Tag: FTX

FTX Paid SBF and Others $3.2 Billion 

FTX made the transfers to SBF and others via the former CEO’s trading firm Alameda Research.  According to the new management of bankrupted crypto exchange FTX, $2.2 billion was transferred to SBF via various entities. In a press release, the company revealed that more than $3.2 billion was sent to Sam Bankman-Fried and other major employees according to a Schedules of Assets and Liabilities and Statements of Financial Affairs filed on March 15. FTX Transfers Over $3B to SBF and Other Key Employees Following SBF, who is the largest beneficiary,…

FTX fiasco set back the approval of Bitcoin spot ETFs: Valkyrie investment chief

In episode 11 of Hashing It Out, Cointelegraph’s Elisha Owusu Akyaw speaks to Steven McClurg, the chief investment officer of Valkyrie Investments, about the state of Bitcoin (BTC) exchange-traded funds (ETFs) and the way forward. Regulators in the United States have mounted stiff opposition against listing Bitcoin spot ETFs even though Canadian and European regulators have given the green light. McClurg points out that even for the Canadian and European markets, these approvals also took a long time. According to McClurg, the two biggest issues U.S. regulators have with Bitcoin…

1 year after $11M LUNC bets; Do Kwon wanted, funds paid, hedge stuck on FTX

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Approximately one year prior, on Mar. 14, 2022, cryptocurrency trader GiganticRebirth (GCR) invited the then co-founder of CEO of Terraform Labs, Do Kwon, in a $10 million bet that the price of Terra Luna (LUNC) would be lower than its then price of $92.4 per token one year later. The blockchain executive accepted the offer, the second in the series after the day prior, when cryptocurrency trader Algod offered a $1 million bet that LUNC would be lower than $88 per token on Mar. 13, 2023, to which Kwon also…

Hybrid DEX, INNODEX, emerges amid FTX, Silvergate liquidity crises

Silicon Valley Bank (SVB), representing the United States information technology hub, Silicon Valley, went bankrupt due to a bank run, massive deposit withdrawals, in under 14 hours.  SVB’s bankruptcy is the second-largest in history after Washington Mutual went under during the Global Financial Crisis (GFC) in 2008. Silvergate Capital, one of the top 10 cryptocurrency banks that announced voluntary liquidation on Feb. 8, is in the same situation as SVB. Silvergate said it suffered significant losses and sold billions of dollars in assets to address withdrawals a day after the…

Silicon Valley Bank down, USDC depegged, FTX billed $34M in Jan

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Top Stories This Week Silicon Valley Bank shut down by California regulator, holding over $5 billion for prominent crypto VCs Silicon Valley Bank (SVB) was shut down by California’s financial watchdog on March 10 after announcing a significant sale of assets and stocks aimed at raising additional capital. The California watchdog appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver to protect insured deposits. However, the FDIC only insures up to $250,000 per depositor, per institution and per ownership category. The bank held over $5 billion in funds from…

Judge mulls removing Shaq and Naomi Osaka from FTX lawsuits

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A federal judge in Florida, United States, is considering dismissing NBA superstar Shaquille O’Neal and tennis athlete Naomi Osaka from the FTX lawsuit, pointing out that it’s unclear whether the two have been served.  In a paperless order, U.S. District Judge K. Michael Moore reportedly told the plaintiffs to provide cause on why O’Neal and Osaka shouldn’t be dismissed from the suit. According to Moore, it’s unclear whether the two sports stars have been served. The judge gave the FTX customers until December to show cause. The show cause order…

Investors might have avoided FTX if the SEC had addressed Bitcoin ETFs, says BitGo CEO

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The collapse of crypto exchange FTX and other bearish events in the space were at the center of discussions among lawmakers and witnesses at the inaugural hearing of the United States House Committee on Financial Services’ Subcommittee on Digital Assets, Financial Technology and Inclusion. Addressing lawmakers at the March 9 hearing, BitGo co-founder and CEO Mike Belshe criticized the U.S. Securities and Exchange Commission, or SEC, for enforcement actions against crypto firms “trying to do it right” — i.e. communicating with regulators and pursuing a path to operate in the…

FTX Proposes $4M Bonus Program as It Seeks to Retain Staff

Bonuses between 17% and 94% will be in the best interest of the FTX group as it seeks to wind up affairs, the Tuesday document said. The overall package is capped at $4,027,204 and targets staff with key skills and knowledge, including programming languages such as Python, Rust and Flutter. No bonuses will be paid to directors or officers of the company, to founder Sam Bankman-Fried and his family, or to any staff believed to be engaged in wrongdoing, the document said. Source