Tag: FTX

FTX Moves $11M Worth of Crypto, Stirs Rumors of Potential Token Dump

The token movements have sparked rumours that the exchange might be gearing up for potential sell-offs. All eyes are on the bankrupt cryptocurrency exchange FTX after a wallet owned by it was found to have moved a significant amount of crypto assets. According to blockchain analytics platform Arkham Intelligence, the FTX wallet has moved more than $10 million worth of digital assets from the Solana network to Ethereum within the last couple of days. In detail, Arkham’s data suggest that the transfers began on August 31. And, so far, the…

FTX wallet shifts $10M in crypto, sparking fear of token dumps to come

A wallet owned by bankrupt crypto exchange FTX has moved $10 million worth of digital assets from the Solana (SOL) network to Ethereum, sparking concerns it could be the beginning of a series of token dumps amid the exchange’s bankruptcy proceedings.  According to data from blockchain analytics platform Arkham Intelligence, since Aug. 31, the FTX wallet has transferred $6.23 million worth of Ether (ETH) and more than $4 million in altcoins. These included $1.2 million of FTX Token (FTT), $1.8 million worth of Uniswap (UNI), $1.3 million of HXRO (HXRO),…

FTX court filing reveals former Alameda CEO’s $2.5M yacht purchase

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FTX Debtors have disclosed a series of financial statements revealing any transactions that benefited company executives shortly before the major cryptocurrency exchange’s collapse in November 2022. In a recent court filing with the United States Bankruptcy Court for the District of Delaware, several payments that directly benefited senior company executives at FTX and Alameda Research were disclosed. Specifically payments or property transfers executed within one year preceding the collapse of FTX. Court Filing in the United States Bankruptcy Court for the District of Delaware. Source: Kroll In March 2022, a transaction…

FTX brass spent more than $2.5m in customer funds on a luxury yacht

Customer funds from Sam Bankman-Fried’s FTX were allegedly spent on a $2.5-million yacht, which was believed to be a gift for Sam Trabucco, the former co-CEO of Alameda Research. Two filings — one from July 31 and another from Aug. 31 — show a long list of statements, fund transfers and payments made prior to FTX’s bankruptcy. Among the items listed is a cash payment of more than $2.5 million to the American Yacht Group “for the benefit of Sam Trabucco.” Trabucco was one of the first hires at Alameda,…

Creditors Say Genesis Manipulated Bankruptcy Process With FTX

The accusations of vote-buying and manipulation have added complexity and uncertainty to the Genesis bankruptcy case. Bankrupt crypto lender Genesis Global Capital (GGC) is facing new charges from creditors that the proposed $175 million transaction with the insolvent FTX exchange is an attempt to manipulate the bankruptcy process through vote buying.  These allegations, made in recent files on Thursday, cast a shadow over GGC’s efforts to wind down its operations and restore funds to former customers.  Genesis Global’s Complex Relationship with DCG One of the central issues in the Genesis…

FTX founder’s expert witnesses could cost up to $1.2K an hour

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As the start date of the trial of FTX co-founder Sam “SBF” Bankman-Fried approaches, new court filings indicate that SBF could pay his expert witnesses more than $1,000 an hour should they testify on his behalf. SBF may call seven expert witnesses to testify at his fraud trial, which is currently scheduled for Oct. 2, 2023. The proposed expert witnesses include Lawrence Akka, Thomas Bishop, Brian Kim, Joseph Pimbley, Bradley Smith, Peter Vinella and Andrew Di Wu. Some of the witnesses, such as former Federal Election Commission Chairperson Bradley Smith, will…

FTX Sam Bankman-Fried’s October Trial Date No Longer A Sure Thing

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Disgraced FTX Founder Sam Bankman-Fried’s (SBF) trial is set to begin on October 3. However, a recent development suggests that his trial date could be pushed back.  Judge Kaplan Could Delay FTX Founder Trial Date According to a Reuters report, Judge Lewis Kaplan, the judge in charge of SBF’s case, said he could consider delaying the trial slated for October 3 to give SBF and his lawyers more time to review discovery documents and prepare their defense.  Judge Kaplan told SBF’s lawyers they could ask for a postponement if they…

FTX Founder Sam Bankman-Fried Lawyers ‘Need’ Him Out Of Jail Ahead of Trial

Judge Kaplan said the defense could ask to postpone the start of a trial if they wanted more time to review, even though there is no guarantee that he would grant such a motion. However, they would have to do so before Sept 7, which is when the jury selection process would start. “I’m simply putting all the cards on the table,” he said. Earlier in the hearing the defense said it was not interested in a delay. Source