FTX

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

FTX Exchange Bankers Push to Keep Highly Valuable Customer List Confidential

June 9, 2023 1 min read

In the aftermath of FTX’s financial collapse, the bankrupt crypto exchange finds solace in its extensive customer base. Court documents reveal that the customer list is considered highly valuable, prompting a debate over its confidentiality. As potential buyers and investors express interest in acquiring or reorganizing FTX, the sealed customer list has become a focal point of discussion, with arguments for and against its release. Kevin Cofsky, a partner at

FTX Disputes Genesis’ Zero Debt Assertion in Latest Challenge

June 5, 2023 1 min read

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

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