Browsing:FTX

Security commission of Bahamas
1 year ago 2 mins read

The transfer of FTX’s digital assets was mandated by the Bahamas’ securities regulator

The Bahamian Securities Regulator has clarified that on November 12, it instructed FTX to transfer its digital assets to a wallet that belonged to the commission. The Securities Commission of The Bahamas (SCB) announced that on November 12 it had mandated the transfer of all digital assets of FTX Digital Markets (FDM) to a digital wallet it owns. The SCB claimed in a statement dated November 17 that it had moved the assets to a “digital wallet controlled by the Commission, for safekeeping,” in accordance with the authority of a Supreme Court order. SCB defended its decision from last week,

Genesis Trading
1 year ago 1 min read

Genesis cites a liquidity crunch due to illiquid assets from FTX collapse

Genesis, a troubled cryptocurrency lender, reportedly wanted a bailout before it stopped allowing withdrawals this week. One of the most recent casualties of the FTX collapse and the crypto contagion is Genesis Global Capital. According to reports, the lending platform stopped allowing withdrawals on November 16. The WSJ reported on November 18 that the business had requested a $1 billion loan prior to the trade suspension. A “confidential fundraising document” that the outlet had access to was used as evidence. Genesis requested a loan on November 17, and cited a “liquidity crunch due to certain illiquid assets on its balance

Kevin O'Leary, Shaquille O'Neal, Udonis Haslem, David Ortiz, Naomi Osaka, and other celebrities are facing lawsuits for endorsing FTX.
1 year ago 1 min read

Shaquille O’Neal, Tom Brady and Larry David are facing a class action lawsuit for endorsing FTX

Investors in the defunct crypto exchange FTX have brought a class action lawsuit against the platform’s founder and former CEO SBF, as well as a number of famous people who promoted it. FTX yield-bearing digital currency accounts were sold by Sam Bankman-Fried, NFL quarterback Tom Brady, and comedian Larry David, according to a class action lawsuit filed on Tuesday night in Miami. It also names Sam Bankman-Fried as a defendant. According to the lawsuit, the defendants made “misrepresentations and omissions” intended to “induce confidence and to drive consumers to invest in what was ultimately a Ponzi scheme.” The suit also

Solana FTX saga
1 year ago 2 mins read

Solana’s close ties to FTX result in structural and financial harm

The effects of FTX’s collapse are being felt throughout the entire cryptocurrency sector, with companies that were allegedly saved by the exchange now being dragged under alongside their former “savior,” Sam Bankman-Fried. While centralized organizations like lending platforms and custodial exchanges have been hit particularly hard, the state of the entire blockchain ecosystem also appears to be dire given its connections to FTX and Alameda. The price of SOL has decreased by over 50% since it became apparent that FTX and Alameda were having difficulties, and it has been there for the past few days. Other network tokens like ETH,

FTX exchange Australia
1 year ago 1 min read

Australian regulator cancels the license of FTX Australia following the exchange going out of business

Following the exchange’s most recent mishap, the Australian Securities & Investments Commission (ASIC) suspended the FTX Australia license until May 15, 2023. About 30,000 Australian consumers have been impacted by the crash and are looking into ways to get their money back. FTX’s Australian subsidiary will be able to offer restricted services to local clients until December 19, 2022, despite the license’s expiration. In addition, FTX was notified by the ASIC that it was authorized to provide general advice relating to derivatives and foreign exchange contracts to retail and wholesale clients. However, the collapse of FTX reversed the trends, forcing

FTX SBF bankruptcy
1 year ago 2 mins read

Sam Bankman-Fried expresses regret over declaring bankruptcy

Sam Bankman-Fried, the former CEO of FTX, has expressed sincere regret over last week’s Chapter 11 bankruptcy filing, calling it his “biggest single fuckup.” A wide range of questions were reportedly addressed by Bankman-Fried in a lengthy interview with VOX that was published on November 16. These included inquiries about the November 11 Chapter 11 bankruptcy filing, his opinions on regulators and ethics, how FTX and Alameda “gambled with customer money,” and the FTX hack. According to screenshots of a conversation between Sam Bankman-Fried and VOX reporter Kelsey Piper on Twitter, the former CEO of FTX claimed that while he

Web3 Platform Angelo Prepares to Reimagine Physical Art Collection
1 year ago 2 mins read

Web3 Platform Angelo Prepares to Reimagine Physical Art Collection

London, United Kingdom, 16th November, 2022, Chainwire Angelo, an investment platform tying physical fine art to NFTs, has announced its launch. The web3 platform aims to add a more tactile component to the abstract concept of NFT ownership. The public will be able to experience Angelo for the first time when the platform soft launches with an art trading competition in December. This will provide the first hands-on access to the marketplace ahead of the official public full release in early 2023. Angelo enables its members to invest fractionally in physical fine art via NFTs. The platform is targeted at

Temasek FTX investment
1 year ago 1 min read

Temasek International writes off FTX worth $275M

Temasek International, the state investment fund of Singapore, said in a public statement on Thursday that it is writing off US$275 million that it had invested in the defunct crypto exchange FTX before it shut down. According to a statement, Temasek said, “In view of FTX’s financial position, we have decided to write down our full investment in FTX, irrespective of the outcome of FTX’s bankruptcy protection filing.” Temasek invested US$210 million in FTX and US$65 million in FTX US, its independently operated U.S. entity, over the course of two funding rounds from October 2021 to January 2022, totaling US$275

SALT Lending
1 year ago 1 min read

Crypto lending platform SALT suspends withdrawals due to FTX effect

According to a company email sent to customers, the cryptocurrency lending platform Salt has paused withdrawals and deposits due to FTX effect. In a message attributed to CEO Shawn Owen, the company stated that “the collapse of FTX has impacted our business.” The full extent of the exposure, however, was not disclosed in the message. SALT CEO stated, “Launched in the first few months of 2018, SALT Lending is a service that facilitates loans secured by cryptocurrency. To put it another way, consumers may get a loan without having to liquidate their cryptocurrency.” In September 2020, the Securities and Exchange

CZ Binance talks FTX crisis
1 year ago 1 min read

Binance is moving forward with the submission of FTX evidence to UK courts

Wu Blockchain tweeted about Binance’s declaration to submit evidence to UK lawmakers regarding its deal with FTX and decision to sell FTT. Blockchain tweeted that Binance’s announcement to submit the details would serve as “a witness in the group’s crypto asset inquiry,” citing Bloomberg news. When it was discovered that Alameda Research had some large FTT holdings that appeared suspicious, investors began withdrawing their assets in large numbers in order to avoid losing them. Soon after, Binance CEO Changpeng Zhao or CZ announced the company’s decision to sell the remaining FTT tokens in light of the recent revelations. As a

FTX token (FTT)
1 year ago 1 min read

FTX token (FTT) records over $100 million in inflows in just 24 hours despite bankruptcy

Although the FTX crypto exchange crisis has had a significant impact on the market as a whole, the native token of the trading platform is currently experiencing a brief rally with no clear catalyst. The gains for the token come as various participants in the cryptocurrency industry questioned a change in the FTT tokenomics. According to CoinMarketCap data, the FTT’s market capitalization reached $588.57 million after adding about $109.26 million in just 24 hours due to sustained buying pressure on the token. At the time of publication, the FTT token was up about 25% over the previous day and was

FTX owned crypto exchange Liquid Global
1 year ago 1 min read

Liquid Global, a crypto exchange owned by FTX, suspends all withdrawals

Sam Bankman-Fried’s FTX exchange purchased Liquid Group, which is a Japanese crypto trading platform, in February 2022. On November 15, Liquid Exchange is halting all withdrawals, including fiat currency and cryptocurrency, as a result of FTX Trading International. The ultimate beneficial owner of Liquid exchange stated that the filing of a voluntary Chapter 11 proceeding in the United States is one of the reasons for the suspension. The latest actions are “not a security related halt,” the exchange emphasized, adding that it will provide more details later. Additionally, the company advised users to hold off on making any deposits in

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