Former FTX CEO Bankman-Fried did not address concerns about customer funds being misappropriated or other recent revelations about the company. Source
Bankman-Fried Apologizes to FTX Employees, Details Amount of Leverage in Internal Letter
Tag: FTX
Singapore central bank explains why Binance was on its alert list, but FTX wasn’t
The Monetary Authority of Singapore (MAS), the country’s central bank, released a statement Nov. 21 to address “some questions and misconceptions that have arisen in the wake of the FTX.com (FTX) debacle.” The first point MAS wanted to make was that it could not protect local users from the fallout from FTX collapse “such as by ringfencing their assets or ensuring that FTX backed its assets with reserves” because “FTX is not licensed by MAS and operates offshore. MAS has consistently warned about the dangers of dealing with unregulated entities.”…
On-Chain Data Shows Close Ties Between FTX and Alameda Were There From the Start: Nansen
“We could see that something’s going on, that they’re closely connected, that there are sufficient flows,” Polk said, referring to Nansen’s latest report, which takes a deeper look at what may have been happening between the corporate siblings. “But since FTX is a centralized entity, you can’t really see what’s happening inside [and] you can’t really know how much money should be there.” Source
Bankrupt Crypto Exchange FTX Owes $3,101,348,515 to 50 Largest Creditors
The collapsed crypto exchange FTX owes more than $3.1 billion to its 50 largest creditors, according to a new bankruptcy filing. The new filing indicates the exchange’s largest creditor is owed more than $226 million, and the top 10 are owed approximately $1.45 billion collectively. The names of the creditors are not listed on the document. FTX’s legal team says the firm is still working out the final figures. “The Debtors’ investigation continues regarding amounts listed, including payments that may have been made but are not yet reflected on the…
FTX Bankruptcy Judge Says Creditor Information Can Be Redacted – at Least For Now
FTX creditors concerned about their names and other personal information being disclosed as part of the crypto exchange’s bankruptcy proceedings can breathe a sigh of relief – at least temporarily. Source
US Senators Ask Fidelity to Reconsider Bitcoin 401(k) Offerings Following FTX Collapse
“The ill-advised, deceptive, and potentially illegal actions of a few have a direct impact on the valuation of Bitcoin and other digital assets,” the letter read. Source
Lawyers Detail the ‘Abrupt and Difficult’ Collapse of FTX in First Bankruptcy Hearing
“You have witnessed probably one of the most abrupt and difficult collapses in the history of corporate America,” an attorney for FTX said during the company’s first bankruptcy hearing on Tuesday. Source
Bahamas FTX Liquidators Agree to Transfer Bankruptcy Case to Delaware
“We had filed with your honor a motion to transfer that case from the Southern District of New York to the district of Delaware, and we are pleased to report that we have reached an agreement with the joint provisional liquidators to do just that to bring the case from New York and here to Delaware,” James Bromley, a partner in Sullivan & Cromwell’s Finance & Restructuring Group said during the first FTX bankruptcy hearing on Tuesday. Source
Bitcoin “Diamond Hands” Have Dumped 84.5k BTC Since FTX Collapse
Data shows the so-called Bitcoin “diamond hands” have shed 84.5k BTC from their holdings since the collapse of crypto exchange FTX. Bitcoin Long-Term Holder Supply Has Sharply Declined Recently According to the latest weekly report from Glassnode, the long-term holder supply has observed one of its most significant declines this year in recent days. The “long-term holder” (LTH) group is a Bitcoin cohort that includes all those investors who have been holding onto their coins since at least 155 days ago, without having sold or moved them. Statistically, the longer…
FTX Co-Founder Sam Bankman-Fried Faces US Extradition, Bankruptcy Court Says Top Execs Won’t Be Compensated – Bitcoin News
According to a report citing three people familiar with the matter, the former FTX CEO Sam Bankman-Fried (SBF) may be extradited to the United States for questioning. After it was alleged that SBF transferred $10 billion in customer funds to Alameda Research, the company’s financials show between $1 billion and $2 billion has gone missing. Reports Indicate Former FTX CEO Bankman-Fried Faces Extradition to the U.S. for Questioning It’s been two weeks since the FTX collapse and 11 days since the company filed for Chapter 11 bankruptcy protection. Now, according…