Day: June 20, 2023

FTX Incurred More than $121M in Legal and Advisory Fees between February 1 and April 30

SBF is expected to return for a court hearing later this year, when all the investigations will be tabled for the judge to rule on the matter. The bankrupt cryptocurrency exchange FTX and its sister investment firm Alameda Research are nowhere near making the creditors whole again. With more than $8 billion missing from FTX and Alameda Research’s balance sheet according to John J. Ray III – the acting CEO – the court will not have a ride in the park dividing the remaining assets among hundreds of institutional investors…

INX and Republic Partner to Develop Blockchain Infrastructure for Improving Crypto Access and Expanding Tokenization

INX and Republic will integrate TradFi and DeFi into both their ecosystems to create increased tokenization access and global market trading. Financial services firm Republic has partnered with broker-dealer INX to develop a blockchain service for primary and secondary markets. The collaboration between both companies is part of an investment deal that sees Republic pump $5.25 million into INX. The transaction gives Republic 9.5% of INX’s outstanding shares. The investment was calculated at a $50 million pre-money valuation. The two companies have also agreed to a non-binding term sheet that…

IMF Is Working on Global CBDC Platform

The IMF project on the global CBDC platform is aimed at enhancing the efficacy of payment systems. The International Monetary Fund (IMF) has started working on a global CBDC platform as different countries race to create their central bank digital currencies. IMF Managing Director Kristalina Georgieva revealed the matter, noting the purpose of the project. She said that the aim of the global CBDC platform is to facilitate transactions between countries. It is no news that many countries, including Japan and China, are working on their central bank digital currencies.…

FTX incurs over $120m in advisor fees as bankruptcy costs mount

FTX, the bankrupt crypto exchange, faces significant legal and advisory costs, with filings revealing that fees and expenses between February 1 and April 30 amounted to $121.8 million. The data, compiled by The Block Research, shows that FTX’s lawyers at Sullivan & Cromwell billed the exchange $37.6 million during that period, representing 30.9% of the total fees and expenses. Restructuring consultants at Alvarez and Marsel charged $37 million, while investment banking firm Jefferies billed the lowest amount at 0.6% of the total fees and expenses. The expenses include various items…

Binance UK office one of 2,403 companies sharing ‘utility closet’ in Suffolk

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The United Kingdom-registered address for an entity of one of the world’s largest crypto exchanges, Binance, is nothing but a tiny building in Britain’s east that is shared by thousands of other companies. On June 19, a post on the r/buttcoin subreddit showed the so-called “utility closet” Binance Ltd and thousands of other firms use as a registered office address in the U.K. — a tactic often used by other tech firms and large companies. Binance Ltd’s address points to the small town of Mildenhall in Suffolk county, England. Google…

Millions in USDT paid for unlocking stolen iPhones as Apple refuses to act

The cryptocurrency tether (USDT) is used for hundreds of millions of dollars worth of transactions for illicit lost and stolen iPhone unlocking services. Apple appears to have taken little action despite being alerted to the ongoing security breach in their iCloud and Find My iPhone features. These claims were highlighted in a recent video by technology YouTuber and repair technician Luis Rossmann. A glitch in Apple Connect Apple’s renowned security measures are under scrutiny following reports of numerous iCloud unlocking services advertised on various platforms. These services claim to bypass…