COINDESK DAILY: Will All FTX Creditors Get Their Funds Back in Cash? Gronk to Pay $1.9M for Crypto Investor Suit

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4.7 • 698 Ratings

🗓️ 8 May 2024

⏱️ 1 minutes

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Summary

Host Jennifer Sanasie breaks down the latest news in the crypto industry from FTX's new plan to repay creditors to Rob Gronkowski's $1.9 million settlement. To get the show every day, follow the podcast here. "CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, as bankrupt exchange FTX has proposed a new reorganization plan that would see a whopping 98% of its creditors get back 118% of their claims in cash. Plus, NFL legend Rob Gronkowski will pay $1.9 million to settle claims brought by former customers of Voyager Digital. And, U.K. Economic Secretary speaks up about stablecoin and staking legislation. - Consensus is where experts convene to talk about the ideas shaping our digital future. Join developers, investors, founders, brands, policymakers and more in Austin, Texas from May 29-31. The tenth annual Consensus is curated by CoinDesk to feature the industry’s most sought-after speakers, unparalleled networking opportunities and unforgettable experiences. Register now at consensus.coindesk.com. - This episode was hosted by Jennifer Sanasie. “First Mover” is produced by Jennifer Sanasie and Melissa Montañez and edited by Victor Chen. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	Nearly all FTX creditors will get 118% of their funds back in cash. That's according to the estate.
0:08.9	The bankrupt exchange proposed a new reorganization plan that would see 98% of creditors get their money back.
0:15.1	Under the plan, other non-governmental creditors would get back 100% of their claims, plus up to 9% in interest.
0:22.2	The arrangement is still subject to approval by the Delaware Bankruptcy Court.
0:27.3	Former NFL star and Tom Brady Roaster Rob Grunkowski will pay $1.9 million to settle claims
0:35.5	brought against him by former customers of Voyager Digital.
0:39.1	The settlement is still subject to approval by the court overseeing the civil lawsuit and would
0:43.6	require the former New England's Patriot tight end to pay into a $2.4 million pool alongside
0:49.3	other brand ambassadors. Voyager filed for bankruptcy in 2022. And the UK minister says the government only
0:57.0	has time to implement stable coin and staking legislation. An economic secretary, Bim Afolami,
1:02.2	said at the Financial Times Crypto and Digital Assets Summit that he's very confident the government
1:06.9	will be able to achieve secondary legislation around staking and stable coins,
1:15.7	adding that they are absolute priorities. An election is expected to occur in the second half of this year, leaving little time for the current ruling party, the conservatives, to implement
1:20.4	all of the crypto measures they promised. That's it for CoinDesk Daily. Get more updates on
1:25.3	coindesk.com and we'll see you next time.

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