Browsing:FTX

Kraken crypto exchange has frozen accounts owned by FTX Group, Alameda Research and their executives following their filing for Chapter 11 bankruptcy protection.
2 years ago 1 min read

Kraken crypto exchange freezes accounts owned by FTX Group, Alameda Research and their executives

Kraken crypto exchange has frozen accounts owned by FTX Group, Alameda Research and their executives following their filing for Chapter 11 bankruptcy protection. Kraken exchange tweeted on November 13, saying, “Kraken has spoken with law enforcement regarding a handful of accounts owned by the bankrupt FTX Group, Alameda Research and their executives. Those accounts have been frozen to protect their creditors.” In addition, the company adds that other Kraken clients are not affected. Kraken maintains full reserves. Kraken added that its other clients’ funds are not affected and that it “maintains full reserves.” After FTX and businesses connected to Alameda

CEO of FTX
2 years ago 1 min read

FTX files for bankruptcy after CEO Bankman-Fried resigned

In a notice posted to the FTX official Twitter account this morning, the company announced that Sam Bankman-Fried would step down as CEO of the FTX Group. According to the note, approximately 130 companies affiliated with Bankman-Fried’s FTX Group have also filed for voluntary bankruptcy. FTX has “valuable assets that can only be effectively administered in an organized, joint process,” according to new CEO John J. Ray III, who also noted that the Chapter 11 proceedings do not include LedgerX LLC, FTX Digital Markets Ltd, FTX Australia Pty Ltd., and FTX Express Pay Ltd. FTX is said to have a

Tether USDT freezes FTX assets
2 years ago 1 min read

Tether’s chief technology officer says that there are no plans to save FTX

Despite the CEO reportedly reaching out to multiple firms for assistance, Tether has confirmed that it will not provide a cash injection to FTX. FTX, the cryptocurrency exchange, has lost at least one potential rescuer as it struggles to fill a reported multi-billion dollar hole in its balance sheet. Paolo Ardoino, Tether’s chief technology officer, confirmed on November 10 that the company has “no plans to invest in or lend money to FTX/Alameda.” Ardoino’s comments came after Reuters reported on November 10 that FTX is now facing a $9.4 billion shortfall, with FTX CEO Sam Bankman-Fried reaching out to a

Sam SBF FTX CEO
2 years ago 1 min read

FTX CEO sold FTX stock to employees at a 50% discount in the spring, according to sources

In the spring, FTX exchange CEO Sam Bankman-Fried offered employees a 50% discount on equity in the company. According to a person familiar with the situation, FTX CEO Sam Bankman-Fried sold equity in the company to employees at a 50% discount in the spring. According to the person, approximately 20 people were fired in June across the organization due to poor performance. Separately, Zane Tackett, former head of institutional sales at FTX, appears to have been fired on November 10, according to his tweet. Bloomberg first reported that current FTX employees are scrambling to sell assets, adding to the confusion.

SBF CEO of FTX
2 years ago 1 min read

Employees at FTX US try to sell assets while the CEO is away, says Bloomberg

Employees at FTX’s cryptocurrency exchange business in the United States are attempting to sell company assets, in some cases without CEO Sam Bankman-“participation,” Fried’s according to Bloomberg News, citing two people familiar with the situation. According to the report, assets pitched included the stock clearing platform Embed and the naming rights to a Miami arena. While the embattled crypto CEO has stressed that the American branch of FTX is separate from the global brand and in good financial health, FTX has descended into chaos in recent days following a failed takeover by rival Binance. “This shitshow had no financial impact

SBF FTX.US
2 years ago 1 min read

FTX.US to halt crypto trading within days

Sam Bankman-crypto Fried’s empire, which has a US branch called FTX.US, just revealed that it may soon put a trading freeze in place. Investors looking to close positions and remove their cryptocurrency from the exchange are currently able to do so, according to a new note on the company’s website. FTX.US is intended to be governed by US laws. In addition, it provides a different selection of cryptocurrency assets and trading options than the troubled exchange FTX.com, which is based in the Bahamas. Brett Harrison, the previous leader of FTX.US, resigned in September. According to data from CoinMarketCap, FTX.US was

Ontario Teachers Pension Plan
2 years ago 2 mins read

FTX’s liquidity crisis presents an investment challenge for Canada’s Teacher’s Pension Fund

The FTX crypto exchange received an undisclosed sum from the pension fund as part of a $420 million funding round in October 2022. According to a recent article from The Globe and Mail, OTPP invested in FTX a year ago when the company was worth $25 billion. In October 2022, the pension fund, along with 69 other investors, acquired its first stake in FTX as part of a $420 million funding round. The FTX exchange was not listed among investments worth more than $200 million in the fund’s annual report for 2021, according to OTPP spokesperson Dan Madge, who declined

Genesis Trading
2 years ago 1 min read

Genesis Trading claims that $175 million is locked up in the FTX following the exchange collapse

As it did following the bankruptcy of 3AC, Genesis Trading, the most recent company to declare exposure to FTX, may seek assistance from its parent company. Genesis Trading, the market maker and lending arm of Digital Currency Group, disclosed that its derivatives business has about $175 million in funds stashed away in an FTX trading account in what it describes as an effort to be transparent. The information was released by Genesis in a thread of tweets on November 10; the company made it clear that the locked funds “would not impact our market-making activities.” Additionally, Genesis declared that they

US Senators to advance bill to enhance oversight crypto
2 years ago 1 min read

US Senators are advancing a bill to enhance oversight of cryptocurrencies

The bipartisan authors of a Senate bill that would enhance oversight of cryptocurrencies like bitcoin that are regarded as digital commodities in the US intend to move forward with the legislation. The strongest industry supporter of the legislation, dubbed the Digital Commodities Consumer Protection Act, was embattled FTX CEO Sam Bankman-Fried. The proposed legislation would increase the authority of the Commodity Futures Trading Commission, one of the two U.S. market regulators, over cryptocurrency exchanges and markets. “The recent collapse of a major cryptocurrency exchange reinforces the urgent need for greater federal oversight of this industry,” Senate Agriculture Committee Chair Debbie

SBF Crypto exchange FTX
2 years ago 1 min read

Bahamas securities regulator freezes FTX exchange assets

On Thursday, the assets of the local branch of the troubled cryptocurrency exchange FTX were frozen by a Bahamas securities regulator. According to a formal statement released by the Securities Commission of the Bahamas (BSC) on Thursday, FTX Digital Markets Ltd. (FDM) and associated parties have had their assets frozen and their registration suspended. The Securities Commission of The Bahamas also took the first step toward putting FTX Digital Markets (FDM), a local subsidiary, into what is known as “provisional liquidation,” where assets will be preserved for the time being rather than being distributed to creditors. The commission continued by

FTX CEO SBF
2 years ago 1 min read

Breaking: FTX CEO apologizes over FTX liquidity crisis

FTX CEO Sam Bankman-Fried has apologized in one of his first public statements since the crypto market was inundated with rumors and worries about FTX’s insolvency. SBF acknowledged to investors that he “should have done better” in terms of being transparent about the situation with FTX in a thread on Twitter on November 10. The exchange’s CEO claimed that user withdrawals were causing a “liquidity crunch,” and he asked Binance for financial support. However, the potential partnership later broke down. On November 6, approximately $5 billion was withdrawn from the exchange, according to SBF. FTX International’s assets were worth more

SBF vs CZ binance
2 years ago 1 min read

The Legal and Compliance Team at FTX allegedly resigned

Shortly after Binance announced that it was terminating the acquisition agreement, the legal team reportedly left. Following news that the majority of the company’s legal and compliance personnel have left the exchange, problems for the troubled cryptocurrency exchange FTX have reportedly gotten worse. Recently, FTX, which is in danger of failing, agreed to be acquired by Binance. However, after seeing FTX’s balance sheet, Binance withdrew from the rescue agreement. Semafor claims that on Wednesday (November 9, 2022) anonymous sources informed the publication of the departure, which allegedly took place on Tuesday night. Semafor noted that FTX CEO Sam Bankman-Fried is

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