Tag: FTX

FTX Sues Bybit in Attempt to Recover $953M Withdrawn Prior to Chapter 11 Filing

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 FTX bankruptcy advisors have sued cryptocurrency exchange ByBit Fintech Ltd in an attempt to recover funds withdrawn prior to its collapse.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…

Solana soars over 175% despite ongoing FTX troubles

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…

FTX files lawsuit against Bybit to recover $953m in assets

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…

The fall of FTX: A tale of hubris in the crypto world

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…

ETH spot volumes at highest level since FTX collapse 

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…

FTX token and other Sam Coins surge after Bankman-fried’s conviction 

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…

We’ve Seen the FTX Collapse Before

Before you know it, we were representing virtually all of the 38,000 customers pro bono with help from my Northwestern law professor, J. Samuel Tenenbaum, and Barnes and Thornburg lawyers Trace Schmelz and David Powlen, with Hillary Escadeja, Susan Osmanski and David Rosen rounding out our small but very capable team of volunteers. Source

One Year Since FTX Collapse and 2 Years Since BTC $69K ATH

The cryptocurrency’s historical trends indicate that significant gains often occur a year and a half after the bottom, suggesting a rapid price surge in the coming years. A year after the crypto market saw the collapse of the now-defunct FTX Derivatives exchange and two years after Bitcoin (BTC) saw an all-time high of $69,044, the narrative of “Crypto is dead” has been unequivocally debunked. Crypto Market: Post-FTX Collapse The collapse of FTX was a turning point for the crypto market, leading to widespread skepticism and calls for its demise. However,…

SEC to Greenlight FTX Revival Under Compliance-Driven Leadership

SEC Chair Gary Gensler said the agency would greenlight the reboot of the exchange if “Tom or anybody else” did it within the law. In an encouraging development, the US Securities and Exchange Commission (SEC) has hinted at the possibility of approving the revival of the beleaguered cryptocurrency exchange FTX, if the incoming leadership adheres strictly to regulatory guidelines. The revelation follows reports that former New York Stock Exchange (NYSE) president Tom Farley was among a shortlist of three potential buyers bidding to acquire the distressed exchange after its founder,…