Sam Bankman-Fried (SBF) has released a written statement detailing his account of FTX and Alameda Research’s collapse, including approximations of each firm’s financials before it took place. The former CEO maintains that FTX could have made customers “substantially whole” within a few weeks, had he not been pressured to file for bankruptcy. The Pre-Mortem The...Read More
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 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
Although the disgraced founder of both FTX and Alameda Research is currently on bail under strict rules, there were multiple suspicious transfers of crypto assets from wallets linked to him or his former empire. Despite refuting any connections, Bloomberg reported that the US authorities plan to investigate the matter. CryptoPotato reported at the end of...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 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
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
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
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
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
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
Users of the Alameda-backed Ren Protocol risk losing their money if they don’t take immediate action, warned the project team over Twitter on Thursday. The cross-chain bridge said the upcoming upgrade (Ren 2.0) to its existing product (Ren 1.0) may not be compatible with the prior version. Disconnecting From Alameda Ren encouraged users to quickly...Read More
The Financial Times (FT) published a document on Tuesday exposing where Alameda’s venture investments went days before the FTX Group filed for bankruptcy. Its hundreds of investments included high-profile companies like SpaceX, and a variety of crypto tokens like Polygon (MATIC), and NEAR. The spreadsheet, dated early November, included Alameda’s private equity portfolio, alongside “some...Read More
FTX’s sister trading desk, Alameda Research, bailed out the exchange before it suffered a possible $1 billion trade loss in early 2021. This news comes amid claims from former FTX CEO Sam Bankman-Fried that FTX and Alameda were independently operated firms. As reported by the Financial Times on Friday, people familiar with the matter said...Read More
After Hacktober, which saw countless DeFi projects being exploited for hundreds of millions of dollars in total, November was expected to be a calmer month for crypto. However, that was not the case as the industry saw one of the fastest, loudest, and most shocking deterioration of a giant – FTX. An analysis by the...Read More
Founder of crypto derivates exchange FTX, Sam Bankman-Fried, has made a contribution of $5.2 million to the campaign of U.S Democratic presidential candidate, Joe Biden. Data from OpenSecrets.org, noted this donation on their Top Contributers page, which lists the money that came from organization’s PACs, individual members, employees, and their immediate families. According to a...Read More
The last few days have seen a lot of public debate and questions emerge around the use of FTX’s FTT token by Alameda and Sam Bankman-Fried to borrow assets for short-selling. The issue in question initially arose after people accused SBF, a well-known industry figure and CEO of FTX, of borrowing YFI, allegedly destroying its...Read More
APY.Finance (APY), an automated yield farming platform raised $3.6 million in funding according to a release shared with AMBCrypto today. The funding announcement has come in after APY.Finance CEO, Will Shahda introduced the self-proclaimed ‘wealthfront for DeFi’ in a blog last month, that also mentioned its alpha launch in mid-October. Continuing from the last announcement, though,...Read More
In a recent announcement today, the widely-used stablecoin tether (USDt) will be launched on Solana, a high-speed blockchain network. This would be the first time a stablecoin has been integrated with Solana and this move will now allow tether holders to exchange their USDt stablecoins at speeds greater than 50,000 transactions per second on the...Read More
