Tag: FTX

BlockFi files for bankruptcy, as many expected, cites FTX collapse for its troubles

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BlockFi announced on Nov. 28 that it had filed for Chapter 11 bankruptcy. The filing in the United States Bankruptcy Court for the District of New Jersey pertains to the company and its eight subsidiaries. The move comes after several days of speculation on the company’s financial health after the collapse of FTX. According to a statement, BlockFi has $256.9 million on hand. It has filed motions “to pay employee wages and continue employee benefits without disruption.” It also seeks to “establish a Key Employee Retention Plan to ensure the…

Crypto Lender BlockFi Files for Bankruptcy as FTX Fallout Continues

However, FTX itself filed for bankruptcy in the second week of November, after days of speculation about whether it was fully liquid. The questions were sparked by a CoinDesk report revealing that much of FTX sister company Alameda’s balance sheet was composed of an exchange token, FTT, issued by FTX, which later prompted Binance CEO Changpeng “CZ” Zhao to announce he would liquidate his company’s entire set of FTT holdings. FTX later suspended withdrawals. Source

FTX collapse put the Singapore government in a parliamentary hot seat

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The collapse of the now-bankrupt cryptocurrency exchange FTX has put the Singapore prime minister and the ruling government in a hot seat. Prime Minister Lee Hsien Loong and Deputy Prime Minister Lawrence Wong are set to face grilling questions for their failure to protect retail investors. The Members of Parliament (MP) from the opposition Workers’ party raised 15 questions about Temasek’s investment and FTX collapse. The MPs questioned the government’s credibility in tracking the extent of investments by Temasek and Singapore’s sovereign wealth fund GIC. The discussions around the government…

FTX collapse drives curiosity around Sam Bankman-Fried, Google data shows

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The fall of FTX seemingly had the biggest impact on the crypto ecosystem as Google searches for the CEO Sam Bankman-Fried (SBF) hit the roof over in November 2022. Some of the biggest drivers for this trend include mainstream media attention, colossal losses and political ties. On Nov. 2, SBF lost his credibility after his company Alameda Research was found holding a large amount of FTX Token (FTT), an asset issued by FTX. Over the following two weeks, the crypto community investigated and found SBF guilty of manipulating and misappropriating…

FTX under ‘active’ civil and criminal investigation: Bahamas AG

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The Bahamas Attorney General (AG) and Minister of Legal Affairs Ryan Pinder has confirmed that the collapsed crypto exchange FTX is the focus of an “active and ongoing” investigation by authorities from the Caribbean nation. In a national statement that was delivered live on the Facebook page of the Office of the Prime Minister on Nov. 27, Pinder explained the “affairs of FTX Digital Markets” are under scrutiny from both “civil and criminal authorities” and Bahamian authorities are working with “a number of specialists and experts and will continue to do…

Bahamian Attorney General Insists FTX Is the Subject of an ‘Active and Ongoing Investigation’ – Bitcoin News

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The troubled and now-bankrupt crypto exchange FTX is the subject of “an active and ongoing investigation,” Bahamian attorney general Ryan Pinder told the press on Sunday. Pinder also stressed that putting the blame on the Bahamas “because FTX is headquartered here would be a gross oversimplification of reality.” Bahamian Attorney General Says the ‘Bahamas Will Emerge, Held in Even Higher Esteem’ On Sunday, the attorney general of the Bahamas discussed the collapse of FTX Digital Markets, and he insisted that Bahamian authorities are investigating FTX. Ryan Pinder started his speech…

Alameda Withdrew $204M in Crypto From FTX US Days Before Exchange Collapsed – Featured Bitcoin News

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Alameda Research reportedly withdrew the most funds from FTX US, the U.S. arm of FTX, days before the crypto exchange filed for bankruptcy. The majority of the withdrawn cryptocurrencies were sent to wallets owned by FTX International, “suggesting that Alameda may have been operating to bridge between the two entities,” crypto intelligence firm Arkham said. Alameda’s Withdrawal Analysis From FTX US exchange Crypto intelligence firm Arkham shared an analysis Friday showing that Alameda Research withdrew the most funds from FTX US, the U.S. arm of FTX, days before the crypto…