One of the all-time greatest NBA superstars and a BVI business connected to Avalanche are listed alongside Singapore-incorporated Ripple Labs’ entity on a list of FTX debt claimants that was just made public.
Ripple Labs $11.4 million debt claim found in FTX bankruptcy documents
The U.S. fintech giant Ripple’s Singapore branch, Ripple Labs Singapore Pte. Ltd., is mentioned in a document intended to reject FTX debtors’ identical non-customer claims. Permission granted by the HonourableAn anonymous Ripple/XRP community specialist on X who goes by the handle @WKahneman discovered the paper. Today, December 23, 2023, the speaker disseminated it to his 59,000 followers.
He also saw the document’s reference to the complex legal frameworks of the businesses, which he linked to the regulatory antagonism of the United States towards cryptocurrencies.
https://x.com/WKahneman/status/1738360253828551098?s=20
The document was released by Kroll, the creditor claim manager in the FTX case, and was reviewed by United States Bankruptcy Judge John T. Dorsey.
The paper states that Ripple’s subsidiary would sue FTX for more than $11.4 million, the highest amount that has been released out of all the companies mentioned.
It should be mentioned that Shaquille “Shaq” O’Neal, a legendary NBA player and member of the Miami Heat, Los Angeles Lakers, and Orlando Magic, has information on claims included in the list as well. In the claimant list, he is identified as ABG-Shaq, LLC, a Delaware limited liability firm, and as an individual providing personal services.
Another court filing indicates that O’Neal may have negotiated a $750,000 endorsement deal with FTX.
FTX Token (FTT) erased all gains after massive 26% spike
In the FTX lawsuit, Avalanche (BVI), Inc. is listed as a claimant in addition to Shaquille O’Neal and Ripple Labs. This company is connected to the blockchain platform Avalanche (AVAX), according to the ecosystem’s official website.
The primary native token of the defunct exchange FTX, FTT, quickly gained over 26% in value following the announcement of a consolidation between FTX’s main legal organisation and its Bahamas business last week.
However, it looks like the pump is just temporary since in less than a day, the price of FTT lost all of its gains and fell from $4.32 to $3.53.
