Unlike two of his former colleagues, FTX’s co-founder Sam Bankman-Fried pleaded not guilty to criminal charges that he knowingly cheated investors. US District Judge Lewis Kaplan set the trial date for the start of October. SBF was expected to have his first hearing on January 3 after his arrest in the Bahamas last month and...Read More
The Securities Commission of The Bahamas (SCB) has refuted the claims made by FTX debtors that it had instructed the crypto exchange to mint tokens worth hundreds of millions. In an official statement released on Jan. 3, the regulator sought to correct the material misstatements of FTX’s new CEO, John J. Ray III, in a...Read More
Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, became one of the many industry participants that went bankrupt in the bear market. At its peak, 3AC managed more than $10 billion worth of assets. Its undoing was disastrous but wasn’t purely a market-driven phenomenon. In the latest Twitter thread, Zhu Su said the parent...Read More
The 2022 crypto winter got colder and darker in November when one of the biggest and most prominent crypto exchanges, FTX, imploded. The company, which had bailed out several crypto firms during the Terra-induced crash in May 2022, ended up filing for bankruptcy. While FTX’s founder, Sam Bankman-Fried (SBF), and other executives are currently facing...Read More
Sam Bankman-Fried (SBF), the disgraced founder and former CEO of bankrupt cryptocurrency exchange FTX, has reportedly cashed out $684,000 worth of crypto assets despite court restrictions on spendings above $1,000. On-chain DeFi analyst BowTiedIguana took to Twitter to unravel the location where SBF transferred the funds. Following the Money Trail After Bankman-Fried’s $250 million bail...Read More
FTX Japan, the Japanese division of the bankrupt crypto exchange, plans to re-enable customers’ withdrawals in mid-February next year after suspending the service last month due to the bankruptcy filing of its parent company. FTX Japan earlier pledged to build a new system different from the one used by its parent company to enable customers...Read More
While Sam Bankman-Fried awaits his January 3rd arraignment within the confines of his parent’s home, the Securities Commission of the Bahamas (SCB) has revealed that it seized $3.5 billion worth of digital assets from FTX Digital Markets, the Bahamian subdivision of the defunct crypto exchange. Steps Taken Right After Bankruptcy Filing The assets were seized...Read More
The Solana ecosystem that was once heavily tied to Sam Bankman-Fried’s FTX has been badly wounded after the collapse. As debates accelerated over the prospects of Solana, its native token – SOL – has plummeted 96% from its all-time high of $260 in November last year. Adding to its woes, crypto asset management company Matrixport...Read More
Former FTX CEO Sam Bankman-Fried, otherwise known as SBF, will enter a plea on January 3, 2023, regarding the criminal charges filed against him in the aftermath of the FTX collapse. The latest development comes shortly after the former crypto boss was released on bail following his arrest and extradition to the United States. According...Read More
The cryptocurrency platform Midas Investments disabled deposits and swaps due to severe financial losses caused by Celsius’ bankruptcy and FTX’s fiasco. CEO Iakov Levin said the organization will aim to focus on a new project next year that will be “fully transparent” and will offer an “improved investment experience.” Another Victim In a recent blog...Read More
FXT founder and former CEO Sam Bankman-Fried (SBF) borrowed over $546 million from his trading house, Alameda Research, to purchase a 7.6% stake in Robinhood earlier this year. According to an affidavit filed in the High Court of Justice Antigua and Barbuda on December 12 before the arrest of SBF, the former billionaire teamed up...Read More
Wading through the wreckage of FTX and Alameda, it is clear that some communities were hit a lot harder than others. Several DeFi protocols sporting close ties with the two entities have suffered. Solana, for one, has been hit the hardest since the collapse. The once top 10 market cap asset, SOL has slid to...Read More
FTX and some of its former top leadership including have been slapped with a class action lawsuit by customers on December 28, according to the latest Reuters report. The customers have sought a declaration that FTX’s holdings are not the company’s property. The same goes for the traceable customer assets held at Alameda. The lawsuit,...Read More
It appears that a few wallets that are associated with Sam Bankman-Fried’s trading firm, Alameda Research, are swapping several cryptocurrencies and bridging them to BTC. Crypto researcher ErgoBTC took it to Twitter to reveal that wallets associated with Alameda Research (and marked as such on etherscan) are swapping various cryptocurrencies. The accounts have been swapping ERC20 tokens,...Read More
The United States Department of Justice has reportedly launched a criminal probe into the hack that saw almost $400 million drained from FTX. According to a report by Bloomberg, which cites people familiar with the matter, the United States Department of Justice is launching a criminal probe into the $400M FTX hack. The report outlines...Read More
Glassnode data shows a decrease in the 7-Day MA of bitcoin leaving centralized exchanges with only 986.237 BTC getting withdrawn in the past week or so. The declining outflow could signal that investors have restored some faith in CEXs after the gigantic collapse of FTX. Billions of dollars worth of various digital assets were withdrawn...Read More
This year has been tumultuous for the cryptocurrency industry, with major players like Terra, Three Arrows Capital (3AC), and FTX going underwater. As the crypto space struggles to find footing amid the second wave of the crypto winter exacerbated by the latest FTX debacle, digital asset data provider CryptoCompare believes it will take a while...Read More
Federal judge Ronnie Abrams, who used to oversee the case against Sam Bankman-Fried, Caroline Ellison, and Gary Wang, has formally recused herself. According to an order from December 23rd, Federal judge at the United States District Court for the Southern District of New York has recused herself from the action. The order states: It has...Read More
Sam Bankman-Fried’s bankrupt cryptocurrency exchange FTX is seeking help from a United States Bankruptcy Court to gain control of $450 million worth of Robinhood shares. The portfolio holds 56 million brokerage shares owned by Emergent Fidelity Technologies, a corporate entity incorporated in Antigua and Barbuda. In March, these shares represented a 7.6% stake in Robinhood...Read More
The US Securities and Exchange Commission announced that Dan Berkovitz will step down from his General Counsel position as of the end of January 2023. The current SEC Principal Deputy General Counsel – Megan Barbero – will replace Berkovitz upon his departure. SEC Chair Gary Gensler said he was “grateful” for Berkovitz’s “exceptional public service...Read More
The collapsed cryptocurrency exchange FTX reportedly paid 94% of the $84 million purchase of a majority stake in Blockfolio in FTT tokens. The coin played a leading role in the platform’s crash last month. CZ said Binance plans to dump its entire FTT stash (23 million tokens worth over $580 million at the time) amid...Read More
The spectacular collapse of FTX warrants every bit of attention that it has garnered so far. The bosses of the once high-flying business were allegedly involved in shady business operations behind-the-scenes using customer funds. Sam Bankman-Fried, the 30-year-old founder of the bankrupt crypto exchange was extradited on suspicion of committing “one of the biggest financial...Read More
The plane carrying the notorious founder of crypto exchange FTX – Sam Bankman-Fried – has reportedly touched down in the United States. He is expected to appear in court in New York City later today (December 22). If convicted on all charges, SBF could go to prison for up to 115 years. A recent coverage...Read More
The co-founder of the bankrupt crypto exchange, Gary Wang, and the former chief executive of Alameda Research, Caroline Ellison, pleaded guilty to federal criminal charges that they helped Sam Bankman-Fried orchestrate a years-long scheme to defraud investors in FTX. This was revealed by the US attorney for New York’s Southern District, Damian Williams. Statement of...Read More
Uniswap has announced a partnership with fintech firm Moonpay to enable users to purchase cryptocurrency on its web app using debit cards, credit cards, and bank transfers. The new service aims to address a deep-rooted issue for decentralized exchange protocols that do not support fiat pairs. However, their centralized counterparts do. As part of the...Read More
The Aussie cryptocurrency exchange – Swyftx – and the investment platform – Superhero – have reportedly abandoned the previously planned $1 billion merger deal. Some of the main reasons are the enhanced control over crypto firms in Australia and the diminishing interest in digital assets following the spectacular collapse of FTX. Swyftx Takes Another Punch...Read More
Sam Bankman-Fried, the former boss of the failed cryptocurrency exchange FTX, is flying back to the United States as early as Wednesday. This was revealed by Doan Cleare, the acting commissioner of corrections for the Bahamas Department of Correctional Services, according to a new report by NBC News. Bankman-Fried, who is currently in the Fox...Read More
Riot Games – an American company famous for developing the video game League of Legends – reportedly filed a motion to end its collaboration with FTX. The collapsed crypto platform has caused “reputational” damage to the gaming firm and owes it over $6 million. ‘FTX Cannot Turn Back the Clock’ As reported by GamesIndustry, Riot Games is...Read More
Negative press surrounding bankrupt crypto exchange FTX has inspired the Democratic Senate Majority PAC to return $3 million in political donations from the company’s executives. Those donations include $2 million from FTX’s ex-head of engineering, Nishad Singh, and $1 million from disgraced former boss Sam Bankman-Fried (SBF). Returning Tainted Money As reported by CNBC, a...Read More
Mojito Markets, an Aptos decentralized exchange (DEX), is the latest one to reveal exposure to the FTX implosion. As a result, the platform is putting a pause on project development until the macroeconomic situation recovers. In a blog post, Mojito Markets said that it had lost project funds that were under the custody of the...Read More
