Ripple, the blockchain payment company, has made a significant advancement in the ongoing bankruptcy case of the defunct crypto exchange FTX by securing a claim on FTX assets. Notably, it is Ripple Singapore that is involved in this legal battle, asserting its rights against Alameda assets.
Ripple Singapore Asserts Rights To FTX Assets
The filing with the United States Bankruptcy Court for the District of Delaware has revealed that the involved debtors have revised the proposed form of order to address informal comments submitted by Ripple Labs.
The revised order, which has received no objections from relevant parties, 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
Ripple Labs Singapore Pte. Ltd. has asserted a claim of $11,403,976.90 on FTX’s assets, marking a significant victory for the company 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 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.
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