The stay has been modified to allow FTX debtors to make “arguments, defenses, counterclaims, setoffs, or otherwise … with respect to the BlockFi claims in the FTX bankruptcy proceeding,” according to a Nov. 13 court order by U.S. bankruptcy judge Michael Kaplan. Source
After a significant dip to $51.27, Solana (SOL) is currently witnessing a notable recovery in its market price, currently trading at $55.31 (up 7%). This upswing follows a period of intense volatility, with SOL reaching a peak of $63.80 last Saturday, marking an impressive 270% rally over 61 days, only to drop almost 20% subsequently. The FTX Factor In The Solana Price Movement FTX has probably been a significant influence on SOL’s price volatility. A report from Lookonchain, an on-chain analysis service, indicates that FTX’s liquidity in SOL has drastically…
SOL prices have risen 150% in the past month, making it the top-performing major cryptocurrency. Source
An employee of FTX’s charity wing recruited by FTX co-founder Sam Bankman-Fried is trying to get paid $275,000, the remainder of his claimed 2022 salary bonus. Ross Rheingans-Yoo’s lawyers argued in a Nov. 13 court filing that only $375,000 of his $650,000 bonus was paid by FTX. They claim the remaining funds were owed when the crypto exchange filed for bankruptcy in November 2022. Rheingans-Yoo’s latest filing comes in response to FTX’s objection filed on Oct. 30. Excerpt of Ross Rheingans-Yoo’s Nov. 13 response to FTX Debtor’s objection. Source: Kroll…
FTX’s former general counsel, Can Sun, and former Alameda Research software developer Armani Ferrante have teamed up to start Trek Labs, a Dubai-based company that recently obtained a license from the Virtual Assets Regulatory Authority, or VARA, which regulates digital assets in the emirate, the Wall Street Journal reported last week. Source
Friday’s legal complaint filed in Delaware targets Bybit Fintech Ltd., its investment arm Mirana and several individuals, including Mirana executive Sean Tan. It alleges the investment unit “received gross transfers from FTX.com of digital assets currently valued at approximately $838 million,” of which about $500 million were transferred in the days before FTX halted withdrawals on Nov. 8, 2022. Source
Former FTX executives, including a witness against Sam Bankman-Fried, have launched a new crypto platform called Backpack that pledges transparency. According to the Wall Street Journal report, Can Sun, the former general counsel for FTX and a key witness in the trial of founder Bankman-Fried, is behind the new venture. A beta version of Backpack is expected to launch soon. A group of former FTX executives, including one who served as a key witness against Sam Bankman-Fried, are teaming up to build a new cryptocurrency exchange that aims to solve…
The FTX bankruptcy estate, headed by CEO John J. Ray III, has filed a lawsuit against ByBit, its investment arm Mirana, and various executives. The aim is to recover funds and digital assets that ByBit withdrew from FTX just before its collapse, with the current value close to $1 billion. The suit claims ByBit used its “VIP” access and ties with FTX staff to withdraw significant cash and digital assets from Mirana, Time Research (another entity linked to ByBit), and executives just before FTX’s collapse. During FTX’s November 2022 withdrawal…
Several former FTX executives have teamed up to help build a new cryptocurrency exchange in Dubai with a specific focus on what FTX failed to do — secure customer funds. Ex-FTX lawyer Can Sun is leading the way with Trek Labs, a Dubai-based startup that received a license to offer cryptocurrency services in the region in late October. Backpack Exchange is the name under which Trek Labs will offer those services. Sun will receive support from ex-FTX employee, Armani Ferrante, who serves as CEO of Trek’s holding company in the British…
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…