Tag: FTX

FTX 2.0 Rumors Resurface in CEO’s Legal Billings

Coinspeaker FTX 2.0 Rumors Resurface in CEO’s Legal Billings Contents from the latest billing report of the new CEO of FTX, John Ray III, have revived hopes that the bankrupt exchange may be restarted. Ray, who was appointed to steer FTX’s ship during its bankruptcy process had hinted at a possible restart in January. And now, the latest billing report suggests that work may already be underway to make FTX 2.0 a reality. Per the filing, Ray spent more than 6.5 hours on items linked to “2.0” which is thought…

FTX unveils FTX 2.0 strategy, FTT token surges 17% surge

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Under the guidance of CEO John Ray III, FTX unveiled resurrection plans in a new project known as FTX 2.0.  Documents recently filed in the United States Bankruptcy Court for the County of Delaware provide insight into the comprehensive planning and execution of the relaunch by John Ray III and his team. Ray invoiced the company’s bankruptcy estate for over $290,000. FTX also paid an extra $1.3 million to other workers who took over the exchange…

MIAX completes acquisition of FTX subsidiary LedgerX

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The Miami International Securities Exchange (MIAX), owned by Miami International Holdings, has completed the acquisition of LedgerX, which was one of the FTX assets court-approved for sale in January. LedgerX is an exchange and clearinghouse regulated by the United States Commodity Futures Trading Commission (CFTC).  The acquisition of LedgerX was “an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry,” CEO of Miami International Holdings (MIH) Thomas Gallagher said in a statement. MIAX is one of a suite of…

FTX pursues $244M clawback from ‘wildly inflated’ Embed acquisition deal

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FTX’s leadership is looking to claw back more than $240 million from insiders and executives that benefited from FTX’s “wildly inflated” acquisition of stock-clearing platform Embed in September. Cointelegraph reported yesterday that a lawsuit was filed against former FTX CEO Sam Bankman-Fried and other top FTX insiders on May 17 concerning the Embed acquisition, which they allege was conducted without enough due diligence.  However, on the same day, a separate lawsuit was filed seeking to claw back funds from Embed’s CEO Michael Giles and its shareholders, accusing FTX of paying…

Cryptocurrency Exchange FTX Files Lawsuit Against Former CEO and Executives Over Controversial Acquisition

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Cryptocurrency exchange FTX has taken legal action against its former CEO Sam Bankman-Fried, co-founder Zixiao Wang, and former senior executive Nishad Singh. The lawsuit stems from the controversial $220 million acquisition of stock-clearing platform Embed, with FTX lawyers claiming a lack of due diligence in the transaction. In a filing on May 17, FTX alleged that it had acquired Embed through its United States subsidiary without conducting thorough due diligence. Following FTX’s bankruptcy filing, the court approved the sale of Embed and other FTX assets, but the highest bid for…

U.S. Court Asked to Reverse Decision on Appointment Independent Examiner in FTX Bankruptcy

Although parties to the FTX case have complained about the “alleged” costs associated with appointing an examiner, for “both legal and practical purposes, any costs associated with appointing an examiner do not justify departure from the statutory requirement to appoint an examiner where, as here, the statutory criteria are met,” DOJ Trustee Andrew R. Vara said in the filing. Source

FTX leadership sues Sam Bankman-Fried over $220M deal made prior to bankruptcy

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FTX lawyers are suing former CEO Sam Bankman-Fried, co-founder Zixiao Wang, and former senior executive Nishad Singh over the $220 million acquisition of stock-clearing platform Embed, alleging lack of due diligence.  According to a May 17 filing, FTX had paid $220 million to acquire Embed through its United States subsidiary after having allegedly “performed almost no due diligence” on the platform. After FTX filed for bankruptcy, the judge in charge of the proceedings approved the sales of Embed and other assets of FTX, but the top bidder for the platform offered just…