Tag: FTX

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

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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

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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…

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,…