Tag: FTX

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

boss

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

boss

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

FTX suspends user accounts amid Kroll cyber breach concerns

boss

Following the recent Kroll cybersecurity breach, FTX Derivatives Exchange, a financially distressed cryptocurrency trading company, has opted to temporarily suspend accounts of impacted users accessing its claims portal. FTX’s decision which was posted on X (formerly known as Twitter) was undertaken as a proactive measure aimed at preventing the occurrence of any potential future incidents or additional harm following the recent hack. The exchange is dedicated to offering more comprehensive information in the subsequent stages. In response to Kroll’s cybersecurity incident, FTX has taken the precautionary measure of temporarily freezing…

FTX, BlockFi Customer Details Compromised Due to Kroll Data Hack

Kroll, which did not immediately respond to a request for comment from CoinDesk, is a bankruptcy service provider for numerous companies, not just in the crypto sector. Kroll’s website also promotes a cybersecurity consultancy service, involving “elite cyber risk leaders uniquely positioned to deliver end-to-end cyber security services worldwide.” Source