Tag: FTX

FTX proves MiCA should be passed fast, officials tell European Parliament committee

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The European Parliament Economic and Monetary Affairs Committee held a hearing on “FTX cryptocurrency exchange collapse and implications for the EU” Nov. 30. Three European monetary officials testified, talking about FTX, blockchain technology and crypto regulation in a “preliminary assessment of the events.” European Securities and Markets Authority (ESMA) Risk Analysis & Economics Department head Steffen Kern told the committee that ESMA “has neither regulated nor supervised FTX” and has no “information on the company beyond what is in the public domain.” The ESMA does not see significant risks to…

Singapore’s Temasek sees ‘reputational damage’ due to FTX, official says

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Singapore government-owned investment firm Temasek has suffered a lot more than just financial losses due to investing in FTX, according to Deputy Prime Minister Lawrence Wong. Wong, who is also the finance minister, believes that Temasek’s $275 million investment in FTX has caused significant damage to the company’s reputation. The official addressed the growing criticism over Temasek’s FTX exposure at a parliament meeting on Nov. 27, according to a report by the South China Morning Post. The prime minister emphasized that the collapse of FTX was a result of a…

FTX Hacker Sends Part of Stolen Funds to OKX Exchange

A market analyst has spotted a pattern in the fund transfers made by the FTX hacker to OKX. The crypto exchange said that it is investigating into the matter. On Tuesday, November 29, the FTX hacker who drained $450 million worth of assets from the exchange, moved some of his assets to the crypto exchange OKX in an attempt to launder money. The FTX hacker has been constantly shuffling funds from one digital asset to other. Initially, the hacker converted all the stoled stablecoins into Ether and later into Bitcoin.…

Singapore’s Financial Regulator Defends Itself After FTX Blowup

Wong also addressed the investment of Singapore’s state-owned investment fund Temasek into FTX, saying that it had caused not just financial loss but also reputational damage. Days after Sam Bankman-Fried’s crypto enterprise filed for bankruptcy protection in the U.S., Temasek announced it had written off its entire FTX investment of $275 million, which it said was made after conducting eight months of due diligence. Wong said that Temasek had initiated an internal review by an independent team to study and improve its processes, and to draw lessons for the future.…

Bankruptcy court told FTX and Alameda owe BlockFi $1B… but it’s complicated

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A lawyer for BlockFi told the first day hearing of its bankruptcy proceedings that the crypto lender has $355 million stuck on FTX and that the collapsed exchange’s sister company Alameda Research has defaulted on a $680 million loan. BlockFi filed 15 motions on Nov. 28 which were approved by the court in the first day hearing on Nov. 29, including the redaction of personal details of its 50 largest creditors, and the appointment of Kroll Restructuring Administration as its claims and noticing agent — the same firm chosen by…