Tag: FTX

Sam Bankman-Fried backed out of FTX sponsorship deal with Taylor Swift: Report

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The sponsorship deal between defunct cryptocurrency exchange FTX and Taylor Swift was reportedly called off at the request of former CEO Sam Bankman-Fried (SBF), and not the singer-songwriter, as many reports have suggested. According to a July 6 report from The New York Times citing three individuals with knowledge of the sponsorship deal, Bankman-Fried was the one responsible for dropping a roughly $100 million agreement with Swift prior to FTX filing for bankruptcy. Swift’s team had reportedly signed the agreement after more than six months of negotiations but was frustrated…

Bankrupt Crypto Exchange FTX Plans Dramatic Comeback with FTX.com Relaunch

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After facing a high-profile collapse last year, bankrupt crypto exchange FTX is determined to make a comeback and revive its international platform, FTX.com. Despite the challenges posed by increased regulatory scrutiny, FTX is forging ahead with its plans under the leadership of CEO John J. Ray III, who took charge in November 2022 when the exchange filed for bankruptcy. The Wall Street Journal has confirmed that FTX has begun the process of soliciting interested parties to support the relaunch of FTX.com. The firm is engaging potential investors and exploring options…

SEC has pushed investors into ‘toxic’ crypto products and FTX: Winklevoss

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For the last decade, the United States securities regulator has forced investors into “toxic” and “unregulated” crypto products, says Gemini co-founder Cameron Winklevoss. On July 2, the Winklevoss twin slammed the U.S. Securities and Exchange Commission (SEC)’s constant refusal of spot Bitcoin exchange-traded funds, noting it’s now been 10 years since the twins first filed to get their own ETF approved by the regulator. “The [SEC’s] refusal to approve these products for a decade has been a complete and utter disaster for US investors and demonstrates how the SEC is…

MicroStrategy, Hang Seng and HSBC make waves amid rising adoption, FTX recovers $7b

During this week, the crypto industry observed a consistent increase in institutional adoption. Prominent entities such as HSBC, MicroStrategy, and Hang Seng garnered attention through notable advancements. Concurrently, the spotlight was on FTX, with the new management impressively recuperating a substantial $7 billion, instilling optimism for creditor reimbursement and fortifying prospects for a relaunch. Similar to previous weeks, there was a persistent emphasis on regulatory matters within the United States, as the country sought to establish effective oversight mechanisms for the burgeoning crypto industry.  HSBC and MicroStrategy dive deeper Against…

FTX Sues Former Compliance Officer for Enabling Top Management Fraud at Exchange

FTX is also seeking to reclaim the funds Friedberg received while working for FTX. FTX has filed a complaint in court that claims that Daniel Friedberg, one of its former top attorneys, was a major part of the fraud that company founder Sam Bankman-Fried and other top executives perpetrated. The complaint, which was filed in the US Bankruptcy Court in Delaware on Tuesday, claims that Friedberg acted as the company’s fixer on several occasions. That is, he was responsible for silencing, albeit with hush money payments, anyone that dared raise…

Bankrupt Crypto Exchange FTX Recovers $7,000,000,000 in Liquid Assets With More To Come

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A new report is revealing that beleaguered crypto trading platform FTX has so far recovered billions of dollars in assets. The report says that the bankrupt crypto exchange has recovered $7 billion and expects to claw back even more. According to the new report, the global FTX platform owes its clients about $8.7 billion. “Based on the Debtors’ ongoing analysis, as of the petition date, the FTX.com exchange owed customers approximately $8.7 billion. The vast majority of the deficit—over $6.4 billion—was in the form of fiat currency and stablecoin that…