The liquidity provider, which closed the funding in September, had minimal exposure to the collapsed exchange. Source
Market Maker Keyrock Raises $72M Series B Amid FTX Contagion
Tag: FTX
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.…
EU’s MiCA Crypto Law Would Have Stopped FTX Malpractice, Officials Say
“I wouldn’t comment on individual cases, but generally speaking the [crypto] industry has many signs of weaknesses across all key functions,” said Steffen Kern, head of ESMA’s risk analysis and economics department, citing poor management and failures to segregate client funds. “MiCA, had it been in place, would have been extremely helpful.” Source
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
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…
Learn from FTX and stop investing in speculation
The FTX collapse marks more than just the failure of another crypto exchange. It signals the time has come for the industry to grow up and embrace value. The value schism is here. FTX was the world’s second-largest crypto exchange. Now, it is a meme for the death rattle of absurd amounts of money being poured into refurbished centralized business models whitewashed in faux decentralization. As legendary investor Warren Buffet famously said, “Only when the tide goes out do you discover who’s been swimming naked.” It seems there were more…
Sam Bankman-Fried Called to FTX Hearing by Texas Securities Regulator
FTX Capital Markets, LLC, is registered as a dealer with the board, and “Texans were able to buy and sell publicly traded stock through the firm,” according to the hearing notice that was dated Nov. 22. The state regulator is seeking a cease-and-desist order for FTX to halt securities fraud in the state, to return money to affected investors and to target Bankman-Fried with fines. Source
US lawmaker questions major crypto exchanges on consumer protection amid FTX collapse
Ron Wyden, chair for the United States Senate Finance Committee, has requested information from six crypto firms on consumer protection following FTX’s liquidity issues and bankruptcy. In separate letters dated on Nov. 28, Wyden targeted Binance, Coinbase, Bitfinex, Gemini, Kraken and KuCoin, requesting information on what protections the exchanges had in place if a failure like the one that happened at FTX occurred. The senator said that crypto users who had funds with FTX had “no such protections” like those at banks or registered brokers under the Federal Deposit Insurance…
Collapsed Crypto Exchange FTX Resumes Normal Salary Payments to Employees Worldwide
Beleaguered crypto exchange FTX says most of its subsidiaries are resuming salary and benefit payments to employees after being interrupted during the company’s insolvency crisis. In a statement, FTX’s new CEO John J. Ray III says that ordinary course payment will also resume for some of the firm’s non-US contractors and service providers to preserve business operations. Ray says the company acknowledges the inconvenience caused by the interruptions in payments, and thanks employees and partners for their support. “With the Court’s approval of our First Day motions and the work…
FTX hacker reportedly transfers a portion of stolen funds to OKX after using Bitcoin mixer
Hackers who drained FTX and FTX USA of over $450 million worth of assets just moments after the doomed crypto exchange filed for bankruptcy on Nov. 11, continue to move assets around in an attempt to launder the money. A crypto analyst who goes by ZachXBT on Twitter alleged that the FTX hackers have transferred a portion of the stolen funds to the OKX exchange, after using the Bitcoin mixer ChipMixer. The analyst reported that at least 225 BTC — worth $4.1 million USD — has been sent to OKX…