Bankrupt crypto exchange FTX, led by newly appointed CEO John Ray III, has embarked on an intensive legal campaign to regain control and recover assets in its pursuit of financial restitution. As founder Sam Bankman-Fried awaits possible conviction and faces a staggering 114 years in prison if found guilty, FTX’s asset recovery plan continues under Ray’s leadership. FTX Bankruptcy Battle Escalates In a recent filing with the US Bankruptcy Court for the District of Delaware, FTX issued a subpoena to the artificial intelligence (AI) firm Center for AI Safety (CAIS),…
Tag: FTX
Grayscale’s GBTC Discount Debated Ahead of Possible FTX Sale
Sean Farrell, head of crypto strategy at Fundstrat, echoes Johnsson’s thoughts. “The SEC’s approval of a spot ETF would undeniably aid in ensuring creditors are made whole. We’d witness a more pronounced narrowing of the discount to NAV in GBTC, and it’s probable that crypto asset prices would surge overall, given the positive catalyst.” Source
FTX Moves $20M from Cold Wallets to Crypto Exchanges
The group of debtors managing the cold storage wallets of the collapsed crypto exchange FTX has transferred more than $19 million worth of assorted tokens to various crypto exchange addresses. The on-chain analytics firm Peckshield, as quoted by Coindesk, revealed that approximately 470,000 SOL tokens, valued at $15 million based on current market prices, were transferred to different wallets on various crypto exchanges, including Binance. Besides that, an Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum…
Bloomberg Publishes New Documentary as Sam Bankman-Fried Prepares for His Stand in FTX Trial
As FTX disgraced founder Sam Bankman-Fried steps to defend himself in the court on Thursday, here’s what has transpired ever since the FTX bankruptcy. Sam Bankman-Fried will testify in defense of his actions leading up to the collapse of FTX and his entire digital asset empire. His legal team confirmed during a conference call with the judge on Wednesday that Bankman-Fried will take the stand at his fraud trial following the prosecution’s case. The 31-year-old FTX founder shall testify on Thursday afternoon unless there is a late change. Bloomberg has…
LIVE: Sam Bankman-Fried Prepares to Testify Today in FTX Fraud Trial
Prosecutors intend to rest their case on Thursday, at which point SBF’s defense lawyers will begin calling witnesses — including Sam Bankman-Fried himself, possibly as soon as later in the day. Source
FTX Cold Wallets Move $19M in Solana, Ether to Crypto Exchanges
The debtor group in control of FTX assets has conducted various on-chain transactions in the past few weeks. Source
Former FTX Boss Expected to Testify on His Trial, Attorney Confirms
Sam Bankman-Fried will be pushing to clear his name after his former colleagues made many revelations that could lead to his imprisonment for more than 100 years if the jury finds him guilty. After the prosecutors had a chance to present their witness to testify against former FTX boss Sam Bankman-Fried (SBF), the defense attorneys confirmed that their client was ready to have his time on the stand. According to defense attorney Mark Cohen, SBF could testify during the trial on Thursday, in a bid to set things straight following…
FTX probes $6.5M in payments to AI safety group amid clawback crusade
Bankrupt crypto exchange FTX is looking to demand information on millions of dollars in payments it had previously given to a nonprofit AI safety organization — the Center for AI Safety (CAIS). In an Oct. 25 bankruptcy court filing, the lawyers helming FTX claimed the firm gave $6.5 million to CAIS between May and September 2022 — months before the crypto exchange collapsed and declared bankruptcy. FTX wants a Delaware Bankruptcy Court judge to approve issuing subpoenas to CAIS that query if it received payments, funds, communications or entered into…
FTX and Alameda linked wallets transfer $10M of crypto to exchanges in just 5 hours
Wallets linked to bankrupt crypto firms Alameda Research and FTX transferred over $10 million worth of cryptocurrency to exchange deposit accounts in five hours on October 24-25, according to data from blockchain analytics platform Spot On Chain. The movement of these funds may indicate that the firms plan to sell some assets to pay back creditors. #FTX and #Alameda related addresses are depositing tokens to exchanges! Via address 0xde9, #FTX 0x97f and #Alameda 0xf02 have transferred 2,904 $ETH ($5.21M)1,341 $MKR ($2.01M)11,975 $AAVE ($1.02M)198,807 $LINK ($2.27M) to #Binance and #Coinbase in the…
Sam Bankman-Fried's Defense Wants to Highlight 'Inconsistent Statements' by FTX Insiders Gary Wang, Nishad Singh
Sam Bankman-Fried’s defense team asked Judge Lewis Kaplan to let them introduce proof of inconsistent statements from former FTX executives Gary Wang and Nishad Singh, tied to their statements to federal officials prior to testifying on the stand. Source