Tag: FTX

Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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The estate belonging to the now-defunct crypto exchange FTX was just spotted staking over $144 million worth of Ethereum (ETH) rival Solana (SOL) as the firm’s bankruptcy process unfolds. According to blockchain explorer SolanaFM, the address associated with FTX and its trading arm Alameda Research created a new stake of 5,546,217.04 SOL tokens. Analysis from pseudonymous on-chain researcher Ashpool suggests FTX subsequently staked all of the tokens through Figment, a digital asset staking service built for institutions. According to Figment, Robinhood, Binance.US and Anchorage Digital also stake through the platform.…

FTX estate stakes 5.5M Solana coins

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FTX estate seems to be bullish on Solana’s native token SOL (SOL), as it staked over 5.5 million in SOL coins on Oct. 13. According to on-chain data, an FTX-identified wallet sent the coins to Figment, a staking validator firm for institutional investors.  The transaction was detected by blockchain tracker Whale Alert and later identified as an FTX estate address by pseudonymous on-chain researcher Ashpool. The coins staked worth $122 million and represent a small fraction of FTX’s holdings of SOL. Staking involves locking up a specific amount of coins…

FTX Estate Stakes $122 Million Solana (SOL), Quells Fear Of Token Sell-Off

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The FTX estate has reportedly staked 5.5 million Solana (SOL), worth $122 million. This development comes amidst fears of the defunct crypto exchange liquidating a substantial portion of its SOL holdings and inducing a bearish trend. FTX Renews Bullish Interest In Solana With Latest Move On October 14, blockchain tracking platform Whale Alert reported that 5.5 million SOL had been transferred between two unknown wallets. Thereafter, a crypto analyst with the X username ashpool soon identified the FTX exchange to be behind this whale transaction. Using data from gelato.sh, ashpool…

Insights Into Alameda’s Financial Stability In FTX Trial

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The trial against FTX co-founder Sam Bankman-Fried took an intriguing turn as Zac Prince, the CEO of defunct crypto lender BlockFi, provided testimony in a Manhattan federal courtroom.  Prince’s appearance provided valuable insights into the intricate relationship between BlockFi, FTX, and Alameda Research. BlockFi’s Bankruptcy Rooted In Alameda And FTX According to a Bloomberg report, Prince revealed that BlockFi had substantial exposure to Alameda and FTX, estimated at around $1 billion, at the time of BlockFi’s failure in November 2022.  Prince asserted that if the loans to Alameda were still…

Caroline Ellison desired to step down but feared a bank run on FTX

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Ellison spent over ten hours testifying during Bankman-Fried’s trial this week, notably entering through the front doors of the federal court in Manhattan, joined by her attorneys. According to Ellison, she had not seen Bankman-Fried since the crypto empire failed in November last year. But their communication eroded even months before. In April 2022, their romantic relationship came to an end, and Caroline started avoiding meetings with Bankman-Fried, even though they still lived in the same luxurious apartment in the Bahamas. Alameda’s growing liabilities with FTX and the breakup made…

FTX founder Sam Bankman-Fried’s trial day 8: Recap 

The second week of Sam Bankman-Fried’s criminal trial concluded with BlockFi CEO blaming FTX and Alameda for its bankruptcy.  FTX founder Sam Bankman-Fried’s historical trial saw the end of its second week today. Throughout this week, the major key witness was Caroline Ellison, former CEO of Alameda Research and ex-girlfriend of SBF.  Ellison testified how Alameda was allowed to take unlimited loans from FTX’s customer funds, how Bankman-Fried used funds for political donations, his failed pursuit of Saudi investment and how he bribed Chinese officials.  Yesterday, Zac Prince, former CEO…

Sam Bankman-Fried’s legal team moves to pursue theory on FTX terms of service

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Lawyers representing former FTX CEO Sam “SBF” Bankman-Fried are seeking to bring up certain information from the crypto exchange’s terms of service during witness testimonies. In an Oct. 12 filing in United States District Court for the Southern District of New York, SBF’s legal team said the motion was aimed at addressing “address certain evidentiary issues” in the ongoing criminal trial. The issue at stake involves competing theories by prosecutors and the defense team over the alleged misuse of FTX funds. According to Bankman-Fried’s lawyers, prosecutors intended to call witnesses and…

THORswap back online 6 days after halt over detecting FTX funds

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Decentralized exchange (DEX) THORSwap has resumed operations after briefly going into maintenance mode due to detecting illicit funds on its platform. THORSwap took to X (formerly Twitter) on Oct. 12 to announce that the platform is back online. The platform asked users to resume their regularly scheduled swapping of over 5,500 assets across 10 blockchains from their own self-custody wallets. The protocol initially halted swaps on its platform on Oct. 6 as an immediate measure to counter the potential movement of illicit funds. THORSwap acknowledged that its DEX platform encountered…