FTX

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

FTX and Alameda Research Liquidate $13.35 Million in Assets

October 28, 2023 2 mins read

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

Sam Bankman-Fried Reveals He Knew Basically Nothing About Crypto

October 28, 2023 1 min read

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.

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

October 27, 2023 1 min read

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

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

October 26, 2023 1 min read

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

BlockFi Begins Creditor Repayments and Asset Withdrawals

October 26, 2023 1 min read

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

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

October 26, 2023 1 min read

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

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

October 19, 2023 1 min read

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