Browsing:FTX

Former FTX lawyer Daniel Friedberg
1 year ago 1 min read

Former FTX attorney informed US prosecutors of SBF fund abuse: Reuters

Former top lawyer for collapsed cryptocurrency exchange FTX, Daniel Friedberg, shared information with US prosecutors about the alleged abuse of customer funds by FTX founder Sam Bankman-Fried. Friedberg joined a meeting on 22 November with officials from the Federal Bureau of Investigation, the Department of Justice and the Securities and Exchange Commission at the US Attorney’s office in the Southern District of New York, according to a source close to the matter and confirmed by scheduling emails. Friedberg explained the workings of FTX’s sister trading firm, Alameda Research, to the officials. Bankman-Fried has been charged with fraud and is accused

FTX exchange
1 year ago 1 min read

FTX investigations by US Congress on hold without House Speaker

The ongoing lack of a Speaker for the House of Representatives may lead to indefinite delays in addressing fraud allegations at FTX or passing legislation related to cryptocurrencies. As of January 4, the United States House of Representatives has not yet elected a Speaker for the 118th Congress, leading to a standstill in the House’s process and the possibility of delays in committee hearings. This lack of leadership in the House, which is second in line of presidential succession, has led to the inability to swear in new lawmakers, adopt rules to govern the chamber, and move forward with committee

The U.S. Attorney's Office for the Southern District of New York has created the FTX Task Force
1 year ago 1 min read

US Authorities Form ‘FTX Task Force’ to Track Stolen User Funds

The United States Attorney’s Office for the Southern District of New York (SDNY) has created the FTX Task Force to “trace and recover” missing customer funds following the collapse of the FTX exchange. The task force will also handle investigations and prosecutions related to the exchange’s failure. Sam Bankman-Fried, the founder of FTX, has been charged with wire and securities fraud, conspiracy to commit wire and securities fraud, money laundering, and violating campaign finance laws. The task force will consist of senior prosecutors from the SDNY’s securities and commodities fraud, public corruption, money laundering, and transnational crime enterprise units, as

3AC co-founder
1 year ago 1 min read

3AC co-founder claims DCG and FTX conspired to attack LUNA and stETH

Su Zhu, co-founder of Three Arrows Capital (3AC), has accused Digital Currency Group (DCG) and FTX of conspiring to attack LUNA and stETH and engaging in misdirection. Zhu’s allegations follow the bankruptcy of 3AC and the stETH depeg incident, which saw the Lido-offered token trade below ETH’s price, raising concerns about cascading effects. Three users of cryptocurrency exchange Gemini have also filed a request for class-action arbitration against DCG and Genesis Global Capital in response to Gemini halting its Earn program after Genesis froze withdrawals. In response, DCG founder Barry Silbert denied any missed payments and claimed that DCG had

Bahamas Securities Commission challenges FTX CEO John RAY
1 year ago 1 min read

Bahamas regulator refutes John Ray’s claims about value of seized FTX assets

The Bahamas Securities Commission has criticized FTX CEO John Ray over his remarks on the value of seized FTX assets, stating that such comments could impact the trustworthiness of institutions in the country. The commission said that it must “correct material misstatements” made by Ray and that the assumptions about the value of the seized assets were based on incomplete information. It also took issue with Ray’s claim that the commission had ordered the minting of “a substantial amount of new tokens.” The commission confirmed that it has $3.5 billion worth of FTX’s assets, according to prices on 12 November,

FTX US denied authorization to create new tokens
1 year ago 1 min read

FTX denied request to mint new crypto tokens by Bahamas regulator

The Securities Commission of The Bahamas (SCB) has issued a statement denying claims made by the representative of US-based crypto exchange FTX and its debtors, who had alleged that the SCB had instructed FTX to “mint a substantial amount of new tokens.” The SCB also denied the FTX debtors’ claims that digital assets controlled by the SCB on behalf of FTX customers and creditors had been “stolen,” and expressed concern that the investigation into FTX’s activities had been “impeded.” The SCB called on the FTX debtors to proceed with matters in good faith and in the best interests of FTX’s

Sam Bankman-Fried denied moving fund from FTX wallets
1 year ago 1 min read

Sam Bankman-Fried refutes rumors of transferring funds from Alameda Research

Sam Bankman-Fried, the founder of the now-defunct trading firm Alameda Research and its sister company FTX, has denied any involvement in a series of unidentified transfers and token swaps that originated from wallets associated with Alameda Research. In a tweet, Bankman-Fried stated that he did not have access to the transfers in question. According to court documents, a group of FTX customers outside of the United States have requested anonymity in the insolvency case involving the company, citing the increased risk of fraud and theft in the cryptocurrency market. The 15 creditors, who claim that FTX owes them a combined

In February 2023, FTX Japan will begin to repay its clients' holdings. The process is expected to be conducted via Liquid Japan, a cryptocurrency trading platform that FTX Japan recently acquired. Customers will be able to access their accounts, view balances, and begin withdrawing their funds in mid-January. FTX Japan has expressed remorse for the extended period of service stoppage, during which customers were unable to withdraw their fiat money and crypto assets. The new leadership of FTX, led by John Ray III, has submitted a motion to the Bankruptcy Court of Delaware to approve bidding processes for four of FTX's independent solvent subsidiaries in the United States, Japan, and Europe. When FTX Trading declared bankruptcy, FTX Japan had been operational for only six months, but was storing $94.5 million in crypto assets and $46 million in fiat funds in separate customer accounts.
1 year ago 1 min read

FTX Japan to Repay Customers in February 2022

FTX Japan, the Japanese branch of cryptocurrency exchange FTX, announced in a statement on Thursday that it plans to start repaying client holdings in February 2023. FTX Japan recently acquired the cryptocurrency trading platform Liquid Japan and plans to allow its clients to withdraw their holdings through Liquid Japan. Customers will be able to create Liquid Japan accounts, view their balances, and start making withdrawals in mid-January. FTX Japan expressed regret for the prolonged suspension of services for the withdrawal of fiat cash and crypto assets and said that the cash and cryptocurrency holdings of Japanese clients “should not be

Philippines has warned against using unlicensed cryptocurrency exchanges
1 year ago 1 min read

Philippines SEC Warns Against Unlicensed Crypto Exchanges

The Securities and Exchange Commission (SEC) of the Philippines has warned against using unlicensed cryptocurrency exchanges. In a statement, the SEC recommended that the public avoid interacting with these exchanges, which are believed to be operating in the Philippines but are not registered or regulated. The warning follows the collapse of the crypto exchange FTX, which left hundreds of thousands or even millions of unsecured creditors with little or no recourse. The SEC reminded investors that Philippine law requires companies to register before doing business in the country. The agency also pointed out that unlicensed crypto exchanges “offer different products

Polygon blockchain
1 year ago 1 min read

NFTpay Integrates with Polygon Blockchain

Florida-based company NFTpay has announced support for the Polygon blockchain. NFTpay enables blockchains to accept credit card payments for non-fungible tokens (NFTs). In addition to Polygon, NFTpay already supports Ethereum, Algorand, Binance Smart Chain, Fantom, Avalanche, EOS, Solana and Cronos. The company aims to simplify the process of buying and selling NFTs by allowing sellers to easily add a credit card option to their sales process. NFTpay verifies users securely and handles all legal matters, making the process easy for both buyers and sellers. The company also claims to be able to process thousands of transactions at once, with instant

FTX exchange
1 year ago 1 min read

Investor Demand for Sale of FTX, Celsius, BlockFi, and Voyager Claims Emerges

It seems that some investors who have claims on the crypto platforms FTX exchange, Celsius Network, BlockFi, and Voyager Digital are seeking to sell their claims rather than waiting for a lengthy bankruptcy process. According to data from crypto claims trading start-up Xclaim, almost 10,000 claims have been listed for sale, with a majority coming from creditors in China, Hong Kong, and Taiwan. Some hedge funds and debt investors, including Contrarian Capital Management, Invictus Global Management, and NovaWulf Digital Management, have reportedly purchased some of the claims. Meanwhile, Celsius is reportedly preparing to file a motion to extend the deadline

Bank of England Deputy Governor
1 year ago 1 min read

Investing in Crypto Is Effectively Same as Gambling, Says Bank of England Deputy Governor

Bank of England Deputy Governor Sir Jon Cunliffe has commented on the recent collapse of cryptocurrency exchange FTX, stating that investing in cryptocurrencies such as Bitcoin is effectively gambling and that regulation is needed in the sector. He also expressed skepticism about the potential for decentralised finance (DeFi) to effectively manage financial risks, stating that the resilience and robustness of permissionless blockchain technology has not yet been demonstrated at scale. In addition, Cunliffe added that it is not clear how decentralized platforms would be able to manage risks such as conflicts of interest, transparency, audit and accounting, and that it

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