Tag: FTX

FTX Holds $200M in Bahamas Real Estate and $1.16B Worth of Solana (SOL)

FTX’s asset portfolio currently exceeds $7 billion and includes various assets such as cash, brokerage investments, tokens, and real estate. In the latest disclosure, crypto exchange FTX released the presentation of the shareholder meeting taking place on September 11-12. This presentation provides an overview of the company’s current state as well as it is moving toward settlement. The shareholders will commence their day by reviewing the claims filed against the cryptocurrency exchange. These claims include over 2,300 from non-customers, including notable entities like Genesis, Celsius, and Voyager. The total value…

Negative BTC Price-Volatility Correlation Returns as Crypto Traders Fear FTX Creditor Liquidations

“The impending U.S. August CPI data will likely show a rebound in inflation, which means the Federal Reserve (Fed) will probably take additional liquidity-tightening measures to curb reflation. In liquidity redistribution, crypto assets are prioritized last, which means that the liquidity stored in crypto assets could be withdrawn and invested in assets such as cash or U.S. stocks,” Ardern said. Source

FTX has $222M in Bahamas real estate, 1,300 tokens: shareholder presentation

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FTX has released its presentation materials for the shareholder meeting taking place Sept. 11-12. The unrestricted portion provides a clear overview of the company’s current state and its slow march toward settlement.  The shareholders will begin their day with an account of the claims against the cryptocurrency exchange. Over 2,300 non-customer claims have been filed against it, including those from Genesis, Celsius and Voyager. The claims are worth $65 billion, although those from FTX Digital Markets are “assumed to be invalid/redundant” and the Internal Revenue Service’s claim – the largest…

FTX Bankruptcy Estate Holds $200M in Bahamas Property, $1.16B in Solana Tokens: Court Filing

The presentation also details $2.2 billion in cash, crypto, equity and real estate received by Bankman-Fried and other executives, including Nishad Singh, Zixiao “Gary” Wang and Caroline Ellison, in the months leading up to the bankruptcy. That may be significant because U.S. law allows such payments to be clawed back and added to the stock of assets that can be distributed to creditors. Source

Binance’s Richard Teng denies FTX comparisons: ‘We welcome the scrutiny’

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Binance regional markets head Richard Teng insists that the global cryptocurrency exchange is financially secure and in no way similar to bankrupt peer FTX despite recent regulatory scrutiny and regional challenges. Speaking exclusively to Magazine editor Andrew Fenton in Singapore ahead of the 2023 Token2049 conference, Teng addressed a variety of different challenges being faced by Binance’s regional arms as well as playing down reports that he is being groomed to take the reigns from founder Changpeng “CZ” Zhao in the future. Binance head of regional markets Richard Teng speaking…

Solana (SOL) Price Plunges On FTX Rumors, Buy Or Sell Now?

Amid the bankruptcy proceedings of crypto exchange FTX, the market is in a state of heightened anxiety, and Solana (SOL) in particular saw a 7% drop in price yesterday following the spread of rumors. FTX is scheduled to appear in Delaware Bankruptcy Court on Wednesday, September 13, to seek approval for the liquidation of $3.4 billion in SOL, FTT, BTC, ETH and other crypto assets. The event has led to widespread concerns among market analysts and participants, who speculate that the liquidation could exert significant selling pressure on an already…

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

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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

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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…