FTX - Optimisus

Controversy Brews as FTX Fires Employee Who Blew the Whistle on Alameda's Secret Entryway

7 months ago 1 min read

FTX Takes Action Against Executive Who Exposed Alameda’s Hidden Backdoor

Former Chief Risk Officer Julie Schoening, previously employed at LedgerX, an FTX-owned entity, faced termination shortly after raising concerns about the preferential treatment given to FTX’s affiliated trading firm, Alameda Research. This revelation has emerged from sources cited by the Wall Street Journal. In May 2022, Schoening’s team unearthed code that indicated Alameda was enjoying distinct advantages, including the ability to maintain a negative balance of up to $65 billion. A LedgerX employee named Jim Outen shared this discovery, noting, “Just wanted to point out that there are currently a few places in the… code base where Alameda gets special

12 Individuals Hold the Destiny of Sam Bankman-Fried's Fate

7 months ago 1 min read

12 Individuals Hold the Power to Determine Sam Bankman-Fried’s Fate

A diverse group of 12 individuals will play a pivotal role in determining the outcome of the case involving former FTX CEO Sam Bankman-Fried. During the jury selection process, each potential juror had a moment to introduce themselves, sharing details about their backgrounds, ages, occupations, education, relationship status, and whether they have children. Notably, one prospective juror mentioned that his wife had worked for a law firm that had provided services to FTX in the past, although it remains unclear whether he was ultimately selected. Another prospective juror was excused from the selection process after disclosing her affiliation with a

Alameda Transferred $4.1 Billion in FTT Tokens to FTX Prior to Crash

7 months ago 2 mins read

Alameda Transferred $4.1 Billion in FTT Tokens to FTX Prior to Market Crash

Blockchain data analysts from Nansen have revisited the days leading up to the collapse of FTX, including the transfer of $4.1 billion worth of FTT tokens between the exchange and Alameda Research. A Nansen report reveals unique observations from the blockchain analytics firm, highlighting the close relationship between the two companies founded by Sam Bankman-Fried as the former FTX CEO appears in court to face a litany of charges relating to the collapse of the exchange. The collapse of FTX is widely reported to have been sparked by initial reports that flagged the significant 40% share of Alameda’s $14.6 billion

Sam Bankman-Fried FTX exchange is gearing up for a crucial pretrial release hearing before the U.S. appeals court.

7 months ago 2 mins read

FTX Founder Sam Bankman-Fried Appeals for Pre-Trial Release in New York

Sam Bankman-Fried FTX exchange is gearing up for a crucial pretrial release hearing before the U.S. appeals court. This hearing comes as he prepares to face trial on October 3. Bankman-Fried’s initial plea for release was overturned last month after prosecutors argued that he was undermining the credibility of a key witness, Caroline Ellison, a former executive at Alameda Research. The upcoming pretrial release hearing will involve presentations from Bankman-Fried’s legal team and the Manhattan U.S. Attorney’s office. Each side will have five minutes to make their case in front of a three-judge panel at the 2nd U.S. Court of

FTX Readies Itself to Return Online After Security Incident

8 months ago 1 min read

FTX Gets Ready to Resume Operations After Security Breach

Cryptocurrency exchange FTX has been on a journey to mend its relationship with users after a turbulent period last year. However, their efforts faced a setback in August when a cyberattack disrupted their operations, leading to funds being siphoned off by hackers. Now, as they put the security threat behind them, the exchange is gearing up to go back online. On Sunday, September 17, FTX announced the reopening of its Customer Claims portal, featuring upgraded security measures. Previously, the platform faced a security breach involving its bankruptcy claims agent, Kroll, which exposed non-sensitive data. The breach, which occurred on August

FTX Accuses LayerZero of Unauthorized Withdrawals, Initiates Legal Action

8 months ago 2 mins read

FTX Sues LayerZero for Alleged Unauthorized Fund Withdrawals

Cryptocurrency exchange FTX has initiated legal proceedings against LayerZero Labs, a cross-chain protocol, in an attempt to recover $21 million in funds that FTX claims were illicitly withdrawn prior to its closure in November. The dispute revolves around a series of transactions conducted between Alameda Ventures and LayerZero earlier in the year. Alameda Ventures, the venture capital arm of Alameda Research and a sister company to FTX, engaged in transactions with LayerZero from January to May 2022. https://x.com/PrimordialAA/status/1701049609953464433?s=20 These transactions included payments exceeding $70 million to acquire a 4.92% stake in LayerZero. Additionally, Alameda Ventures paid $25 million for 100

8 months ago 2 mins read

Alameda Buys Yacht for Co-CEO Sam Trabucco

The FTX bankruptcy court proceedings have shed light on some previously undisclosed expenses incurred by the exchange’s C-Suite. While some expenditures, like the purchase of Robinhood shares by SBF and Gary Wang, were already public knowledge, a 57-page document unveiled a few surprises. One such revelation was a substantial sum transferred to the American Yacht Group for the benefit of John Samuel Trabucco, just six months before his departure from FTX. According to court documents filed by FTX’s legal team, on March 11, 2022, a staggering $2,513,000 was transferred to the American Yacht Group in the name of John Samuel

SBF Bail Revoked by US Court, Incarceration Looms Before Fraud Tria

9 months ago 1 min read

SBF Bail Rejected, Marking Path to Jail Before Fraud Trial

A recent development in the case of Sam Bankman-Fried (SBF), the founder of the now-bankrupt FTX exchange, has taken the crypto community by surprise. U.S. Federal Judge Lewis Kaplan has made a significant decision to revoke SBF’s bail, leading to his immediate custody. As SBF awaits his impending criminal trial scheduled for October 2, the decision to revoke his bail raises questions and sparks discussions within the cryptocurrency ecosystem. During a recent hearing, Judge Kaplan opted to revoke SBF’s bail, a decision that caught the attention of both crypto enthusiasts and legal experts. As this news emerged, SBF’s legal team

Kraken FX co-founder Jesse Powell raised concerns over the viability of the FTX relaunch

9 months ago 1 min read

Kraken Co-founder Critiques FTX Reboot, Calling It a Step Backward

Days after FTX unveiled a reboot plan, Kraken FX co-founder Jesse Powell raised concerns over the viability of the FTX relaunch, suggesting that it might face challenges worse than starting from scratch. The troubled crypto exchange recently revealed a new strategy to relaunch and settle its debts, but doubts persist about the success of this plan. Powell’s skepticism stems from the existing hurdles that FTX faces. The tarnished reputation of the exchange and the absence of a functioning team, licenses, and banking facilities make its revival a complex endeavor. Rather than pursuing the current relaunch, Powell proposes a different approach

Australia has taken significant action by canceling the license of FTX Australia

10 months ago 2 mins read

Australian Regulator Cancels FTX Australia’s License Amidst Crypto Exchange Turmoil

The Australian financial services regulator, the Australian Securities and Investments Commission (ASIC), has taken significant action by canceling the license of FTX Australia, the local unit of the embattled crypto exchange. This move comes amidst the bankruptcy woes of the crypto platform, creating uncertainty in the Australian crypto market. On 19th July, ASIC issued a press release announcing the cancellation of FTX Australia’s Australian Financial Services (AFS) license. However, the regulator has allowed FTX Australia to continue providing limited financial services until 12th July 2024, specifically to wrap up its client interactions. The entity is also required to work towards

FTX Files $1B Lawsuit to Reclaim Assets from Sam Bankman-Fried and Others

10 months ago 2 mins read

FTX Files Lawsuit Against Sam Bankman-Fried and Ex-Executives Seeking to Recover $1 Billion

FTX has taken legal action against its former CEO, Sam Bankman-Fried, and several other key executives from the now-bankrupt crypto exchange. The lawsuit aims to recover more than $1 billion in allegedly misappropriated funds. The complaint, filed in a United States Bankruptcy Court on July 20, names Caroline Ellison, former Alameda Research CEO, Zixiao “Gary” Wang, FTX co-founder, Nishad Singh, former FTX engineering director, and Bankman-Fried as defendants. The lawsuit claims that the former executives breached their fiduciary duties by continuously misappropriating customer funds. According to FTX, these funds were used to finance luxury condominiums, political and so-called “charitable” contributions,

FTX and Alameda Seek to Recover $71 Million from Philanthropic Arm and Life Science Ventures

10 months ago 1 min read

FTX Aims to Recover $71M from Philanthropy and Life Science Initiatives

Defunct cryptocurrency exchange FTX and its sister firm Alameda are making efforts to retrieve more than $71 million from FTX’s philanthropic arm and life science entities, according to court documents filed recently. This move is part of the bankrupt firm’s ongoing initiatives to recover funds for its customers. FTX’s lawyers allege that the true motive behind these transactions was to generate goodwill, political capital, and influence for Sam Bankman-Fried. They argue that Bankman-Fried pursued these transactions not solely for altruistic purposes but rather to enhance his own image and status. The transactions were made to generate goodwill and political connections,