Tag: FTX

Crypto enforcement, Ripple hack, FTX plans

This week saw a surge in global crypto enforcement actions, with the U.S., Germany and Hong Kong taking center stage. Ripple co-founder and chairman Chris Larsen suffered a massive hack. Meanwhile, FTX disclosed plans to fully repay its customers. Enforcement actions Multiple enforcement actions rocked the crypto scene this week, with the U.S. accounting for a substantial amount. The U.S. Department of Justice (DoJ) leveled charges against Belarusian national Aliaksandr Klimenka in a case involving Russian crypto exchange platform BTC-e. In a subsequent enforcement action, the DoJ also brought charges…

OPNX Founder Su Zhu Says Exchange’s Closure Comes Because FTX Estate Claims Reached ‘Recovery’

“The FTX recovery marks the end of crypto claims estates. The OX community will be focusing on Ox.Fun now, and wish to congratulate the FTX estate holders on their full recovery,” Zhu said in a statement provided by co-founder Kyle Davies on Telegram. Davies said the two are advisers to Ox.Fun, a recently launched derivatives exchange, focused around the Ox token. Source

Celsius Follows FTX As It Begins Repaying Crypto To Creditors, Here’s How Much

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Bankrupt cryptocurrency lending company Celsius Network has followed behind FTX, revealing plans to disburse billions of dollars in crypto to creditors and establish a new Bitcoin mining company for its creditors.  Celsius To Distribute $3 Billion In Crypto To Creditors In a press release published on Wednesday, Celsius Network announced its successful emergence from bankruptcy. The company is now set to implement its “plan of reorganization,” which involves distributing over $3 billion in crypto assets and fiat currency to its creditors.  The crypto lending company claimed that the reorganization plan…

FTX aims for full customer repayment; halts revival efforts

Bankrupt cryptocurrency exchange FTX is liquidating assets to repay customers, abandoning plans for a restart due to financial and legal difficulties. This decision was announced by FTX’s attorney, Andy Dietderich, during a bankruptcy court hearing in Delaware. FTX filed for bankruptcy in November 2022 and has been embroiled in several controversies and legal challenges. Its founder, Sam Bankman-Fried, has faced fraud charges linked to his company management. According to Dietderich, efforts to find investors or buyers for FTX were unsuccessful, highlighting the company’s lack of sustainable technology and administration. Dietderich…

FTX Expects to Pay Crypto Customers in Full, Won’t Restart Exchange

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of…

FTX Unloads $1 Billion GBTC Shares; Will The Bitcoin Rally Be “Vicious”?

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Fred Krueger, an investor and crypto analyst, is predicting a “vicious” Bitcoin (BTC) rally shortly. He cites the recent unprecedented accumulation of the coin by Wall Street heavyweights. This surge in institutional interest coincides with the recent approval of the first spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). Wall Street Ramping Up Bitcoin Purchase In a post on X, Krueger pointed to the substantial Bitcoin purchases by major financial institutions, including Fidelity Investments, BlackRock, and Ark Invest. To illustrate, the analyst noted that Fidelity was buying…

Bitcoin Price (BTC) Down to $40,600 Despite Bullish FTX News

So while the new spot ETFs have gathered more than 94,000 bitcoin and $3.9 billion in assets under management (AUM) since opening for trade (data through Jan. 19), the bears are pointing out that 53,000 of those tokens may just be GBTC holders moving their money into the lower cost vehicles. (GBTC charges a 1.5% management fee, at least 1 percentage point more than nearly all of the new funds.) Source

FTX Affiliate Alameda Research Drops Grayscale Lawsuit

The lawsuit, filed last March, alleges more than $9 billion in investor funds became trapped in Grayscale’s Bitcoin Trust (GBTC), following the collapse of FTX. The complaint formed part of wider efforts to retrieve and “maximize” recoveries for FTX customers whose funds were funds lost by, or locked on, the failed cryptocurrency exchange and its affiliates’ platforms. The suit also alleged Grayscale had excessively high fees. Source CryptoX Portal

FTX Sold About $1B of Grayscale’s Bitcoin ETF (GBTC): Sources

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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of…