Tag: FTX

Bankrupt Crypto Exchange FTX Files Motion To Sell $744,000,000 Worth of Assets

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Bankrupt crypto exchange FTX is asking a judge for permission to sell off $744 million worth of assets. A new bankruptcy court filing shows that FTX and its debtors want permission to sell the company’s Grayscale and Bitwise assets through an investment adviser. According to the filing, “Similar to the debtors’ prior request to monetize digital assets, the debtors are requesting court authorization to monetize the trust assets to protect the debtors against potential downward price swings in the trust assets, maximize the value of the debtors’ estates, and allow…

FTX Restructuring Process Narrows Down to Three Shortlisted Investors

Part of the shortlisted investors that want to relaunch FTX includes Proof Group. After former FTX boss Sam Bankman-Fried (SBF) was found guilty of all the charges by a court jury last week, reports have emerged of shortlisted venture capital firms seeking to relaunch the former top-rated cryptocurrency exchange. According to Kevin Cofsky, a partner at Perella Weinberg, three investment firms have been shortlisted to take over FTX assets including the 9 million customers. Reportedly, a Silicon Valley-based firm Proof Group, which was part of the Fahrenheit consortium that won…

Proof Group, Member of Celsius-Winning Fahrenheit Consortium, Is in the Running to Reboot Crypto Exchange FTX: Sources

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UK Government Publishes Regulatory Framework for Crypto Assets and Stablecoins to Prevent FTX 2.0

Following the collapse of Terra Luna and FTX last year, the UK policymakers have committed to introducing a new regulatory regime for crypto assets and stablecoins to ensure sustainable and secure mainstream adoption. The United Kingdom policymakers have in the past year worked closely with different financial institutions and other stakeholders in formulating detailed regulatory frameworks for cryptoassets and stablecoins. According to CryptoUK, the trade body formed to represent the digital asset sector in the UK, the recent publication by the HM Treasury (HMT) on the Future Financial Services Regulatory…

FTX Wants to Sell Its GBTC

Bankrupt crypto exchange FTX and its debtors have asked the U.S. bankruptcy court of Delaware to approve the sale of some trust assets, funds of Grayscale and Bitwise valued at an estimated $744 million, through an investment adviser, according to a Friday court filing. “The Debtors’ proposed sale(s) or transfer(s) of the Trust Assets will help allow the estates to prepare for forthcoming dollarized distributions to creditors and allow the Debtors to act quickly to sell the Trust Assets at the opportune time,” the filing said. “Additionally, because the Debtors…

FTX seeks sale of Grayscale and Bitwise trust assets worth $744 million

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Bankrupt crypto exchange FTX has requested the bankruptcy court in Delaware to allow it to sell certain key trust funds, including assets from crypto asset manager Grayscale and custody service provider Bitwise valued at around $744 million. In a court filing dated Nov. 3, FTX debtors requested the court to allow them to sell Trust assets as it will make way for the firm to prepare for “forthcoming dollarized distributions to creditors.” These trust assets are held in one Bitwise trust valued at $53 million and five Grayscale trusts valued…

FTX advisers sharing customers’ data with FBI: Report

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Advisers for bankrupt crypto exchange FTX have been disclosing data from customers’ transactions and accounts with the Federal Bureau of Investigation (FBI), according to court documents seen by Bloomberg.  In response to subpoenas issued by several FBI field offices during the past few months, FTX consultants turned over to law enforcement records of specific customers’ trades on the bankrupt crypto exchange. The FBI’s requests were disclosed on billing records from Alvarez and Marsal, a consultancy serving as financial advisers for FTX. Over the past few months, the firm’s staff extracted…

FTX legal consultants turned over customer trading records to FBI

Multiple FBI offices have received data on FTX customer accounts from Alvarez & Marsal, a law firm advising the now-defunct crypto exchange under bankruptcy administrators led by litigation veteran John Ray III. Alvarez & Marsal reportedly transferred the data to some five Federal Bureau of Investigation (FBI) field offices in compliance with a subpoena from the U.S. investigators. The documents sent to the FBI were extracted from FTX’s cloud base on Amazon’s AWS, per Bloomberg. Per the billing record submitted to a bankruptcy court, the records turned over to FBI…