In the FTX bankruptcy case saga, a new list of debt claimants has emerged, revealing the involvement of notable entities and individuals, including Ripple Labs’ Singapore division and NBA legend Shaquille O’Neal. The document, authorized by U.S. Bankruptcy Judge John T. Dorsey and published by Kroll, the appointed creditor claim manager, outlines the complex web of claims against the now-defunct cryptocurrency exchange.
High-profile claims against FTX
Ripple Labs Singapore Pte. Ltd, the Singaporean arm of American fintech company Ripple, is prominently featured in the document, staking a claim of over $11.4 million. This figure represents the largest sum disclosed among the claimants. Ripple, known for its involvement in cryptocurrency and blockchain technology, has been significantly impacted by the collapse of FTX.
Shaquille O’Neal, the renowned former NBA player, joins Ripple in the list of claimants. During his illustrious career, O’Neal, associated with teams like the Miami Heat, Los Angeles Lakers, and Orlando Magic appears in the document individually and through ABG-Shaq, LLC, a Delaware-based entity representing his services. It’s reported that O’Neal had an endorsement deal with FTX, potentially worth $750,000, highlighting the widespread reach of the exchange before its downfall.
Tech and sports worlds collide in FTX aftermath
Also featured in the claimant document is Avalanche (BVI), Inc., a firm connected with the Avalanche blockchain platform. This inclusion underscores the broad impact of FTX’s collapse, reaching beyond traditional finance and into emerging blockchain technologies. The FTT token, central to the FTX platform, saw a notable surge in value following news of consolidation efforts, indicating ongoing market reactions to the exchange’s bankruptcy proceedings.
The involvement of entities like Ripple Labs and individuals such as Shaquille O’Neal demonstrates the diverse and far-reaching consequences of FTX’s collapse. It affected the cryptocurrency and blockchain industries and had ramifications in the wider world of finance and celebrity endorsements. As the bankruptcy case unfolds, more details are likely to emerge, shedding light on the complex interplay between these various sectors in the context of the FTX saga.
Source: https://www.cryptopolitan.com/ftx-collapse-draws-claims-from-ripple/