FTX Lawyers Request Promissory Note Transfer from Deltec International Group Banks
According to reports, FTX\’s lawyers have requested Deltec International Group (DIG) banks to transfer promissory note assets related to Alameda Research and former FTX executive Ry
According to reports, FTX’s lawyers have requested Deltec International Group (DIG) banks to transfer promissory note assets related to Alameda Research and former FTX executive Ryan Salame. The motion was filed in the Delaware Bankruptcy Court on April 29. Salame, the co CEO of FTX Digital Markets, first signed a promissory note agreeing to pay the debtor Alameda Research $50 million in principal and interest. According to the filing documents, this bill was subsequently transferred from an account under Alameda’s name to DIG. Salame was listed as Norton Hall’s supervisor and executed and delivered his signature page on the ticket. Despite the $50 million promissory note between Norton Hall and DIG, Norton Hall informed the debtor that Salame was not and has never served as a director of the company, and did not authorize DIG’s promissory note.
FTX proposes that DIG Bank surrender assets related to former FTX executives and Alameda
Introduction
According to recent reports, the lawyers representing FTX, a cryptocurrency derivatives exchange, have requested Deltec International Group (DIG) banks to transfer promissory note assets associated with Alameda Research and former FTX executive Ryan Salame. The motion was filed in the Delaware Bankruptcy Court on April 29.
Background
Salame, the co-CEO of FTX Digital Markets, initially signed a promissory note agreeing to pay $50 million in principal and interest to the debtor, Alameda Research. Later, according to court filing documents, the bill was transferred from an account under Alameda’s name to DIG. Salame was listed as Norton Hall’s supervisor and executed and delivered his signature on the promissory note.
However, despite the issuance of the promissory note under Salame’s name, Norton Hall informed the debtor that Salame was not and had never served as the company’s director and did not authorize DIG’s promissory note.
FTX Lawyers’ Request
FTX’s lawyers have requested the transfer of promissory note assets related to Salame and Alameda Research from DIG banks to another account. The request was made in light of further developments in the Alameda Research bankruptcy case.
Impact on FTX and its Executives
The outcome of the motion filed in the Delaware Bankruptcy Court could have a considerable impact on Salame and other FTX executives. The successful transfer of the promissory note assets could lead to creditors seeking more significant claims against FTX’s assets.
Possible Outcomes
It remains to be seen what the court’s ruling will be but, if successful, the transfer could lead to significant legal and financial ramifications for all parties involved.
Conclusion
The FTX case highlights the challenges and risks associated with the cryptocurrency industry, particularly in the regulatory gray area surrounding digital assets. It is essential for companies operating in this space to ensure they have the proper legal and financial structures in place.
FAQs
Q1. What is a promissory note?
A promissory note is a legal instrument that contains a promise to repay borrowed money with interest at a specified time.
Q2. What is a digital derivative?
A Digital derivative is a financial contract based on the value of an underlying asset.
Q3. Why is the FTX case significant?
The FTX case highlights the legal and financial risks associated with the cryptocurrency industry, particularly in the regulatory gray area surrounding digital assets.
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