Tag: FTX

FTX and Alameda transfers another $22M worth of crypto asset

Blockchain analysis firm Lookonchain reported that cryptocurrency powerhouses FTX and Alameda Research are actively engaged in a substantial transfer of digital assets, amounting to an impressive $22 million. The diverse cryptocurrency mix comprises $IMX, $GMT, $ETH, UNI, $SHIB, $BAL, $LOOKS, and $WOO. Following their bankruptcy declaration, FTX and Alameda Research have actively maneuvered in cryptocurrency, another bouquet of digital assets, transferring significant amounts to prominent exchanges. Since October 2023, the company has orchestrated remarkable transactions, reaching a cumulative value of $551 million across 59 diverse tokens. In their most recent…

Disgraced FTX Co-Founder Placed On Suicide Watch In Prison, Reveals Former Inmate

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Sam Bankman-Fried, the co-founder of the FTX crypto exchange, who was recently found guilty of multiple counts of criminal fraud, reportedly faced a harrowing experience while incarcerated.  According to a former mobster turned federal informant, Gene Borrello, who shared a prison cell with Bankman-Fried, the disgraced crypto executive was placed on suicide watch and endured challenging conditions during his time at Brooklyn Metropolitan Detention Center (MDC) while awaiting sentencing next year. FTX Co-Founder Subjected To Extortion The details emerged during an interview with crypto blogger Tiffany Fong, where Borrello disclosed…

FTX and Alameda Research Move $10.8M in Cryptocurrencies to Binance, Coinbase, Wintermute

These asset shifts have also been constantly noticed ever since FTX filed for bankruptcy, leaving many to speculate about the rationale behind the moves. According to a recent tweet by Spot on Chain, crypto accounts linked to the collapsed crypto exchange FTX and its sister trading firm Alameda Research executed over $10 million worth of token transfers across six currencies within a 12-hour span. These movements involve a part of the remaining digital assets still controlled by FTX bankruptcy administrators. The frequency and strategies behind the withdrawals have kept many…

FTX and Alameda Research cash out $10.8M to Binance, Coinbase, Wintermute

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Wallets linked to defunct crypto trading firms FTX and Alameda Research moved $10.8 million to accounts in Binance, Coinbase and Wintermute using eight cryptocurrencies. Blockchain analysis firm Spot On Chain found $10.8 million worth of cryptocurrencies being moved from FTX and Alameda Research accounts to various crypto exchanges. The firm estimated that the defunct entities transferred $551 million since Oct. 24 using 59 different cryptocurrency tokens. #FTX and #Alameda moved out $10.8M worth of 8 assets to #Wintermute, #Binance, and #Coinbase in the past 11 hrs: 10M $GMT ($2.58M)407K $UNI…

Crypto exchange FTX gets nod to sell $873M of assets to repay creditors

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Bankrupt crypto exchange FTX has been given the green light to sell around $873 million of trust assets, with proceeds used to repay creditors impacted by the exchange’s collapse in 2022, according to a Nov. 29 filing in a Delaware bankruptcy court. The $873 million in assets will be sourced from FTX’s stakes in various trusts issued by crypto asset manager Grayscale Investments, valued at $807 million, and custody service provider Bitwise — valued at $66 million. While the court document references a total of $744 million in assets —…

FTX May Sell $744M Worth of Grayscale, Bitwise Fund Shares Including GBTC, Bankruptcy Court Approves

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FSB points out shortcomings in multi-functional crypto-asset intermediaries highlighted by FTX collapse

The Financial Stability Board has released a report highlighting the need for additional regulations in the crypto industry, particularly in the wake of the FTX collapse, to mitigate risks similar to those in traditional finance. The Financial Stability Board (FSB), a pivotal global financial watchdog, has recently spotlighted the need for heightened regulatory oversight in the cryptocurrency sector. This call for action, highlighted in their report released on Nov. 28, gains relevance in the aftermath of the FTX fiasco, a debacle that rattled the core of the crypto world. The…

Binance Compliance Officer Under Scrutiny For FTX, Gemini, And Sex Trafficker Associations

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In a recent investigative report by the media outlet Unlimited Hangout, serious allegations were made against Noah Perlman, the chief compliance officer of Binance.  The report highlights Perlman’s alleged ties to the collapse of FTX, the troubled Gemini exchange owned by the Winklevoss twins, and even convicted and deceased sex trafficker Jeffrey Epstein. If the allegations made by the media outlet prove true, and Perlman is investigated by US authorities, Binance could find itself embroiled in another executive scandal following the departure of former CEO Changpeng Zhao (CZ). Associations With…

FTX failure reveals flaws in multifunction crypto-asset intermediaries — FSB

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The Financial Stability Board (FSB) — the global body that monitors the financial services industry — released a report on Nov. 28 claiming the crypto industry might need additional regulations to prevent another catastrophe on the scale of the FTX scandal. According to the report, the FSB said the market turmoil that ensued from the collapse of cryptocurrency exchange FTX brought to light the flaws in multifunction crypto-asset intermediaries (MCIs), which are platforms that combine trading and related activities. “MCI vulnerabilities are not very different from those of traditional finance,…

Mercedes F1 and MLB Teams Help FTX in Conducting Fraud Vid Deals

The ongoing lawsuit has a complaint against Mercedes F1 that echoes the accusations, asserting that the team prominently featured FTX’s logo on its cars, merchandise, and marketing materials. A group of FTX users has filed twin class-action lawsuits in a Florida district court, accusing the Mercedes-AMG Petronas F1 Team and Major League Baseball (MLB) of complicity in FTX’s alleged “massive, multibillion-dollar global fraud”. The suits, filed on November 27, claim that both entities aided or actively participated in the fraudulent activities of FTX Group. The lawsuits also allege the promotion…