Tag: FTX

The Bahamas lawyers up as the FTX case proceeds in US court and disagreements fester

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The Bahamas will have legal representation in the unfolding FTX case. The Caribbean nation chose Brown Rudnick as counsel “in certain matters of engagement related to the collapse of FTX Digital Markets Ltd.,” alongside Bahamian lawyers and other experts, according to a statement released by the law firm.  FTX Digital Markets is headquartered in the Bahamas, and the top management of the company lived in that country. Cases against the members of the management team are now being heard in the United States after former CEO Sam Bankman-Fried’s extradition from…

Previewing FTX Founder Sam Bankman-Fried’s Not Guilty Plea in Court

To recap: Sam Bankman-Fried was arrested last month in the Bahamas at the behest of U.S. authorities, who later revealed they had indicted the FTX founder and former CEO on eight different charges: conspiracy to commit wire fraud on customers, wire fraud on customers, conspiracy to commit wire fraud on lenders, wire fraud on lenders, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering and conspiracy to defraud the U.S. and violate campaign finance laws. Source

Bahamas regulator denies asking crypto exchange FTX to mint new tokens

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The Securities Commission of The Bahamas (SCB) has denied FTX debtors’ claims and expresses concern that the investigation has been ‘impeded.’ According to a statement released on Jan.3, The Securities Commission of The Bahamas (SCB) has had to correct material misstatements made by John J. Ray III, the representative of the United States-based FTX debtors, in press and court filings. The document stated that the Chapter 11 Debtors had “publicly challenged” the Commissions calculations of digital assets transferred to digital wallets under the Commission’s control in Nov. 2022. It argued…

New year, same old troubles — The FTX saga continues in 2023: Law Decoded, Dec. 26-Jan. 2

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Having been granted the opportunity to enjoy Christmas and the New Year with his family, former FTX CEO Sam Bankman-Fried has very few reasons for optimism in 2023. Although having been granted the opportunity to enjoy Christmas and the New Year with his family, former FTX CEO Sam Bankman-Fried has very few reasons for optimism in 2023. The United States Department of Justice has launched an investigation into the whereabouts of approximately $372 million in missing digital assets from FTX and its U.S.-based subsidiary, FTX US. According to SBF, the…

Sam Bankman-Fried’s Alameda Research troubles predate FTX: Report

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New reports into Sam Bankman-Fried and his collapsed exchanges revealed that Alameda Research, the now-bankrupt crypto trading firm, almost collapsed in 2018, even before FTX was in the picture. A report published in The Wall Street Journal citing former employees revealed that Alameda incurred heavy losses from its trading algorithm. The algorithm was designed to make a large number of automated and fast trades. However, the firm was losing money by guessing the wrong way about price movements. In 2018, Alameda lost nearly two-thirds of its assets due to the…

Gold, Silver, and Oil Predictions; Ellison’s FTX Testimony and the Sam Trabucco Mystery; Massively Eroded Dollar Sees the Fed Turn 109 — Week in Review – The Weekly Bitcoin News

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Robert Kiyosaki says the time to buy gold and silver is now, predicting a stock market crash will send prices of the precious metals higher. In other news, the crypto community has been curious about the former Alameda Research co-CEO Sam Trabucco, and his whereabouts, as the guilty plea of Alameda’s former CEO Caroline Ellison has been unsealed, revealing troubling information about customer funds. Bitcoin.com News further reports that as the United States Fed has turned 109 years old on Dec. 23, the dollar has lost 96% of its purchasing…

Bankrupt Crypto Exchange FTX to Start Letting Customers in Japan Withdraw Funds – Exchanges Bitcoin News

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FTX customers in Japan will soon be able to withdraw their funds that are currently frozen due to the bankruptcy process. Two FTX-owned crypto exchanges, FTX Japan and Liquid, are developing a system to allow withdrawals by mid-February. FTX’s Japanese Customers Can Withdraw Funds Soon Two FTX-owned cryptocurrency exchanges in Japan — FTX Japan and Liquid — jointly announced Thursday that their users will be able to withdraw funds by mid-February. The two crypto exchanges announced: For the assets entrusted to us by our customers at FTX Japan and Liquid…

US lawmakers under pressure following FTX collapse: Report

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Legislators in the United States seem to be reevaluating the crypto industry and its regulatory needs in light of FTX’s collapse. According to the Wall Street Journal, since the crypto exchange filed for bankruptcy in November, lawmakers have been under pressure to set a new regulatory framework for cryptocurrencies.  Several proposals are in the works that would apply existing banking, securities, and tax rules to cryptocurrencies, and lawmakers are calling on the Securities and Exchange Commission (SEC) to adopt an aggressive approach to the crypto market. In a December House…

Coinbase Aktie nach starken Quartalsverlusten im freien Fall

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Coinbase verlor in den letzten vier Tagen 1/4 Ihres Wertes auf ein Allzeittief von 41$ Beim Börsenstart im April 2021 notierte die Coinbase-Aktie zwischenzeitlich bei 422 Dollar. Coinbase war damit mehr als 100 Milliarden Dollar wert. Aktuell beläuft sich die Marktkapitalisierung nur noch auf 9,3 Milliarden Dollar. Die größte Kryptowährungs-Austauschplattform der Vereinigten Staaten, Coinbase, ist von der Insolvenz von FTX kaum betroffen, da man nur mit ca. 15 Millionen Dollar investiert war. Kürzlich hat die Bank of America erklärt, dass sie Coinbase…