Tag: FTX

Former FTX boss plans to blame prior legal counsel ahead of October hearing

Former FTX CEO, Sam Bankman-Fried, is set to face trial in October, with his defense team preparing to spotlight the role of previous legal counsel in key decisions made during his tenure. Sam Bankman-Fried, the former CEO of the now-bankrupt crypto exchange FTX, is set to go on trial in October, and new defense strategies have emerged. Bankman-Fried lawyers are gearing up to potentially place a portion of the blame on the previous legal counsel affiliated with the failed exchange. According to recent reports, the defense team intends to present…

more firms exploring blockchain despite FTX setback

A recent Citi report provides an in-depth analysis of the growth, challenges, and regional variations in the adoption of digital assets and distributed ledger technology (DLT) over the past year. On Aug. 23, Citi presented a comprehensive analysis of the developments and challenges faced by the digital assets and distributed ledger technology (DLT) sector. Despite the setbacks of 2022, particularly for some crypto firms like FTX, the research offers an optimistic perspective on the evolution of DLT and digital assets. The report points out that a larger number of companies…

Sam Bankman-Fried’s lawyers argue previous FTX legal team led him to act ‘in good faith’

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Lawyers currently representing Sam Bankman-Fried, or SBF, for his criminal case in the United States plan to elicit evidence the former CEO acted “in good faith” on advice of previous counsel in regard to his alleged actions at FTX and Alameda Research. In an Aug. 23 filing in the U.S. District Court for the Southern District of New York, SBF’s legal team said Fenwick & West, the law firm that formerly represented cryptocurrency exchange FTX, provided certain legal advice to the firm of which Bankman-Fried had been aware. According to…

BlockFi argues FTX, Three Arrows Capital isn’t entitled to repayments

Bankrupt cryptocurrency lender BlockFi is trying to block attempts by the similarly bankrupt FTX and Three Arrows Capital (3AC) that aim to retrieve hundreds of millions of dollars to pay back their creditors. BlockFi claimed in an Aug. 21 filing to a New Jersey bankruptcy court that its own creditors shouldn’t be pushed to the back of the line because FTX’s creditors were harmed by the exchange allegedly misappropriating $5 billion BlockFi lent it. “FTX seeks to recover on over $5 billion of claims filed against the BlockFi estates at…

Mantle blocks FTX from converting $43m in BIT tokens to MNT

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Mantle DAO community member proposed restricting FTX from converting $43 million in BitDAO tokens to MNT amid ongoing token migration. A community member within the Mantle decentralized autonomous organization (DAO) has initiated a discussion proposing to restrict the collapsed FTX exchange and Alameda Research from converting their BitDAO (BIT) tokens, worth $43 million, to Mantle (MNT) tokens. The background of this proposal dates back to Nov. 2, 2021, when BitDAO swapped 100 million BIT with Alameda…

Mantle pauses token migration to stop FTX converting $43M in BIT tokens to MNT

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A community member started a discussion among participants in the Mantle decentralized autonomous organization (DAO), proposing to restrict the collapsed FTX exchange and Alameda Research from converting their BitDAO (BIT) tokens worth $43 million to Mantle (MNT) amid the ongoing token migration process.  Community discussion on preventing FTX from converting its BIT tokens. Source: Mantle On Nov. 2, 2021, BitDAO swapped 100 million BIT with Alameda in exchange for over 3.3 million FTX tokens (FTT). The trade came with a public commitment to hold each other’s tokens for a span…

FTX seeks $175M settlement with Genesis entities to resolve dispute

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FTX, the troubled cryptocurrency exchange, and its CEO John J. Ray III have filed a motion seeking to reach a settlement of $176 million with Genesis entities.  As per a legal document, FTX Trading and related debtors have formally requested a court mandate to resolve their disagreement with Genesis entities, aiming to settle claims amounting to nearly $176 million. The claims put forth by Genesis entities involve around $176 million in customer claims against FTX Trading and its affiliates. However, FTX creditors expressed discontent and have urged the Official Committee…