CryptoWatch: FTX's Court Hearing Events, and the 'Unsellable' NFT Marketplace

CryptoWatch's cryptocurrency weekly wrap-up is here to share another batch of top stories in the digital blockchain world and all that comes with it, and still one of the largest stories from last year is the FTX issues and its court proceedings.

With the many issues thrown against Sam Bankman-Fried and his hands on the FTX collapse, court proceedings are slowly unwrapping the roots behind what really happened within the company. On the other hand, there is also a new marketplace called "Unsellables" for NFTs that face difficulty in its sale.

FTX Lawsuit: Alameda Researchers Claim SBF Took Billions

One of the biggest turnouts in the FTX bankruptcy case is from Alameda Research's previous employees, who recently claimed the work Sam Bankman-Fried delegated them to do.

It was revealed by Caroline Ellison that FTX's founder were secretly making loans from investors and shareholders to fund the failing crypto company.

In Ellison's claims, these loans made up to billions of dollars made out to the CEO, and this was made possible through Alameda Research doing Bankman-Fried's bidding.

There are still investigations to be made on the case, especially with the billions of dollars that are yet unknown, especially if it really made its way to keeping FTX afloat.

SBF Purchased Robinhood Stocks with Loan Money

In another report regarding the FTX lawsuit, SBF yet again made another loan, but this time it is from Alameda Research worth $546 million made out to his name.

However, this loan was not for the company, with the former FTX CEO and Gary Wang, an Alameda executive, admitting on record that this was meant to purchase stocks via Robinhood.

There were about 8 percent shares bought by the duo in the Robinhood market.

According to the proceedings, SBF made it known to the court on December 12, and this was also the same time the executive was arrested in the Bahamas before his extradition to the United States.

Interesting Engineering first reported that there were 56 million shares purchased on Emergent Fidelity, with Wang owning 10 percent, and Bankman-Fried having 90 percent.

'Unsellable' NFT Marketplace

NFT was a massive hype in 2021, but not so much for 2022.

And that means that those who invested a lot in non-fungible tokens with high values cannot get their money's worth or even the equivalent of it.

With that, a new NFT marketplace is now opening its doors to taking it off its owners' hands, for their collection. This new platform is called the "Unsellable," which accurately stands for its name, being the marketplace for people who are having a hard time turning it into profit.

The platform purchases the NFT for a fraction of its original price and gives receipts for legal and tax write-offs for its customers' needs.