The Australian Securities and Investments Commission (ASIC) announced the cancellation of the AFS license of bankrupt crypto exchange FTX’s Australian entity, effective from July 14. The Australian arm had once boasted 30,000 retail clients and serviced 132 domestic companies. FTX Australia will be able to provide limited financial services while winding up its client interactions...Read More
While FTX and SBF, respectively, continue to appear in court, former executives of the defunct crypto trading group have started to pop up elsewhere. Amy Wu, who was previously an executive at FTX Ventures, has since joined Menlo Ventures, a mainstay of Silicon Valley’s venture capital ecosystem. Brett Harrison, who led FTX US before resigning...Read More
Lawyers representing Sam Bankman-Fried (SBF) requested Judge Lewis Kaplan to issue an order permitting certain people to visit their client without the necessity of security checks. Despite being allowed to reside at his parents’ house, the former CEO of FTX is subject to strict restrictions. He must wear an electronic monitoring bracelet, while a security...Read More
US prosecutors have reportedly targeted Ryan Salame – ex-CEO of FTX’s Bahamian subsidiary – over a possible breach of the law when donating funds to his then-girlfriend’s political campaign in 2022. Previous sources have informed that Michelle Bond (the woman in question) has received at least $400,000 in consulting fees from FTX Digital Markets –...Read More
According to US Bankruptcy Judge Sean Lane, Genesis, whose repayment plan was pending approval, will first have to resolve its outstanding issues with FTX. The announcement came mere hours after Cameron Winklevoss’ ultimatum to DCG CEO Barry Silbert expired, meaning yet another lawsuit against Genesis’ parent company is also on the horizon. A response to...Read More
There’s no respite for BlockFi as the bankrupt crypto lender struggles to pay its creditors and customers. BlockFi has brought forward several proposals since sliding into bankruptcy last year owing to the market turmoil. However, FTX’s latest legal filing poses a hurdle for the now-defunct company as it accuses BlockFi of abusing the planning process....Read More
The Monetary Authority of Singapore (MAS) will reportedly insist that cryptocurrency firms keep clients’ assets in a designated trust by the end of 2023. The step comes several months after the infamous meltdown of FTX, which triggered colossal investor losses. Numerous individuals and entities have blamed the exchange for comingling user funds and scamming customers. ...Read More
On June 28, it was reported that the investment bank acting as an adviser to FTX, informed bidders this month about the sale suspension. Multiple interested buyers have requested and assessed private information about the Anthropic stake over the past couple of months. However, Perella Weinberg Partners reportedly asked potential bidders to sign non-disclosure agreements,...Read More
John J. Ray III – CEO and Chief Restructuring Officer of FTX and its affiliated debtors – maintained that the once-prominent cryptocurrency exchange commingled customer deposits from its get-go. He said the entity owed clients approximately $8.7 billion when it filed for bankruptcy protection in November last year. The new management, though, has made “substantial...Read More
In a bid to recover as many assets as possible and potentially even reboot FTX, the bankrupt exchanges’ new leadership has been filing clawback requests from previous business partners and donation recipients. Clawback requests have also been filed against former executives, including SBF himself, although the amounts subject to possible returns from executives pale in...Read More
In a respite to Voyager Digital customers, the cryptocurrency brokerage is reportedly gearing up to reopen its app, which will enable the withdrawal of their funds. The development comes almost a year after it filed for Chapter 11 bankruptcy. According to a court filing on June 14th, Voyager’s bankruptcy plan administrator, Paul Hage, stated that...Read More
In a temporary respite for Sam Bankman-Fried, the disgraced founder of now-bankrupt cryptocurrency exchange FTX was able to block the addition of new charges in his United States indictment. The ruling comes as the former exec sought an opportunity to make arguments in the country to drop a few existing charges against him. The court...Read More
A judge ruled that FTX cannot join confidential mediation sessions between bankrupt crypto lender Genesis Global Holdco and its parent company Digital Currency Group (DCG). The ruling days after Genesis denied owing FTX anything. According to the Bloomberg report, US Bankruptcy Judge Sean Lane refused to open the settlement talks to the SBF-founded beleaguered crypto...Read More
The Metropolitan Museum of Art (the Met) has agreed to return the $550,000 donations it received from bankrupt crypto exchange FTX last year. The donations were made by West Realm Shires Services, an affiliated entity of FTX responsible for overseeing the operations of FTX.US, the American division of the company. The firm donated around $300,000...Read More
Temasek Holdings, a private company whose sole stakeholder is the Singaporean Government and whose only purpose is overseeing investments for said government, was responsible for the second-largest investment into FTX. Poor Judgement Prior to the collapse of FTX, Temasek’s investment was worth about $275 million, representing 0.09% of the company’s total investment portfolio worth about...Read More
Plans to restart the bankrupt cryptocurrency exchange FTX have been confirmed in a new staffing and compensation report filed with the United States Bankruptcy Court for the District of Delaware on Monday. The document shows that acting CEO John J. Ray III spent hours engaging in several activities to devise a revival plan for the...Read More
Bankrupt cryptocurrency entities FTX, FTX.US, and Alameda Research have filed a lawsuit against former executives Sam Bankman-Fried (SBF), Nishad Singh, and Gary Wang for lavishly spending FTX Group’s assets on the acquisition of stock clearing firm Embed Financial Technologies. The move is the first formal action from FTX CEO John Ray against the company’s former...Read More
In a stunning development in the FTX Group’s drawn-out bankruptcy case, the IRS has recently filed claims against the default entity that dwarf any prior ones and cast doubt on its prior idea of re-opening for business. Over $40 Billion in Unpaid Taxes In order to put this development into perspective, as recently as January,...Read More
As Sam Bankman-Fried awaits his trial this autumn with Doordash as his only solace, his lawyers are busy attempting to get him as easy one as possible. After his antics nearly caused his bail to be reversed, ultimately leading to his ban from video games and most of the internet, SBF’s lawyers have spent countless...Read More
Voyager Digital is planning to self-liquidate its assets and shut down operations after failing to secure purchase deals with Binance as well as FTX.US. The planned FTX-Voyager acquisition failed as a result of the exchange sliding into an abrupt bankruptcy and the subsequent arrest of its chief, Sam Bankman-Fried. However, the collapse of the deal...Read More
Bankrupt crypto exchange FTX missed the potential to own billions of dollars worth of SUI tokens after it sold its warrant rights to the native token of the nearly launched layer-1 blockchain too early. Following the much-anticipated launch of the Sui mainnet, the price of the SUI token rose to over $3 before dropping in...Read More
Court documents filed on May 3 reveal FTX is attempting to claw back funds in the form of repaid loans, withdrawn liquidity, and collateral from fellow bankrupt platform Genesis. The total sum at stake amounts adds up to over $3.88 billion across all entities affiliated with Genesis. Accused of Enabling FTX’s Misconduct In the documents...Read More
A handful of influencers famed for their personal finance expertise on YouTube are being chased hard by victims who lost their fortunes in FTX’s collapse. One such is crypto YouTuber Tom Nash – he was served a lawsuit through a tweet after a Florida district court judge granted the Moskowitz Law Firm permission for the...Read More
After a turbulent 2022 owing to macroeconomic headwinds, Solana’s performance improved substantially in the first quarter of the year. Data suggested that its market cap increased by more than 118% QoQ along with the broader market. Furthermore, numerous ecosystem developments fueled fee payer and transaction activity during Q1. Solana’s Performance in Q1 Solana’s network outages...Read More
The US Federal Bureau of Investigation (FBI) reportedly searched the home of Ryan Salame – the former CEO of FTX’s Bahamian subsidiary. The raid comes several months after the gigantic collapse of the once-prominent crypto giant. Numerous agencies, prosecutors, and failed investors have claimed the exchange committed fraud against its customers, calling upon severe punishment...Read More
The Securities Commission of the Bahamas reportedly plans to strengthen the domestic cryptocurrency regulatory framework after the collapse of FTX, which was based in the island nation. One such amendment will be the prohibition of algorithmic stablecoins and privacy tokens. The Bahamas was also where Sam Bankman-Fried (SBF) – the former CEO of FTX –...Read More
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
