Tag: FTX

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,…

Silvergate faces class-action lawsuit over FTX and Alameda dealings

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A class-action lawsuit against Silvergate Bank, Silvergate Capital Corporation and Silvergate CEO Alan Lane was filed at the California Southern District Court concerning accounts held by embattled crypto companies FTX and Alameda Research. The suit aims to hold Silvergate accountable for its alleged roles in placing FTX user deposits into the bank accounts of Alameda, which caused panic within the crypto market, eventually leading to both firms declaring bankruptcy. The lawsuit was filed by the plaintiff Joewy Gonzalez on behalf of himself and others in the same situation. According to…

FTX wants permission to sell FTX Japan and FTX Europe as well as LedgerX

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On Dec. 15 lawyers representing FTX filed a motion with the United States Bankruptcy Court seeking permission to sell off the firm’s Japanese and European branches, derivatives exchange LedgerX and stock-clearing platform Embed. The lawyers note that each of these businesses have been under pressure from regulators, which “merit[s] an expeditious sale process,” adding: “The longer operations are suspended, the greater the risk to the value of the assets and the risk of a permanent revocation of licenses.” FTX Japan is currently subject to a business suspension and improvement orders,…

Court Documents Say FTX Boss Ryan Salame Snitched on SBF 2 Days Before the Bankruptcy Filing – Bitcoin News

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According to court documents associated with the FTX bankruptcy proceedings, on Nov. 9 — two days before the company filed for Chapter 11 bankruptcy protection — FTX co-CEO Ryan Salame told Bahamian authorities that Sam Bankman-Fried (SBF) sent customer funds to the firm Alameda Research. A letter written by Salame sent to the Bahamian commissioner of police detailed the “possible mishandling of clients’ assets” by SBF. Court Documents Indicate FTX Co-CEO Ryan Salame Allegedly Turned on Bankman-Fried A written account from FTX co-CEO Ryan Salame details that the former FTX…