Tag: FTX

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…

Binance ‘put FTX out of business’ — Kevin O’Leary

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The collapse of FTX was triggered by Binance, claimed investor Kevin O’Leary on Dec. 14 speaking at the United States Senate committee hearing about the crypto exchange meltdown. O’Leary, who was a paid spokesperson for FTX, provided details about conversations with Sam Bankman-Fried in the days before FTX filed for bankruptcy.  During his testimony, O’Leary said he had questioned SBF regarding how customer funds were used in the past 24 months and was told that almost $3 billion were used to repurchase shares of FTX owned by Binance. When asked…

NFTs minted on FTX break: Nifty Newsletter, Dec. 7–13

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In this week’s newsletter, read about how nonfungible tokens (NFTs) hosted on the FTX exchange are now showing blank images. Check out how NFTs can solve diamond certification fraud and how the NFT space is held back by oversupply. In other news, find out how celebrities are facing a class-action lawsuit. And don’t forget this week’s Nifty News featuring classic media player Winamp adding support for NFTs. NFTs minted on FTX break, highlighting Web2 hosting flaws NFTs hosted on the embattled FTX exchange have been affected by the collapse of…

After FTX, Let’s Get Back to Hiring the Crypto People for the Job

I got into crypto in 2015 because I believed we could build a better, fairer system that worked for everyone. We started this to get away from centralization and blind trust of people and institutions. The first successful companies were built with people who believed in a few founding principles, all to varying degrees: decentralization, privacy, self-custody, and removal of middlemen. Don’t trust, verify. Can’t be evil. The list goes on. Source