FTX

FTX Gets Ready to Resume Operations After Security Breach

September 18, 2023 1 min read

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

FTX Sues LayerZero for Alleged Unauthorized Fund Withdrawals

September 12, 2023 2 mins read

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LayerZero Labs, a cross-chain protocol, in an attempt to recover $21 million in funds that FTX claims were illicitly withdrawn prior to its closure in November.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

Alameda Buys Yacht for Co-CEO Sam Trabucco

September 6, 2023 2 mins read

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

SBF Bail Rejected, Marking Path to Jail Before Fraud Trial

August 12, 2023 1 min read

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

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

August 2, 2023 1 min read

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

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

July 22, 2023 2 mins read

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

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

July 21, 2023 2 mins read

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

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

July 20, 2023 1 min read

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

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

July 9, 2023 1 min read

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

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

June 29, 2023 1 min read

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

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

June 28, 2023 1 min read

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

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

June 28, 2023 1 min read

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