Friday’s legal complaint filed in Delaware targets Bybit Fintech Ltd., its investment arm Mirana and several individuals, including Mirana executive Sean Tan. It alleges the investment unit “received gross transfers from FTX.com of digital assets currently valued at approximately $838 million,” of which about $500 million were transferred in the days before FTX halted withdrawals on Nov. 8, 2022. Source
Former FTX executives, including a witness against Sam Bankman-Fried, have launched a new crypto platform called Backpack that pledges transparency. According to the Wall Street Journal report, Can Sun, the former general counsel for FTX and a key witness in the trial of founder Bankman-Fried, is behind the new venture. A beta version of Backpack is expected to launch soon. A group of former FTX executives, including one who served as a key witness against Sam Bankman-Fried, are teaming up to build a new cryptocurrency exchange that aims to solve…
The FTX bankruptcy estate, headed by CEO John J. Ray III, has filed a lawsuit against ByBit, its investment arm Mirana, and various executives. The aim is to recover funds and digital assets that ByBit withdrew from FTX just before its collapse, with the current value close to $1 billion. The suit claims ByBit used its “VIP” access and ties with FTX staff to withdraw significant cash and digital assets from Mirana, Time Research (another entity linked to ByBit), and executives just before FTX’s collapse. During FTX’s November 2022 withdrawal…
Several former FTX executives have teamed up to help build a new cryptocurrency exchange in Dubai with a specific focus on what FTX failed to do — secure customer funds. Ex-FTX lawyer Can Sun is leading the way with Trek Labs, a Dubai-based startup that received a license to offer cryptocurrency services in the region in late October. Backpack Exchange is the name under which Trek Labs will offer those services. Sun will receive support from ex-FTX employee, Armani Ferrante, who serves as CEO of Trek’s holding company in the British…
FTX management has been trying to recover funds from multiple sources including beneficiaries of donations made by the firm and its former CEO Sam Bankman-Fried. FTX bankruptcy advisors have sued cryptocurrency exchange ByBit Fintech Ltd in an attempt to recover funds withdrawn prior to its collapse. According to a Bloomberg report, FTX management filed a lawsuit in a Delaware court on Friday against Bybit’s investment branch, Mirana Corporation and two corporate affiliates. FTX’s bankruptcy advisers sued crypto exchange Bybit and two corporate affiliates to recover cash and digital assets valued…
Coinciding with the crypto market’s newfound bull run, Solana (SOL) has made significant strides, rising by over 175% in the last 30 days. The recent crypto market upturn has not only propelled Bitcoin (BTC) to an 18-month-high but also triggered massive gains for Solana, effectively pushing it over the $20 billion market cap milestone. FTX wallets unstake $160M in SOL Recently, analysts at Lookonchain reported a substantial unstaking of $160 million worth of SOL from FTX-linked wallets. This move resulted in a dip in the price of Solana’s native SOL…
Consultants for the collapsed crypto exchange FTX have filed a lawsuit against crypto exchange Bybit to regain digital and monetary assets totaling $953 million. The FTX advisers claim that Bybit extracted the assets just before FTX went into Chapter 11 bankruptcy in November 2022, Bloomberg reports. FTX’s bankruptcy advisers sued crypto exchange Bybit and two corporate affiliates to recover cash and digital assets valued at roughly $953 million https://t.co/Vy607xzNkO — Bloomberg Crypto (@crypto) November 11, 2023 Lodged in a Delaware court on Nov. 10, the lawsuit mentions Bybit Fintech and…
Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. In the world of technology and cryptocurrency, a world where everyone seems to be a “founder”, “leader” or “entrepreneur”, one word that seems to persistently hover in the atmosphere is “arrogance.” It’s as if the very essence of innovation and disruption is interwoven with an air of invincibility, a sense that the old rules don’t apply to the new kids on the block. This arrogance often leads…
According to a post from Kaiko, a leading source of cryptocurrency market data, analytics, indices, and research, dated Nov. 10 on X, spot volumes are on a positive uptrend. The promising numbers are believed to be a product of ETF excitement with news from BlackRock. A $6 billion spike Data shows that from lows of less than $1 billion in February of this year, spot volume, or the total amount of a particular asset or cryptocurrency that has been traded in the spot market within a specific timeframe has now…
Altcoins linked to Sam Bankman-Fried see a significant surge, as the FTX token soared over 200% in a week. Despite the recent conviction of Sam Bankman-Fried on multiple counts of fraud and conspiracy, the altcoins closely associated with the FTX founder saw a major upswing during this week’s market rally. The so-called ‘Sam Coins’ have seen major gains this week, despite the negative sentiment around them throughout the month-long trial. #FTX Token has now surged nearly 200% in the span of a few days amid news of a possible exchange…