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Home»ADOPTION NEWS»Caroline Ellison has agreed to turn over a large chunk of her assets to settle her FTX lawsuit.
ADOPTION NEWS

Caroline Ellison has agreed to turn over a large chunk of her assets to settle her FTX lawsuit.

By Crypto FlexsOctober 9, 20243 Mins Read
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Caroline Ellison has agreed to turn over a large chunk of her assets to settle her FTX lawsuit.
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Caroline Ellison, former co-CEO of Alameda Research, has agreed to transfer most of her assets to FTX debtors to settle a lawsuit filed against her by the FTX bankruptcy estate.

on monday filingFTX Trading Ltd. wrote that Ellison agreed to a settlement that involved transferring to the debtors “substantially all assets” that had not been forfeited to the government or used to pay legal fees. Ellison also agreed to “cooperate extensively” with the FTX Bankruptcy Foundation in the ongoing and future investigations.

FTX filed for bankruptcy in late 2022, and debtors sued Sam Bankman-Fried, Ellison and several other former executives in an attempt to recover as many assets as possible. Monday’s filing reiterated that the lawsuit was aimed at recovering about $22.5 million in bonus payments handed out to Ellison in February 2022 and $6.3 million handed out to her in July and September 2021. .

“Following the settlement, Ellison will be left with no assets other than certain physical personal property,” FTX said in the filing.

On Monday, Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware said: Approved FTX’s reorganization plan during hearing. Approximately 94% of creditors in the “dot-com customer entitlement claims” class returned ballots (equivalent to approximately $6.83 billion in value). voted in favor This is the content of the reorganization plan.

Last month, Ellison sentenced to two years in prison Describes her role in the FTX collapse, which cost users billions of dollars. Sam Bankman-Fried, founder of FTX sentenced He was sentenced in March to nearly 25 years in prison and ordered to pay up to $11 billion in losses to investors and lenders.

Ellison reportedly assisted in facilitating the investigation into FTX. in September filing Prior to Ellison’s sentencing, John John J. Ray III, CEO of the FTX Bankruptcy Foundation, said Ellison “has provided invaluable support and cooperation to the Debtors, which has resulted in the recovery of hundreds of millions of dollars in Debtor assets.” of creditors.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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