The company’s collapse a year ago sent shockwaves through the world of crypto, but it changed very little in the new EU crypto regulation. Brussels is more interested in the question of what the pseudonymous crypto-asset world is good for, says Dea Markova. Source
A former FTX employee who was hired to work with the fallen crypto empire’s charity wing is taking legal action to get his unpaid 2022 bonus. In a new court document filed on November 13th, Ross Rheingans-Yoo says that FTX still owes him $275,000 of the $650,000 that he was supposed to receive as a bonus last year. “The Debtors paid Rheingans-Yoo $375,000 cash out of his $650,000 first-half 2022 bonus on or around September 15, 2022. However, the Debtors did not pay the remaining $275,000 in cash.” The filing…
U.S. regulators don’t have any more authority now to head off another major crypto collapse than they did when FTX imploded and took much of the industry with it, said Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam. Source
FTT, the native token of the FTX ecosystem, rallied by 180% last week, emerging as one of the top performers. The rally, Kaiko, a blockchain analytics platform observes, was primarily due to comments by the stringent United States Securities and Exchange Commission (SEC) leader that the FTX 2.0 relaunch is possible. FTT Soaring On Hopes Of FTX Relaunching In an X post on November 14, Kaiko also notes that related FTT trading volume soared, signaling possible accumulation by traders and believers of FTX. At spot rates, FTT trading volume, looking at how…
Bankrupt crypto companies FTX and BlockFi are allowed to proceed in negotiations for their claims settlement, according to a new court filing. On Nov. 13, United States bankruptcy Judge Michael Kaplan ordered the end of an automatic holding placed on proceedings between the two firms. FTX debtors can now pursue their “arguments, defenses, counterclaims, setoffs, or otherwise” concerning the BlockFi claims in the FTX bankruptcy proceeding. Both entities filed for Chapter 11 bankruptcy status in November 2022 after the implosion of FTX at the beginning of that month. BlockFi is…
The stay has been modified to allow FTX debtors to make “arguments, defenses, counterclaims, setoffs, or otherwise … with respect to the BlockFi claims in the FTX bankruptcy proceeding,” according to a Nov. 13 court order by U.S. bankruptcy judge Michael Kaplan. Source
After a significant dip to $51.27, Solana (SOL) is currently witnessing a notable recovery in its market price, currently trading at $55.31 (up 7%). This upswing follows a period of intense volatility, with SOL reaching a peak of $63.80 last Saturday, marking an impressive 270% rally over 61 days, only to drop almost 20% subsequently. The FTX Factor In The Solana Price Movement FTX has probably been a significant influence on SOL’s price volatility. A report from Lookonchain, an on-chain analysis service, indicates that FTX’s liquidity in SOL has drastically…
SOL prices have risen 150% in the past month, making it the top-performing major cryptocurrency. Source
An employee of FTX’s charity wing recruited by FTX co-founder Sam Bankman-Fried is trying to get paid $275,000, the remainder of his claimed 2022 salary bonus. Ross Rheingans-Yoo’s lawyers argued in a Nov. 13 court filing that only $375,000 of his $650,000 bonus was paid by FTX. They claim the remaining funds were owed when the crypto exchange filed for bankruptcy in November 2022. Rheingans-Yoo’s latest filing comes in response to FTX’s objection filed on Oct. 30. Excerpt of Ross Rheingans-Yoo’s Nov. 13 response to FTX Debtor’s objection. Source: Kroll…
FTX’s former general counsel, Can Sun, and former Alameda Research software developer Armani Ferrante have teamed up to start Trek Labs, a Dubai-based company that recently obtained a license from the Virtual Assets Regulatory Authority, or VARA, which regulates digital assets in the emirate, the Wall Street Journal reported last week. Source