Tag: Exchange

Parents of Sam Bankman-Fried Sued by FTX Estate Over Allegedly Siphoning Funds From Crypto Exchange: Report

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The parental guardians of former FTX CEO Sam Bankman-Fried are reportedly being sued by the crypto exchange’s bankruptcy estate for allegedly misappropriating funds. According to a new article from the Financial Times, Joseph Bankman and Barbara Fried are being sued by the FTX estate over allegedly siphoning funds from the now-bankrupt exchange. Says prosecutors, “As early as 2018, Bankman described Alameda as a ‘family business’ — a phrase he repeatedly used to refer to the FTX Group.” However, Bankman and Fried’s lawyers say the allegation is “a dangerous attempt to intimidate…

Crypto Exchange CoinEx Promises Generous Bug Bounty Reward to Hacker Following $70,000,000 Exploit

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Days after suffering a security breach, crypto exchange CoinEx is attempting to reach out to the hackers responsible for the incident. In an open letter to the hackers, CoinEx says it is ready to reward the perpetrators of the theft with a “generous bug bounty” if the stolen assets are returned. “We hope you recognize the impact of this event on each one of those users. We would appreciate it if you understand the concerns and frustrations of these affected users. We sincerely invite you to work with us to resolve…

FTX founder’s parents sued, accused of stealing millions from crypto exchange

Debtors of the bankrupt cryptocurrency exchange FTX have launched action against the parents of FTX founder Sam Bankman-Fried, alleging that they misappropriated millions of dollars through their involvement in the exchange’s business. The counsel for FTX debtors and debtors-in-possession, represented by the law firm Sullivan & Cromwell, on Sept. 18 filed a lawsuit against SBF’s parents, Joseph Bankman and Barbara Fried. The plaintiffs argued that Bankman and Fried exploited their access and influence within the FTX empire to enrich themselves at the expense of the debtors in the FTX bankruptcy…

Hong Kong Influencer Arrested Over JPEX Links, Exchange Shuts Down

JPEX attributed its liquidity difficulties to regulatory constraints and external market makers, leading to increased withdrawal fees and the suspension of specific services. According to various local media reports, Joseph Lam (Lin Zuo), a former lawyer and cryptocurrency influencer, has been arrested by Hong Kong authorities in connection with the JPEX crypto exchange. Crypto Influencer and His Ties with JPEX The arrest took place today, with law enforcement officers also conducting a raid on Lam’s office in the city around 11 a.m. local time. During the operation, the officers reportedly…

FTX Cryptocurrency Exchange Case

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NFL quarterback Trevor Lawrence, along with popular YouTube influencers Kevin Paffrath and Tom Nash, have reached a settlement in a lawsuit related to their endorsements of the now-defunct FTX cryptocurrency exchange. According to Bloomberg’s report on September 16, the terms of the settlement have not been disclosed. This development marks the first resolution among more than a dozen celebrities and firms accused of assisting Sam Bankman-Fried, the Founder of FTX, in alleged investor deception. He is set to face a criminal trial in Manhattan next month. Other high-profile individuals, including…

Crypto Exchange JPEX Suspends Operations Due to Hong Kong Probe

Hong Kong law enforcement is conducting an inquiry into JPEX following a referral from the SFC regulator, over offering suspiciously higher returns for its interest bearing products. Amid the ongoing investigation by the Hong Kong police, crypto exchange JPEX has suspended its operations along with raising the withdrawal fees on the platform. The development happens amid the ongoing liquidity crisis with JPEX stating that the third-party market makers have “maliciously frozen” the company’s funds. Hong Kong law enforcement is conducting an inquiry into JPEX following a referral from the Securities…

Crypto Exchange JPEX Halts Trading, HK Police Arrest an Influencer

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Hong Kong police has arrested a social media influencer, Joseph Lam Chok this morning (Monday) for his involvement with the cryptocurrency trading platform, JPEX, which is facing allegations of fraud, according to the South China Morning Post. The arrest came hours after the troubled exchange confirmed the suspension of trading activities following a probe by Hong Kong’s Securities and Futures Commission (SFC). “Due to the unfair treatment by relevant institutions in Hong Kong towards JPEX, a cryptocurrency trading platform, and a series of negative news, our partnered third-party market makers…

Binance.US exchange volume slumps amidst crisis

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Trading activity on Binance.US has reached new lows in September, as the crypto exchange faces unprecedented challenges. On Sep. 16, exchange volume stood at $5.09 million on Binance.US, as reported by Amberdata on The Tie Terminal.  The lowest point for the month was on Sep. 9, when trading activity totaled $2.97 million. This is a significant drop compared to Sep. 17, 2022, when its trading volume was around $230 million. Binance.US exchange volume over the past 12 months. Source: The Tie Terminal/Amberdata Binance.US is the offshoot in the United States of…

Crypto Exchange Gemini Says Investment Giant DCG Is Using Misleading Assertions in Bankruptcy Plan

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Digital asset exchange Gemini says venture capital firm Digital Currency Group (DCG) is engaging in deceptive practices to avoid fulfilling its full obligations to the creditors of its crypto lending unit Genesis. In July, Gemini filed a lawsuit against DCG after Genesis went bankrupt while owing $735 million worth of assets to users of Gemini Earn, a program that enabled the exchange’s customers to lend their cryptocurrencies and earn interest. On September 13th, DCG  proposed an agreement offering unsecured creditors, including Gemini Earn users, to recover a significant portion of…