- SBF agrees to cooperate with the endorser lawsuit.
- IRS releases draft tax return for virtual currencies.
- Grayscale is planning a low-fee mini Bitcoin ETF.
Bankman Freed agrees to cooperate with celebrity lawsuit
Jailed former FTX chief Sam Bankman Fried agrees to a settlement with investors who drop civil liability claims against him in exchange for his cooperation in a class action lawsuit against celebrities who promoted the cryptocurrency exchange did.
The agreement was first reported to resolve the plaintiffs’ current and future civil claims against Bankman Freed, pending court approval. bloomberg.
Celebrities include athletes Tom Brady, Shaquille O’Neal, Stephen Curry, Shohei Ohtani, model Gisele Bundchen, and actor Larry David, among others, who are suspected of promoting FTX’s unregistered securities. has been accused of.
According to reports, attorneys for O’Neal, Bündchen and Brady have not yet responded to requests for comment. bloomberg.
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Plaintiffs hope to recover some of their losses from FTX’s collapse in November 2022.
Bankman Fried was reportedly sentenced to 25 years in prison for stealing $8 billion from FTX customers. DL News last month.
Bankman Freed appealed the sentence and conviction earlier this month.
He is currently being held at the Metropolitan Detention Center in Brooklyn, New York, awaiting transfer to prison.
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IRS releases draft tax return for virtual currency transactions
The U.S. Internal Revenue Service has released a draft tax form for reporting cryptocurrency transactions, applicable to 2025 returns.
According to the IRS, “this initial draft release is subject to change based on decisions made in response to comments received.”
The tax authority asked for comments on the draft or final form and said each message would be considered.
Grayscale plans a mini Bitcoin ETF with fees as low as 0.15%
Grayscale’s filing with the U.S. Securities and Exchange Commission states that it plans to create a Grayscale Bitcoin Mini Trust with a management fee of 0.15%, one of the lowest in the market.
The current Grayscale Bitcoin Trust (GBTC) fee is 1.5%, which is the highest.
The Franklin Bitcoin ETF (EZBC) is currently the lowest cost spot Bitcoin ETF with a fee of 0.19%.
Virtual currency market movements
- Bitcoin rose 0.03% today to $64,986.90.
- Ethereum rose 0.43% today to $3,170.63.
