Browsing:FTX

FTT Token Experiences 72% Rally as SEC Chair Discusses Potential FTX Comeback
6 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

FTX exchange has sold a significant amount of crypto assets totaling around $316 million.
6 months ago 1 min read

FTX exchange sells $316M in crypto amid recovery efforts

In an effort to bolster its financial standing, the FTX crypto exchange has sold a significant amount of crypto assets, totaling around $316 million. These sales occurred between November 7th and 8th and involved various cryptocurrencies, including Solana (SOL) and Ethereum (ETH). Solana, in particular, accounted for a substantial portion of the sales, with FTX offloading 4.8 million SOL tokens worth around $187 million. Despite this significant selloff, Solana’s price remained resilient, even exhibiting a 5.22% increase in recent days. The sales were undertaken as part of FTX’s ongoing recovery efforts following a tumultuous period in 2022. The exchange has

FTX Explores Sale of $744 Million in Grayscale and Bitwise Assets
6 months ago 2 mins read

FTX Considers Liquidating $744 Million in Grayscale and Bitwise Holdings

The bankrupt crypto exchange FTX, along with its debtors, has submitted a request to the U.S. bankruptcy court in Delaware. They are seeking approval to sell trust assets that include funds from Grayscale and Bitwise, valued at an estimated $744 million. The sale is proposed to be carried out with the assistance of an investment adviser, as outlined in a court filing made on Friday. According to the filing, the sale or transfer of these trust assets is intended to help prepare the estates for forthcoming distributions in dollars to creditors. It also aims to provide FTX with the flexibility

FTX Leaders Reportedly Advise SBF to Halt Queries
6 months ago 1 min read

Sam Bankman-Fried Claims FTX Executives Advise Him to Cease Questioning

In recent testimony, Sam Bankman-Fried, the founder of FTX, revealed that he had been advised to avoid asking too many questions, a situation that led to a series of financial decisions. When employees raised concerns or pointed out issues, SBF admitted that he did acknowledge them but explained that his busy schedule often distracted him. Posts on the social platform X (formerly Twitter) suggest that FTX employees took the initiative to report problems within the exchange to SBF. However, it appears he may not have given these concerns the attention they deserved. When questioned about whether his team had alerted

FTX and Alameda Research Offload $13.35 Million
6 months ago 2 mins read

FTX and Alameda Research Liquidate $13.35 Million in Assets

Over the past 24 hours, addresses linked to FTX and Alameda Research have collectively transferred $13.35 million worth of assets to the crypto exchange Binance via Wintermute Trading. This move follows their approval in late September 2023 to actively liquidate assets. An on-chain tracker called Lookonchain reported that the last deposits made by FTX and Alameda Research included COMP, the governance token of Compound, and RNDR, the native token of Render, on October 26. This indicates that the two entities are indeed proceeding with their asset liquidation process. The price of COMP has remained relatively stable at current rates, hovering

The ongoing trial of the co-founder of the now-defunct FTX has brought to light some surprising revelations about his knowledge of crypto
6 months ago 1 min read

Sam Bankman-Fried Reveals He Knew Basically Nothing About Crypto

The ongoing trial of Sam Bankman-Fried, the co-founder of the now-defunct FTX crypto exchange, has brought to light some surprising revelations about his knowledge of cryptocurrency. According to reports from The Guardian’s live coverage of the trial, Bankman-Fried admitted to having very little understanding of cryptocurrency before launching FTX and its associated hedge fund, Alameda Research. While on the stand, he confessed, “I had absolutely no idea how they worked. I just knew they were things you could trade.” The trial has also revealed that when Bankman-Fried partnered with co-founder Gary Wang, who is testifying against him, they had no

FTX founder Sam Bankman-Fried testified as anticipated on October 26
6 months ago 1 min read

FTX founder Sam Bankman-Fried (SBF) testifies on October 26 as expected 

FTX founder Sam Bankman-Fried (SBF) testified as anticipated on October 26, shedding light on the likely defense strategy in the ongoing case. During his questioning, his attorneys concentrated on a crucial document that could play a pivotal part in his defense. According to a live post by Inner City Press covering the trial, SBF’s supereminent counsel, Mark Cohen, questioned him about a document retention policy. SBF revealed that this policy had been formulated by the law establishment, Fenwick and West, specifically by Dan Friedman. The defense appears to be leaning on this policy to explain why some of SBF’s correspondence

Sam Bankman-Fried
6 months ago 1 min read

Filing Hints at Sam Bankman-Fried’s Testimony on Legal Role and Good Faith Efforts

Sam Bankman-Fried, the founder of FTX, may testify in his defense to provide insight into various aspects of FTX’s operations, according to court filings. His defense team is seeking permission to ask him about his knowledge of lawyers’ involvement in FTX’s decision-making processes and industry practices, his intentions regarding FTX’s funds as the company faced financial difficulties, and his knowledge of FTX and Alameda’s financials. The defense filing specifically seeks to explore FTX’s use of auto-deletion policies for Signal and Slack messages, the establishment of North Dimension and its associated bank accounts, loans made from FTX and Alameda Research to

BlockFi has successfully emerged from bankruptcy
6 months ago 1 min read

BlockFi Begins Creditor Repayments and Asset Withdrawals

Crypto lending platform BlockFi has successfully emerged from bankruptcy. Effective October 24, BlockFi has initiated the process of repaying some of its creditors, allowing customers to withdraw their assets from their BlockFi Wallets. Furthermore, BlockFi has outlined plans for customers with BlockFi Interest Accounts (BIA) and loans to withdraw their assets in early 2024. This breakthrough enables BlockFi to actively pursue the recovery of assets from entities it believes owe the company money. Notable among these entities are cryptocurrency platforms like Three Arrows Capital, also known as “3AC,” and FTX. BlockFi is now in a position to continue the distribution

FTX Initiates Inquiry into $6.5M Payments to AI Safety Group Amid Recovery Actions
6 months ago 1 min read

FTX Exchange Investigates $6.5 Million Payments to AI Safety Organization Amid Clawback Efforts

Bankrupt crypto exchange FTX is seeking information regarding $6.5 million in payments made to a nonprofit AI safety organization, the Center for AI Safety (CAIS). The payments were reportedly made between May and September 2022, several months before FTX’s collapse and declaration of bankruptcy. In a court filing on October 25, FTX’s legal representatives requested permission from a Delaware Bankruptcy Court judge to issue subpoenas to CAIS. These subpoenas would seek information related to payments, funds, communications, agreements, or contracts between CAIS and FTX, its affiliates, and former executives. FTX’s move to investigate CAIS is likely part of its broader

FTX has announced its plan to return 90% of customer funds
6 months ago 1 min read

FTX crypto exchange announces its plan to return 90% of customer funds

The FTX crypto exchange has announced its plan to return 90% of customer funds. This decision comes as a relief to customers who had funds on the platform. The exchange made the announcement on its official website, stating that it had made progress in addressing its financial situation. Over the past few months, the FTX exchange has been working to resolve issues related to users’ withdrawals and account balances. As a part of its commitment to customer satisfaction, FTX has outlined a plan to return 90% of customer funds over the next few weeks. This move is expected to provide

Alameda CEO Caroline Ellison Says She and SBF Were Trying to Bring Down Binance
7 months ago 1 min read

Alameda CEO Caroline Ellison Says She and SBF Were Trying to Bring Down Binance

The ongoing trial involving Sam Bankman-Fried (SBF), the founder of FTX, has taken another surprising turn as key figure Caroline Ellison, CEO of Alameda Research, provided insights into the inner workings of the company. During SBF testimony, Caroline revealed a task on his to-do list: “Get regulators to bring down Binance.” Caroline also admitted to negotiating $10 billion in debt, raising questions about the source of these funds. The FTX exchange explained that these funds came from its users and customers. This detail led to an argument between Caroline and SBF, with SBF reportedly accusing Caroline of being at fault

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