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FTX Employee Claiming $275,000 Bonus Owed Bankrupt Firm

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  • Ross Rheingans-Yoo, a former FTX Employee, is claiming a $275,000 bonus owed by the bankrupt crypto firm.
  • Rheingans-Yoo denies knowledge of FTX’s fraudulent activities and involvement in the misappropriation of funds, countering allegations against him and the nonprofit he led, Latona Bioscience.
  • The case, focusing on Rheingans-Yoo’s bonus and his role in FTX’s charitable arm, is under review by a Delaware bankruptcy judge, with FTX advisers disputing his claims.

Ross Rheingans-Yoo, a former employee recruited by the company’s founder, Sam Bankman-Fried, asserts his claim for a $275,000 bonus. Rheingans-Yoo’s claim comes amid FTX’s financial mismanagement and alleged fraud.

Recruitment and responsibilities at FTX

Rheingans-Yoo, previously associated with Jane Street, was brought into the FTX fold by Bankman-Fried in early 2022 to head the charitable-giving affiliate of FTX.

His role involved overseeing Latona Bioscience, a nonprofit company, as part of his responsibilities. As per Rheingans-Yoo, this position was clearly outlined in a Google Doc shared by Bankman-Fried, indicating his duties and remuneration, including a base salary of $100,000.

In his court filing on November 13, Rheingans-Yoo emphasized his detachment from the core group aware of the alleged financial misappropriations at FTX. He stated, “I was not part of Bankman-Fried’s inner circle who knew about and facilitated the misappropriation of FTX customer funds,” firmly denying any knowledge of the fraud prior to the company’s collapse.

His role, as per his statement, was focused on selecting and managing charitable contributions, an effort he claims to have undertaken with seriousness and dedication.

Read Also: FTX Former Execs Team Up To Build A New Crypto Exchange in Dubai

The contention over bonus and allegations

The dispute primarily revolves around the remainder of his 2022 bonus, which Rheingans-Yoo claims is owed to him by FTX. According to his court filing, FTX had paid him $375,000 two months before declaring bankruptcy but failed to complete the total promised sum of $650,000.

This claim comes in the wake of allegations from FTX’s bankruptcy advisers, who in July accused Latona, the nonprofit led by Rheingans-Yoo, of being a “sham” organization involved in misappropriating over $71 million in commingled customer and corporate funds.

Rheingans-Yoo counters these allegations, asserting that Latona was a legitimate nonprofit, capitalized through intercompany loans with FTX’s trading firm, Alameda Research. His legal representatives have emphasized his commitment to the role and the legitimacy of his actions while at FTX.

The road ahead: Legal proceedings and FTX’s stance

The determination of Rheingans-Yoo’s claim for the remaining $275,000 and the so-called “foundation direction units,” which he vows to donate to charity, rests in the hands of the Delaware bankruptcy judge overseeing FTX’s Chapter 11 case. FTX advisers, in a recent court filing, have dismissed Rheingans-Yoo’s entitlement to the bonus, citing that he elected to receive part of the award through options in FTX’s corporate affiliates, a claim Rheingans-Yoo denies.

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Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions

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Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions – BitcoinWorld
































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$88K Critical for Bitcoin Momentum

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Bitcoin’s price trajectory is at a pivotal juncture, with $88,000 emerging as a key level for sustaining market momentum, according to on-chain analytics firm Glassnode. Using the UTXO Realized Price Distribution (URPD) metric, Glassnode emphasized the significance of the Short-Term Holder (STH) cost basis, noting minimal trading volume below this threshold.

The $88,000 level serves as a critical psychological and technical support, and a decisive loss could pave the way for further downside. This article explores the importance of this metric and what it could mean for Bitcoin’s future price movement.


Understanding Bitcoin’s STH Cost Basis

The Short-Term Holder (STH) cost basis represents the average price at which recently acquired Bitcoin has been purchased. This metric is essential for analyzing:

  • Price Momentum: Indicates the health of recent buyer confidence.
  • Support Levels: Highlights crucial price points where short-term investors are likely to defend positions.

At $88,000, the STH cost basis underscores its significance as a level where short-term traders might capitulate if breached, potentially triggering a larger sell-off.


The Role of the URPD Metric

Glassnode’s UTXO Realized Price Distribution (URPD) metric maps the distribution of Bitcoin trading volumes across different price levels. Key insights from the current analysis include:

1. Minimal Volume Below $88K

  • Glassnode’s data reveals limited trading activity beneath $88,000, suggesting weak historical support in this range.

2. Vulnerability to Downside Pressure

  • A breakdown below $88,000 could lead to accelerated selling, as short-term holders exit positions to minimize losses.

Why $88K Is Critical for Bitcoin

1. Psychological Benchmark

  • Round numbers like $88,000 hold psychological significance for traders, influencing decision-making and market sentiment.

2. Technical Relevance

  • The STH cost basis aligns closely with support and resistance levels derived from historical price action, making it a reliable marker.

3. Momentum Indicator

  • Holding above $88,000 would demonstrate resilience, while a breach could signal a shift in momentum toward bearish conditions.

Potential Scenarios Based on $88K Level

1. Holding Above $88K

  • Sustaining this level could reaffirm Bitcoin’s bullish momentum, encouraging accumulation by both short-term and long-term holders.
  • Positive macroeconomic news or institutional support could bolster price stability.

2. Breaching $88K

  • A decisive loss of $88,000 might lead to panic selling, increasing volatility and pushing Bitcoin toward lower support levels.
  • Traders may target $85,000 or lower as the next critical support zone.

Market Sentiment and Influences

1. Institutional Activity

  • Institutional investors closely monitor key levels like $88,000, adjusting strategies based on market strength or weakness.

2. Broader Economic Factors

  • Macroeconomic elements, including interest rate policies and inflation data, continue to impact risk assets like Bitcoin.

3. Short-Term Trader Behavior

  • As the primary holders at this cost basis, short-term traders play a pivotal role in determining Bitcoin’s near-term price movements.

How Traders Can Respond

1. Monitor Key Levels

  • Keep a close watch on Bitcoin’s behavior around $88,000, as this level is crucial for gauging momentum.

2. Set Stop Losses and Alerts

  • Traders should establish clear stop-loss levels to minimize risk in case of a breakdown.

3. Consider Accumulation Opportunities

  • If Bitcoin holds above $88,000, it could present a buying opportunity for those confident in a bullish continuation.

FAQs

1. Why is $88,000 significant for Bitcoin?
The $88,000 level represents the Short-Term Holder (STH) cost basis, a critical indicator of price momentum and market confidence.

2. What happens if Bitcoin drops below $88,000?
A loss of this level could trigger selling pressure, as short-term holders exit positions, potentially leading to further downside.

3. What is the URPD metric?
The UTXO Realized Price Distribution (URPD) metric tracks Bitcoin’s trading volume at different price levels, highlighting key areas of support and resistance.

4. How does $88K influence market sentiment?
Maintaining this level reinforces confidence in the market’s bullish momentum, while losing it could shift sentiment toward bearish expectations.

5. What should traders do at this level?
Traders should monitor Bitcoin’s performance around $88,000, set stop-loss levels, and consider accumulation if the level holds.


Conclusion

The $88,000 level is more than just a price point; it’s a pivotal marker for Bitcoin’s momentum and market sentiment. Glassnode’s analysis underscores its significance as the Short-Term Holder cost basis, with the potential to dictate Bitcoin’s next move.

Whether Bitcoin sustains this critical level or breaches it will determine its trajectory in the coming weeks. For traders and investors, staying vigilant and adapting strategies to this key metric will be essential in navigating Bitcoin’s dynamic market.

To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential.

Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets

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Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets – BitcoinWorld
































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