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Ripple

Ripple Claims $11 Million In FTX Bankruptcy Case, Bolstering Legal Position

Ronaldo Marquez
by Ronaldo Marquez
4 months ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a significant legal development within the ongoing bankruptcy case of defunct crypto exchange FTX, Ripple, the blockchain payment company, has emerged victorious with a claim on FTX assets. Notably, Ripple Singapore is the party making the claim against Alameda assets in the legal battle.

Ripple Singapore Asserts Rights To FTX Assets

The filing with the United States Bankruptcy Court for the District of Delaware reveals that the debtors involved in the case have revised the proposed form of order to address the informal comments submitted by Ripple Labs. 

The revised order, which has received no objections from Ripple Labs, the Office of the United States Trustee, or the Official Committee of Unsecured Creditors, is now awaiting the court’s approval.

Ripple
Ripple’s court claim against Alameda Research. Source: FTX court filing

 

Related Reading: ADA Price Set To Explode: Analyst Identifies Indicators That Predict A Massive Rally

It is important to note that the filing emphasizes that the order and any subsequent actions or payments made by the debtors should not be interpreted as an admission of the validity, amount, or basis of any claim against them under bankruptcy or non-bankruptcy law. 

Furthermore, the order should not be seen as a waiver of the debtors’ or any other party’s right to dispute claims, a promise or requirement to pay specific claims, or an admission regarding the nature of any particular claim.

The filing also includes a list of claims to be disallowed, alongside 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

Of particular interest is the claim made by Ripple Labs Singapore Pte. Ltd., with an impressive amount of $11,403,976.90. 

Ripple’s successful claim to FTX’s assets is a significant milestone for the company and represents a victory in addition to its ongoing dispute with the Securities and Exchange Commission (SEC).

By asserting their rights in the bankruptcy case, Ripple Singapore has positioned itself as a relevant party in the matter and stands to potentially benefit from the allocation of FTX’s assets.

As the court reviews the revised order and deliberates on the various claims, stakeholders will be closely monitoring the proceedings to assess the potential impact on Ripple’s financial position and future operations. The case also highlights how different regulatory and legal frameworks, from cryptocurrency claims to Delaware sports betting disputes, are increasingly shaping financial outcomes in the United States.

Related Reading: Top Meme Coins Across Ethereum, Solana, Arbitrum, Avalanche, And Optimism
Ripple
XPR’s price uptrend on the daily chart. Source: XRPUSDT on TradingView.com

According to data provided by CoinGecko, XRP is currently valued at $0.638416, marking a 2.40% increase over the past 24 hours. This positive momentum has also contributed to a 6.10% price rise over the past week.

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

XRP’s market capitalization stands at an impressive $34,549,510,806, reaffirming its position as one of the most valued cryptocurrencies in the market. 

Featured image from Shutterstock, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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