Tag: FTX

US Trustee names Wintermute on creditor committee in FTX bankruptcy case

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A United States Trustee has announced nine creditors to the committee responsible for part of crypto exchange FTX’s bankruptcy proceedings. According to court documents filed Dec. 15, U.S. Trustee Andrew Vara named crypto market maker Wintermute Asia among those on the ‘Committee of Unsecured Creditors’. Other creditors included individual investors, crypto hedge fund Coincident Capital, GGC International — an affiliate of lending platform Genesis — Pulsar Global, Wincent Investment Fund, and Octopus Information. The committee would play a role in representing creditors who lost funds or were otherwise affected by…

Wintermute, Venture Cap Octopus Given Seats on Key FTX Creditor Committee

The committee, responsible for representing those who are hoping to be repaid at the conclusion of bankruptcy proceedings – specifically the unsecured creditors who have no claim on FTX collateral – will also include hedge fund Coincident Capital, GGC International (a Bermuda-based affiliate of Genesis Trading, which shares a parent company with CoinDesk in Digital Currency Group) and Hong Kong’s Pulsar Global, the filing said. Source

The FTX Meltdown Calls for Higher Standards in Crypto Journalism

Crypto journalists have already had to contend with the most aggressive financial marketing blitz of the last 20 years as startups and incumbents alike tried to capture some of the benefits of the crypto gold rush. So while many of us searched in earnest for good sources to share information on a very new and sometimes arcane phenomenon, we have had to sort through the people talking about their own book and looking for free advertising space to pitch their product. Source

Kevin O’Leary Blames Binance for FTX Crash

O’Leary emphasized that the share purchases and FTT token sales both affected FTX’s balance sheet. Shark Tank investor Kevin O’Leary blamed popular crypto exchange Binance for the FTX crash while speaking at the Senate Committee hearing on the 14th of December. According to the Canadian entrepreneur. Binance caused FTX to collapse on purpose. In October, FTX was one of the reigning crypto exchanges, with millions of users globally. From being one of the biggest exchanges on earth, the crypto company collapsed in the twinkle of an eye. The sudden misfortune…

Top FTX Group Executive Tipped Off Bahamas Authorities About Comingling of Funds in November

Ryan Salame, the co-chief executive of FTX’s Bahamas entity, called FTX Digital Markets, told the Bahamas Securities Commission on Nov. 9 that “clients’ assets which may have been held with FTX Digital were transferred to Alameda Research,” according to a letter to the Bahamas Police Commissioner disclosed this week. This would constitute “misappropriation, theft, fraud or some other crime,” Christina Rolle, Executive Director at Securities Commission of The Bahamas wrote to the Commissioner. Source

Kevin O’Leary Tells US Lawmakers FTX Failed Because Binance Intentionally Killed It – Featured Bitcoin News

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Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has told U.S. Congress that he believes the collapsed crypto exchange FTX failed because rival Binance intentionally put it out of business. He said former FTX CEO Sam Bankman-Fried (SBF) told him that Binance, which owned a 20% equity stake in FTX, refused to comply with regulators’ requests whenever FTX applied for a license in different jurisdictions. Kevin O’Leary Shares Why He Thinks FTX Failed With U.S. Senators Shark Tank star Kevin O’Leary shared why he thinks crypto exchange FTX collapsed in…

FTX Bahamas co-CEO Ryan Salame blew the whistle on FTX and Sam Bankman-Fried

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According to Bahamian court records filed on Dec. 14, Ryan Salame, the former co-CEO of FTX Digital Markets told the Securities Commission of the Bahamas (SCB) on Nov. 9 that FTX was sending customer funds to its sister trading firm Alameda Research. He also told the SCB only three people had the access required to transfer client assets to Alameda: Former FTX CEO Sam Bankman-Fried, FTX co-founder Zixiao “Gary” Wang and FTX engineer Nishad Singh. The allegation spurred SCB executive director Christina Rolle to contact the commissioner of the Royal…

Realized losses from FTX collapse peaked at $9B, far below earlier crises

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Blockchain analytics firm Chainalysis has attempted to put the FTX collapse into perspective — comparing peak weekly-realized losses in the wake of the exchange’s collapse compared to previous major crypto collapses in 2022. The Dec. 14 report found the depegging of Terra USD (UST) in May saw weekly-realized losses peak at $20.5 billion, while the subsequent collapse of Three Arrows Capital and Celsius in June saw weekly-realized losses peak at $33 billion.  In comparison, weekly realized losses during the FTX saga peaked at $9 billion in the week starting Nov. 7, and…