Tag: FTX

The Crypto Market and Altcoins Will Skyrocket After The Bitcoin Halving

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FTX Faces Class-Action Lawsuit from Customers Who Claim Right Over Exchange’s Assets

The plaintiffs have argued that the customers of FTX have the first right over the exchange’s frozen funds, in an attempt to get their money back. The collapse of the crypto exchange FTX-led to more than a million active customers losing their digital asset holdings. These customers have now come forward filing a class-action lawsuit against the exchange in an effort to their money back first. Class-Action Lawsuit Four individuals have filed a class action lawsuit demanding priority access to the frozen funds. They are now seeking a declaration that…

What to expect from crypto the year after FTX

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Cryptocurrency had its Lehman moment with FTX — or, perhaps, another Lehman moment. The macroeconomic downturn has not spared crypto, and as November rolled around, nobody knew that we were in for the collapse of an empire worth billions of dollars. As the rumors of bankruptcy began to take hold, a bank run was inevitable. Sam “SBF” Bankman-Fried, the once effective altruist now under house arrest, continued to claim that assets were “fine.” Of course, they were not. From Genesis to Gemini, most major crypto organizations have been affected by…

FTX Co-Founder Faces ‘No-Nonsense’ Judge Next Week, Report Says SBF ‘Expected to Enter a Plea’ in Fraud Case – Bitcoin News

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According to court documents, Sam Bankman-Fried (SBF) is set to be arraigned by the federal court in the Southern District of New York (SDNY) on Jan. 3, 2023. The disgraced FTX co-founder plans to enter a plea in his fraud case in front of U.S. judge Lewis Kaplan in Manhattan, according to a report published by Reuters. Report Claims FTX Co-Founder Sam Bankman-Fried ‘Expected to Enter a Plea Next Week,’ Criminal Defense Attorney Says Feds Have a Case With ‘Very Few Holes’ Just recently, the judge that was presiding over…

FTX Customers File Class Action to Claim Assets Within Bankruptcy Case – Bitcoin News

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A group of customers are now suing FTX in an attempt to become the first to recover funds from the insolvent cryptocurrency exchange. The lawsuit, filed as part of the bankruptcy case in Delaware, seeks a court ruling recognizing that their holdings with the trading platform belong to them rather than the failed company. Customers Sue FTX, SBF for Priority Right to Repayment Over Other Creditors Four FTX customers have filed a lawsuit on Tuesday against the crypto exchange and its former executives, including founder and ex-CEO Sam Bankman-Fried (SBF).…

Scammers impersonate US State Department, claiming to help affected FTX users

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With the FTX collapse leaving many users yearning for the return of lost funds, scammers are using the opportunity to take advantage of already injured victims by posing as government officials.  In a press release, the Oregon Division of Financial Regulation (DFR) warned crypto investors that fake applications and websites put up by scammers are aiming to take their money but give nothing in return. The DFR urged traders to make sure to “do their homework” before sending any of their funds to crypto trading platforms. The DFR gave the…

Disgraced FTX Founder SBF Took Money from Alameda to Buy Robinhood Shares

As per court documents, SBF and FTX co-founder Gary Wang took $546 million from Alameda Research to purchase the stock of Robinhood Markets. As the case against disgraced FTX founder Sam Bankman-Fried proceeds, new developments have come to the surface. As per the recent court documents, FTX chief Sam Bankman-Fried together with the company’s co-founder borrowed hundreds of millions of dollars from its sister firm Alameda Research in order to purchase shares of a popular trading app Robinhood Markets (HOOD). As per the affidavit produced in the Caribbean court ahead…

SBF wants ‘Big Short’ FTX movie, Peter Schiff already calls it fiction

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Members of the crypto community published their sentiments on social media in response to the former FTX CEO Sam Bankman-Fried’s reportedly meeting with Michael Lewis, the writer of the popular trading-focused film, The Big Short.  With a potential blockbuster film seemingly on the way, community members called out Bankman-Fried’s antics, from describing the meeting as “absurd” to saying that Lewis should also be investigated. In a tweet, a community member mentioned that this could be an attempt to cover for criminals and “control the narrative” through a book. Meanwhile, Bitcoin…

FTX customers file class-action lawsuit to get priority reparations

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While the government agencies are queuing to sue the FTX and its founder Sam Bankman-Fried, the group of former customers made an effort to get their money back first. A class lawsuit initiated by four individuals demands priority access to frozen funds of the company for its customers, not investors.  The lawsuit was filed on Dec. 27 in the United States Bankruptcy Court for the District of Delaware. Four plaintiffs claim to be representing the whole class of former FTX customers, which might amass up to 1 million individuals. What…