Browsing:FTX

crypto exchange FTX spent a staggering $53K per hour on bankruptcy attorneys
4 months ago 1 min read

Crypto exchange FTX spent $53,000 per hour on bankruptcy attorneys

New pay documentation has unveiled that the now-defunct crypto exchange FTX spent a staggering $53,000 per hour on bankruptcy attorneys and advisors during the three months ending October 31. According to court documents filed between December 5th and 16th, bankruptcy attorneys charged a minimum of $118.1 million from August 1st to October 31st. This amounts to a total of $1.3 million for all 92 days, translating to an astonishing $53,300 an hour. Among the notable expenses, management consulting company Alvarez and Marshall took the lead, accumulating $35.8 million over the specified time frame. Sullivan & Cromwell, an international law firm,

FTX Cryptocurrency Exchange Claims IRS Tax Bill Could Wipe Out Recovery for Victims
4 months ago 1 min read

FTX Crypto Exchange Claims IRS $24 Billion Tax Bill Could Wipe Out Recovery for Victims

The defunct crypto exchange, FTX, is locked in a legal battle with the US Internal Revenue Service (IRS) over a planned $24 billion tax bill. FTX argues that the IRS’s claims lack merit and could potentially jeopardize any meaningful recovery intended for exchange victims. The ongoing dispute stems from the IRS’s attempt to collect past-due taxes from FTX and its sibling company, Alameda Research, dating back to May. Initially, on May 10, the IRS imposed a hefty $44 billion tax bill through 45 distinct claims against FTX and its affiliates. However, the latest developments have reduced this amount to $24

$23.59 million in crypto was transferred from wallets associated with the now-defunct FTX and Alameda Research to major crypto exchanges.
4 months ago 1 min read

Nearly $23.59 million was transferred across 19 different tokens via the FTX-affiliated wallets

Over four days, $23.59 million in crypto was transferred from wallets associated with the now-defunct FTX and Alameda Research to major crypto exchanges. The transactions, which were tracked by blockchain analytics firm Spot On Chain, revealed significant movements from insolvent organizations totaling $591 million in 59 different tokens since October 24. FTX-affiliated wallets distributed nearly $23.59 million in 19 different tokens alone. These assets were distributed to prominent exchanges such as Binance, Coinbase, OKX, and Galaxy Digital OTC, demonstrating an active effort to manage and distribute assets during a volatile market period. A total of $6.07 million in assets was

FTX and its subsidiary Alameda Research transferred a substantial sum of $22 million in digital assets.
5 months ago 1 min read

FTX Exchange and Alameda Research Transfer $22 Million in Digital Assets Post-Bankruptcy

According to blockchain research firm Lookonchain, the defunct crypto exchange FTX and its subsidiary Alameda Research transferred a substantial sum of $22 million in digital assets. Operating in the aftermath of bankruptcy, the restructured teams at FTX and Alameda Research moved quickly to initiate large-scale transfers to major exchanges. The entities have orchestrated remarkable transactions totaling $551 million across 59 different tokens since October 2023. The most recent transaction, which took place on December 1, involved the transfer of $10.8 million and was carried out on well-known platforms like Binance, Coinbase, and Wintermute. With the approval of a court-approved plan

FTX has been hit with an unexpected setback—a massive $24 billion tax bill
5 months ago 2 mins read

FTX Exchange Faces $24 Billion Tax Bill from IRS Amid Ongoing Legal Battles and Bankruptcy Woes

Already dealing with bankruptcy and legal issues, crypto exchange FTX has been hit with an unexpected setback—a massive $24 billion tax bill issued by the Internal Revenue Service (IRS) for the United States. The IRS delivered the massive tax demand to FTX, which is currently navigating the aftermath of bankruptcy and working hard to recover assets to restore customer funds. According to recent filings, the IRS filed initial proofs of claim totaling around $44 billion on April 27 and 28, 2023. The IRS amended some claims on November 2, 2023, lowering amounts for the tax years 2022 and 2023. However,

Bankruptcy Court Greenlights FTX Debtors to Sell Assets
5 months ago 1 min read

FTX Debtors Granted Approval to Liquidate Assets, Including Grayscale Holdings, by Bankruptcy Court

A Delaware bankruptcy court has approved the sale of trust assets worth $744 million, including holdings in Grayscale and Bitwise funds, by FTX Trading and its associated debtors. The decision was made on Wednesday by Judge John Dorsey in response to a motion filed in November seeking permission to liquidate units in six cryptocurrency funds. Grayscale Bitcoin Trust, Grayscale Ethereum Trust, Bitwise 10 Crypto Index Fund, Grayscale Ethereum Classic Trust, Grayscale Litecoin Trust, and Grayscale Digital Large Cap Trust are among these funds. Grayscale’s flagship bitcoin fund (GBTC) holds the majority of these assets, accounting for nearly 22.3 million units

Sam Bankman-Fried of FTX Appeals Detention Order
5 months ago 1 min read

FTX founder Sam Bankman-Fried Denied Bail

The former CEO of FTX, Sam Bankman-Fried (SBF), faces continued detention as the court rejects his recent bail request, compelling him to await sentencing and a potential appeal. In a mandate dated November 21, the Appellate Court upheld the decision to revoke SBF’s bail, referencing earlier findings in September that affirmed witness tampering allegations. The previous appeal in September saw Circuit Judges supporting Judge Kaplan’s ruling that SBF attempted to tamper with witnesses, forming the primary basis for his detention. The recent denial of bail also revolves around persistent concerns about witness tampering, especially in the context of a potential

Amid Whales' Optimism and FTX 2.0 Anticipation
5 months ago 1 min read

FTX exchange’s FTT Token surges by over 22%

FTT, the native token of the now-defunct crypto exchange FTX, has seen a significant price increase, rising more than 22% in the last 24 hours. The extraordinary growth, particularly in the last 10 days, corresponds with significant accumulation by the top ten whale wallets. According to Santiment data, FTT holders are profiting from recent FTX developments, particularly in light of the ongoing Binance saga. The top ten wallets have collectively acquired an impressive $12.8 million in FTT in just 19 days, indicating strong market optimism among influential players. This increase in the price of FTT is attributed to FTX’s strategic

FTX has completed nearly $36 million in token transfers
5 months ago 1 min read

FTX exchange completes nearly $36 million in MATIC and AVAX tokens transfers

Bankrupt cryptocurrency exchange FTX has completed nearly $36 million in token transfers. According to Lookonchain, the transactions involved Polygon (MATIC) and Avalanche (AVAX). Interestingly, these transfers correspond to FTX’s ongoing settlement negotiations with the US Department of Justice (DOJ), which total $4.3 billion. The MATIC transfer was divided into two sections. One portion, worth approximately $7.45 million in MATIC tokens, was sent to Binance via FalconX. Concurrently, another segment containing 12.6 million MATIC tokens worth approximately $9.6 million was transferred to Coinbase. Additionally, FTX transferred approximately $19.25 million in Avalanche tokens (AVAX) to Binance via FalconX. While FTX has been

4.3B Settlement CEO Resignation and 9.87% BNB Price Drop
5 months ago 1 min read

BNB drops by over 9% amidst Binance’s $4.3B settlement and CEO’s resignation

Binance, the world’s leading crypto exchange, is facing legal and financial difficulties in an unexpected turn of events. This turbulent situation has resulted in a significant drop in the value of its native token, BNB. A massive $4.3 billion settlement with the US Department of Justice (DoJ) and a high-profile leadership change, with CEO Changpeng Zhao stepping down, are two key factors contributing to this upheaval. The announcement of a large settlement by the United States Department of Justice has sent shockwaves through the cryptocurrency community. Binance is now being investigated by the authorities, with Zhao admitting to security law

FTX Takes Legal Action Against Bybit in $1 Billion Dispute
5 months ago 1 min read

FTX Files Lawsuit Against Bybit Exchange to Retrieve $1 Billion

FTX, the cryptocurrency exchange that faced financial difficulties and declared bankruptcy in November 2022, is taking legal action to recover almost $1 billion. The exchange’s estate is suing ByBit, a prominent crypto platform, alleging irregularities in token deals and voting. During FTX’s troubled period in November 2022, the exchange’s employees maintained a record of withdrawal requests from VIP customers in a spreadsheet labeled “VIP Request – Prioritize (Settlement).” The lawsuit filed by FTX’s estate claims that FTX’s settlement team gave special priority to substantial withdrawals by Mirana, which is the investment arm of ByBit. These prioritized transfers amounted to over

FTT Token Experiences 72% Rally as SEC Chair Discusses Potential FTX Comeback
5 months ago 1 min read

FTT Token Experiences 72% Rally Following SEC Chair’s Supportive Statement on FTX

FTT, the native token of the bankrupt FTX crypto exchange, experienced a remarkable surge of over 72% in response to comments from SEC Chair Gary Gensler hinting at the potential revival of the exchange, albeit within legal boundaries. Gensler’s statements followed speculation about three potential buyers eyeing FTX, including Bullish, a crypto exchange backed by former NYSE president Tom Farley. While none of the potential buyers have expressed interest in reviving FTT, several companies are actively competing for the opportunity to take control of FTX. The FTT token played a pivotal role in FTX’s downfall in November of the previous

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