FTX had a 6.8b hole when it filed for bankruptcy

FTX, the defunct crypto exchange, had a $6.8b hole in its balance sheet when it declared bankruptcy last year. According to the group’s advisors, FTX’s debt includes a $10.6b deficit for the main FTX.com business and an $87m short for FTX.U.S.  Alameda Research, the trading wing of FTX, had $2.6b in net assets. Meanwhile, FTX Ventures reported $1.3b in losses. FTX’s total assets and debts According to a document submitted to the bankruptcy court on Mar. 17, FTX-affiliated businesses had assets worth $4.8b and cumulative liabilities of around $11.6b when…

FTX Debtors Reveal $6.8 Billion Hole in Balance Sheet Amidst Financial Discrepancies and Payments to Insiders – Bitcoin News

According to a presentation recently submitted by the FTX debtors on March 16, Sam Bankman-Fried’s companies had a $6.8 billion hole in their intercompany balance sheet when they filed for Chapter 11 bankruptcy protection. FTX and its conglomerate of firms have debts of around $11.6 billion, including customer claims and various other liabilities. FTX’s $6.8 Billion Gap The FTX debtors have released a third presentation that provides an overview of FTX’s debts and liabilities. The presentation reveals that, while a significant amount of money is owed to customers, FTX and…

ETC up 12%, as SOL Nears 1-Month High – Market Updates Bitcoin News

Ethereum classic rose by as much as 12% in today’s session, as cryptocurrency markets rallied to start the weekend. The global market cap is trading over 3% higher at the time of writing, as investors continue to buy crypto following the recent banking crisis. Solana was also higher in today’s session. Ethereum Classic (ETC) Ethereum classic (ETC) rose by as much as 12% in today’s session, as traders continued to pump cryptocurrencies. Following a low of $19.14 on Friday, ETC/USD moved to a high of $22.46 to start the weekend.…

What are the Howey test and its implications for cryptocurrency?

What is the Howey test? The Howey test is a legal test used in the United States to determine whether a transaction qualifies as an investment contract and, thus, is considered a security under federal law. The test was established by the U.S. Supreme Court in SEC v. W.J. Howey Co. (1946), and it has since been applied in numerous cases to determine whether various financial arrangements and offerings constitute securities.  According to the Howey test, a transaction must contain an investment of funds in a group venture with the…

Microsoft to embed non-custodial ethereum wallet in Edge browser

Microsoft, which recently invested billions in OpenAI, is developing a non-custodial Ethereum wallet integrated into Edge, its chromium-based browser. Microsoft to embed crypto wallet in Edge In a tweet on Mar. 17, Albacore, the investigator who picked out this feature, said he was puzzled and thought a crypto wallet on Edge is questionable.  Newest in the gauntlet of questionable upcoming Microsoft Edge features, a crypto wallet 💸Not really sure how to feel about this kind of thing being baked into the default browser, what are your thoughts?More screenshots of the…

ETH Moves Above $1,800 as BTC Nears $28,000 – Market Updates Bitcoin News

Ethereum rose above $1,800 for the first time since August, as markets continued to react to the Fed’s decision to inject $300 billion into the economy. This comes following the recent banking crisis, which saw the likes of Silicon Valley Bank collapse. Bitcoin neared $28,000 in today’s session. Bitcoin Bitcoin (BTC) closed in on the $28,000 level to start the weekend, as markets continued to react to the Federal Reserve’s decision to pump liquidity into the U.S. economy. BTC/USD jumped to an intraday high of $27,787.81 earlier in the day,…

Euler Finance exploiter returns 3,000 ETH worth $5.4m

Euler Finance exploiter has returned 3,000 ETH worth $5.4m to the DeFi protocol, indicating the platform may have reached a deal with the hacker. Exploiter returns stolen Euler funds worth $5.4m The Euler Finance exploiter on Mar. 18 returned about 3,000 ETH ($5.4m) to the platform’s deployer address. Blockchain investigator PeckShield identified three transactions used to send funds. Euler Finance was hacked on Mar. 13 in a flash loan attack where the exploiter made away with $197m. The funds were stolen over four transactions of $136m staked ether (stETH), $34m USDC, $19m…

Four Major Crypto Exchanges Announce Support for Arbitrum (ARB) Ahead of Massive Airdrop

At least four major crypto exchanges have now announced they plan to list Arbitrum’s upcoming crypto asset, ARB. MEXC, Huobi and Bybit all say they will list ARB next Thursday, March 23rd, the date of the token’s airdrop. Bitrue also plans to list ARB, noting in a Twitter post that the opening time for deposits and trading will be updated. In a blog post this week, Arbitrum developers announced the airdrop and outlined the protocol’s upcoming plans to switch to being governed by a self-executing decentralized autonomous organization (DAO). The…