Browsing:FTX

The US SEC Chair Gary Gensler faces a congressional subpoena threat if the regulator fails to provide info related to Sam Bankman-Fried
1 year ago 2 mins read

Gensler faces backlash from Republicans for lack of Bankman-Fried transparency

The Securities and Exchange Commission (SEC) Chair Gary Gensler faces a congressional subpoena threat from House Republicans if the regulator fails to provide information related to the charges brought against Sam Bankman-Fried, the failed crypto mogul. The Republicans are demanding the staff memo recommending charges for Bankman-Fried, as well as other information related to the charges filed by the agency against him. The congressional probe centers around the timing of Bankman-Fried’s arrest, which occurred the night before he was to testify before the House committee alongside caretaker FTX CEO John Ray III in December. House Financial Services Committee Chair Patrick

FTX eyes Q2 relaunch after successful asset recovery efforts
1 year ago 1 min read

FTX plans to relaunch in Q2 after resolving asset recovery issues

FTX, the embattled cryptocurrency exchange, announced on Wednesday during a Bankruptcy court hearing that it has made significant progress in asset recovery. The exchange reported it had recovered a total of $7.3 billion in cash and cryptocurrency assets, which is an increase of $800 million since January. The latest recovery update is seen as a significant turn of events, especially for FTX’s customers, who have been eagerly waiting to access their funds for almost half a year now. The company’s attorney also indicated during the hearing that FTX is considering a relaunch in Q2 2023, which could offer some reprieve

Ren Protocol has announced that it will be moving all of its crypto assets to FTX debtors' wallets
1 year ago 1 min read

Ren Protocol to Transfer Crypto Assets to FTX Debtors’ Wallets in Shutdown Contingency Plan

Cross-chain bridge platform Ren Protocol has announced that it will be moving all of its crypto assets to FTX debtors’ wallets. This move was authorized and directed by FTX, Alameda Research, and other affiliates who acquired Ren Protocol in 2022. The decision to transfer assets to FTX debtors’ wallets was made to ensure that debtors can safeguard their assets in the event of a potential shutdown of Ren Protocol’s systems and infrastructure. Ren Protocol will also transfer the assets to a segregated wallet specific to its assets to separate the funds from other debtor wallets. Ren Protocol joined forces with

Bankrupt Crypto Exchange Receives Relaunch Recommendation from Former FTX Sales Chief
1 year ago 1 min read

Bankrupt Crypto Exchange FTX Should Consider Relaunch, Says Former Sales Chief

The former head of institutional sales at FTX, Zane Tackett, has suggested that the now-defunct cryptocurrency exchange should relaunch and offer a token that represents creditor claims. Tackett suggested that this would give creditors some value, no matter how small, and a way to price the assets held by FTX. He proposed that the new exchange should offer a market for FTX claims based on one token per $1 lost, similar to how rival crypto exchange Bitfinex issued a token called BFX after it was hacked in 2016. Tackett argued that relaunching FTX would allow creditors to convert their debt

Leading Japanese Snack Food Maker Calbee Inc. to Deploy Its Evolving Potato Chip NFTs on Astar Network
1 year ago 4 mins read

Leading Japanese Snack Food Maker Calbee Inc. to Deploy Its Evolving Potato Chip NFTs on Astar Network

Tokyo, Japan, April 11th, 2023 Astar Network, the smart contract platform for multichain, today announced that Japan’s leading potato chips and snacks company Calbee Inc. will issue evolving NFTs on the Astar blockchain as part of a new promotional campaign, “NFT Chips”. With Calbee’s NFT Chips Campaign, consumers who buy a pack of Usu-Shio, Consomme-Punch or the immensely popular Nori-Shio potato chips will be able to claim a free, evolving Potato NFT by participating in its origami-like game “Ori-pake”.  The game requires players to follow the instructions printed on the package and fold it in a very specific way, much like an

FTX Accused of Complicating Bankruptcy Asset Recovery by Neglecting Financial Controls, States Legal Filing
1 year ago 2 mins read

FTX Accused of Complicating Bankruptcy Asset Recovery by Neglecting Financial Controls, States Legal Filing

Former executives of the bankrupt cryptocurrency exchange FTX are being blamed for the company’s failure to install appropriate financial controls, which is complicating the asset recovery process. According to a court filing dated on Sunday, representatives of FTX Trading Ltd. claim that the previous management team, which included its founder Sam Bankman-Fried, failed to implement control measures and “placed its crypto assets and funds at risk from the outset.” The restructuring team said in the report that FTX did not have personnel knowledgeable enough to account accurately for assets and liabilities, nor did it run dedicated financial risk, audit, or

FTX SBF has a limited time left to use his smartphone and play video games
1 year ago 1 min read

FTX’s Sam Bankman-Fried Has Only 5 Days Left To Use His Smartphone

Sam Bankman-Fried, the ex-CEO of crypto exchange FTX, has a limited time left to use his smartphone and play video games before the government imposes strict bail conditions. The new rules will force Bankman-Fried to surrender his smartphone and laptop in exchange for a heavily monitored version that only allows access to certain approved websites. He will also be banned from using video games with chat or voice communication. Legal experts describe the new bail terms as a “Faraday box,” cutting off all electronic communication with the outside world. Bankman-Fried has been under house arrest at his parents’ California home

Astroon Launches Astroon Fall, Their First Mobile Game
1 year ago 3 mins read

Astroon Launches Astroon Fall, Their First Mobile Game

Istanbul, Turkey, 23rd March, 2023 ASTROON is an innovative crypto project that aims to offer a unique and exciting experience for crypto enthusiasts. The project combines animated films, NFTs, and a utility token to create an immersive and interactive entertainment experience for users. The project’s vision is to create an enchanted journey for users where they can embark on an exciting adventure from Earth to the Moon with Astro and Roon, two beloved characters. ASTROON aims to provide a unique experience for users through its token, $AST, which will enable them to purchase and trade NFT collections and in-game items. One

FTX Goes After Bankman-Fried-Backed VC Firm for $460M
1 year ago 1 min read

FTX Aims to Recover $460M from VC Firm with Ties to Bankman-Fried

The bankrupt cryptocurrency exchange, FTX, is seeking to recover $460 million in allegedly misappropriated customer funds from venture capital firm Modulo Capital. The venture capital firm received a sizeable investment from Alameda Research last year, which is understood to have been at the direction of FTX’s CEO, Sam Bankman-Fried. FTX claimed that Alameda Research invested $475 million in Modulo in a series of transfers beginning in May 2022. According to a filing made on March 22, Alameda entered into a limited partnership agreement with Modulo on June 16, resulting in the transfer of the aforementioned funds to Modulo in exchange

Attorneys representing Sam Bankman-Fried
1 year ago 1 min read

SBF Lawyers Request Postponement of October Trial Citing Need for More Evidence

Attorneys representing Sam Bankman-Fried, the founder of crypto exchange FTX, have suggested that a delay of his October 2 criminal trial may be necessary. The lawyers argued that additional time may be required to thoroughly review the evidence and prepare a defense for the upcoming trial. In a letter to U.S. District Judge Lewis Kaplan, Bankman-Fried’s lawyers said that they were still waiting for a “substantial portion” of evidence to be turned over to them and that additional charges had been filed against their client in late February. They noted that, depending on the volume of the additional discovery and

FTX Lawyers and Accountants Charge Hefty Fees of Nearly $40M in One Month Alone
1 year ago 2 mins read

FTX Legal and Accounting Fees Skyrocket to Nearly $40 Million in One Month

Bankruptcy lawyers for embattled crypto exchange FTX have submitted a hefty invoice for their work, while creditors are seeking their BTC back from Grayscale. The phalanx of lawyers working with FTX on its bankruptcy case billed a whopping $38 million for their expenses in January. The epic bill is for a team of hundreds of lawyers, consultants, paralegals, and accountants, according to court documents. FTX administrators have retained law firm Sullivan & Cromwell as counsel. Furthermore, Quinn Emmanuel Urquhart & Sullivan were retained in addition to Landis Rath & Cobb. The firms were acting as special counsel for the proceedings.

The United States Department of Justice has proposed new bail conditions for former FTX CEO Sam Bankman-Fried (SBF)
1 year ago 1 min read

DOJ Seeks to Restrict Sam Bankman-Fried’s Bail to Flip Phones Only

The United States Department of Justice has proposed new bail conditions for former FTX CEO Sam Bankman-Fried (SBF), requesting he is restricted from using smartphones, tablets, computers, and other devices that allow chat and voice communication. The proposal restricts his communication to a flip phone or other non-smartphone with either no internet capabilities or internet capabilities disabled. The proposal was submitted to District Judge Lewis Kaplan of the Southern District of New York, requesting to make the temporary bail conditions recently imposed permanent. The temporary terms include no contact or communication with current or former employees of FTX or Alameda

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