Ripple Claims $11 Million in FTX Bankruptcy Case, Strengthens Legal Position

Amid significant legal developments in the bankruptcy case of now-defunct cryptocurrency exchange FTX, blockchain payments company Ripple has won its claim for FTX assets. In particular, Ripple Singapore party Legal battle brings claims against Alameda assets.

Ripple Singapore Claims Rights to FTX Assets

that much filing The U.S. Bankruptcy Court for the District of Delaware said the debtors involved in the case had amended their proposed bankruptcy filings. order form To address informal comments submitted by Ripple Labs.

The revised order, which received no objections from Ripple Labs, the Trustee’s Office, or the Official Committee of Unsecured Creditors, is currently awaiting approval. Court approval.

It is important for this filing to emphasize that the orders and subsequent actions or payments made by the Debtor should not be construed as acknowledging the validity, amount, or basis of any claim against the Debtor under bankruptcy or non-bankruptcy law.

Additionally, this order should not be considered a waiver of the Debtor’s or any other party’s right to contest any claim, a promise or demand for payment of any particular claim, or an acknowledgment of the nature of any particular claim.

The filing also includes a list of disallowed claims along with surviving claims, which provides insight into the parties and amounts involved in the bankruptcy case.

Singapore Arm secures $11.4 million claim on FTX assets

Particularly interesting is the claim by Ripple Labs Singapore Pte. Ltd.’s impressive amount is $11,403,976.90.

Ripple’s Successful Claims FTX’s assets This is a significant milestone for the company and represents a victory on top of its ongoing dispute with the U.S. Securities and Exchange Commission (SEC).

By asserting its rights in the bankruptcy case, Ripple Singapore has established itself as a relevant party in the matter and could potentially benefit from FTX’s asset allocation.

While the court reviews the revised order and deliberates on the various claims, stakeholders will closely monitor the proceedings to assess the potential impact on Ripple’s financial condition and future operations.

According to data Provided by CoinGecko, XRP The current value is $0.638416, up 2.40% in the last 24 hours. This positive momentum has also contributed to a 6.10% increase in the price over the past week.

The cryptocurrency’s trading volume reflected strong investor interest, with 24-hour trading volume reaching $1,792,104,137.87.

XRP’s market cap is an impressive $34,549,510,806, making it one of the most valuable cryptocurrencies on the market.

Featured image from Shutterstock, chart from TradingView.com