Tag: FTX

FTX owes over $3 billion to its 50 biggest creditors: Bankruptcy filing

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According to a court filing on Nov. 20, FTX Trading LTD owes its top 50 creditors over $3 billion USD. The document, which was submitted through the United States bankruptcy court for the district of Delaware, was filed as part of the company’s Chapter 11 bankruptcy proceedings. FTX discloses its top 50 creditors are owed $3.1 billion. The largest creditor is owed $226 million. All names were redacted. pic.twitter.com/JGeddvMB7w — Tom Dunleavy (@dunleavy89) November 20, 2022 The filing indicated that FTX owes the top individual alone in excess of $226…

Washington Post, Forbes, Wall Street Journal Slammed for ‘Puff Piece’ Reports on FTX and Alameda Execs – Bitcoin News

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Following the highly criticized New York Times article that features commentary from the former CEO of FTX, Sam Bankman-Fried (SBF), the public continues to give the mainstream media flak for publishing “puff pieces” about SBF and the Alameda Research executive Caroline Ellison. A number of articles have been called out for being too lenient on the former FTX and Alameda executives and even going as far complimenting the individuals. Critics Say Specific FTX-Related Articles Published by Forbes, Washington Post, and the Wall Street Journal Give Praise to FTX and Alameda…

FTX fiasco means coming consequences for crypto in Washington DC

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On Nov. 11, while the rest of the country was celebrating Veteran’s Day, Sam Bankman-Fried announced that FTX — one of the world’s largest cryptocurrency exchanges by volume — had filed for bankruptcy. Lawmakers and pundits quickly latched onto the rapid disintegration of FTX to call for more regulation of the crypto industry. “The most recent news further underscores these concerns [about consumer harm] and highlights why prudent regulation of cryptocurrencies is indeed needed,” said White House Press Secretary Karine Jean-Pierre. It remains unclear what exactly transpired at FTX. Reports…

FTX funds on the move as thief converts thousands of ETH into Bitcoin

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According to blockchain analysis company Chainalysis, funds stolen from the FTX crypto exchange are now being converted from ETH into Bitcoin. On Nov. 20, Chainalysis took to Twitter to encourage exchanges to freeze these coins, should the thief attempt to convert them into fiat or further obfuscate the assets through other means. 1/ Funds stolen from FTX are on the move and exchanges should be on high alert to freeze them if the hacker attempts to cash out — Chainalysis (@chainalysis) November 20, 2022 Amid the controversial collapse and bankruptcy…

$333 Million in Bitcoin Vanished from FTX Days Before the Company Filed for Bankruptcy Protection – Bitcoin News

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While it’s widely reported that hundreds of millions of dollars in Ethereum-based tokens were siphoned from the FTX wallet after the company filed for bankruptcy on Nov. 11, 2022, another $333 million worth of FTX-related bitcoins somehow vanished as well. At one point, FTX held $3.3 billion worth of bitcoins during its heyday, but by Nov. 7, 2022, the exchange held 0.25 bitcoin. 5 Days Before FTX Filed for Bankruptcy, 20,176 Bitcoin Left the Exchange in Less Than 24 Hours After Binance’s CEO Changpeng Zhao (CZ) told the public that…

‘FTX Accounts Drainer’ Offloads 50,000 ETH, Entity Uses Ren’s Bitcoin Gateway to Acquire BTC – Bitcoin News

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The ethereum wallet known as the “FTX Accounts Drainer” has started to offload the ethereum it collected this past week after becoming the 27th largest ether address. On Nov. 19, 2022, the wallet held 250,735 ether, but by 7:44 a.m. (ET) on Nov. 20, the “FTX Accounts Drainer” transferred roughly 50,000 ether out of the wallet. By leveraging Ren’s bitcoin gateway, the entity has been swapping out the ethereum in exchange for bitcoin. The ‘FTX Accounts Drainer’ Entity Wants Bitcoin The wallet known as “FTX Accounts Drainer” has dropped from…

Bankman-Fried’s Private Jet Causes Buzz, Kraken CEO Addresses FTX Collapse, More Sleeping Bitcoins Wake Up — Week in Review – The Weekly Bitcoin News

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With the colossal collapse of crypto exchange FTX in recent weeks, excitement in the world of cryptocurrency and finance has been in no short supply. Former FTX CEO Sam Bankman-Fried’s private jet was reportedly spotted heading to Argentina, Kraken’s CEO has addressed the fallout of the Alameda/FTX saga, saying that “The damage here is huge,” and many, many more stories surrounding the debacle have emerged. On top of this, more so-called sleeping bitcoins have awoken, and Elon Musk has given his two cents on bitcoin and dogecoin once more. Flight…

GBTC Bitcoin discount nears 50% on FTX woes as investors stock up

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The largest Bitcoin (BTC) institutional investment vehicle is coming under suspicion as it trades at a record discount. The Grayscale Bitcoin Trust (GBTC) is the latest Bitcoin industry entity to feel the heat from the debacle over defunct exchange FTX. FTX woes see Coinbase pledge trust in GBTC owner With contagion and fears over a deeper market rout everywhere in Bitcoin and altcoins at present, misgivings are impacting even the best-known — and trusted — crypto industry names. In recent days, it was the turn of GBTC, the long-embattled Bitcoin…

Former US Regulator Likens FTX and Sam Bankman-Fried to Bernie Madoff and His Ponzi Scheme – Regulation Bitcoin News

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Former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair likens the fall of crypto exchange FTX and its former CEO Sam Bankman-Fried to the infamous Ponzi Scheme of Bernie Madoff. “It felt very Bernie Madoff-like in that way,” she said. Former FDIC Chair Compares FTX and Sam Bankman-Fried to Bernie Madoff’s Ponzi Scheme Sheila Bair, a top U.S. regulator during the 2008 financial crisis, explained in an interview with CNN Monday that there are eerie similarities between the rise and fall of FTX and former CEO Sam Bankman-Fried and that…