Tag: FTX

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…

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…