Non-executive directors hired in the wake of the crypto exchange’s collapse are earning $50,000 a month – but the fees may pale in comparison to the overall costs of corporate restructuring. Source
New FTX CEO Paid $1,300 an Hour, Court Filings Show
Tag: FTX
FTX Japan Preparing to Allow Withdrawals by Year End: Report
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Coinbase, MicroStrategy Bonds Tank as FTX Collapse Dents Institutional Confidence in Crypto
“High bond yields are reflective of sharply higher rates but also of genuine skepticism about the long-term viability of crypto amongst institutional investors after the high profile collapses of Terra/LUNA, Celsius [Network], 3AC [Three Arrows Capital], Voyager [Digital], BlockFi and FTX,” Mike Alfred, a value investor and founder of digital assets investment platform Eaglebrook Advisors, said. Source
FTX hacker dumps 50,000 ETH, still among top 40 Ether holders
The hacker behind the bankrupt cryptocurrency exchange FTX started transferring their Ether (ETH) holding to a new wallet address on Nov. 20. The FTX wallet drainer was the 27th largest ETH holder after the hack but dropped by 10 positions after the weekend ETH dump. The FTX hacker drained nearly $447 million out of multiple FTX global and FTX.US exchange wallets just hours after the crypto exchange filed for Chapter 11 bankruptcy on Nov. 11. Majority of the stolen funds were in ETH, making the exploiter the 27th largest ETH…
The FTX collapse not enough to break crypto community’s spirit: IBW 2022
Istanbul Blockchain Week opened its doors on Nov. 14 to bring the crypto and blockchain ecosystem together in İstanbul, Turkey. Cointelegraph attended the event with a Cointelegraph Turkey booth and an İstanbul-based editor to experience the impact of the FTX collapse firsthand — the result was unexpected. As an international hub housing more than 15 million people, İstanbul was shaken by a bombing attack in Taksim, the city center, on Nov. 13 evening. Yet, the following day, Istanbul Blockchain Week (IBW) opened its doors to more than 2,000 international attendees…
Vitalik Buterin offers lessons for crypto in wake of the FTX collapse
Ethereum co-founder Vitalik Buterin has spoken out in the wake of the FTX collapse, offering his thoughts and some positives from one of crypto’s biggest black swan events. In a Nov. 20 Bloomberg interview, Buterin said that the collapse of FTX contains lessons for the entire crypto ecosystem. He acknowledged that the underlying stability of distributed ledger and the technology powering the crypto asset economy has not come into question. The problem in this instance (and several before it) has been people, not technology. Buterin also labeled the FTX collapse…
FTX Owes Its Largest Creditor $226M; Top 50 Owed Total of About $3.1B
“The Top 50 List is based on the Debtors’ currently available creditor information, including customer information that was able to be viewed but is not otherwise accessible at this time,” the document, prepared by bankruptcy lawyers, reads. “The Debtors’ investigation continues regarding the amounts listed, including payments that may have been made but are not yet reflected on the Debtors’ books and records. The Debtors are also working to obtain full access to customer data.” Source
Elon Musk on Crypto, Bitcoin, Ftx, Mining and Twitter. Why Crypto is CRASHING!? | LIVE EVENT
▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining…
Crypto sleuth debunks 3 biggest misconceptions about the FTX hack
On-chain sleuth ZachXBT has shared his findings on what he sees as the three most common misconceptions about the FTX hack — taking to Twitter to correct a “ton of misinformation” about the event and the possible culprits. In a lengthy Nov. 20 post on Twitter, the self-proclaimed “on-chain sleuth” debunked speculation that Bahamian officials were behind the FTX hack, that exchanges knew the hacker’s true identity, and that the culprit is trading memecoins. 1/ I have seen a ton of misinformation being spread on Twitter and in the news…
Getting funds out of FTX could take years or even decades: Lawyers
While investors are eager to know when they will be able to get their funds back from the now-bankrupt crypto exchange FTX, insolvency lawyers warn it could take “decades.” The crypto exchange, along with 130 affiliates filed for Chapter 11 bankruptcy protection in the United States on Nov. 11. Insolvency lawyer Stephen Earel, partner at Co Cordis in Australia said it will be an “enormous exercise” in the liquidation process to “realize” the crypto assets then work out how to distribute the funds, with the process potentially taking years, if…