Tag: FTX

FTX financial controls were a ‘hodgepodge’ of apps, says court filings

boss

FTX was run by three inexperienced people “not long out of college,” who relied on “a hodgepodge” of online shared documents and communications across a series of different apps to manage the multi-billion dollar empire according to FTX CEO John Ray III. In an April 9 court filing in a Delaware Bankruptcy Court, John J Ray III gave his first detailed account of the control failures at FTX. Ray stated that his restructuring team had “identified extensive deficiencies in the FTX Group’s controls” from a lack of appropriate financial and…

FTX philanthropic donations have created a complex dilemma for recipients

The collapse of the FTX exchange and its subsidiaries in November 2022 also led to the shutdown of its philanthropic arm, FTX Future Fund. The philanthropic arm had pledged $1 billion in donations in 2022 towards research academics across prestigious universities. However, the team behind the project resigned right after FTX filed for bankruptcy on Nov. 11, 2022. Many scholars and researchers who were early recipients of the grant are now stuck in limbo over payment of further grants for their programs. According to a report published by Reuters, many Ph.D.…

Media Outlets Push for Access to Non-US Customer Information in FTX Cryptocurrency Exchange Bankruptcy Case

boss

Several conventional media outlets seek to uncover the personal information of non-U.S. customers of the cryptocurrency FTX exchange, similar to the events that took place during the Celsius bankruptcy case, as stated by our sources. In an official filing on April 4th with the Delaware Bankruptcy Bloomberg Court, The New York Times, The Financial Times, and parent company Dow Jones & Company collectively objected to withholding FTX customers’ identities. According to their argument, the public and the press hold a “presumptive right” to access bankruptcy filings. FTX and its clients,…

Names of non-US FTX users demanded by mainstream media outlets

boss

Some mainstream media outlets have objected to attempts to withhold the identities of non-United States customers of cryptocurrency exchange FTX during its bankruptcy proceedings. In an April 4 filing to a Delaware Bankruptcy Court, media outlets Bloomberg, The Financial Times, The New York Times, and its parent firm the Dow Jones & Company jointly objected to the names of the customers being redacted, arguing the press and public have “a presumptive right of access to bankruptcy filings.” Media group files objection to redacting FTX customer names. If the objection succeeds,…

OPNX Exchange, Which Offers FTX Claims Trading, Led by Three Arrows Founders is Now Live

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity…

FTX EU opens withdrawal, Elon Musk calls for AI halt, Binance…

boss

Top Stories This Week FTX EU launches withdrawal website to pay back European users The European arm of FTX has launched a website to allow customers in Europe to submit withdrawal requests. It comes nearly five months after the global trading platform collapsed and went bankrupt in early November. Meanwhile, in the United States, lawyers for former CEO Sam Bankman-Fried have entered a not-guilty plea for five additional charges, including accusations of bribery in China. On bail since being turned over to U.S. custody from the Bahamas, Bankman-Fried is now…

FTX EU Launches New Website for Withdrawals as Subsidiary Starts Returning Funds to Customers – Bitcoin News

boss

FTX’s European subsidiary, FTX Europe, has launched a new website, ftxeurope.eu, for users to withdraw funds from the now-defunct cryptocurrency platform. Withdrawal requests must be submitted through the new website and will be “subject to customary know-your-customer and anti-money-laundering checks.” FTX’s European Arm Opens Withdrawals to Customers According to a press release published on Friday, another division of FTX will allow withdrawals. FTX’s European subsidiary, FTX EU, has begun the process of returning segregated funds to customers in compliance with Cyprus law. The subsidiary was announced in March 2022. “We…