Ripple Labs Singapore Pte. Ltd., a subsidiary of Ripple, emerges as a major creditor in FTX’s bankruptcy, claiming $11.4 million. The involvement of diverse entities, including Shaquille O’Neal and Avalanche (AVAX), adds complexity to the unfolding financial saga.
Ripple Labs Singapore Pte. Ltd., a subsidiary of the renowned fintech giant Ripple, has asserted a substantial claim of over $11.4 million in the ongoing FTX bankruptcy case. This claim, identified as the largest among those disclosed, positions Ripple as a pivotal player in resolving FTX’s financial troubles.
The disclosure surfaced through a document dismissing duplicate non-client-related claims by FTX debtors. Authorized by United States Bankruptcy Judge John T. Dorsey and issued by Kroll, the creditor claims administrator, the document sheds light on the intricate financial web surrounding the collapsed exchange.
Notably, Ripple Labs is not alone in this legal drama. Joining the scene is Avalanche (BVI), Inc., associated with basketball legend Shaquille O’Neal and the blockchain platform Avalanche (AVAX). This diverse array of entities emphasizes the complexity of FTX’s creditor landscape.
Ripple’s claim unveils the sophisticated legal structures of involved firms, sparking speculation about potential links to U.S. regulatory sentiments towards alternative coins. Simultaneously, NBA icon Shaquille O’Neal, individually and as ABG-Shaq, LLC, emerges on the claimant list, possibly due to a $750,000 endorsement contract with FTX.
Adding to the intrigue is Avalanche (BVI), Inc.’s involvement, affiliated with the blockchain platform Avalanche (AVAX). This reveals the broad impact of FTX’s bankruptcy, extending beyond traditional financial players to blockchain platforms.
While discussions about restarting the exchange as FTX 2.0 circulate, the absence of a clear timetable complicates predictions about its operational future. Experts speculate on the possibility of FTX’s cryptocurrency assets outweighing liabilities, potentially paving the way for a revival.