BlockFi sought permission from the US Bankruptcy Court to allow its customers to obtain their crypto holdings (locked in BlockFi Wallets due to the firm’s problems). The firm paused withdrawals on November 11, the same day FTX and Alameda Research filed for Chapter 11 Proceedings in the United States. It goes without saying that BlockFi...Read More
The global investment banking firm – Jefferies Group – reportedly determined FTX creditors could retrieve as much as 40% of their lost money. In an interview for The Block, Joseph Femenia – Global Head of Distressed Debt Trading at Jefferies – said there’s light in the tunnel for FTX creditors who could recover between 20% and...Read More
Sam Bankman-Fried – the former CEO of defunct crypto exchange FTX – will supposedly reverse his decision to contest extradition to the US. According to a Reuters report, SBF will appear before the court in the Bahamas on Monday, December 19. Bankman-Fried is currently held at a correctional facility in the Bahamas following his arrest...Read More
Amber Group – a cryptocurrency platform backed by Singapore’s investment company Temasek – completed a $300 million funding round. The money will be distributed to clients affected by the FTX collapse. The company, which had to cope with severe issues due to the ongoing bear market, recently acquired the Singaporean exchange – Sparrow Holdings. Trying...Read More
The former FTX CEO, Sam Bankman-Fried, has reportedly filed a new application for bail in the Bahamas Supreme Court. The news comes just days after SBF was remanded to a Bahamas detention center. An earlier petition made by the exec to be released on $250,000 bail was rejected by the Chief Magistrate JoyAnn Ferguson-Pratt. The...Read More
According to Bloomberg, a secret account hid code detailing Alameda’s massive liabilities. The GitHub account was in the name of former FTX executive Nishad Singh, the report added. The outlet claims to have viewed documentation that revealed comments associated with specific lines of code. In them were clues to the mysterious account that was used...Read More
The Commodities and Futures Trading Commission (CFTC) had alleged that Alameda Research was offered a secret “time advantage” when executing trades at the defunct crypto exchange FTX. The revelation adds to a growing list of claims and evidence suggesting that FTX and Alameda were not nearly as independent as once publicly portrayed. The Alameda Advantage...Read More
On December 13, 2022, Bahamian authorities denied parole to Sam Bankman-Fried, also known as SBF, after he was charged by U.S. lawmakers with eight counts of financial fraud. As reported by Reuters, Bahamian Chief Magistrate JoyAnn Ferguson-Pratt denied Sam Bankman-Fried’s lawyers’ request for parole, citing a “great” risk of him becoming a fugitive. Therefore, SBF,...Read More
FTX’s bankruptcy attorney and new CEO, John Ray, spoke to the House Financial Services Committee on Friday to break down some of the internal details of the exchange’s fallout. Ray said that FTX customers’ assets were used by Alameda Research for margin trading, confirming a long-held suspicion about the two companies that former boss Sam...Read More
Popular Youtuber Nicholas Merten (DataDash) argued that investors have not rushed to “buy the dip” on worries of the inflation numbers, which clocked in lower than the expectations earlier today. Based on his research, the number of people buying and selling BTC has been dropping each week recently, which indicates that its price will likely...Read More
The United States Securities and Exchange Commission officially charged Sam Bankman-fried with defrauding investors in FTX. The Chairman of the SEC, Gary Gensler, said: We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto. After the arrest,...Read More
The situation surrounding Sam Bankman-Fried and the bankrupt cryptocurrency exchange that he used to run, FTX, escalated. The former was arrested in the Bahamas at the request of the US Government, while new information keeps surfacing. In a new motion filed late Monday, the American lawyers working on the FTX bankruptcy case made some serious...Read More
Sam Bankman-Fried, otherwise known as SBF, the former CEO of bankrupt cryptocurrency exchange FTX has been arrested in The Bahamas, with the ex-FTX boss likely to be extradited to the United States. SBF’s arrest comes a month after the sudden collapse of the once giant FTX, which later went on to file for Chapter 11...Read More
Every day, the crypto ecosystem finds evidence of unethical practices by Sam Bankman-Fried and/or his team. However, the founder of FTX and Alameda Research denies his responsibility for the sudden failure of his businesses, stating that he was unaware of any wrongdoing. But who’s responsible? Sam already has somebody in mind. In an interview with...Read More
Goldman Sachs published a research note on Friday covering blockchain technology and the recent demise of the crypto exchange FTX. The investment banking giant believes regulation is “needed at the point of trust” within the centralized elements of the blockchain industry – rather than on the blockchain itself – to prevent similar instances of widespread...Read More
Ray Youssef – Chief Executive Officer of crypto platform Paxful – said customers should never keep their bitcoin holdings on centralized exchanges. Instead, they must self-custody their possession to prevent becoming victims in another crash similar to the FTX one. Don’t Trust Centralized Entities Youseff urged market participants to store their bitcoin in self-custody wallets. He...Read More
The former CEO of crypto exchange FTX – Sam Bankman-Fried – said he is willing to start a new business venture to earn enough funds and pay back victims of the collapse. He reiterated his position that what happened to the platform was not a fraud but rather a lack of management skills. In a...Read More
It has been a tough year for algorithmic stablecoins. Historically, these pegged tokens have failed to maintain a grip on $1, especially under extreme selling pressure. But the Terra collapse has been disastrous, and the ripple effects have had a decisive impact on the rest of the market. Seven months later, another algorithmic stablecoin is...Read More
The Japanese authorities reportedly extended the business suspension order to FTX Japan until March 9, 2023. Initially, the company had to cease all services on December 9. According to recent coverage, the Kanto Local Finance Bureau will grant FTX Japan three more months before halting all its activities. The final date has moved from December...Read More
But blockchain firm Ripple’s Chief Technology Officer, David Schwartz, weighed in on Sam Bankman-Fried’s sympathizers but also went on to detail what went wrong with the company. Ripple CTO’s Take on FTX Collapse The exec listed out three things that went “horribly wrong.” FTX customer fiat assets were left in Alameda accounts and used by...Read More
A recent study conducted by CNBC estimated that only 8% of American participants currently have a favorable view of cryptocurrencies. Those who supported the asset class in March 2022 were 19%. The market has been through a lot since then – the prices plummeted, the Terra ecosystem crashed, and FTX filed for bankruptcy. Change of...Read More
MicroStrategy Executive Chairman Michael Saylor spoke on Tuesday about the layers of evil and mismanagement behind FTX’s collapse last month. The executive accused the exchange’s former CEO, Sam Bankman-Fried, of both committing securities fraud through FTT, and using the asset as collateral to gamble away his depositor’s money. Dissecting the FTX Fraud In an interview...Read More
Binance CEO Changpeng Zhao (CZ) and ex-FTX boss Sam Bankman-Fried (SBF) traded barbs over Twitter on Friday as each contested the true nature of their private business dealings. During the exchange, Bankman-Fried asked CZ why he would “lie” about their situation, given he had already “won,” post bankruptcy. CZ’s Story CZ began with reference to...Read More
The former CEO of FTX – Sam Bankman-Fried – said he is “willing” to testify before the relevant US authorities on December 13. He vowed to shed more light on the reasons behind his exchange’s collapse and his own failures as a leader. The US House Committee on Financial Services claimed earlier this week that...Read More
Amber Group reportedly raised just half of its $100 million funding round and halted its global expansion efforts due to the ongoing bear market. The company recently laid off a portion of its staff after previously admitting it has been an “active trading participant” on the bankrupt crypto exchange FTX. Change of Plans Amber Group...Read More
Zhu Su – one of the co-founders of the collapsed cryptocurrency hedge fund Three Arrows Capital – is firing shots at Sam Bankman-Fried over alleged media influence, control, and deflection of hard questions. SBF admitted he made a lot of mistakes this year but categorically denied any of the above. Zhu Su took it to...Read More
The infamous Canadian investor and Shark Tank star Kevin O’Leary spoke further about FTX’s collapse on Thursday, revealing the exact amount of money FTX paid him to promote their brand. He also broke down how much money he lost within the exchange, and what the investor mentality surrounding the company was like prior to its...Read More
The FTX meltdown may have laid the groundwork for an unprecedented shift in user activity from centralized finance (CeFi) to decentralized finance (DeFi), but the total value locked in the services provided by the latter has taken a serious hit. A new report by Dapp Radar suggested that the non-fungible token (NFT) market has not...Read More
The former CEO of the bankrupt crypto exchange FTX – Sam Bankman-Fried (SBF) – might also be involved in Terra’s crash. Federal prosecutors have launched an investigation to determine whether he manipulated trades that led to the collapse of UST and LUNA earlier this year. Orchestrating Terra’s Catastrophe, too? According to a recent New York...Read More
Dave Ripley – the incoming CEO of crypto exchange Kraken – said he has inside information that FTX scammed its users. He expects more contagion from the crisis, assuring that his entity would not be affected. More Pain Coming In a recent interview for Bloomberg, Ripley described Sam Bankman-Fried (former CEO of the bankrupt platform FTX) as...Read More
