Ripple Claims $11 Million In FTX Bankruptcy Case, Bolstering Legal Position

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Dec 26

In a significant legal development within the ongoing bankruptcy case of defunct crypto exchange FTX, Ripple, the blockchain payment company, has emerged victorious with a claim on FTX assets. Notably, Ripple Singapore is the party making the claim against Alameda assets in the legal battle.

Ripple Singapore Asserts Rights To FTX Assets

The filing with the United States Bankruptcy Court for the District of Delaware reveals that the debtors involved in the case have revised the proposed form of order to address the informal comments submitted by Ripple Labs.

The revised order, which has received no objections from Ripple Labs, the Office of the United States Trustee, or the Official Committee of Unsecured Creditors, is now awaiting the court's approval.

It is important to note that the filing emphasizes that the order and any subsequent actions or payments made by the debtors should not be interpreted as an admission of the validity, amount, or basis of any claim against them under bankruptcy or non-bankruptcy law.

Furthermore, the order should not be seen as a waiver of the debtors' or any other party's right to dispute claims, a promise or requirement to pay specific claims, or an admission regarding the nature of any particular claim.

The filing also includes a list of claims to be disallowed, alongside surviving claims, which provides insight into the parties and amounts involved in the bankruptcy case.

Singapore Arm Secures $11.4 Million Claim On FTX Assets

Of particular interest is the claim made by Ripple Labs Singapore Pte. Ltd., with an impressive amount of $11,403,976.90.

Ripple's successful claim to FTX's assets is a significant milestone for the company and represents a victory in addition to its ongoing dispute with the Securities and Exchange Commission (SEC).

By asserting their rights in the bankruptcy case, Ripple Singapore has positioned itself as a relevant party in the matter and stands to potentially benefit from the allocation of FTX's assets.

As the court reviews the revised order and deliberates on the various claims, stakeholders will be closely monitoring the proceedings to assess the potential impact on Ripple's financial position and future operations.

According to data provided by CoinGecko, XRP is currently valued at $0.638416, marking a 2.40% increase over the past 24 hours. This positive momentum has also contributed to a 6.10% price rise over the past week.

The cryptocurrency's trading volume has reflected strong investor interest, with a 24-hour trading volume of $1,792,104,137.87.

XRP's market capitalization stands at an impressive $34,549,510,806, reaffirming its position as one of the most valued cryptocurrencies in the market.

Featured image from Shutterstock, chart from TradingView.com