Tag: FTX

FTX Officials Seek to Recover Over $3.88B from DCG-backed Genesis Global

The officials claim FTX-affiliated Alameda Research had largely repaid the $8 billion borrowed from Genesis Trading, a few weeks before the former filed for Chapter 11 bankruptcy protection. The bankrupt FTX and Alameda Research officials are stopping at nothing to recover lost funds by the former administration led by Sam Bankman-Fried (SBF). The crypto exchange under John J. Ray III, Chief Executive Officer and Chief Restructuring Officer, has sued several entities including soliciting politicians from both isles to refund cash donated by SBF. Furthermore, Ray indicated the exchange may never…

Mainstream media renew push for non-US FTX user identities

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Four media outlets in the United States have continued efforts to get the identities of non-U.S. FTX customers revealed, filing new objections to a previous motion to seal their identities.  Bloomberg, Dow Jones, The New York Times and The Financial Times first filed a motion objecting to FTX and the Official Committee of Unsecured Creditors being authorized to redact and withhold customer information on Jan 11. While the court previously had heard similar arguments by the four firms, the May 3 filing made a new objection to the Committee’s motion…

FTX seeks to claw back $4B from Genesis in a battle of the bankrupt

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Cryptocurrency exchange FTX is seeking to recover around $4 billion from similarly bankrupt crypto lender Genesis and a still-solvent British Virgin Islands-based entity — part of efforts to recover value for creditors. In a May 3 court filing in a New York Bankruptcy Court, lawyers for FTX sought $1.8 billion in loans and a $273 million collateral pledge allegedly given to Genesis from FTX’s sister trading firm Alameda Research. FTX is also seeking to claw back $1.6 billion in withdrawals allegedly made by Genesis and a further $213 million purported…

Crypto influencer named in FTX lawsuit served via tweet

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A cryptocurrency YouTuber has been served a lawsuit through a tweet after a United States court allowed the action as lawyers claimed they couldn’t serve him through other means. A May 2 order from a Florida District Court Judge granted The Moskowitz Law Firm permission to serve legal notice to crypto YouTuber Tom Nash via a tweet. Nash, who is believed to be residing in Georgia, is the last of ten defendants named in a class action lawsuit against influencers alleged to have promoted the now-bankrupt cryptocurrency exchange FTX without…

FTX advisors billed the bankrupt firm for a whopping $103M in Q1

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The lawyers and consulting firms assisting cryptocurrency exchange FTX through its bankruptcy proceedings are set to cash in a total of $103 million over the first quarter. March saw five firms — Sullivan & Cromwell, Alvarez & Marshal, AlixPartners, Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb — bill FTX a combined $36.4 million according to several court filings between April 28 and May 2. The invoices from March were slightly higher than January and February’s figures of $34.2 million and $32.5 million respectively. New York-based law firm…

FTX investor Temasek pours $10M in algorithmic currency system Array

Singapore’s government-owned investment firm Temasek continues investing in cryptocurrency projects even after losing hundreds of millions of dollars to the collapsed FTX crypto exchange. Temasek has invested $10 million in Array, the developer of an algorithmic currency system based on smart contracts and artificial intelligence. Announcing the news on May 1, Array said that the raise is its second funding round, which is believed to bring the firm’s valuation to more than $100 million. The new Temasek-backed algorithmic currency system aims to provide a more “stable, efficient and scalable” asset…

FTX investor Temasek pours $10M into algorithmic currency system Array

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Singapore’s government-owned investment firm Temasek continues investing in cryptocurrency projects even after losing hundreds of millions of dollars to the collapsed FTX crypto exchange. Temasek has invested $10 million in Array, the developer of an algorithmic currency system based on smart contracts and artificial intelligence. Announcing the news on May 1, Array said that the raise is its second funding round, which is believed to bring the firm’s valuation to more than $100 million. The new Temasek-backed algorithmic currency system aims to provide a more “stable, efficient and scalable” asset…

FTX Boss Ryan Salame’s Maryland Home Searched by FBI in Unexplained Raid – Bitcoin News

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According to unnamed sources, the home of Ryan Salame, the former co-chief executive of FTX Digital Markets, was searched by the U.S. Federal Bureau of Investigation (FBI) on Thursday. The grounds for the raid remain unknown, and neither Salame nor his legal representative have offered any statement concerning the situation. FBI Conducts Mysterious Search on Home of Former FTX Executive Ryan Salame On April 27, 2023, a report from the New York Times revealed that Ryan Salame, the former co-chief of FTX Digital Markets, had his $4 million house in…