The latest price moves in bitcoin (BTC) and crypto markets in context for Dec. 22, 2022. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets. Source
“They can be contacted,” said Sarkessian, a U.S Department of Justice (DoJ) official charged with overseeing bankruptcy cases, of the lawyers that were yet to be appointed. “They do not represent you [the creditors] personally. They may be able to provide some help though, and they may even create their own website potentially for information for creditors.” Source
In the newest update to the FTX saga, former Alameda Research CEO Caroline Ellison and former FTX co-founder Gary Wang plead guilty to fraud charges and are currently helping with the investigation of former FTX CEO Sam Bankman-Fried. As the news broke, crypto community members shared their thoughts on the new development. From wondering where customer funds went and ridiculing Ellison’s trading skills to wondering how much insider trading information the executives gave to Shark Tank star Kevin O’Leary, members of the crypto community tweeted various reactions to the executives…
The FTT token was also a major factor in the implosion of FTX. New details about the investments of FTX Derivatives Exchange into BlockFolio, a crypto brokerage firm have been published by Bloomberg. According to the media firm, FTX financed over 94% of the $84 million it paid for the platform using FTT, a digital token it created. With the funds paid, FTX took a 52% stake in BlockFolio in 2020 and the bankrupt exchange which at the time was only a year old had the option to buy up…
Amid the heated-up news steam about the FTX drama, Ripple CEO Brad Garlinghouse has tried to turn the public’s attention to another case regarding the misdeeds of traditional finance. A $3.7 billion fine for mismanagement at Wells Fargo bank was treated as, in Garlinghouse’s words, “barely a blip on the radar.” Ripple CEO expressed his concern with the lack of public attention to the Wells Fargo case in his tweet on Dec. 21: The world is (appropriately) outraged by SBF and FTX’s fraud, but when Wells Fargo mismanages billions in…
For their complicit role in how FTX went under, Federal prosecutors have filed a separate action against the duo for participating in the “multiyear scheme to defraud equity investors in FTX”. Caroline Ellison and Gary Wang, the two profile executives of the bankrupt FTX Derivatives Exchange and Alameda Research have pleaded guilty to Federal fraud charges in the Southern District of New York (SDNY). The plea came as a part of the Department of Justice’s (DoJ) investigation into the circumstances that lead to the collapse of FTX, the crypto trading…
The former crypto billionaire could face life imprisonment if the government pursues wire or bank fraud charges. Former FTX CEO Sam Bankman-Fried, who was arrested by the Bahamian authorities, has reportedly been flown to the US after a judge approved his extradition from the Bahamas. The ex-crypto billionaire would be handed to law enforcement agencies upon getting to the US. Popularly called SBF, the crypto exchange boss was arrested on the 12th of December. This came after the Office of the US Attorney for the Southern District of New York…
U.S. Congressman Warren Davidson has touted the self-custody of cryptocurrencies as the antidote to crypto exchange FTX’s fraud. He is pushing for his bill called “Keep Your Coins Act,” which aims to “protect self-custody from misguided attempts to restrict it.” U.S. Lawmaker Pushes for Self-Custody Congressman Warren Davidson (R-Ohio) has touted crypto self-custody following the collapse of cryptocurrency exchange FTX. He tweeted Wednesday: Self-custody is the antidote to FTX’s fraud and my Keep Your Coins Act would protect self-custody from misguided attempts to restrict it. “Anyone attacking self-custody is telling…
With the FTX exchange being highlighted all over the world of finance, trust in the crypto space seems to dwindle. However, Pantera Capital CEO Dan Morehead believes that there are two areas in crypto that truly work. According to the executive, narratives that question blockchain and call it a failure because of the FTX collapse are wrong. The Pantera CEO argued that there are several things in crypto that work, such as regulated exchanges and decentralized exchanges. “If you can’t trust FTX who can you trust?!” The two-pronged answer is:…
The insolvency specialists at FTX have recovered $1 billion worth of assets from numerous banks, including over $800 million in cash. Recent reports state that the new management behind sunken crypto exchange FTX has identified new assets worth $1 billion, including $720 million in cash. This recent discovery is part of concerted efforts by the new FTX executives to claw back as much money as they can from numerous bank accounts. Since John Ray III and his associates took over FTX from Sam Bankman-Fried, they have sought to resolve the Bahamian exchange’s insolvency. However, Ray…