Browsing:FTX

FTX told creditors that it had lost around $415 million
1 year ago 1 min read

$415 Million in Crypto Funds Stolen After FTX Exchange Goes Bankrupt: FTX.com

On Tuesday, FTX told creditors that it had lost around $415 million worth of cryptocurrencies to hacks since it filed for bankruptcy in November. The exchange claims that $323 million was stolen by an “unauthorized third party” from FTX’s international exchange, and $90 million had been siphoned from FTX US. Another $2 million was hacked out of Alameda Research, the brokerage arm of the Bahamas-based exchange. FTX identified liquid assets worth US$5.5 billion for recovery, including US$1.7 billion in cash, US$3.5 billion in cryptocurrencies, and US$300 million worth of liquid securities. The exchange filed for Chapter 11 bankruptcy in the

The liquidators of Alameda Research
1 year ago 1 min read

Arkham: Alameda Wallet Suffers $11.5M Losses Under Liquidator Management

The liquidators of Alameda Research have reportedly incurred at least $11.5 million in losses since taking control of Alameda’s trading accounts. On January 16, a Twitter thread from Arkham Intelligence reported that one wallet under the control of liquidators has seen a string of “significant losses” due to liquidations, some of which were “preventable losses.” Arkham reported that the account ending in 0x997 initially had a short position of 9,000 Ether ($10.8 million) against the collateral of $20 million in USD Coin and $4 million in Dai, with a net balance of $15.2 million when the liquidators first took control.

Monex Group Interested in Acquiring FTX Japan: Bloomberg
1 year ago 1 min read

Monex Group Among Potential Buyers for FTX Japan: Bloomberg

Monex Group, a Tokyo-based online brokerage company, is interested in joining the bidding for the Japan subsidiary of collapsed cryptocurrency exchange FTX, according to a report by Bloomberg. Monex Group’s CEO, Oki Matsumoto, stated that “Generally speaking, we naturally are interested.” He also noted that it would be a “very good thing” for Monex to reduce the number of crypto exchanges it competes with. The U.S. Bankruptcy Court in Delaware has given FTX permission to sell off assets to pay back creditors, including FTX Japan Holdings. Parties interested in acquiring FTX Japan must submit a non-binding preliminary bid by February

SBF, former CEO of FTX, has denied allegations
1 year ago 1 min read

Founder of FTX Sam Bankman-Fried: I Did Not Steal Money

Sam Bankman-Fried, former CEO of FTX, has denied allegations against him in a recent post on Substack regarding the crypto exchange’s insolvency. In his post, Bankman-Fried claims that FTX US was “fully solvent” at the time of filing for Chapter 11 bankruptcy, with approximately $350 million in cash on hand. He also states that pressure from Sullivan & Crowell and the FTX US general counsel led to the naming of John Ray as CEO, potentially disrupting efforts to make affected users “substantially whole.” Bankman-Fried denies any involvement in the allegations that Alameda, a company under the FTX umbrella, used user

FTX sponsorship with Miami Heat comes to an end
1 year ago 1 min read

FTX loses Miami Heat sponsorship amid regulatory scrutiny

The bankrupt FTX cryptocurrency exchange has lost its sponsorship of the Miami Heat stadium. The news was announced by the Miami Heat organization on Monday, stating that the sponsorship agreement between the two parties had been terminated. The reasons for the termination of the sponsorship agreement were not specified by either party, but it’s speculated that the decision may have been made due to the ongoing regulatory scrutiny of the cryptocurrency industry. FTX has been facing increased regulatory pressure and criticism in recent months, with some governments and financial regulators expressing concerns about the transparency and security of cryptocurrency exchanges

FTX recovers over $5 billion in liquid funds
1 year ago 1 min read

FTX reports recovery of over $5 billion in cash and liquid cryptocurrency

FTX, a troubled crypto exchange, has reportedly “recovered $5 billion in cash and liquid cryptocurrencies.” However, the exchange is still trying to rebuild transaction history, and the total amount of customer shortfall is still unknown. Initially, FTX had $8.8 billion in total liabilities, with sources claiming it had very little in cash and liquid digital assets, creating an estimated $8 billion gap in its balance sheet. Sam Bankman-Fried, the founder of FTX, has pled not guilty to all criminal charges related to the exchange’s collapse. In response, the United States Attorney’s Office for the Southern District of New York has

A former lead engineer at FTX exchange
1 year ago 1 min read

FTX ex-lead engineer cooperating with federal prosecutors in Bankman-Fried probe

Nishad Singh, a former lead engineer at crypto exchange FTX, has been in discussions with federal prosecutors in the Southern District of New York in regards to the case against FTX and its founder, Sam Bankman-Fried. According to a report released on Jan. 10 by Bloomberg, Singh met with the prosecutors to assess if he could give them any useful information about the charges of campaign finance law violations. With his own political donations, Singh could provide an insight into FTX’s political donations and may strike a plea deal if his information is useful. Gary Wang and Caroline Ellison, other

Court documents exposed that FTX spent around $40 million
1 year ago 1 min read

FTX spent millions on food, flights, and hotels in short period, court papers reveal

Court documents exposed that FTX Digital Markets spent a whopping $40 million from January to September 2023 before being declared bankrupt due to a lack of liquidity. Over $15 million was used for luxurious accommodations, with $5.8 million going to the Albany Hotel where its CEO Sam Bankman-Fried had a $30 million penthouse. About $7 million was utilized for meals and entertainment, with half of it being allocated to catering services. Flights cost FTX almost $4 million, and more than $500,000 was consumed by postage and delivery. The company also made a private agreement with an airline to ship their

The former president of FTX US
1 year ago 1 min read

Former FTX US President Harrison promises to disclose information about exchange

Brett Harrison, the former president of FTX US, has stated that he plans to share information about the operations of the crypto exchange. In a Twitter post, Harrison replied to a question about what he knew about FTX US and when, stating simply, “I’ll share in time.” Harrison resigned from his position as president of FTX US in September of last year, prior to the crisis that led to the exchange’s collapse. Prior to joining FTX US in May 2021, Harrison was an executive at Citadel Securities, where he worked in high-speed trading. The former CEO of FTX’s sister trading

The U.S. authorities investigating FTX former executive disappearance
1 year ago 1 min read

US authorities investigate disappearance of former FTX executive

The United States Commodities and Futures Trading Commission (CFTC), Securities and Exchanges Commission (SEC), and the Southern District of New York (SDNY) are investigating the disappearance of Nishad Singh, a former executive at the now-bankrupt crypto exchange FTX. Singh served as the Director of Engineering at FTX before the platform declared bankruptcy and has been missing since. The authorities are reportedly looking into Singh’s role in FTX’s collapse and his receipt of over $500 million in loans from Alameda. Singh also held a 7.8% stake in the exchange and donated nearly $8 million to Democrats during the 2022 election cycle.

Sam Bankman-Fried Alameda Research
1 year ago 1 min read

Sam Bankman-Fried’s Alameda Empire faced challenges before downfall

A report from the Wall Street Journal suggests that financial crypto firm Alameda Research, owned by Sam Bankman-Fried, experienced problems years before the collapse of the FTX exchange. Alameda allegedly made significant profits through arbitrage in Japan, but saw these profits decline as the price gap closed in 2018. The firm’s trading algorithm also reportedly made incorrect predictions on price moves, leading to losses. Alameda also reportedly lost two-thirds of its assets, worth a total of $30 million, in the spring of 2018. However, the company saw profits of $1 billion in 2021 as crypto prices reached all-time highs. In

56 million shares of Robinhood, worth around $465 million owned by SBF
1 year ago 1 min read

US Government to Confiscate $465M in Robinhood Shares Tied to SBF

The US government is reportedly in the process of seizing or has already seized 56 million shares of Robinhood, worth around $465 million, owned by Sam Bankman-Fried, the former CEO of FTX. The seizure is part of the legal case against Bankman-Fried, who faces charges including wire fraud and money laundering. Bankman-Fried purchased a 7.6% stake in Robinhood in May 2021, with 90% of the 56 million shares being owned by him and the remaining 10% by FTX co-founder Zixiao (Gary) Wang. The shares were later used as collateral for a loan from cryptocurrency lender BlockFi and became the subject

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