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Temasek Holdings has cut compensation for the team that recommended investing in the now-bankrupt FTX crypto exchange.

46 mins ago 1 min read

Temasek Cuts Pay After $275 Million Loss on FTX Investment

Singapore state investor Temasek Holdings has cut compensation for the team that recommended investing in the now-bankrupt FTX cryptocurrency exchange. The move comes after Temasek conducted an internal review of its investment in FTX, which resulted in a writedown of $275 million. FTX, once valued at $32 billion, filed for bankruptcy protection in the United States in November. Other investors, including SoftBank and Sequoia Capital, declared their investment zero following the bankruptcy filing. Temasek’s Chairman, Lim Boon Heng, expressed disappointment over the investment outcome and its negative impact on Temasek’s reputation. “Although there was no misconduct by the investment team

The latest court filings in the bankruptcy case of FTX exchange suggest that the company is working on a plan to reboot its operations.

6 days ago 2 mins read

FTX Token (FTT) Price Surges 12% on Rumors of Platform Restart

The latest court filings in the bankruptcy case of FTX suggest that the company is working on a plan to reboot its operations. The filings show that new CEO John J. Ray III has been working on a “2.0 reboot of exchange material for distribution” to investors. Ray first floated the idea of restarting FTX in January of this year. “Everything is on the table,” he said at the time. “If there is a path forward on that, then we will not only explore that, we’ll do it.” At the time, there were reports that the failed exchange had uncovered

Lawyers for FTX have filed a lawsuit against Sam Bankman-Fried

2 weeks ago 1 min read

FTX Lawyers Sue Bankman-Fried Over ‘Worthless’ Fintech Acqusition

Lawyers for FTX have filed a lawsuit against Sam Bankman-Fried, alleging that he used fraudulent funds to acquire a fintech company called Embed. The lawsuit seeks to recover $250 million that FTX paid for Embed. The lawsuit alleges that Bankman-Fried and Alameda Research, his investment firm, knew that Embed was insolvent when they acquired it. The lawsuit also alleges that Bankman-Fried and Alameda used fraudulent funds from FTX customers to finance the acquisition. The lawsuit is a major blow to Bankman-Fried and Alameda Research. It is also a major setback for the crypto industry, as it raises questions about the

FTX founder Sam Bankman-Fried has requested that a judge drop the charges against him

3 weeks ago 1 min read

Sam Bankman-Fried Asks for Charges to be Dropped in Market Manipulation Case

FTX founder and former CEO, Sam Bankman-Fried, has requested that a judge drop the charges against him, claiming that they are a “rush to judgment” by prosecutors. Bankman-Fried’s lawyers filed a document with a federal court in Manhattan, stating that the charges against him were initially a civil issue that was turned into a criminal one because of haste. The lawyers claim that traditional civil and regulatory processes should have been allowed to run their course. Bankman-Fried faces a total of 12 charges, including fraud, the bribing of Chinese officials, and making illegal political donations. If convicted, he could face

Voyager Digital Forced to Cease Operations Due to Failed FTX and Binance.US Acquisitions

3 weeks ago 2 mins read

Voyager Digital to Close its Doors After FTX and Binance.US Acquisitions Fail

Crypto lender Voyager Digital has announced its decision to self-liquidate its assets and close its operations after acquisition deals with FTX and Binance.US fell apart. Voyager customers will receive a recovery rate of 36% of their cryptocurrency holdings, much lower than the expected rate of 72-73% if the acquisition deals had gone through. The rate may increase if Alameda Research is unsuccessful in its bid to recover $446 million from Voyager’s estate. Voyager’s lawyers are withholding further funds, including $259.6 million for litigation costs, administrative claims, and other holdbacks. Voyager customers who have any of the 67 supported tokens on

Mainstream Media Renews Call for Disclosure of Non-US FTX User Identities

4 weeks ago 1 min read

Mainstream Media Intensifies Call for Non-US FTX User Identities to be Disclosed

Four major U.S. media outlets, including Bloomberg, Dow Jones, The New York Times, and the Financial Times, have renewed their efforts to obtain the identities of non-U.S. customers of crypto exchange FTX. The media firms filed a new objection to the motion to seal their identities on May 3, citing the lack of legal basis to redact the names according to non-U.S. data privacy laws. The media outlets argue that section 105 of the Bankruptcy Code, which grants the bankruptcy court judicial power, does not permit foreign law to override the right of access to information under U.S. constitutional and

FTX Takes Legal Action to Retrieve $4 Billion in Crypto from Bankrupt Lender Genesis

4 weeks ago 1 min read

FTX Seeks to Recover $4 Billion from Genesis in Clawback Claims

Bankrupt cryptocurrency exchange FTX has filed a lawsuit seeking to recover nearly $4 billion from Genesis Global Capital, a crypto lender that filed for Chapter 11 bankruptcy earlier this year. According to the court filing, FTX claims that it was able to withdraw its assets from the exchange before other creditors before the two firms filed for bankruptcy. The filing alleges that Genesis was one of the main feeder funds to FTX and instrumental to its fraudulent business model. It also claims that the lender lent billions of dollars to Alameda Research, which was largely repaid by the time the

Bankrupt FTX firm charged $103M in Q1 by advisors, according to reports

4 weeks ago 1 min read

FTX advisors charge bankrupt crypto exchange $103M in Q1, raising eyebrows

FTX advisors are set to earn $103 million in Q1 as they guide the cryptocurrency exchange through its bankruptcy proceedings. In March alone, five firms billed FTX a total of $36.4 million, slightly higher than the previous months. New York-based law firm Sullivan & Cromwell received the highest paycheck, billing $14.1 million in fees and expenses for March and a total of $44.4 million for Q1. Alvarez & Marsal, FTX’s restructuring advisor, invoiced over $13.8 million in March, while Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb billed FTX $3.19 million and $644,000 respectively. AlixPartners, which analyzed FTX’s

The lawsuit filed by The Moskowitz Law Firm alleged that Nash and nine other influencers promoted FTX

4 weeks ago 1 min read

FTX lawsuit against crypto influencer served via Twitter

Influencer Tom Nash has been served a class-action lawsuit through a tweet after a US court allowed the action since lawyers claimed they could not serve him through other means. The lawsuit filed by The Moskowitz Law Firm alleged that Nash and nine other influencers promoted FTX, which later went bankrupt, without disclosing their compensation. According to a May 2 order from a Florida District Court Judge, Nash was served the notice through Twitter since he is believed to reside in Georgia, and previous emails sent by the law firm did not bounce back. The legal notice URL was shared

The US SEC Chair Gary Gensler faces a congressional subpoena threat if the regulator fails to provide info related to Sam Bankman-Fried

1 month ago 2 mins read

Gensler faces backlash from Republicans for lack of Bankman-Fried transparency

The Securities and Exchange Commission (SEC) Chair Gary Gensler faces a congressional subpoena threat from House Republicans if the regulator fails to provide information related to the charges brought against Sam Bankman-Fried, the failed crypto mogul. The Republicans are demanding the staff memo recommending charges for Bankman-Fried, as well as other information related to the charges filed by the agency against him. The congressional probe centers around the timing of Bankman-Fried’s arrest, which occurred the night before he was to testify before the House committee alongside caretaker FTX CEO John Ray III in December. House Financial Services Committee Chair Patrick

FTX eyes Q2 relaunch after successful asset recovery efforts

2 months ago 1 min read

FTX plans to relaunch in Q2 after resolving asset recovery issues

FTX, the embattled cryptocurrency exchange, announced on Wednesday during a Bankruptcy court hearing that it has made significant progress in asset recovery. The exchange reported it had recovered a total of $7.3 billion in cash and cryptocurrency assets, which is an increase of $800 million since January. The latest recovery update is seen as a significant turn of events, especially for FTX’s customers, who have been eagerly waiting to access their funds for almost half a year now. The company’s attorney also indicated during the hearing that FTX is considering a relaunch in Q2 2023, which could offer some reprieve

Ren Protocol has announced that it will be moving all of its crypto assets to FTX debtors' wallets

2 months ago 1 min read

Ren Protocol to Transfer Crypto Assets to FTX Debtors’ Wallets in Shutdown Contingency Plan

Cross-chain bridge platform Ren Protocol has announced that it will be moving all of its crypto assets to FTX debtors’ wallets. This move was authorized and directed by FTX, Alameda Research, and other affiliates who acquired Ren Protocol in 2022. The decision to transfer assets to FTX debtors’ wallets was made to ensure that debtors can safeguard their assets in the event of a potential shutdown of Ren Protocol’s systems and infrastructure. Ren Protocol will also transfer the assets to a segregated wallet specific to its assets to separate the funds from other debtor wallets. Ren Protocol joined forces with