Tag: FTX

FTX Revival Unlikely, Says Skybridge Capital Founder Anthony Scaramucci

Scaramucci stated that it was more likely that FTX, once valued at $32 billion, would end up selling its software and licensure before opening under a new brand.  Skybridge Capital founder Anthony Scaramucci does not think the defunct crypto exchange FTX can be revived any time soon. The financier and former White House communications director explained that many exchanges were not making much money under current market conditions. “I don’t see how it’s possible to restart FTX. Not a lot of money is being made in these exchanges right now,…

Keep personal info of FTX users private

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Jeremy Sheridan, former assistant director of the United States Secret Service Office of Investigations, has warned that certain FTX customers could become targets if their personal information were to be made public. In an April 20 declaration filed with the U.S. Bankruptcy Court for the District of Delaware, Sheridan supported a motion from the debtors which would withhold “certain confidential information” of FTX users. According to Sheridan, currently a managing director for FTI Consulting, releasing the names of customers associated with the failed crypto exchange imposes “a severe and unusual…

Ontario Teachers’ Pension Plan Will Stay Away From Crypto Investments After $95M FTX Write-Off: FT

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$190B Ontario pension says no to crypto after FTX investment loss

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The Onatario Teachers’ Pension Plan has decided to steer its investment away from cryptocurrencies.  The decision comes after the OTPP — which manages over $190 billion in assets  — lost the entirety of its $95 million investment in crypto exchange FTX after it went bust in November 2022. OTPP was one of the many backers of the now-bankrupt crypto exchange and had invested twice: Once during the bull market in 2021 and again during exchange’s Series C funding round in early 2022. OTPP chief executive Jo Taylor said in an interview…

Multiple Silvergate lawsuits over alleged FTX ties combined by judge

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A California judge has combined three investor lawsuits against defunct crypto bank Silvergate Bank involving the bankrupt crypto exchange FTX. On April 19, United States District Judge Jacqueline Scott Corley of the Northern District of California ruled that the three lawsuits would be consolidated. Each accuses Silvergate of helping to facilitate investor fraud by the collapsed crypto exchange FTX. The three cases were brought against Silvergate by four former investors. They will remain separate from other federal cases against FTX and its founder Sam Bankman-Fried but will be combined by…

Gensler quizzed on ETH and FTX probe

SEC Chair Gary Gensler testified before the House Financial Services Committee as Representative Bill Posey questioned him on the collapse of the crypto exchange FTX in November 2022. Gensler evasive on FTX Congressman Posey took over a conversation about how crypto companies mix different business functions and asked the SEC Chair if he was worried about how FTX worked before it failed. In response, the head of the U.S. SEC said that there were worries about functions like the exchange, broker-dealer, and hedge funds combined. In response, Congressman Posey asked,…

Tribe Capital considers reviving bankrupt crypto exchange FTX: Report

Tribe Capital, the San Francisco-based venture capital firm that previously invested in FTX before its collapse, is exploring the possibility of injecting new capital to revive the bankrupt cryptocurrency exchange, Bloomberg reported on April 18. The venture capital firm is reportedly contemplating leading a $250 million fundraising campaign, anchored by $100 million from itself and its limited partners. According to Bloomberg, sources familiar with the matter say that Tribe co-founder, Arjun Sethi, met with FTX’s Committee of Unsecured Creditors in January to discuss the informal proposal.  Bloomberg also reported that…

FTX Reboot Plan Attracts Interest From VC Firm Tribe Capital: Report

Tribe, whose portfolio included FTX ahead of its dramatic collapse in November, is considering leading a $250 million fund raise, with a $100 million commitment from itself, according to the report. A source told Bloomberg that Tribe Capital co-founder Arjun Sethi met with FTX’s official committee of unsecured creditors in January to go over an informal proposal. Source AttractsCapitalFirmFTXInterestPlanRebootReportTribe CryptoX Portal