Alameda Research seeded little-known Bahamas-based hedge fund Modulo Capital with $475 million in 2022. The recovery includes $404 million of cash. Source
FTX Bankruptcy Estate to Claw Back $460M From Modulo Capital
Tag: FTX
FTX debtors file lawsuit against exchange’s Bahamian arm on ownership of property
The legal teams representing Alameda Research, FTX US, and FTX Trading have filed a complaint against the Bahamas-based FTX Digital Markets, claiming the company was a “fraudulent enterprise” used as a shell entity to obfuscate the question of the firm’s ownership. In a March 19 filing with the United States Bankruptcy Court for the District of Delaware, FTX debtors said FTX Digital Markets, or FTX DM, as well as the joint provisional liquidators (JPLs) had claimed the Bahamian arm was the “constructive owner” of FTX.com’s fiat and crypto assets as…
SBF shilled FTX risk model to FDIC chairman Gruenberg prior collapse
Before crypto exchange FTX and its founder Sam Bankman-Fried (SBF) got tied down around allegations of misappropriation of users’ funds, SBF was among the most influential crypto entrepreneurs. Long before FTX collapsed, an allegedly leaked email exchange with a top regulator shows SBF’s intent to get the exchange federally regulated. On May 28, 2022, nearly six months before FTX filed for bankruptcy and SBF resigned as the CEO, Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg received an invitation to meet SBF on June 13, 2022, Washington Examiner reported. The…
SBF shilled FTX risk model to FDIC chairman Gruenberg prior to collapse
Before crypto exchange FTX and its founder Sam Bankman-Fried (SBF) got tied down with allegations of misappropriation of users’ funds, SBF was among the most influential crypto entrepreneurs. Before FTX collapsed, a leaked email exchange with a top regulator allegedly showed SBF’s intent to get the exchange federally regulated. On May 28, 2022, nearly six months before FTX filed for bankruptcy and SBF resigned as the CEO, Federal Deposit Insurance Corporation (FDIC) chairman Martin Gruenberg received an invitation to meet SBF on June 13, 2022, the Washington Examiner reported. The…
FTX had a 6.8b hole when it filed for bankruptcy
FTX, the defunct crypto exchange, had a $6.8b hole in its balance sheet when it declared bankruptcy last year. According to the group’s advisors, FTX’s debt includes a $10.6b deficit for the main FTX.com business and an $87m short for FTX.U.S. Alameda Research, the trading wing of FTX, had $2.6b in net assets. Meanwhile, FTX Ventures reported $1.3b in losses. FTX’s total assets and debts According to a document submitted to the bankruptcy court on Mar. 17, FTX-affiliated businesses had assets worth $4.8b and cumulative liabilities of around $11.6b when…
FTX Debtors Reveal $6.8 Billion Hole in Balance Sheet Amidst Financial Discrepancies and Payments to Insiders – Bitcoin News
According to a presentation recently submitted by the FTX debtors on March 16, Sam Bankman-Fried’s companies had a $6.8 billion hole in their intercompany balance sheet when they filed for Chapter 11 bankruptcy protection. FTX and its conglomerate of firms have debts of around $11.6 billion, including customer claims and various other liabilities. FTX’s $6.8 Billion Gap The FTX debtors have released a third presentation that provides an overview of FTX’s debts and liabilities. The presentation reveals that, while a significant amount of money is owed to customers, FTX and…
Retailers accumulating bitcoin at the fastest pace since FTX collapse
Onchain data shows that retailers have been accumulating bitcoin (BTC) at the fastest pace since the collapse of FTX, a cryptocurrency exchange. Retailers accumulating bitcoin Glassnode shows that “shrimps”, that is, small-scale retail holders with between 0.1 BTC and 1 BTC, ramped up their buying activity this week amid concerns of a banking collapse in the United States. 0.01-1 BTC User Accumulation: Glassnode and shared by MitchellHODL on Twitter Following the bank run of Silicon Valley Bank (SVB), the bankruptcy of Silvergate, and the closure of Signature Bank, there were…
FTX debtors report $11.6B in claims, $4.8B in assets with many crypto holdings ‘undetermined’
The debtors in FTX’s bankruptcy case hreported the various company silos had more than $4 billion in scheduled assets as of November 2022, but said they were still investigating the firm’s crypto holdings. In a March 17 filing with United States Bankruptcy Court for the District of Delaware, FTX debtors submitted a presentation to the committee of unsecured creditors on its Statement of Financial Affairs, or SOFAs, which also detailed the scheduled assets and claims of the company. According to the filing, the West Realm Shires silo — which includes…
Social Media and YouTube Influencers Accused of Promoting FTX without Proper Disclosure
Defendant Ben Armstrong denied the allegations and stated that he had never been in contact with anyone at FTX. A group of social media influencers has been named in a new lawsuit alleging they promoted collapsed crypto exchange FTX to their millions of followers without proper disclosure. According to the suit, filed on Wednesday, the influencers failed to disclose the nature of any, rewards, payments, or compensation realized from promoting the crypto exchange. The influencers named in the lawsuit include Erika Kullberg, Ben “BitBoy” Armstrong and Kevin Paffrath, known as…
FTX influencers face $1 Billion class-action lawsuit over alleged crypto fraud promotion
A class-action suit led by Edwin Garrison has been filed against “FTX influencers,” mostly on YouTuber, seeking $1 billion because they “promoted FTX crypto fraud without disclosing compensation.” The suit was filed March 15 in the Southern District of Florida Miami Division. Kevin Paffrath, Graham Stephan, Andrei Jikh, Jaspreet Singh, Brian Jung, Jeremy Lefebvre, Tom Nash, Ben Armstrong, Erika Kullberg and Creators Agency LLC were named as respondents. The Moskowitz Law Firm is representing the plaintiffs. The suit is a consolidation of several class actions suits, according to the law…