Tag: FTX

SEC’s Gensler claims ‘parallels’ between Binance and FTX, yet one wasn’t sued

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The United States securities chair has hinted at “parallels” between crypto exchange Binance and collapsed exchange FTX — namely their alleged use of sister firms to move funds.  Speaking to Bloomberg on June 6, the U.S. Securities and Exchange Commission chair Gary Gensler, pointed to FTX’s alleged fraud and manipulation regarding its sister firm Alameda Research, including the alleged role that its founder Sam Bankman-Fried played in it. SEC’s Gary Gensler speaking with Bloomberg’s David Westin. Source: Bloomberg “There’s a business model that bundles and commingles functions that we don’t…

SBF upset by criminal trial’s late evidence while FTX seeks sale of AI stock

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Former FTX CEO Sam Bankman-Fried claims prosecutors have missed discovery deadlines for key pieces of evidence required in the defense of a raft of fraud charges. On June 5, Bankman-Fried’s lawyers told United States District Judge Lewis A. Kaplan in a letter that the government had not turned over all of the contents of five electronic devices that were due for discovery by the end of March. A laptop and iPhone belonging to former Alameda Research CEO Caroline Ellison and a laptop belonging to FTX co-founder Gary Wang were among the…

Met Museum Agrees to Return $550K in FTX Donations, Highlights Ethical Concerns

The Metropolitan Museum of Art in New York City cited ethical concerns surrounding the cryptocurrency exchange’s operations while has announcion its decision to return $550,000 in donations received from FTX. The Metropolitan Museum of Art (Met Museum), renowned as one of the United States’ most esteemed cultural institutions, has made the decision to return a substantial donation of $550,000 that was generously contributed by the cryptocurrency exchange FTX. Court filings to the United States Bankruptcy Court on Friday disclosed that the Met has chosen to return the donations it had…

Met museum to refund $550k in donations from FTX

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied In the aftermath of FTX’s bankruptcy, The Metropolitan Museum of Art confirms its decision to return $550,000 in donations from the crypto exchange. The Metropolitan Museum of Art, New York, has declared its intentions to refund $550,000 it received from FTX, a cryptocurrency exchange that folded last November. The museum stated its decision in a submission to the US Bankruptcy Court in Delaware on June 2, where FTX started its bankruptcy proceedings. The repayment results from…

Metropolitan Museum of Art to return $550K in donations from FTX

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The Metropolitan Museum of Art (Met) is set to return $550,000 in donations it received from crypto exchange FTX prior to its collapse in November. The New York-based museum confirmed its intention to repay the funds to FTX debtors in a filing to the United States Bankruptcy Court in Delaware on June 2 — the same court where FTX commenced its bankruptcy proceedings. Filing from the Metropolitan Museum of Art. Source: CourtListener The Met said the agreement came on the back of “good faith, arm’s length negotiations” with FTX’s debtors:…

FTX lawsuits see crypto firms, influencers dial back endorsement deals

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Crypto influencers are taking an extra cautious approach to endorsement deals since the collapse of crypto exchange FTX last year, which has seen several celebrities hit with a lawsuit for their alleged role in its promotion.  In March, a $1 billion class-action lawsuit was filed alleging that eight influencers promoted “FTX crypto fraud without disclosing compensation.” Influencers told Cointelegraph that it has served as a wake-up call — those that endorse crypto firms need to understand their followers can take legal action against them in the future should that company…

FTX debtors object Genesis’ ‘critical’ claim estimate of ‘$0.00’

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Just a month after bankrupt cryptocurrency exchange FTX was seeking $4 billion from the also bankrupt crypto lender Genesis, it is now contesting a claim that it is entitled to nothing. According to a June 2 court filing in a New York Bankruptcy Court, the FTX debtors have raised an objection to Genesis’ estimation that they are entitled to claims totalling ‘$0.00’ – as stated by Genesis in an estimation procedures motion filed on June 1. The FTX debtors alleged they were not “invited to participate” in the mediation and…

Six months on from FTX, Tether mines BTC, and Nvidia’s AI superchips

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Just over six months after FTX’s dramatic collapse, the crypto industry can finally begin analyzing the effects of the debacle. The quick ripple effect to other crypto businesses drained liquidity from the industry and prolonged the crypto winter, with Silvergate Bank, BlockFi and Genesis Global Capital among those hit by the exchange’s collapse. FTX’s bankruptcy has also affected the crypto regulatory landscape, with authorities cracking down on firms — employing controversial methods in some cases — to avoid a deepening blend of traditional finance with cryptocurrencies. Companies that closed their…

SBF Wants to Subpoena Documents from Former FTX Law Firm to Beat Fraud Charges

Lawyers representing SBF say that these documents from the former FTX law firm contain information that could absolve the former CEO. Sam Bankman-Fried (SBF) is trying to beat the fraud charges levied against him by requesting documents from the law firm that provided counsel for him, Alameda Research and FTX. According to a court filing, SBF wants to subpoena these documents, as he believes they would help him with his forthcoming court case. SBF believes he can use documents from the law firm, Fenwick & West, to prove he did not…