Despite intensive scrutiny by US regulators, FTX continues to receive offers from companies that could help it bounce back from bankruptcy – or at least pay its creditors. On April 25, the former crypto giant announced the closure of a deal with a subsidiary of Miami International Holdings (MIAX Technologies), a US company operating global...Read More
Ontario Teachers’ Pension Plan (OTPP) – Canada’s largest single-profession pension plan – decided not to rush into another cryptocurrency investment following its bad experience with FTX. The organization was among the prominent backers of the now-bankrupt exchange, investing $95 million. The dramatic crash, though, shrank that sum to virtually zero. Change of Heart After the...Read More
According to on-chain sleuth Zachxbt, the official Twitter account of the Solana-based decentralized finance project Serum, which had over 200,000 followers, has been renamed ‘Luka.’ The original Serum account is speculated to have been sold to a different user since all the previous tweets have been deleted. Sharing a screenshot of the account, ZachXBT revealed...Read More
Tribe Capital – a venture capital firm based in San Francisco – is reportedly considering leading a $250 million fundraising campaign that could help the bankrupt crypto exchange FTX get back on track. According to a Bloomberg coverage, Tribe Capital’s co-founder – Arjun Sethi – met with FTX’s committee of unsecured creditors to discuss the multi-million...Read More
Several unsuccessful attempts later, the NBA superstar Shaquille O’Neal was finally served in an FTX class action lawsuit on Sunday. A Florida judge denied a motion to allow the FTX promoter to be served electronically after the law firm representing victims affected by the exchange’s collapse accused him of dodging service for months. The attorney...Read More
Bankrupt cryptocurrency exchange FTX has managed to recover a majority of its assets owed to customers and may be poised for a revival next year. The recovery was partly aided by an appreciation in crypto asset prices over the last few months, helping strengthen FTX’s balance sheet. Is FTX Coming Back? During a bankruptcy hearing...Read More
FTX Europe – the European subsidiary of the now-collapsed global crypto giant – has filed a petition for a Swiss moratorium proceeding, which was granted by a court on April 11th. Meanwhile, the CySEC also announced extending FTX Europe’s license suspension until September-end. FTX Europe Moratorium According to the official press release, the proceeding is...Read More
On April 9, FTX Trading and its affiliated debtors released their first report on the control failures at the embattled exchange. It details the lack of risk management, inadequate record keeping, poor cyber security, and Sam Bankman Fried’s overreaching role in any decision-making. The report is based on the debtors’ review of terabytes of electronic...Read More
FTX investors continue to reel under uncertainty as the fate of the assets stored in the bankrupt platform hangs in limbo. In a brief respite, however, European customers will now be able to withdraw assets. FTX EU – the crypto exchange’s European division – has launched a new website enabling its users to submit withdrawal...Read More
Founder and former CEO of bankrupt FTX exchange, Sam Bankman-Fried, will again plead not guilty to recent charges brought against him by US prosecutors, which include unlawful political donations and alleged bribery of Chinese officials. He is scheduled to stand trial for various criminal charges in October. Bankman-Fried to Plead Not Guilty to 13-Count Charges...Read More
Leading crypto exchange, OKX. outlined plans to return frozen digital assets linked to Sam Bankman-Fried’s crypto companies, FTX and Alameda Research, following a recent motion filed in the FTX bankruptcy proceedings. The Seychelles-based exchange said it opened an investigation into FTX to determine whether the firm had conducted business on OKX before its demise in...Read More
The cryptocurrency lending platform – BlockFi – agreed to provide more than $100,000 in refunds to Californian customers affected by the firm’s collapse. The former giant in its field passed through severe turbulence last year caused by the Terra crash and the FTX meltdown. Its massive exposure and close relation with the exchange led to...Read More
The intercontinental political forum consisting of the seven biggest economies in the world (better known as the G7) is reportedly willing to implement rigid rules on the cryptocurrency industry after the numerous negative events which took place recently. The final version of the framework should be ready by July this year, while the nations will...Read More
Yesterday, lawyers from the FTX Group announced their intention to settle out of court with Modulo Capital, a measure that effectively wiped the VC firms’ books by about 99%. Mysten Takes it in Stride Today, in another bid to raise as many funds as possible, FTX outlined intentions to sell its stake in Mysten Labs...Read More
Modulo Capital, an investment firm created by three former Jane Street executives, has been dealing with a request from the FTX Group for the return of VC investments received from Alameda Research. Old Friends The executives in question, Xioayun “Lily” Zhang and Duncan Rheingans-Yoo, were known to Sam Bankman-Fried from his stint as an employee...Read More
The Brazilian supermodel Gisele Bündchen said her financial advisers pushed her into investing in the now-bankrupt exchange FTX, describing it as “a sound and great” opportunity. She and her ex-husband – the NFL legend Tom Brady – are among the numerous people who parted with substantial funds due to their involvement with the former crypto...Read More
Ever since FTX unceremoniously imploded back in November, regulators and courthouses in both the USA and the Bahamas have been working furiously to get as many FTX-held assets back into the hands of their original owners, with varying degrees of success. While court cases in the US have temporarily stalled, owed in part to SBF’s...Read More
A group of well-known YouTubers is facing a class action lawsuit from FTX investors, who claim that the influencers hyped a supposedly fraudulent crypto exchange. In addition to promoting FTX, the content creators allegedly promoted the exchange’s yield-bearing accounts (YBAs), which the lawsuit claimed were unregistered securities. YouTubers Allegedly Promoted FTX’s Unregistered Securities The class...Read More
In the race to untangle the FTX Group’s balance sheets – which were poorly kept at best and deliberately fraudulent at worst – the new leadership brought in to clean up the mess has uncovered $3.2 billion worth of direct payments to the former execs during the platform’s operation. Sum Represents Non-Operational Costs The figure...Read More
Former NBA star Shaquille O’Neal and professional tennis player Naomi Osaka may avoid being held accountable in the collective lawsuit against cryptocurrency exchange FTX due to a lack of notification. As per the order issued on March 9, US District Judge Kevin Moore stated that it is unclear if O’Neal and Osaka were notified of...Read More
Nishad Singh – FTX’s Lead Engineer – bought a $3.7 million vacation home in the San Juan islands last October. Now, the property has been seized by the U.S. government. The home – purchased roughly two weeks before FTX went bankrupt – is located on a wooded hill, and features six bedrooms, a lap pool,...Read More
On March 8, attorneys working for former crypto billionaire Sam Bankman-Fried said his criminal trial scheduled for October 2 may need to be delayed. They argued that it may take more time than expected to review the evidence and prepare a defense, according to Reuters. The lawyers sent a letter to U.S. District Judge Lewis...Read More
Alameda Research – sister trading firm to the now bankrupt FTX exchange – is suing the world’s largest Bitcoin fund on behalf of FTX’s debtors and affiliates. The company demands that Grayscale permit redemptions on its Bitcoin and Ethereum Trusts, which could cumulatively unlock over $9 billion for the trust’s shareholders. Grayscale’s Bitcoin Stash Per...Read More
Silvergate Capital Corporation – a California-based financial institution that focuses on cryptocurrencies – said it won’t be able to submit its annual report scheduled for March 16. It also outlined some of its main problems, hinting it might struggle to continue the normal course of its operations. As a response, the firm’s shares dumped by...Read More
FTX – the bankrupt crypto exchange founded by Sam Bankman-Fried – appears to have spent millions of dollars purchasing a luxurious castle in the Czech Republic through an obscure non-profit with ties to the “effective altruism” movement. Stemming from a $4.5 million grant to the European Summer Program on Rationality (ESPR), the group spent roughly...Read More
LedgerX – cryptocurrency derivatives exchange and a subsidiary of the collapsed giant FTX – will reportedly cease its partnership with Silvergate Bank. It urged users to receive wire transfers via the New York-based Signature Bank. Switching to Another Partner According to a Bloomberg coverage, LedgerX differentiated itself from the embattled financial institution focused on cryptocurrencies...Read More
Hodlnaut was one of many firms severely impacted by the collapse of FTX last November, even as the first signs of crack date back to at least as early as May when it lost nearly $190 million in the crash of the Terra ecosystem. Despite previously downplaying its exposure, Hodlnaut was forced to halt withdrawals...Read More
Nishad Singh – the former head of engineering at bankrupt crypto exchange giant FTX – pleaded guilty to six criminal charges related to his activity with the firm during a court hearing on Tuesday. The ex- executive’s crimes include wire fraud, conspiracy to commit wire fraud, conspiracy to commit money laundering, and violation of campaign...Read More
Robinhood Markets said it received an investigative subpoena from the US Securities and Exchange Commission (SEC) in December. The agency’s move is part of a major crackdown against the digital asset industry after the dramatic collapse of Sam Bankman-Fried’s crypto empire last year. The disgraced crypto mogul was recently hit by fresh criminal charges relating...Read More
Binance, the world’s largest cryptocurrency exchange, denied a report published by Forbes titled “Binance’s Asset Shuffling Eerily Similar To Maneuvers By FTX,” which argues that the crypto giant transferred $1.8 billion associated with its users’ funds. According to Forbes, between August 17 and early December 2022, Binance moved “silently” $1.8 billion deposited “as collateral intended...Read More
