FTX

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

FTX Reportedly Suspends $500M Sale of Stake in AI Company Anthropic

June 28, 2023 1 min read

The sale of FTX’s $500 million stake in artificial intelligence startup Anthropic has hit a roadblock, as the advisory investment bank Parella Weinberg Partners has reportedly put the sale on hold. This development poses a potential delay in FTX’s efforts to address the $2 billion deficit remaining in its balance sheet following its bankruptcy. Multiple parties had shown interest in purchasing FTX’s stake in Anthropic, making it a significant opportunity

FTX Founder Sam Bankman-Fried Denied Motions to Dismiss Criminal Charges by Judge

June 28, 2023 1 min read

A federal judge has denied pretrial motions to dismiss criminal charges against FTX founder Sam Bankman-Fried, paving the way for his trial to go forward. Bankman-Fried is facing a range of charges, including wire fraud, bank fraud, operating an unlicensed money transmitter, bribery, and campaign finance violations. He had filed seven pretrial motions seeking the dismissal of the majority of these charges, but Judge Lewis Kaplan of the U.S. District

FTX Bankruptcy Team Reveals $8.7 Billion Debt Owed to Customers

June 27, 2023 2 mins read

In a shocking turn of events, a recent report from the FTX team conducting a thorough investigation into the failed exchange has revealed that the company owes its customers a staggering $8.7 billion. The report exposes the commingling and misappropriation of customer deposits, with approximately $6.4 billion in fiat currency and stablecoin being misused. Despite the dire circumstances, there is some hope, as $7 billion in liquid assets have been

FTX Files Lawsuit Seeking $700 Million from Former Investment Firms and Associates

June 23, 2023 2 mins read

Cryptocurrency exchange FTX has filed a lawsuit against several investment firms it was previously associated with before its collapse. The lawsuit, filed in the United States Bankruptcy Court for the District of Delaware, includes 16 counts and aims to recover over $700 million from the defendants. The defendants named in the lawsuit filing are K5 Global, an incubator and investment company, as well as Mount Olympus Capital, SGN Albany Capital,

FTX’s Bankruptcy Expenses Surge: Legal and Advisory Fees Reach $121.8 Million

June 21, 2023 2 mins read

The defunct cryptocurrency exchange FTX is facing mounting legal and advisory expenses as it navigates its bankruptcy proceedings. Recent data reveals that between February 1 and April 30, FTX incurred a staggering $121.8 million in advisory fees and costs. Notably, legal representation from Sullivan & Cromwell accounted for a significant portion of these expenses, totaling $37.6 million. In comparison, investment banking firm Jeffries billed the smallest amount, representing a mere

FTX Co-Founder Sam Bankman-Fried to Face Trial on Original Charges, US Prosecutors Confirm

June 15, 2023 1 min read

The criminal trial of Sam Bankman-Fried, co-founder of FTX, will proceed with the original eight charges leveled against him by United States prosecutors, according to recent developments. In a court filing on June 14, the U.S. Department of Justice (DoJ) confirmed its intention to move forward with the trial on the charges initially brought against Bankman-Fried in December 2022. The DoJ cited a motion filed by Bankman-Fried in the Bahamas,

U.S. Courts Seek to Take Control of $7.3B in FTX Assets Amid Bankruptcy

June 9, 2023 2 mins read

In a recent bankruptcy hearing, a federal judge dismissed a request to transfer control of embattled crypto exchange FTX’s $7.3 billion disputed assets to a foreign court. The decision dashed the hopes of Bahamian liquidators seeking to stake a claim on some of these assets, as U.S. Bankruptcy Judge John Dorsey emphasized the core jurisdictional issue of asset ownership. The hearing, held at the U.S. Bankruptcy Court for the District