Browsing:FTX

FTX Collapse Results in $30 Million Loss for Tom Brady's Investment
10 months ago 1 min read

Tom Brady Allegedly Loses $30 Million Investment in FTX Exchange Collapse

The collapse of FTX, a cryptocurrency exchange, has had a devastating impact on Tom Brady and Gisele Bündchen, who were major investors in the company. Brady and Bündchen reportedly lost millions of dollars due to the collapse, as they had invested a significant portion of their wealth in FTX stock. The couple’s involvement with FTX began in 2021 when they signed a lucrative endorsement deal with the company. As part of the deal, Brady and Bündchen appeared in a series of commercials for FTX and promoted the company on social media. They also received a large sum of FTX stock

FTT Token Experiences Explosive 70% Growth in a Week Amidst FTX Relaunch Speculation
10 months ago 1 min read

FTT Token Surges 70% in a Week Amidst Speculation of FTX Relaunch

The native token of the collapsed FTX exchange, FTT, has seen a significant surge in price in recent days, as speculation and rumors surrounding the exchange’s potential relaunch intensify. Over the past week, FTT has gained 71.2%, trading at $1.69 at the time of writing. The token’s market cap has also witnessed substantial growth, increasing by around $233 million to reach $556.9 million. While FTT’s year-to-date rally stands at nearly 110%, the majority of these gains were achieved within the past week. Recent reports from The Wall Street Journal suggest that the likelihood of FTX’s relaunch is higher than expected.

Bankrupt cryptocurrency brokerage Voyager Digital is obligated to pay $1.1 million in legal fees to Kirkland & Ellis
10 months ago 1 min read

Voyager Ordered to Pay $1.1M in Legal Fees Stemming from April Legal Proceedings

Bankrupt cryptocurrency brokerage Voyager Digital is obligated to pay $1.1 million in legal fees to Kirkland & Ellis, its legal advisor, for their involvement in the company’s bankruptcy proceedings in April. The documents reveal that Kirkland & Ellis implemented a blended hourly billing rate for various services, with the cumulative fees surpassing $1.4 million. Notably, certain high-ranking members of the law firm charged hourly rates exceeding $2,000 for their professional services. Kirkland & Ellis: Leading Law Firm Representing Cryptocurrency Companies Kirkland & Ellis is a prominent law firm known for representing multiple cryptocurrency companies in bankruptcy proceedings. Their clientele includes

FTX Accuses Former Exec of Utilizing 'Hush Money' to Silence Whistleblowers
10 months ago 1 min read

FTX Accuses Former Executive of Using ‘Hush Money’ to Silence Whistleblowers

Cryptocurrency exchange FTX has taken legal action against its former regulatory and compliance executive, Daniel Friedberg, alleging that he orchestrated a series of payments to prevent employees from exposing the exchange’s issues. In a 40-page lawsuit filed on June 27, FTX accuses Friedberg of making “hush money” payments to potential whistleblowers, along with other fraudulent activities. The exchange seeks to recover substantial sums of money and equity granted to Friedberg during his tenure. These allegations have sent shockwaves through the crypto industry, shedding light on the alleged close ties between FTX and Alameda Research. Key Points:

FTX Puts $500M Stake Sale of AI Firm Anthropic on Hold, Reports Suggest
10 months ago 1 min read

FTX Reportedly Suspends $500M Sale of Stake in AI Company Anthropic

The sale of FTX’s $500 million stake in artificial intelligence startup Anthropic has hit a roadblock, as the advisory investment bank Parella Weinberg Partners has reportedly put the sale on hold. This development poses a potential delay in FTX’s efforts to address the $2 billion deficit remaining in its balance sheet following its bankruptcy. Multiple parties had shown interest in purchasing FTX’s stake in Anthropic, making it a significant opportunity for monetary recovery. At the time of FTX’s bankruptcy in November, it held $500 million worth of Anthropic stock. However, with the current AI boom, the value of this stake

A federal judge has denied pretrial motions to dismiss criminal charges against FTX founder Sam Bankman-Fried
10 months ago 1 min read

FTX Founder Sam Bankman-Fried Denied Motions to Dismiss Criminal Charges by Judge

A federal judge has denied pretrial motions to dismiss criminal charges against FTX founder Sam Bankman-Fried, paving the way for his trial to go forward. Bankman-Fried is facing a range of charges, including wire fraud, bank fraud, operating an unlicensed money transmitter, bribery, and campaign finance violations. He had filed seven pretrial motions seeking the dismissal of the majority of these charges, but Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York denied the final three motions on Tuesday. In a detailed 41-page memorandum, Judge Kaplan outlined his reasoning for rejecting the remaining pretrial

FTX Bankruptcy Team Reveals $8.7B in Customer Debt Owed by the Exchange
10 months ago 2 mins read

FTX Bankruptcy Team Reveals $8.7 Billion Debt Owed to Customers

In a shocking turn of events, a recent report from the FTX team conducting a thorough investigation into the failed exchange has revealed that the company owes its customers a staggering $8.7 billion. The report exposes the commingling and misappropriation of customer deposits, with approximately $6.4 billion in fiat currency and stablecoin being misused. Despite the dire circumstances, there is some hope, as $7 billion in liquid assets have been recovered so far, with the potential for further recoveries anticipated. According to the report filed on Monday, it becomes evident that the FTX Group, which once portrayed itself as a

Cryptocurrency exchange FTX has filed a lawsuit against several investment firms it was previously associated with before its collapse.
10 months ago 2 mins read

FTX Files Lawsuit Seeking $700 Million from Former Investment Firms and Associates

Cryptocurrency exchange FTX has filed a lawsuit against several investment firms it was previously associated with before its collapse. The lawsuit, filed in the United States Bankruptcy Court for the District of Delaware, includes 16 counts and aims to recover over $700 million from the defendants. The defendants named in the lawsuit filing are K5 Global, an incubator and investment company, as well as Mount Olympus Capital, SGN Albany Capital, and affiliated entities. Additionally, Michael Kives and Bryan Baum, co-owners of K5 Global, are also named as defendants. The lawsuit alleges that FTX-affiliated crypto trading firm Alameda Research allegedly transferred

FTX is facing mounting legal and advisory expenses as it navigates its bankruptcy proceedings.
11 months ago 2 mins read

FTX’s Bankruptcy Expenses Surge: Legal and Advisory Fees Reach $121.8 Million

The defunct cryptocurrency exchange FTX is facing mounting legal and advisory expenses as it navigates its bankruptcy proceedings. Recent data reveals that between February 1 and April 30, FTX incurred a staggering $121.8 million in advisory fees and costs. Notably, legal representation from Sullivan & Cromwell accounted for a significant portion of these expenses, totaling $37.6 million. In comparison, investment banking firm Jeffries billed the smallest amount, representing a mere 0.6% of the total costs. As FTX grapples with its financial troubles, former clients are exploring options to revive the exchange under new leadership, aiming to provide value to its

SBF to Face Trial on Initial 8 Criminal Charges, US Prosecutors Confirm
11 months ago 1 min read

FTX Co-Founder Sam Bankman-Fried to Face Trial on Original Charges, US Prosecutors Confirm

The criminal trial of Sam Bankman-Fried, co-founder of FTX, will proceed with the original eight charges leveled against him by United States prosecutors, according to recent developments. In a court filing on June 14, the U.S. Department of Justice (DoJ) confirmed its intention to move forward with the trial on the charges initially brought against Bankman-Fried in December 2022. The DoJ cited a motion filed by Bankman-Fried in the Bahamas, where he argued that several of the 13 charges he faced were not part of the original indictment, which formed the basis of his extradition. Acknowledging that the resolution of

A federal judge dismissed a request to transfer control of embattled crypto exchange FTX's $7.3 billion disputed assets to a foreign court.
11 months ago 2 mins read

U.S. Courts Seek to Take Control of $7.3B in FTX Assets Amid Bankruptcy

In a recent bankruptcy hearing, a federal judge dismissed a request to transfer control of embattled crypto exchange FTX’s $7.3 billion disputed assets to a foreign court. The decision dashed the hopes of Bahamian liquidators seeking to stake a claim on some of these assets, as U.S. Bankruptcy Judge John Dorsey emphasized the core jurisdictional issue of asset ownership. The hearing, held at the U.S. Bankruptcy Court for the District of Delaware, shed light on a contentious point between the parties involved in the case: the ownership of FTX’s significant cryptocurrency and cash assets. During the bankruptcy hearing, the primary

Court documents reveal that the FTX customer list is considered highly valuable
11 months ago 1 min read

FTX Exchange Bankers Push to Keep Highly Valuable Customer List Confidential

In the aftermath of FTX’s financial collapse, the bankrupt crypto exchange finds solace in its extensive customer base. Court documents reveal that the customer list is considered highly valuable, prompting a debate over its confidentiality. As potential buyers and investors express interest in acquiring or reorganizing FTX, the sealed customer list has become a focal point of discussion, with arguments for and against its release. Kevin Cofsky, a partner at investment bank Perella Weinberg Partners, emphasizes the significance of FTX’s customer list for potential buyers. The list, which reportedly consists of approximately 9 million customers, is considered to be of

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