Tag: FTX

Crypto Billionaire Mike Novogratz: Not All Digital Asset Exchanges Are Run by Criminals Like FTX Was

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Crypto billionaire Mike Novogratz thinks it’s “really dangerous” to assume all digital asset exchanges are run like the now-imploded FTX. The Galaxy Digital chief executive says in a new interview with CNBC that he always encourages crypto investors to “sell something along the way” to prepare for inevitable volatility. Novogratz also discourages people from suspecting every player in the space operates like Sam Bankman-Fried, the disgraced former CEO of FTX. “It’s really dangerous to think that when you have one black swan, you’re going to see them everywhere. That you’re…

Solana Struggles to Remain in the Top 20 as Prior Ties to FTX and Alameda Wounded the Project – Market Updates Bitcoin News

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Amid the market chaos within the crypto economy and following the climactic FTX collapse, the crypto asset solana has been one of the hardest hit during the last 30 days. Since FTX’s fallout, the digital currency lost 8.5% over the last month against the U.S. dollar and to date, it’s down 94.9% since the all-time high solana reached on Nov. 6, 2021. Solana’s Prior Relationship With FTX, Alameda Continues to Hurt the Project, Solana-Based Exchange Raydium Exploited for $2 Million Since the collapse of FTX, the crypto asset solana (SOL)…

FTX and Crypto Bust Show Capitalism’s Limits

We’re all astounded that FTX, now essentially worth nothing, was valued at $32 billion a few months ago, and that lending service Celsius Network clocked in at $3.5 billion before it went under. But we should be asking similar questions about the investments and deposits that poured into Binance, Coinbase, Kraken, Crypto.com and other such exchanges. I’m not suggesting that they too are on the verge of bankruptcy or are suspected of fraud, rather that we should reflect on the inflated expectations for long-term growth that drew the influx into…

FTX liquidators’ legal team urges cooperation with Bahamian authorities amid favoritism allegations

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A lawyer representing provisional liquidators overseeing FTX’s operations in the Bahamas has pushed back against allegations officials in the country were using the collapse of the crypto exchange to benefit its residents first. In a Dec. 16 hearing for FTX Trading’s bankruptcy proceedings, White & Case partner Jason Zakia said allegations made by debtors concerning assets and Bahamian authorities were “wholly without merit”. The legal team represented provisional liquidators for FTX Digital Markets — the firm’s operations in the Bahamas — whose appointments were approved by the country’s Supreme Court in November…

Judge Overseeing FTX Bankruptcy Says News Orgs. Can Argue to Unseal Creditor List

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FTX Files Request to Sell 4 of Its Solvent Subsidiaries

Earlier, FTX made a number of targeted acquisitions that established it as a market leader in the digital currency ecosystem. Bankrupt digital currency trading and derivatives platform, FTX has filed a request with the Bankruptcy Court of Delaware to permit the bidding process for four of its solvent and independently operating subsidiaries. According to the court filing, the beleaguered company hopes to offload Embed Technologies, LedgerX LLC, FTX Japan, and FTX Europe over the next two months. FTX filed for bankruptcy in early November after facing an excruciating liquidity crunch…

CEO of Silvergate Bank Faces Class Action Lawsuit Over Dealing with FTX and Alameda

Plaintiff Joewy Gonzalez has filed the lawsuit on behalf of himself and others who lost money with FTX. The lawsuit accuses Silvergate Bank of transferring FTX user deposits into the bank accounts of Alameda Research. The contagion of FTX collapse has spread all across the crypto market with several other firms getting impacted in the process. Alan Lane, the CEO of Silvergate Bank, is now facing a class-action lawsuit at the California Southern District Court amid the bank’s business dealing with embattled crypto firms FTX and Alameda Research. Silvergate Bank…

QCP Capital Has at Least $97M Frozen at Defunct Exchange FTX

Inside sources at QCP Capital reported a sizable stake stuck with FTX as the ill effects of the exchange’s collapse prevail.  Crypto trading platform QCP Capital reportedly has at least $97 million trapped with collapsed crypto exchange FTX. Inside sources also claim that QCP has been trying to sell its claim to distressed asset buyers. This move is part of an attempt by the Singapore-based company to redeem some funds. QCP to Continue Operations Unperturbed QCP Capital first intimated its FTX exposure on Twitter last month but did not disclose the amount. The company also…

Amber Group raises $300M to recover from FTX contagion

Amber has completed a new $300 million Series C funding round, led by blockchain-focused venture capital company Fenbushi Capital US, the firm announced on Twitter on Dec. 15. The new funding round comes as Amber has decided to pause its previous Series B funding and proceed with Series C instead due to FTX collapse. Prior to the failure of FTX, Amber was in process of completing an extension of its Series B at a $3 billion valuation. As previously reported, the company was planning to raise $100 million as part…

Reports Suggest Caroline Ellison Is Working With Feds and Snitching on FTX Co-Founder Bankman-Fried – Bitcoin News

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Following the arrest of the former FTX boss Sam Bankman-Fried (SBF), spectators continue to wonder where ex-Alameda Research CEO Caroline Ellison is, and whether or not she turned on SBF. A few reports suggest Ellison is “likely working with feds” and it’s possibly the reason why Ellison was reportedly spotted at the Ground Support cafe in Soho. Did Caroline Rat on SBF? No One’s Heard a Peep From the Mysterious Ex-Alameda Executive Since FTX Collapsed A great deal of crypto supporters and the media have been wondering where Caroline Ellison,…