Tag: FTX

FTX users name Mercedes F1 team and MLB in new promo lawsuits

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Mercedes-Benz Formula One team and Major League Baseball helped FTX perpetrate fraud through promotional deals with the crypto exchange, according to a group of FTX users in a new lawsuit. The plaintiffs, consisting of FTX users, filed twin class-action suits in a Florida District Court on Nov. 27, accusing the firms of “aiding and abetting and/or actively participating in the FTX Group’s massive, multibillion-dollar global fraud” and promoting unregistered securities. In 2021, the Mercedes F1 team signed a promotional deal with FTX which saw the exchange’s logo emblazoned on cars,…

Bankrupt Crypto Exchange FTX Transfers $36,000,000 Worth of Altcoins to Exchanges: On-Chain Data

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On-chain data indicates that bankrupt crypto exchange FTX suddenly moved $36 million worth of altcoins to leading exchanges. According to on-chain analytics firm Lookonchain, FTX transferred massive amounts of Polygon (MATIC) and Avalanche (AVAX) to top crypto exchanges Coinbase and Binance. “In the past 24 hours, FTX transferred a total of ~$36 million in assets to exchanges. Deposited 12.6 million MATIC ($9.4 million) to Coinbase. Deposited 10 million MATIC ($7.45 million) to Binance via FalconX. Deposited 975,859 AVAX ($19.25 million) to Binance via FalconX.” Polygon is trading for $0.78 at…

Disgraced FTX Founder Turns To Trading Fish In Prison

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According to a report by Business Insider, Sam Bankman-Fried (SBF), co-founder and former CEO of FTX, has adapted to the economic system of New York’s Metropolitan Detention Center (MDC), where he is currently awaiting sentencing on multiple felony counts.  The disgraced crypto-billionaire has reportedly been bartering, using food as currency in exchange for various services within the prison. Former FTX CEO SBF Trades Fish For Services Per the report, mackerel, a fish commonly referred to as “macks” among inmates, emerged as the currency of choice in federal prisons after cigarettes…

FTX’s FTT token rallies 28% — Binance effect or FTX 2.0 reopening?

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Amid market uncertainties around Changpeng “CZ” Zhao’s departure as Binance CEO, defunct crypto exchange FTX’s native FTX Token (FTT) witnessed a brief bull run. FTT has surged in value over the past 48 hours, trading at $4.63 at the time of writing, a 28% increase from $3.56. FTT is experiencing another surge following Binance’s $4.3 billion settlement with the United States Department of Justice, according to on-chain analysis firm Santiment, which revealed the 10 largest wallets accumulating $12.8 million of tokens in 19 days. According to Santiment, FTT has recorded 337%…

FTX collapse, Binance’s US settlement provide strong case for MiCA regulations

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The collapse of FTX in 2022 and Binance’s recent $4.3-billion settlement with United States authorities provide a strong argument for the provisions of the European Union’s Markets in Crypto-Assets (MiCA) legislation, a European Commission official said in an interview. Ivan Keller, policy officer for the European Commission, spoke to Cointelegraph at the MoneyLIVE conference in Amsterdam. News of Binance’s high-profile settlement with the U.S. Department of Justice (DOJ) broke the night before Keller’s keynote and served as a pertinent reflection point for MiCA’s full-scale application in 2024. “I think we’ve…

Top 3 gainers after the ‘FTX crash bottom’

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It’s been a year since the demise of the FTX exchange — an event that’s now increasingly looking like it was the Bitcoin (BTC), which is up roughly 120% from a year ago. In November 2022, the FTX collapse wiped nearly $300 billion off the market cap, impacting several cryptocurrencies. The ones that suffered the most were tokens with deep financial ties to FTX, including Solana (SOL), Serum (SRM), and the exchange’s own token, FTX Token (FTT). Crypto market capitalization daily price chart. Source: TradingView But a year later, things have not…

Former FTX Employee Sues Bankrupt Crypto Exchange Seeking $275,000 in Unpaid Bonus: Court Docs

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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…

Is Buying FTT Now A Once-In-A-Life Opportunity For FTX Believers?

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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…