A rise in open interest, which is a metric that assesses the value of all unsettled derivatives positions, alongside an increase in price is often used to confirm the legitimacy of a move. At the time of writing, bitcoin was trading at around $30,000 after it surged to a 10-month high of $30,540 on Tuesday. Original
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’s sister company Alameda Research had previously acquired Ren to provide long-term funding before shutting down. Original
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, 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…
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…
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…
A new report from the failed crypto exchange FTX’s current leadership says that former FTX US President Brett Harrison resigned last September partly because of a “protracted disagreement” with CEO Sam Bankman-Fried and members of his inner circle. Source
Washington’s “war in crypto” continues to occupy minds in the crypto industry. This week, CoinDesk Chief Content Officer Michael Casey tackles the apparent rise in hostility from U.S. regulators from a different angle: revenge. Source
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.…