Browsing:FTX

FTX Raises Concerns Over Genesis' Zero Debt Statement
11 months ago 1 min read

FTX Disputes Genesis’ Zero Debt Assertion in Latest Challenge

Bankrupt crypto exchange FTX has challenged a claim by Genesis that it owes no money to FTX. In a court filing, FTX said it is a major creditor of Genesis and was not invited to a mediation session arranged by the court in May. Genesis allegedly handpicked the participants in the mediation. FTX claims that it is owed $3.9 billion in cash and cryptocurrency from Genesis. The company alleges that Genesis was one of the main feeder funds for FTX and instrumental to its fraudulent business model. Genesis has denied FTX’s claims and has said that it is in good

The Metropolitan Museum of Art in New York City Returns $550K in FTX Donations
11 months ago 1 min read

The Metropolitan Museum of Art in New York City to Return $550K in FTX Donations

The Metropolitan Museum of Art in New York City has agreed to return $550,000 in donations it received from the cryptocurrency exchange FTX, according to court filings on Friday. The payments, made in March and May of 2022 by FTX’s U.S. entity West Realm Shires Services, were made shortly before the exchange collapsed in November of that year. The museum has agreed to return the donations in full and without further litigation. “The Met wishes to return the Donations to the FTX Debtors, and the FTX Debtors and the Met have engaged in good faith, arm’s length negotiations concerning the

The case involving the bankrupt crypto exchange FTX has been transferred to the Third Circuit Court of Appeals.
11 months ago 1 min read

FTX Exchange Case Transferred to Third Circuit Court of Appeals

The case involving the crypto exchange FTX has been transferred to the Third Circuit Court of Appeals. The move comes after a lower court judge ruled that the case should be transferred to a higher court. The case centers on allegations that FTX founder Sam Bankman-Fried used customer funds for personal expenses and risky investments. Bankman-Fried has denied the allegations. The Third Circuit Court of Appeals is expected to hear arguments in the case in the coming months. A decision is not expected until next year. The outcome of the case could have major implications for the cryptocurrency industry. If

Bankman-Fried Claims He Relied on Law Firm Advice in FTX Fraud Case
11 months ago 2 mins read

FTX Co-Founder Bankman-Fried Seeks to Use Law Firm Advice as Defense Against Fraud Charges

Sam Bankman-Fried, the disgraced founder of cryptocurrency exchange FTX, is preparing to argue that he relied on the advice of Silicon Valley law firm Fenwick & West in his defense against fraud charges. On Tuesday, Bankman-Fried’s lawyers requested that prosecutors turn over documents that were provided to the government by the California-based firm between 2017 and 2022, according to a report by Bloomberg. Bankman-Fried’s defense team reportedly claimed the legal advice by Fenwick & West is “material to preparing a defense.” If the government does not comply with the request, the lawyers are seeking permission to subpoena the firm. The

Temasek Holdings has cut compensation for the team that recommended investing in the now-bankrupt FTX crypto exchange.
11 months ago 1 min read

Temasek Cuts Pay After $275 Million Loss on FTX Investment

Singapore state investor Temasek Holdings has cut compensation for the team that recommended investing in the now-bankrupt FTX cryptocurrency exchange. The move comes after Temasek conducted an internal review of its investment in FTX, which resulted in a writedown of $275 million. FTX, once valued at $32 billion, filed for bankruptcy protection in the United States in November. Other investors, including SoftBank and Sequoia Capital, declared their investment zero following the bankruptcy filing. Temasek’s Chairman, Lim Boon Heng, expressed disappointment over the investment outcome and its negative impact on Temasek’s reputation. “Although there was no misconduct by the investment team

The latest court filings in the bankruptcy case of FTX exchange suggest that the company is working on a plan to reboot its operations.
11 months ago 2 mins read

FTX Token (FTT) Price Surges 12% on Rumors of Platform Restart

The latest court filings in the bankruptcy case of FTX suggest that the company is working on a plan to reboot its operations. The filings show that new CEO John J. Ray III has been working on a “2.0 reboot of exchange material for distribution” to investors. Ray first floated the idea of restarting FTX in January of this year. “Everything is on the table,” he said at the time. “If there is a path forward on that, then we will not only explore that, we’ll do it.” At the time, there were reports that the failed exchange had uncovered

Lawyers for FTX have filed a lawsuit against Sam Bankman-Fried
12 months ago 1 min read

FTX Lawyers Sue Bankman-Fried Over ‘Worthless’ Fintech Acqusition

Lawyers for FTX have filed a lawsuit against Sam Bankman-Fried, alleging that he used fraudulent funds to acquire a fintech company called Embed. The lawsuit seeks to recover $250 million that FTX paid for Embed. The lawsuit alleges that Bankman-Fried and Alameda Research, his investment firm, knew that Embed was insolvent when they acquired it. The lawsuit also alleges that Bankman-Fried and Alameda used fraudulent funds from FTX customers to finance the acquisition. The lawsuit is a major blow to Bankman-Fried and Alameda Research. It is also a major setback for the crypto industry, as it raises questions about the

FTX founder Sam Bankman-Fried has requested that a judge drop the charges against him
12 months ago 1 min read

Sam Bankman-Fried Asks for Charges to be Dropped in Market Manipulation Case

FTX founder and former CEO, Sam Bankman-Fried, has requested that a judge drop the charges against him, claiming that they are a “rush to judgment” by prosecutors. Bankman-Fried’s lawyers filed a document with a federal court in Manhattan, stating that the charges against him were initially a civil issue that was turned into a criminal one because of haste. The lawyers claim that traditional civil and regulatory processes should have been allowed to run their course. Bankman-Fried faces a total of 12 charges, including fraud, the bribing of Chinese officials, and making illegal political donations. If convicted, he could face

Voyager Digital Forced to Cease Operations Due to Failed FTX and Binance.US Acquisitions
12 months ago 2 mins read

Voyager Digital to Close its Doors After FTX and Binance.US Acquisitions Fail

Crypto lender Voyager Digital has announced its decision to self-liquidate its assets and close its operations after acquisition deals with FTX and Binance.US fell apart. Voyager customers will receive a recovery rate of 36% of their cryptocurrency holdings, much lower than the expected rate of 72-73% if the acquisition deals had gone through. The rate may increase if Alameda Research is unsuccessful in its bid to recover $446 million from Voyager’s estate. Voyager’s lawyers are withholding further funds, including $259.6 million for litigation costs, administrative claims, and other holdbacks. Voyager customers who have any of the 67 supported tokens on

Mainstream Media Renews Call for Disclosure of Non-US FTX User Identities
12 months ago 1 min read

Mainstream Media Intensifies Call for Non-US FTX User Identities to be Disclosed

Four major U.S. media outlets, including Bloomberg, Dow Jones, The New York Times, and the Financial Times, have renewed their efforts to obtain the identities of non-U.S. customers of crypto exchange FTX. The media firms filed a new objection to the motion to seal their identities on May 3, citing the lack of legal basis to redact the names according to non-U.S. data privacy laws. The media outlets argue that section 105 of the Bankruptcy Code, which grants the bankruptcy court judicial power, does not permit foreign law to override the right of access to information under U.S. constitutional and

FTX Takes Legal Action to Retrieve $4 Billion in Crypto from Bankrupt Lender Genesis
12 months ago 1 min read

FTX Seeks to Recover $4 Billion from Genesis in Clawback Claims

Bankrupt cryptocurrency exchange FTX has filed a lawsuit seeking to recover nearly $4 billion from Genesis Global Capital, a crypto lender that filed for Chapter 11 bankruptcy earlier this year. According to the court filing, FTX claims that it was able to withdraw its assets from the exchange before other creditors before the two firms filed for bankruptcy. The filing alleges that Genesis was one of the main feeder funds to FTX and instrumental to its fraudulent business model. It also claims that the lender lent billions of dollars to Alameda Research, which was largely repaid by the time the

Bankrupt FTX firm charged $103M in Q1 by advisors, according to reports
12 months ago 1 min read

FTX advisors charge bankrupt crypto exchange $103M in Q1, raising eyebrows

FTX advisors are set to earn $103 million in Q1 as they guide the cryptocurrency exchange through its bankruptcy proceedings. In March alone, five firms billed FTX a total of $36.4 million, slightly higher than the previous months. New York-based law firm Sullivan & Cromwell received the highest paycheck, billing $14.1 million in fees and expenses for March and a total of $44.4 million for Q1. Alvarez & Marsal, FTX’s restructuring advisor, invoiced over $13.8 million in March, while Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb billed FTX $3.19 million and $644,000 respectively. AlixPartners, which analyzed FTX’s

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