FTX

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

FTX exchange’s FTT Token surges by over 22%

November 23, 2023 1 min read

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

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

November 23, 2023 1 min read

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

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

November 22, 2023 1 min read

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

FTX Files Lawsuit Against Bybit Exchange to Retrieve $1 Billion

November 13, 2023 1 min read

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

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

November 10, 2023 1 min read

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

FTX exchange sells $316M in crypto amid recovery efforts

November 9, 2023 1 min read

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

FTX Considers Liquidating $744 Million in Grayscale and Bitwise Holdings

November 6, 2023 2 mins read

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

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

November 1, 2023 1 min read

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