FTX

FTX disputes the $264 million claim by Jump Trading over SRM tokens

July 12, 2024 1 min read

FTX exchange is contesting a $264 million claim by Jump Trading subsidiary Tai Mo Shan for 800 million Serum (SRM) tokens obtained through a loan agreement with Alameda Research. The collapse of FTX in 2022 led to the decline of Serum, a decentralized exchange that used SRM as its native cryptocurrency. Jump Trading seeks compensation using an options model considering SRM’s market price, volatility, and other financial factors. FTX’s legal

Former FTX exchange executives will be sentenced after pleading guilty

July 10, 2024 1 min read

Two former FTX executives, Nishad Singh and Gary Wang, will be sentenced in New York this fall. Singh, a former Director of Engineering, pleaded guilty to four federal charges in February 2023, testifying that Alameda Research took billions from FTX under Bankman-Fried’s orders. Wang, a former Chief Technology Officer, pleaded guilty to fraud and conspiracy in December 2022, testifying against Bankman-Fried. He revealed he gave Alameda Research special advantages, leading

FTX Founder’s family handles over $100 million in political donations

July 6, 2024 1 min read

Bankman-Fried family is currently embroiled in a $100 million financial scandal, which revolves around the misuse of commercial assets for the purpose of making political contributions. The family, which includes the creator of the now-closed FTX exchange, has been accused of illicitly utilizing FTX clients’ assets to exert influence over the 2022 election. The Wall Street Journal’s emails disclosed that SBF’s father, Joe Bankman, engaged in illicit campaign fundraising endeavors.

FTX crypto exchange and the IRS reach a $885 million settlement

June 5, 2024 2 mins read

The FTX exchange and the Internal Revenue Service (IRS) have negotiated a deal in which the insolvent exchange would make a payment of $885 million, far lower than the original demand of $24 billion made by the IRS. As per the agreement, FTX debtors are obligated to remit $200 million to the IRS within 60 days of approval. The remaining $685 million will be paid dependent on the availability of

FTX exchange investors might drop lawsuit against SBF if he aids case against celebrity endorsers

April 22, 2024 1 min read

FTX exchange investors are willing to drop their case against Sam Bankman-Fried provided he assists in legal proceedings against celebrities who endorsed the exchange. The proposed settlement included Bankman-Fried offering significant evidence against Tom Brady, Shaquille O’Neal, and Gisele Bundchen, who are accused of sponsoring a Ponzi scheme. As per the suggested agreement, Bankman-Fried would provide comprehensive information on FTX’s activities and associated entities, provide relevant investment records, and submit

FTX exchange offloads Solana at big discount, raising $1.9B amid creditor repayment efforts

April 9, 2024 1 min read

FTX exchange divested a substantial percentage of its Solana (SOL) assets following bankruptcy in order to settle debts with creditors, causing apprehension among investors on the potential repercussions on the market. The court-sanctioned auction generated $1.9 billion through the sale of 30 million SOL tokens to prominent investors, such as Galaxy Trading and Pantera Capital. In addition, the tokens that have been sold are restricted from being accessed until January

FTX exchange plans $884M stake sale in AI startup Anthropic to repay creditors

March 26, 2024 1 min read

The insolvent crypto exchange FTX plans to divest a substantial chunk of its stake in the artificial intelligence firm Anthropic for $884 million. This move aims to repay its creditors and enhance its financial well-being. The transaction will include investors such as ATIC Third International Investment Company LLC, Jane Street, Fidelity Management and Research, and HOF Capital. FTX made a $500 million investment in Anthropic in 2021, however Anthropic went

US authorities seek court clearance to sell Sam Bankman-Fried’s private planes

March 22, 2024 1 min read

The US Marshals Service is holding a Bombardier Global tied to FTX exchange, and prosecutors are attempting to transport an Embraer Legacy aircraft to Florida for sales proceedings. The government has proposed an interlocutory sale of the two private aircraft to prevent their devaluation. Furthermore, the Bombardier Global and Embraer Legacy aircraft were argued to be subject to forfeiture due to their ties to Sam Bankman-Fried’s (known as SBF) criminal

DOJ wants 40-50 years prison and $11B fine for FTX’s Sam Bankman-Fried for fraud

March 18, 2024 1 min read

The US Department of Justice (DOJ) has recommended a jail sentence of 40-50 years for Sam Bankman-Fried, the former director of FTX. Additionally, they have suggested imposing penalties and forfeitures amounting to $11 billion. In November, SBF was convicted on seven counts of fraud and conspiracy. The prosecutors contend that his behaviors, which included misleading investors, disseminating forged papers, and financing political campaigns, justify a significant period of incarceration. The

FTX exchange wins court approval to sell AI startup stake, plans full customer payback

February 25, 2024 1 min read

FTX crypto exchange has received court permission to sell its stake in AI firm Anthropic as part of its efforts to repay customers following its financial troubles. In 2021, the FTX exchange and sister firm Alameda invested $500 million in Anthropic, which, by the end of 2023, had a valuation of up to $18 billion. The exchange’s share value is now around $1.4 billion. In February 2024, FTX proposed selling

FTX exchange plans to sell $1B worth Anthropic shares

February 23, 2024 1 min read

FTX, the defunct crypto exchange, has been approved by the Delaware bankruptcy court to sell 7.84% stake in AI startup Anthropic, which is worth around $1.4 billion. According to reports, the sale is expected to add around $1 billion to FTX’s existing $6.4 billion cash. Note that FTX’s former CEO, Sam Bankman-Fried, invested $500 million in Anthropic in April 2022. In addition, the sale is part of a larger scheme

FTX exchange’s secret bank deal to profit from Tether revealed in court

February 20, 2024 1 min read

Bloomberg published the lawsuit on February 17. The lawsuit says that the FTX crypto exchange allegedly profited from Tether (USDT) by using a covert agreement with Deltec Bank. As per Caroline Ellison, the former CEO of Alameda Research, the company could produce USDT on credit and sell it for a profit through an unauthorized line of credit with Deltec without having to pay for it right away. Alameda generated billions