Tag: FTX

US Requests Bahamas Consent to Continue FTX Bankman-Fried Post-extradition Charges

The Bahamas government’s response will determine whether to go on with or drop some of the cases. Sam Bankman-Fried was apprehended last year in the Bahamas and subsequently transferred to the United States. The allegations against him involve multiple charges relating to financial fraud and the collapse of FTX. Bankman-Fried is charged with engaging in illegal activities, including allegedly working with former FTX executives to persuade American legislators to pass legislation that would benefit FTX. In carrying out these allegedly illegal actions, he managed to exceed the maximum contribution amounts…

US district judge sends matter of FTX independent examiner to appellate court

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A United State district judge has referred a motion requesting the appointment of an independent examiner for bankrupt crypto exchange FTX to appellate court. In documents filed in U.S. District Court for the District of Delaware on May 30, Judge Colm Connolly said the U.S. trustee in FTX’s case, Andrew Vara, requested an appeal following the bankruptcy court rejecting a motion in February to appoint an examiner overseeing the failed crypto exchange. According to court filings, bankruptcy laws allow the appointment of an independent examiner when certain conditions are met…

FTX Examiner Appointment Referred to Court of Appeals by District Judge

“No one contests that the Trustee requested an examiner here or that the debtor’s fixed, liquidated, unsecured debts, other than debts for goods, services, or taxes, or owing to an insider, exceed $5 million,” Connolly’s ruling said, adding that all that remains is a legal question – whether the bankruptcy code compels an independent probe. Source

Crypto exchange TrigonX latest to emerge from the FTX rubble

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Australian crypto exchange TrigonX is the latest revival story to come out of the FTX collapse, with the exchange set to relaunch after it collapsed in December with debts exceeding $50 million. According to company director Matteo Salerno, TrigonX is earmarked for revival after a deed of company arrangement was approved by creditors, The Australian reported on May 29. Founded in 2014, the digital asset exchange was one of the many affected by the sudden collapse of the FTX in November. TrigonX appointed administrators on Dec. 16, after it was unable to meet…

Temasek Executives behind FTX Stake See Compensation Reduced

According to Temasek, despite the absence of any misconduct, both its senior management team and investment body assumed collective accountability and accepted a reduction in their compensation. Executives of Singapore investment firm Temasek Holdings who oversaw the company’s investment in FTX will have their compensation slashed. According to reports, the firm ranked second among the major external investors in the now-insolvent  FTX. The latest update comes after Temasek carried out an internal assessment of its funding six months ago. During this assessment, the investment company disclosed that certain executives and…

Temasek slashes compensation for execs responsible for its $275M FTX investment

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Singapore investment firm Temasek Holdings has reduced compensation for the execs responsible for the firm’s investment into the now-defunct crypto exchange FTX.  Temasek was once the second-largest outside investor of FTX, with 7 million shares, according to Forbes. The firm however was forced to answer for its investment play after the exchange collapsed. According to a May 29 report from Bloomberg, Temasek has now concluded its internal review of the $275 million investment loss incurred from FTX, which it initiated shortly after the exchange collapsed in November 2022. While the…

FTX 2.0 coming up, Multichain FUD, Worldcoin raises six figures

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Top Stories This Week Binance suspends deposits for bridged tokens, seeks clarity from Multichain team Crypto exchange Binance suspended deposits for 10 bridged tokens following days of uncertainty surrounding the Multichain protocol. Transactions on the cross-chain protocol have been delayed over multiple bridges in the past few days, with little information from Multichain’s team about the ongoing issues. In a tweet from May 24, Multichain said that some cross-chain routes were unavailable “due to force majeure,” noting that the time for service restoration was unclear. Binance was not the only…

FTX CEO Considering Reboot of Disgraced Crypto Exchange, According to a New Court Filing

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Newly filed court documents suggest FTX CEO John J. Ray III is considering restarting the bankrupt exchange’s operations. In April, Ray appeared to take part in multiple activities centered on an FTX reboot, according to a monthly compensation report filed with the U.S. Bankruptcy Court for the District of Delaware. Those activities include descriptions like “Review 2.0 next steps summary from PWP (purchase with purchase),” “Review next steps and comment on FTX restart,” “Review and finalize 2.0 reboot of exchange material for distribution,” and “Review and comment on 2.0 bidder…

Crypto Execs From Coinbase, Messari Give Washington Influence Another Go With FTX Anchor Around Necks

While that day-to-day lobbying work happens, though, millions of U.S. crypto users are eager to make sure Congress is hearing their view that “we want to keep it here and we want to have robust rules,” Quick said, which explains the efforts from business leaders to drum up grassroots campaigns. There’s room for both, she argued – the lobbyists’ usual interactions in Washington, plus whatever the industry leaders are hatching. Source