Bankrupt lending firm Celsius has transferred over $125 million worth of its Ether to crypto exchanges in the past week as part of its initiative to repay creditors. The move follows that of FTX and Alameda Research, which also resumed funds transfer earlier this month. $125 Million ETH Transfer From January 8 to January 12,...Read More
FTX, the now-bankrupt cryptocurrency exchange, has come under fire following its recent court filing on December 27. The document reveals a contentious repayment plan that has sparked a significant backlash from the crypto community and FTX customers. FTX’s Controversial Estimation Motion On December 27, the bankrupt former behemoth disclosed a repayment plan, assigning a lower-than-market...Read More
Solana’s native – SOL – token has been on an absolute tear this month. After flipping XRP, it briefly surpassed BNB before settling as the fifth-largest crypto asset. Over the past week alone, SOL has surged by nearly 23%, partly fueled by the excitement surrounding airdrops, which contributed to the complete sell-out of Solana’s Saga...Read More
On Dec. 18, it was reported that FTX had filed its latest proposal to return billions of dollars to its customers and creditors. Moreover, the plan did not indicate whether the exchange would be restarted. It will be sent to creditors for a vote before being submitted to court for final approval. The payout plan...Read More
The legal defense head, David Mills, representing Sam Bankman-Fried in the FTX fraud trial, has openly expressed frustration and disappointment, labeling SBF as the most challenging witness he has encountered. Mills has acknowledged that the odds of winning the trial were stacked against the former CEO, implying that the legal challenges and complexities surrounding the...Read More
Once SBF stepped down, the new leadership of FTX scoured the bankrupt exchange’s databases, looking for misplaced and poorly labeled assets. Months later, John J Ray III and his team have managed to map out about $7 billion in assets, nearly half of which are in cryptocurrencies. The IRS Wants Its Share However, the new...Read More
Tether (USDT) – the largest stablecoin globally, has experienced continuous growth in its market capitalization, reaching an all-time high of $90 billion on December 6th before retreating слигхтлъ to $89.9 billion. This surge suggests a renewed trust in the crypto market despite facing regulatory hostilities. Over the last month, the market cap has increased by...Read More
The investment firm Tiger Global has reportedly reduced the valuation of its holdings in Bored Ape Yacht Club and OpenSea. Per a Bloomberg report, the company marked down the value of its investment in Bored Ape Yacht Club (BAYC) by 69% and its stake in the NFT marketplace OpenSea by 94%. The move follows Tiger...Read More
Gene Borrello, a former mobster turned federal informant, was separated from the general prison population and placed in a section with ex-gang members, informants, and high-profile detainees, one of which was SBF. After leaving prison, he sat down with Tiffany Fong for an hour-long interview, which is available on her YouTube channel. A shorter version...Read More
The bankrupt estate of FTX has made a bold move to challenge the United States Internal Revenue Service (IRS), seeking court approval to reduce a $24 billion claim against it to zero. According to FTX, this move is crucial to prevent the IRS claims from derailing the progression of its bankruptcy proceedings. FTX Seeks to...Read More
The legal battle between Genesis and its parent company, DCG – which also owns multiple other crypto-related ventures, seems to be coming to an end. Yesterday, a deal was struck that would put to rest a lawsuit worth $630 million between the two companies. Some Sums Forfeited Earlier this year, the Winklevoss Twins’ – whose...Read More
FTX and Alameda have been actively divesting their holdings. Within the past 24 hours, both entities have transferred $36.01 million worth of MATIC and AVAX to various exchanges. This is a testament to their ongoing commitment to reaching settlements with creditors amidst the twists and turns of the bankruptcy battle. FTX Selling Spree Continue Based...Read More
The popular pro-XRP lawyer, John E Deaton, recently quoted an interview with Kevin O’Leary, a.k.a. Mr. Wonderful, in which the millionaire took another jab at Binance, CZ, and FTX, asking why he continues to be so obsessed, especially with Changpeng Zhao. Recall that O’Leary was paid approximately $15 million in various forms to promote FTX...Read More
FTX and its sister company, Alameda Research, have deposited $24 million worth of digital assets onto exchanges Kraken and OKX, as reported by Spot On Chain today. Over the past few hours, FTX has deposited three different assets to the two exchanges days after transferring more to Binance, among other centralized exchanges. FTX and Alameda...Read More
A former trader from Jane Street, hired by Sam Bankman-Fried to contribute to FTX’s philanthropic efforts, is currently in a legal battle to secure the remaining portion of his 2022 bonus. Lawyers representing Ross Rheingans-Yoo claimed that the exchange had paid only $375,000 of his $650,000 bonus. They argued that FTX owes him $275,000 as...Read More
One year after crypto exchange FTX collapsed, a group of ex-executives at the firm has teamed up to launch a new but similar platform, aiming to fix the issues that led to the company’s implosion. According to a report from the Wall Street Journal, former FTX general counsel Can Sun and ex-employees Armani Ferrante and...Read More
Since FTX’s bankruptcy on November 11, 2022, significant developments have unfolded. FTX founder Sam Bankman-Fried has been swiftly convicted on seven criminal charges, potentially facing a prison sentence of up to 110 years. The federal criminal case, marked by unusual efficiency, resulted in a conviction within a year of FTX’s collapse and the initiation of...Read More
Approximately a year after its implosion, the once-crypto giant has taken another step in trying to recover funds from third parties. In this case, FTX’s legal team has reportedly gone after a previous competitor – Bybit – for cryptocurrencies and cash valued at over $950 million. Bloomberg reported that FTX has already sued Bybit Fintech...Read More
The defunct crypto exchange FTX, along with its sister company Alameda, successfully transferred approximately $38.5 million worth of assets to other centralized exchanges. According to reports, the ongoing selling spree by FTX and Alameda is driven by the necessity to meet their obligations to creditors. FTX’s Selling Spree? According to on-chain analyst Spot On Chain,...Read More
The investment firm Proof Group is said to be among the bidders expressing interest in revitalizing the bankrupt crypto exchange FTX, as per two individuals familiar with the situation. Notably, the bankrupt exchange has received numerous bids for a potential restart, and it has now been narrowed down to a shortlist of three, according to...Read More
The crypto wallets associated with the now-defunct crypto exchange FTX and its sister trading firm, Alameda Research, persist in diversifying their investments across various altcoins on numerous crypto exchanges. According to Spot On Chain data, FTX and Alameda’s addresses recently transferred nine assets amounting to $46 million to Kraken, Binance, and Coinbase once again. FTX...Read More
According to Spot On Chain, addresses related to FTX and Alameda transferred $13.6 million to Binance and Coinbase on November 1. This development comes as Sam Bankman-Fried’s case continues on allegations of fraud and money misuse, among others. Massive Deposits of EVM Tokens Continue FTX deposited $8.12 million worth of three assets to Coinbase earlier...Read More
Prices for FTX Group claims have seen a notable uptick following revelations that the bankrupt crypto exchange is considering proposals from three potential buyers for its inactive exchange. FTX claims’ valuations now range between 50 and 53 cents on the dollar, an increase from last week’s low-to-mid 40 cents range. Cherokee Acquisition Reports Rise in...Read More
Although defendants in his position are usually advised not to take the stand, SBF will attempt to convince the jury that he was acting in good faith. Defendants in high-profile white-collar criminal cases have traditionally preferred to remain silent, pleading the 5th Amendment in order to avoid self-incrimination. However, in recent years, certain defendants –...Read More
In an intriguing demonstration of cryptocurrency activity, FTX-associated addresses have transferred $10.49 million in different assets to Wintermute’s deposit addresses on Binance and Coinbase within recent hours. According to Arkham Intelligence data, significant amounts of crypto were moved in a sequence of transactions, suggesting FTX’s exploration of investment diversification strategies. FTX Massive Fund Movements According...Read More
FTX Trading is now at a crossroads as it evaluates offers from three prospective bidders to resurrect its operations after falling into bankruptcy amidst a storm of fraud allegations. The fate of this once-pioneering exchange will be decided by mid-December, according to Mr. Kevin Cofsky, the company’s investment banker from Perella Weinberg Partners. FTX Contemplates...Read More
A recurring motif during the trial has been Bankman-Fried’s commitment to effective altruism, a philanthropic ideology aimed at maximizing individuals’ impact through activities like charitable contributions and career choices. Bankman-Fried, who is currently on trial for defrauding investors of billions of dollars, aligned himself with fellow proponents of this philosophy, including Nishad Singh, the head of...Read More
Solana had a strong association with FTX, and the latter’s collapse last year had significant repercussions for the SOL token. However, the seventh-largest crypto-asset has pursued a strong recovery this year. According to Nansen’s latest analysis, SOL has been trending positively since the summer. In fact, the SOL vs ETH ratio was found to have...Read More
New details show that Bankman-Fried had a packed schedule in September 2022, with meetings involving influential individuals less than two months before the exchange’s downfall. From close connections with Bahamian authorities and former President Bill Clinton to an evening at the preferred late-night spot of New York City Mayor Eric Adams, here’s what’s new in...Read More
The bankrupt cryptocurrency exchange has staked close to $170 million in several crypto assets, including Solana, Ethereum, and MATIC. Blockchain data revealed that the defunct platform has staked over 5.5 million SOL and more than 24K ETH. FTX Move to Staking Staking is primarily the practice of locking up cryptocurrencies on a blockchain network to...Read More
