FTX

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

June 5, 2023 1 min read

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

FTX Exchange Case Transferred to Third Circuit Court of Appeals

June 1, 2023 1 min read

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

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

May 31, 2023 2 mins read

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

Temasek Cuts Pay After $275 Million Loss on FTX Investment

May 29, 2023 1 min read

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

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

May 23, 2023 2 mins read

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.

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

May 18, 2023 1 min read

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

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

May 9, 2023 1 min read

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

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

May 7, 2023 2 mins read

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

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

May 4, 2023 1 min read

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

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

May 4, 2023 1 min read

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

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

May 3, 2023 1 min read

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

FTX lawsuit against crypto influencer served via Twitter

May 3, 2023 1 min read

Influencer Tom Nash has been served a class-action lawsuit through a tweet after a US court allowed the action since lawyers claimed they could not serve him through other means. The lawsuit filed by The Moskowitz Law Firm alleged that Nash and nine other influencers promoted FTX, which later went bankrupt, without disclosing their compensation. According to a May 2 order from a Florida District Court Judge, Nash was served