FTX

FTX’s FTT token falls by over 40% as the exchange relaunch denied

February 1, 2024 1 min read

FTX exchange of Sam Bankman-Fried has pledged to fully reimburse customers and creditors affected by its current bankruptcy proceedings. The company assured the overseeing judge that affected individuals, if they could prove their losses, would receive their entire investment. However, the promise of complete asset recovery is not without caveats. The reimbursement values are linked to the official declaration of bankruptcy by FTX, which occurred during a period of turbulent

FTX Exchange Struggles to Settle Debts, Raises $4.4 Billion Amid Uncertainty

January 29, 2024 1 min read

The embattled crypto exchange FTX is facing challenges as it attempts to repay customers following a significant downturn. To raise funds for this purpose, FTX has sold off its crypto holdings. In the turbulent events of 2022, FTX’s collapse had a profound impact on the crypto market, resulting in significant debts owed to customers. In the aftermath, FTX has been diligently investigating ways to keep its promises to users. In

SBF’s Parents Request Dismissal of their Lawsuit, Denying Involvement in any Fraud or Bad Management

January 17, 2024 1 min read

The parents of former FTX CEO Sam Bankman-Fried (SBF) have categorically denied any involvement in fraud or mismanagement within the FTX organization. The lawsuit, filed in September 2023, accused SBF of misusing funds and directing donations for personal gain, prompting a strong defense from his parents. SBF’s parents, represented by a lawyer, emphasized their lack of executive positions at FTX and Alameda Research, the two companies at the center of

Former FTX CEO Sam Bankman-Fried Denied Sentencing Delay and Faces Up to 110 Years in Prison

December 21, 2023 1 min read

Judge Lewis Kaplan denied former FTX CEO Sam Bankman-Fried a sentencing delay on Wednesday, adding to the legal saga surrounding him. Bankman-Fried’s legal team had asked for more time to prepare for his sentencing and possibly another trial. However, his request for an extension was denied, paving the way for his sentencing on March 28. The ex-CEO faces a sentence of up to 110 years in prison. The defense team

FTX exchange is nearing the end of its bankruptcy proceedings

December 18, 2023 1 min read

The embattled crypto exchange, FTX Trading Ltd., is nearing the end of its bankruptcy proceedings and has proposed a plan to repay billions to customers and creditors. This is the conclusion of a complicated case stemming from a major fraud scandal involving FTX’s former CEO. To settle outstanding debts, the proposed plan calls for a comprehensive restructuring of the company’s assets and finances. Stakeholders are eager to learn about the

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

December 18, 2023 1 min read

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

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

December 12, 2023 1 min read

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

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

December 10, 2023 1 min read

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

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

December 4, 2023 1 min read

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

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

December 2, 2023 2 mins read

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

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

November 30, 2023 1 min read

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,

FTX founder Sam Bankman-Fried Denied Bail

November 25, 2023 1 min read

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