Tag: FTX

FTX Unveils Details of Past Sponsorship Deals in Recent Court Filing

According to the filing, the payments in question are characterized as “certain prepayments related to various advertising and sponsorship agreements, security deposits, retainers, and other miscellaneous deposits and prepayments.”  In a recent court filing, the current management of the defunct FTX Derivatives Exchange has shed light on the intricate web of marketing and sponsorship deals orchestrated by its former CEO Sam Bankman-Fried. Celebrities and Athletes Associated with FTX The court filing has drawn attention to the substantial sums paid to celebrities and athletes as part of FTX’s promotional campaigns. Among…

Solana falls 6% amid fears of FTX dump — but there’s a catch

boss

The price of Solana (SOL) has plunged more than 6% the last 24 hours, amid fears that bankrupt crypto exchange FTX may soon liquidate its significant portions of the token and other Solana-affiliated crypto assets.  The price of Solana has fallen 6% to $18.38 in the last 24 hours. Source: CoinGecko According to a combination of data from Solscan, which has added up the value of the three publicly available FTX cold storage wallets, the FTX estate holds a combined $1.5 billion in crypto assets on the Solana network. Of…

FTX seeks to reverse payments made to Shaq, Naomi Osaka and Miami Heat

Bankrupt crypto exchange FTX is probing if it can reclaim the millions of dollars paid to celebrity athletes and sports teams that promoted the exchange before it filed for bankruptcy last November. In an over 180 page Aug. 31 court filing, FTX’s financial advisors laid out a detailed list of high-profile figures and businesses it paid in its marketing efforts to see if they’re under rules allowing bankrupt companies to reverse the payments. The list includes $750,000 made to former basketball pro Shaquille O’Neal, over $300,000 to Tennis pro Naomi…

FTX sues LayerZero Labs, seeks to recover over $21M moved prior to bankruptcy

boss

Bankrupt crypto exchange FTX has filed a lawsuit against cross-chain protocol LayerZero Labs, seeking to recover $21 million in funds that were allegedly illegally withdrawn prior to FTX’s shutdown in November 2022, according to court documents filed on September 9. The case traces back to transactions made from January to May 2022, between Alameda Ventures — the venture capital arm of Alameda Research, FTX’s sister company — and LayerZero. According to the court filing, Alameda Ventures paid more than $70 million in two transactions to acquire a stake of roughly…

FTX looks to claw back millions paid to Shaq, other celebrity endorsers

Advisers hired by FTX are looking to recoup some of the money the exchange paid to several sports stars for partnerships and endorsements. Alvarez & Marsal, financial advisers for Sam Bankman-Fried’s failed crypto exchange FTX, are reportedly probing whether millions of dollars paid to celebrity athletes, including tennis star Naomi Osaka and four-time NBA champion Shaquille O’Neal, can be recovered. FTX Group advisers have analyzed if certain payments dished out to athletes before the company unraveled last November can be recovered in Chapter 11 https://t.co/uvmFJG5jXR — Bloomberg Crypto (@crypto) September…

Former FTX Executive Ryan Salame Pleads Guilty to Criminal Charges

Salame’s decision to cooperate with authorities and admit to his involvement in the alleged misconduct at FTX comes as a reversal of his earlier stance. Ryan Salame, a former top executive of the FTX Derivatives Exchange, the now-bankrupt crypto trading platform, has reportedly pleaded guilty to criminal charges in a New York courtroom. The timing of Salame’s guilty plea is especially significant, as it comes less than a month before the scheduled trial of Sam Bankman-Fried (SBF), the former CEO of FTX. Bankman-Fried has been accused of masterminding one of…

Former FTX exec will give up real estate, car and $11M following guilty plea: Report

boss

Ryan Salame, the former co-CEO of FTX Digital Markets, has pleaded guilty to charges related to defrauding the United States Federal Election Commission (FEC) and conspiracy to operate an unlicensed money-transmitting business. According to a Sept. 7 announcement from the U.S. Justice Department, Salame pleaded guilty before a judge in the U.S. District Court for the Southern District of New York, making him the fourth major player connected to defunct crypto exchange FTX facing criminal charges to do so. The former co-CEO could face years in prison for the campaign…

FTX Wallets Begin Moving Tokens One Month To Sam Bankman-Fried’s Trial

boss

Following the FTX crash back in November 2022, there was still a good chunk of crypto running into the billions left in the exchange’s wallets after the new team’s recovery efforts. These tokens have sat idle for a long time in the wallet as the legal battle between the exchange and its creditors waged on. The time of idleness for these assets may now be over though as recent activities show that a large chunk of tokens from the FTX wallets are now on the move. FTX Wallets Come Alive…

US DoJ Says FTX Advertisement Blur Lines between FTX.US and International Business

The DoJ has said that advertisements for FTX did not differentiate between the US arm and the global business. According to the Department of Justice (DoJ), the FTX ads featuring American footballer Tom Brady and comedian Larry David show little distinction between the exchange’s US arm and its international business. According to a Friday filing, the DoJ said the celebrities in the ads describe FTX as an easy and safe way to use crypto, using a device showing the FTX logo and not FTX.US. The DoJ also said that several internal…