“Development work for this plan has already started and our engineering teams are working to allow FTX Japan users to withdraw their funds. As part of the plan, we are incorporating controls, security audit, reconciliations, and reviews to put in place a robust and secure process,” the notice said. Source
The CFTC chair accepted that he had conducted nearly 12 meetings with SBF in the last 14 months before bankruptcy. SBF was looking to secure a clearinghouse license for FTX subsidiary LedgerX. It’s not a new story that FTX‘s disgraced founder Sam Bankman-Fried was in close contact with US lawmakers. However, the latest report suggests that Bankman-Fried also met with some high-level officials at the US Commodities and Futures Trading Commission (CFTC) more than 10 times over the last 14 months. Bankman-Fried vs CFTC One of his meetings was also…
Mike Novogratz said that the FTX founder was “delusional” about his culpability in the crypto exchange’s collapse. He further added that crypto firms should never lend out customers’ funds without taking their permission. Sam Bankman-Fried, the disgraced founder of bankrupt crypto exchange FTX, has been making public appearances and giving interviews. But crypto billionaire Mike Novogratz, also the founder of Galaxy Digital, strongly believes that the FTX founder should be in jail. Novogratz’s comments came during his recent interview with CNBC on Thursday, December 1, wherein he called the FTX…
The United States Trustee handling FTX’s bankruptcy proceedings has referred to the now-defunct exchange as the “fastest big corporate failure in American history,” and is calling for an independent probe to look into its downfall. In a Dec. 1 motion, U.S. Trustee Andrew Vara noted that over the course of eight days in November, debtors “suffered a virtually unprecedented decline in value” from a market high of $32 billion earlier in the year to a several liquidity crisis after a “proverbial ‘run on the bank.’” “The result is what is likely…
The Japanese subsidiary of the now-defunct FTX crypto exchange has come out with a roadmap to resume withdrawals, after confirming that its customers’ assets are not part of FTX’s bankruptcy proceedings. The firm provided an update on Dec. 1, stating it has been able to confirm that its customers’ assets “should not” be part of FTX Japan’s estate due to Japanese regulations which mandate that crypto exchanges must separate client funds from their own assets. This was according to Landis Rath & Cobb LLP, the law firm representing FTX Group…
Nevertheless, in spite of the fact that it is one of the 134 companies that are now participating in the bankruptcy proceedings of FTX, the Japanese subsidiary has been working on a plan to refund customer cash. The Japanese subsidiary of the cryptocurrency exchange FTX has devised a plan to continue processing withdrawal requests after it was determined that the assets of its customers will not be affected by the bankruptcy procedures that are currently being carried out by the FTX cryptocurrency exchange, which has since ceased operations. On December…
United States Commodity Futures Trading Commission chair Rostin Behnam told a Senate Agriculture, Nutrition, and Forestry Committee meeting Dec. 1 that his agency’s regulations contain “core elements that have served the markets for decades.” But as the fallout from the FTX collapse gets sorted out, notable gaps in current legislation have come to light, Behnam and the senators agreed. Sen. Tina Smith called the FTX collapse “shocking, not surprising,” and said that future crises will continue to occur as long as regulatory gaps remain. Behnam pointed out that the Securities…
According to a report published by the global dapp store platform, Dappradar, blockchain gaming hardly felt the impact of the recent FTX collapse and the crypto market carnage that ensued. Dappradar’s Blockchain Games Report indicates that the number of daily unique active wallets (dUAW) participating in blockchain gaming dropped slightly to 800,875 UAWs in November, down from just above 900,000 UAWs recorded during the last two months. Moreover, Dappradar says that blockchain gaming accounted for “a healthy 46% of all blockchain activity.” Report: Blockchain Gaming Shrugs off FTX Collapse With…
Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said that while new legislation allowing his agency greater spot market oversight over crypto should move swiftly, lawmakers should also ensure there are no “gaps.” Source
Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said that while new legislation allowing his agency greater spot market oversight over crypto should move swiftly, lawmakers should also ensure there are no “gaps.” Original Source 039Pause039BillCFTCChairmanDebacleFTXOverhaulSenateSuggests CryptoX Portal