,000 Easter eggs across the South Lawn is expected to proceed, and will use real eggs, despite pleas for plastic ones to be used instead.
“They were saying that for Easter ‘Please don’t use eggs. Could you use plastic eggs?’ I say, we don’t want to do that,” Mr Trump said.
He did not clarify who was telling him not to use real eggs.
The US Treasury Department sanctioned eight cryptocurrency wallet addresses linked to Russian crypto exchange Garantex and the Houthis.
The United States Office of Foreign Assets Control (OFAC) sanctioned eight crypto addresses that data from blockchain forensic firms Chainalysis and TRM Labs had linked to the organizations. Two are deposit addresses at major crypto platforms, while the other six are privately controlled.
Visualization of transaction flow related to OFAC sanctions. Source: Chainalysis
The addresses in question reportedly moved nearly $1 billion worth of funds linked to sanctioned entities. Most of the transactions funded Houthi operations in Yemen and the Red Sea region.
Slava Demchuk, a crypto-focused money laundering specialist and United Nations Office on Drugs and Crime consultant told Cointelegraph that “the inclusion of Houthi-linked wallets reflects a broader recognition of crypto’s role in geopolitical conflicts and terrorism financing.” He added:
“The implications are far-reaching — compliance frameworks must adapt swiftly, attribution efforts will intensify, and decentralized platforms may face increased scrutiny.“
Demchuk highlighted that the situation reshapes the regulatory landscape. According to him, crypto “is now firmly within the scope of international security.
Who are the Houthis?
The Houthis, also known as Ansar Allah, are a Yemeni political and armed movement that emerged from the Zaidi Shia community. Originating as a revivalist and reformist group, they later became a major force in Yemen’s ongoing conflict.
In recent years, the Houthis have engaged in attacks against both military and civilian vessels in the Red Sea with missiles and drones. In January, US President Donald Trump designated the group as a foreign terrorist organization.
The announcement noted that “the Houthis’ activities threaten the security of American civilians and personnel in the Middle East, the safety of our closest regional partners, and the stability of global maritime trade.” The group was recently struck by a US bombing campaign.
Garantex is a Russian crypto exchange that was sanctioned and shut down in early March after purportedly helping money-laundering efforts. At the time, Tether — the leading stablecoin operator and issuer of USDt — froze $27 million in USDt on the platform, forcing it to halt operations.
In mid-March, officials with India’s Central Bureau of Investigation announced the arrest of Lithuanian national Aleksej Bešciokov, who was alleged to have operated the cryptocurrency exchange Garantex.
The arrest of the alleged Garantex founder was based on US charges of conspiracy to commit money laundering, conspiracy to operate an unlicensed money-transmitting business and conspiracy to violate the International Emergency Economic Powers Act.