Tag: FTX

FTX has recovered $7.3B in assets, will consider rebooting exchange

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Cryptocurrency exchange FTX may be considering restarting in the future, according to the legal team behind the debtors. In an April 12 hearing in United States Bankruptcy Court for the District of Delaware, lawyers with Sullivan & Cromwell representing FTX said the crypto firm had recovered roughly $7.3 billion in assets. A March filing from the debtors reported the four FTX company silos had roughly $4.8 billion in scheduled assets as of November 2022, with an investigation into the assets ongoing. According to the legal team, FTX will also consider…

Crypto Exchange FTX Could Reopen, Its Attorney Says; Firm’s FTT Token Surges

CryptoX – Cryptocurrency Analysis and News Portal However, the attorney stressed that the possibility of re-starting FTX is one of many, and any decisions are far from final.”There are as many opinions on this, I think, as there are professionals involved in this case,” Dietderich said. “And that’s a lot.” Source The post Crypto Exchange FTX Could Reopen, Its Attorney Says; Firm’s FTT Token Surges appeared first on CryptoX. CryptoX Portal

Swiss court gives green light for FTX to sell its European arm

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According to bankruptcy cryptocurrency exchange FTX, a court in Switzerland has approved a petition allowing the firm to potentially sell its European business. In an April 12 announcement, FTX said a Swiss court granted a petition filed by the board of directors for FTX Europe AG regarding a moratorium proceeding. As part of the legal process, FTX’s European arm would be allowed to “facilitate the exploration of strategic alternatives, including the previously disclosed potential sale of its business” in accordance with United States bankruptcy court. FTX Europe AG was part…

Ren Protocol transfers all assets to FTX debtors’ wallet in case of shutdown

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Cross-chain bridge platform Ren Protocol has announced that FTX, Alameda Research and other affiliates that acquired the platform in 2022 have authorized and directed the platform to move all its crypto assets to FTX debtors’ wallets. According to Ren, the move lets debtors safeguard their assets in case of a potential shutdown of their systems and infrastructure. The bridge service also highlighted that they would transfer the assets to a segregated wallet specific to Ren’s assets to separate the funds from other debtor wallets. pic.twitter.com/KndTzULW5B — Ren (@renprotocol) April 12,…

FTX Debtors Unveil Report That Identifies and Discusses Control Failures by Sam Bankman-Fried Led Management – Featured Bitcoin News

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FTX Debtors said on April 9 that it had released a report that “identifies and discusses control failures” by Sam Bankman-Fried and his colleagues when they ran the collapsed cryptocurrency exchange. John Ray, the CEO of the FTX Debtors, said the FTX Group “was tightly controlled by a small group of individuals who falsely claimed to manage it responsibly.” More Than One Million Documents Reviewed FTX Debtors, an organization comprising entities that filed for bankruptcy protection in the U.S., has unveiled a report that “identifies and discusses control failures” by…

FTX Control Failures | Blockchain News

FTX, a multi-billion dollar cryptocurrency company, has faced control failures due to inadequate financial and accounting controls, an inadequate group management structure, and the use of software not suitable for large companies, according to CEO John Ray III. In a court filing in April 2021, Ray gave a detailed account of the deficiencies that his restructuring team had identified at FTX. Ray noted that FTX relied on a hodgepodge of Google documents, Slack communications, shared drives, and Excel spreadsheets to manage its assets and liabilities. The company used QuickBooks for…

Report Uncovers Former FTX US President’s Resignation and Accounting Failures at Failed Crypto Exchange

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A recent report reveals that the former President of FTX US, Brett Harrison, stepped down from his position in September 2022 due to an ongoing disagreement with CEO of FTX, Sam Bankman-Fried, and his circle. In addition, the report alleges accounting downfalls at the now-failed crypto exchange, which Bankman-Fried and his colleagues could have better managed. As per the report, employees were instructed by an unnamed higher-up to provide “some numbers” for a portfolio summary in June 2022, but the information was inaccurate. Harrison expressed worries regarding the management of…