Tag: FTX

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…

Philippine Regulator Warns Against Using Unlicensed Cryptocurrency Exchanges Following FTX Collapse – Regulation Bitcoin News

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The Philippine Securities and Exchange Commission (SEC) has advised investors against transacting with unlicensed cryptocurrency exchanges. The warning followed the collapse of crypto exchange FTX which “left hundreds of thousands, even millions of unsecured creditors with little to no recourse in recovering their money,” the regulator stressed. Philippine SEC Warns About Unregulated Crypto Exchanges The Philippine Securities and Exchange Commission (SEC) issued an advisory Friday warning the public against transacting with unregistered cryptocurrency exchanges. The regulator wrote: SEC strongly warns and advises the public against transacting with unregistered and unlicensed…

U.S. Department of Justice probing $372M FTX exploit

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According to a Bloomberg report published on Dec. 27, the U.S. Department of Justice has launched an investigation into the whereabouts of approximately $372 million in missing digital assets from now-defunct cryptocurrency exchange FTX and FTX US. On Nov. 12, amidst bankruptcy and internal collapse, FTX warned customers of abnormal wallet activity regarding at least 228,523 Ether (ETH) transferred out of the exchange from an unknown perpetrator.  On Nov. 11, or the night of the company’s bankruptcy filing, FTX US’ general counsel Ryne Miller confirmed that the transactions were unauthorized…

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Philippine SEC warns against unlicensed crypto exchanges amid FTX collapse

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After the height of the FTX collapse, the Philippine government warned investors within the country about using unlicensed crypto exchanges.  The Securities and Exchanges Commission (SEC) in the Philippines issued an advisory to the public against using unregistered cryptocurrency exchanges that are operating within the country. Within the warning, the SEC did not directly mention the FTX exchange but said that the warning considers “the recent collapse of a large international cryptocurrency exchange.” Citing the laws within the country, the government agency reiterated that any entity intending to conduct business…

Crypto OTC trading to get traction due to FTX fiasco, exec says

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Before the rise of centralized exchanges (CEXs), over-the-counter (OTC) trading was the go-to method to buy or sell cryptocurrency for many crypto investors. The FTX collapse could trigger a bigger demand for crypto OTC services as investors are looking for alternative methods to convert from and to fiat due to weaker trust in CEXs. Cointelegraph spoke with BestChange, a Russian OTC crypto exchange aggregator, to learn more about the current state of OTC markets. “The role of OTC is sometimes underestimated amid the all-encompassing marketing of centralized exchanges,” BestChange chief…

FTX collapse calls for ‘prudent regulation’ in the UK

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The collapse of FTX is being viewed as a cautionary tale and a precursor for more prudent regulation by public and private sector players in the United Kingdom. Bank of England deputy governor Sir Jon Cunliffe made headlines ahead of the Christmas weekend in an interview with Sky News, outlining his belief that greater protection needs to be afforded to investors in the U.K. looking to gain exposure to cryptocurrency markets. Cunliffe stressed that prospective cryptocurrency users and investors should have a structure to invest in the asset class that…