FTX’s bankruptcy proceeding has teams of lawyers, investment bankers, consultants, and financial advisers working on the case. Source
FTX Bankruptcy Special Counsel and Advisers Bill $38M for January
Tag: FTX
US trustee appeals FTX bankruptcy judge’s ruling to deny appointment of independent examiner
Lawyers for Andrew Vara, the United States Trustee representing the interests of the Department of Justice in crypto exchange FTX’s bankruptcy proceedings, has filed an appeal against a federal judge’s denial of a motion appointing an independent examiner in the case. In a March 6 filing in U.S. Bankruptcy Court for the District of Delaware, the legal team petitioned to have the U.S. District Court consider an appeal for a February ruling from Judge John Dorsey. The federal judge said in a Feb. 15 hearing that he would deny a…
FTX Bankruptcy Examiner Denial Appealed by U.S. Government
The U.S. Trustee, a branch of the Department of Justice (DOJ), had previously argued that bankruptcy law requires an independent probe for any case of such magnitude, despite warnings that it could cost as much as $100 million. In its arguments, the Trustee said an independent examiner could look into whether those responsible for mismanagement at FTX are still part of the company. Source
US Prosecutors Seek to Further Restrict Former FTX CEO Sam Bankman-Fried’s Internet Access – Bitcoin News
The U.S. attorney for the Southern District of New York (SDNY), Damian Williams, and the Department of Justice (DOJ) are requesting “proposed modifications” to the bail conditions of former FTX CEO, Sam Bankman-Fried. The SDNY prosecutor is asking the court to prohibit Bankman-Fried from using a smartphone with an internet connection. Instead, the disgraced FTX co-founder would receive a government-issued flip phone with disabled internet capabilities. Bankman-Fried May Get a Flip Phone With Strings Attached On March 3, 2023, the DOJ and SDNY attorney Damian Williams filed a request with…
Fears over Silvergate, $8B hole at FTX, senators seek Binance’s numbers: Hodler’s Digest, Feb. 26 – March 4
Delay in Silvergate’s financials sparks fears over bankruptcy, FTX reports $8.6B deficit and Binance’s balance sheet sought by U.S. senators. Top Stories This Week Silvergate stock plunges after delayed filing raises doubts over future Silvergate made headlines this week after postponing the filing of its annual 10-K financial report, raising fears of an upcoming bankruptcy filing. The collapse of the cryptocurrency bank could prove costly for the rest of the industry. Within 24 hours after the announcement, Coinbase, Circle, Bitstamp, Galaxy Digital and Paxos confirmed that they will scale back…
FTX Debtors Report $8.9B Shortfall in Customer Funds and ‘Highly Commingled’ Assets in Latest Presentation – Bitcoin News
On March 2, 2023, FTX debtors released their second stakeholder presentation, which contains a preliminary analysis of the now-defunct cryptocurrency exchange’s shortfalls. The latest presentation reveals a significant shortfall, as approximately $2.2 billion of the company’s total assets were found in FTX-related addresses, but only $694 million is considered “Category A Assets,” or liquid cryptocurrencies such as bitcoin, tether, or ethereum. In addition, John J. Ray III, FTX’s current CEO, stated that the debtor’s effort had been significant, and he added that the exchange’s assets were “highly commingled.” A Preliminary…
FTX presentation shows ‘massive shortfall’ in firm’s assets
Bankrupt cryptocurrency exchange FTX has revealed a “massive shortfall” in its digital asset and fiat currency holdings with billions worth of customer funds missing from both the exchange and its United States-based arm, FTX US. On Mar. 2 the exchange released a presentation showing FTX had $2.2 billion in exchange wallets and fiat accounts of which $694 million consisted of the most liquid “Category A Assets” that include cash, stablecoins, Bitcoin (BTC) and Ether (ETH) priced at the latest spot prices. Only $191 million of total assets were located in…
FTX Has ‘Massive Shortfall’ in Assets, Say Bankruptcy Lawyers
So far, $2.2 billion in assets have been identified in the wallets of accounts associated with FTX.com, of which only $694 million are in the most liquid assets. Source
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SEC, CFTC press civil charges against former FTX exec Singh parallel to criminal case
Civil charges were announced against former FTX director of engineering Nishad Singh on Feb. 28, the same day he entered a guilty plea to three counts of criminal fraud in Manhattan district court. Both the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are pressing charges against Singh. Singh pleaded guilty in the U.S. District Court for the Southern District of New York to one count of wire fraud, one count of conspiracy to commit wire fraud on FTX customers and one count of…