Tag: FTX

Silvergate Shares Slides 11%, FTX Exposure and Possible Testimony by SBF Makes SI Risky

Silvergate recently noted that its relation with FTX is limited to deposits and has no outstanding loans with FTX or Alameda. Silvergate Capital Corporation (NYSE: SI) continues to feel the effect of the 2022 cryptocurrency winter. Silvergate shares closed Tuesday’s market trading at $18.73, 11.90 percent down from the day’s opening price. Consequently, SI shares are down approximately 87 percent year-to-date, a similar decline recorded in the crypto market. Moreover, the company is heavily collateralized with crypto assets that institutional investors – including MicroStrategy – use to take fiat loans.…

Bahamian securities regulator slams new FTX CEO over ‘misstatements’

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The Securities Commission of Bahamas has slammed the current CEO of bankrupt crypto exchange FTX John J. Ray III for his statements regarding the ongoing investigation into FTX.  In a press release sent to Cointelegraph, the Bahaman regulator didn’t directly point toward the exact statements of the CEO, but addressed recent reports that suggest the Bahamas’ government asked former CEO Sam Bankman-Fried to create a new multi-million token and hand over the control to them. The said report also alleged Bahamas officials tried to help Bankman-Fried regain access to key…

FTX Co-Founder Indicted by Federal Grand Jury in Manhattan, Bahamian Magistrate Denies SBF’s Bail – Bitcoin News

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On Dec. 13, 2022, the Southern District of New York (SDNY) prosecutor’s office and SDNY attorney Damian Williams revealed that the FTX co-founder Sam Bankman-Fried has been indicted for “fraud, money Laundering, and campaign finance offenses.” SDNY attorney Williams said that the case was not an issue of “mismanagement or poor oversight” but of “intentional fraud, plain and simple.” SDNY Prosecutor’s Office and Attorney Williams Charge SBF With 8 Financial Crimes A federal grand jury in Manhattan unsealed an indictment on Dec. 13, 2022, tied to the disgraced former FTX…

CFTC Follows SEC by Filing a Lawsuit Against Disgraced FTX Co-Founder Sam Bankman-Fried – Bitcoin News

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On Dec. 13, 2022, the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Sam Bankman-Fried (SBF), FTX Trading LTD., and Alameda Research. The CFTC alleges that FTX customer deposits, “throughout the relevant period,” including both fiat currencies and cryptocurrencies, were reportedly “appropriated by Alameda for its own use.” U.S. Commodity Futures Trading Commission: ‘FTX and Alameda Comingled, Mishandled, and Misappropriated FTX Trading Customer Funds’ From Day One The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit (Case 1:22-cv-10503) against SBF and his companies FTX and Alameda…

FTX Founder Sam Bankman-Fried Denied Bail in the Bahamas

Magistrate Judge Joyann Ferguson-Pratt ordered that there be an extradition hearing next year, on Feb. 8, 2023, at 10:00 a.m. ET. Bankman-Fried’s attorneys asked that he be released on a $250,000 bail, arguing he needed to be able to regularly take medication, including Zyrtec, an over-the-counter allergy medication, and keep to his vegan diet. Earlier in the day, police escorted Bankman-Fried’s parents to his home in Albany in the Bahamas to pick up Adderall, another medication. Source

Crypto Investors Moving to Hardware Wallets Following FTX Collapse

Hardware wallets are becoming increasingly popular as a secure and user-friendly way to store digital currencies. In the wake of the collapse of FTX, cryptocurrency users are beginning to explore the use of hardware wallets to store and protect their crypto funds. The rising popularity of decentralized finance (DeFi) applications is making hardware wallets increasingly attractive for users who are looking for a more secure and user-friendly solution than traditional custodial wallets. In addition, the recent surge in the price of Bitcoin has created a new wave of investors who…

Bahamian Government Officials Allegedly Asked SBF to Mint Millions of Dollars in New Tokens Amid the FTX Collapse – Bitcoin News

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On Monday, court documents from lawyers involved with the FTX Trading LTD Chapter 11 bankruptcy case allege that the government of The Bahamas asked the disgraced FTX co-founder Sam Bankman-Fried (SBF) to mint new crypto tokens. The lawyers detailed that it was a “request for live, dynamic access that would be provided immediately to the government of the Bahamas and to Messrs.” Government of Bahamas Accused of Getting Special Treatment From Disgraced FTX Co-Founder Sam Bankman-Fried Following Sam Bankman-Fried’s (SBF) arrest in The Bahamas, the U.S. Securities and Exchange Commission…

Silvergate Shares Drop to Fresh 2-Year Low Amid FTX Testimony

“Traders don’t want to hold Silvergate Capital this week as fears that any testimony from FTX could be damning,” said Edward Moya, senior market analyst of the Americas at OANDA. “Lawmakers are trying to find out everything that went wrong with FTX and some of that could spill over to Silvergate. Everyone wants to know if and how Silvergate played a pivotal role in the transferring of customer funds from FTX to Alameda. Any companies with ties to FTX will likely come under tremendous scrutiny.” Source