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
A recent report by the Bank of International Settlements (BIS) revealed that the crypto industry lost over $650 billion after two major scandals that rocked the market last year. The report titled “Crypto Shocks and Retail Losses” explained investors’ trading behavior during and after the scandals, their profits and losses, and the effects of the...Read More
Disgraced FTX founder Sam Bankman-Fried (SBF) is under yet another layer of legal pressure after a judge unsealed a superseding 12-count indictment against him on Thursday. The filing adds 4 new charges to an 8-count indictment introduced in December, and includes new details regarding illegal political donations made by SBF. Straw Donor Scheme As the...Read More
Sam Bankman-Fried (SBF), the founder and former CEO of the now-defunct cryptocurrency exchange FTX, is resisting an order to testify at the bankruptcy hearing of crypto broker Voyager Digital. On Tuesday, SBF’s attorneys asked a federal judge to quash the order because it was not served properly, Bloomberg reported Wednesday. SBF Fights Voyager’s Subpoena Recall...Read More
Despite the market turbulence brought about by collapses and scams, Coinshares’ Chief Executive Officer Jean-Marie Mognetti asserted that the group’s “financial health remained solid.” Its earnings did take a severe beating, though. CoinShares released the fourth-quarter report for 2022 in which it recorded £14.5 million in combined revenue, gains, and other income. This was a...Read More
Galois Capital – a cryptocurrency hedge fund based in San Francisco – reportedly shut down as a consequence of the collapse of FTX. The former had half of its assets stuck on the trading venue and will return its remaining funds to investors. One More Going Down As reported by the Financial Times, Galois Capital – a...Read More
Nishad Singh, the former head of engineering at bankrupt crypto exchange FTX, is close to striking a plea deal with federal prosecutors in the ongoing case against the exchange and its execs. According to a Bloomberg report, which cited people familiar with the matter, Singh plans to plead guilty to criminal charges over his role...Read More
The Japanese arm of bankrupt crypto exchange FTX announced that it would resume the withdrawal function for customers. This comes less than a month to when the order for the platform to suspend its business takes effect. According to a press release on Monday (Feb. 20, 2023), FTX Japan stated that customers will be able...Read More
After the FTX Group unceremoniously attempted to claw back the repayment of Alameda’s loan to Voyager, lawyers on the side of the struggling crypto platform have responded with a two-part salvo of legal requests. In the FTX Group’s original filing, the firm claimed that Voyager had failed to do due diligence before loaning money to...Read More
Bankrupt crypto lender BlockFi has filed a motion to dismiss the bankruptcy case for Emergent Fidelity Technologies, the holding firm owned by Sam Bankman-Fried (SBF), founder and former CEO of FTX. In the motion, filed on Thursday in the United States Bankruptcy Court for the District of Delaware, BlockFi argued that Emergent is not eligible...Read More
FTX’s Japanese subsidiary has moved closer to its goal of unlocking its users’ trapped funds. The bankrupt company told clients on Friday that they can now confirm their balances on the platform, as part of a plan to compensate clients by the end of the month. A Step Closer to Compensation Besides viewing their balances,...Read More
Since Sam Bankman-Fried has been allowed to stay at his parent’s home until his trial this October, multiple missteps have occurred. Between a long-winded rant on substack outlining his view of the collapse of FTX and attempts to contact the current CEO of the failed exchange as well as former employees to “help sort things...Read More
Leading venture capital firms such as Sequoia Capital, Thoma Bravo, and Paradigm were reportedly indicted for adding an “air of legitimacy” to the bankrupt cryptocurrency exchange FTX. Sam Bankman-Fried, accused of committing several crimes such as fraud and money laundering, received a subpoena as part of the case against the organizations he found and will...Read More
Ruairi Donnelly, former chief of staff at bankrupt crypto exchange FTX, used insider trading information of FTX tokens (FTT) to enrich his charitable foundation, Polaris Ventures. A majority of Polaris’s wealth came from Donnelly’s initial transfer of FTT after he purchased the token before its public listing, the Wall Street Journal (WSJ) reported Tuesday, citing...Read More
African victims are speaking up about FTX after a variety of promotional schemes lured them into putting their money into the now-defunct industry giant. One such deal was an ambassador program promising 40% commissions to members who invited their friends to join the exchange. Africans Speak Out FTX Africa promoted its ambassador program in early...Read More
According to figures provided by Messari, the decentralized digital platform – Tron – made a revenue of $47.9 million in the last quarter of 2022, a 25% increase compared to Q3. The entity also recorded a surge of average active daily addresses and average daily transactions. Better Results Despite the FTX Collapse In its most...Read More
Cryptocurrency exchanges will supposedly not promote their products and services during Super Bowl LVII this Sunday (February 12). The bear market in 2022 shook the industry to its core, wiping out close to $2 trillion and causing multiple bankruptcies. One of the most active advertisers at last year’s Super Bowl was FTX, whose demise in...Read More
British Virgin Islands-based investment management and cryptocurrency trading firm Statistica Capital has filed a lawsuit against New York-based Signature Bank, alleging that the financial institution facilitated the fraudulent activities of crypto exchange FTX before its collapse. According to a Bloomberg report, the class suit was filed at the US District Court for the Southern District...Read More
John J Ray III has earned $690K for two months as CEO of FTX. This might be a dream for the average person, but he swears this has been his worst nightmare. The new CEO of FTX, John Ray III, recently appeared before the United States Bankruptcy Court for the District of Delaware to share...Read More
After Sam Bankman-Fried donated tens of millions of dollars to politicians throughout the 2022 midterm election cycle, the 30-year-old’s former company is asking for its money back. Recipients of the bankrupt exchange’s contributions are expected to return the funds by February 28, 2023. Political Refund As announced by FTX Group in a press release on...Read More
Blockchain security firm PeckShield has disclosed a series of transfers from three addresses, including one from crypto exchange Bitfinex to Alameda Research’s consolidation wallet. According to Etherscan, the address labeled “Alameda Consolidation” received $13 million worth of crypto assets from three different wallets. The first belongs to the leading crypto exchange Bitfinex. It transferred approximately...Read More
Silvergate, one of many creditors to take huge losses due to FTX going under, was previously forced to lay off 40% of its staff. This hit to its business was compounded by billions of dollars in substantial loans taken out to cover a potential bank run the organization feared might occur after FTX’s collapse. Silvergate...Read More
Mark Wahlberg’s production company – Urealistic Ideas – reportedly partnered with the media outlet – Fortune – to release a documentary revealing the controversial relationship between Sam Bankman-Fried (SBF) and Changpeng Zhao (CZ). The FTX crash caused a clash between the two, who accused each other of the catastrophic event. Making a Movie out of...Read More
The FTX Group of companies undergoing bankruptcy proceedings extended the preliminary bid deadline for its Japan and Europe affiliates as administrators scramble to raise funds to help pay back creditors. According to the Bloomberg report, the court filing said the new deadline has been set for March 8, while the auction date has been moved...Read More
One of the leading bitcoin miners – Argo Blockchain – announced that its CFO and Executive Director Alex Appleton resigned from his position. Several other crypto (or related) executives have abandoned their posts during the prolonged bear market. Such examples are Sam Bankman-Fried of FTX, Alex Mashinsky of Celsius Network, Jesse Powell of Kraken, Michael...Read More
Former FTX CEO Sam Bankman-Fried tried to organize an in-person meeting with its current CEO John Ray weeks after being charged with fraud. According to newly released emails filed by Federal prosecutors on Monday, Bankman-Fried said he wanted to be helpful to the asset recovery process where he could. On December 30, he asked whether...Read More
A cohort of the United States Senate is questioning crypto bank Silvergate about its knowledge of the FTX fraud, after finding responses to prior questioning “evasive” and “incomplete.” The senators suspect that Silvergate may have played a role in illegally transmitting FTX user funds to Alameda Research through the trading firm’s accounts with the bank. ...Read More
UK’s Charity Commission announced inquiring into a charity called – Effective Ventures Foundation over its ties with FTX. According to the official press release, the charity reported its association with FTX as a serious incident because the bankrupt cryptocurrency exchange was its “significant funder.” The non-ministerial department asserted that trustees submitted an RSI and sufficiently...Read More
Judge Lewis Kaplan in Manhattan reportedly ruled that the names of the two individuals who allowed Sam Bankman-Fried (SBF) to stay at his parents’ house under a $250 million bond should be made public. The former CEO of FTX faces several charges, including fraud and money laundering. His trial date is set for October 2,...Read More
