Tag: FTX

FTX Warns Community of Phony ‘Debt Tokens’ and Scams Claiming to Be Affiliated With the Bankrupt Exchange – Bitcoin News

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On Friday, debtors who control the official FTX Twitter account warned the community to “be on alert for scams from entities claiming to be affiliated with FTX.” They also noted that neither FTX debtors nor any entity related to the company has issued any IOU crypto assets or “debt tokens.” The alert comes as a token called “FUD (FTX User’s Debt)” has been circulating on the Tron blockchain and is listed on Huobi. FTX Debtors Leverage Official Twitter Account to Inform Community FTX debtors who control the official FTX Twitter…

Former FTX Director of Engineering Nishad Singh Negotiating Plea Deal with Prosecutors  – Bitcoin News

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Another member of Sam Bankman-Fried’s inner circle allegedly plans to plead guilty to criminal charges for his role in the alleged fraud that occurred at the cryptocurrency exchange FTX. According to unnamed sources familiar with the matter, Nishad Singh, FTX’s former director of engineering, is attempting to negotiate a deal with New York prosecutors. Sources Say Former FTX Director of Engineering Nears Plea Deal, Singh Could Provide Critical Testimony On Friday, Bloomberg reporter Allyson Versprille reported that Nishad Singh, the former director of engineering at FTX, is negotiating a deal…

Former FTX exec will plead guilty to federal charges with a deal: Report

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Nishad Singh, the co-founder and former chief engineer of bankrupt crypto exchange FTX, is working on a plea deal with prosecutors, Bloomberg reported on Feb. 17. The deal, which would see the 27-year-old Singh plead guilty to charges related to FTX’s collapse, has yet to be finalized, the report said. Singh would be following in the footsteps of former FTX chief technology officer Gary Wang and former Alameda CEO Caroline Ellison, who pleaded guilty to federal fraud charges in December after reaching deals with prosecutors. Former FTX CEO Sam “SBF” Bankman-Fried…

Celsius, FTX feel investors’ wrath as lawsuits multiply

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The stunning collapses of Celsius and FTX destroyed many lives — early adopters who had the foresight to understand the unique value propositions of Bitcoin (BTC) and crypto were left with practically nothing when both platforms halted withdrawals, shuttered their doors and eventually filed for bankruptcy. While there’s still hope that creditors will be made partially whole again, the road to recouping financial losses is expected to be long. While they’re waiting, creditors are banding together to sue these firms for various alleged infractions.  This week’s Crypto Biz delves into…

Prosecutors Seek Restrictions on Former FTX CEO’s Electronic Devices Following VPN Use for Football Streaming – Bitcoin News

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Prosecutors in the financial fraud case against former FTX CEO Sam Bankman-Fried (SBF) are attempting to persuade the judge to restrict his use of electronic devices. It has been revealed that SBF used a virtual private network (VPN) to watch the Super Bowl through a foreign subscription service he had purchased before his arrest. Prosecutors, however, are skeptical and argue that VPNs are commonly used to access international crypto exchanges that are blocked in the United States. Prosecutors Raise Concerns Over VPN Use by Former FTX CEO, SBF’s Lawyers Argue…

FTX Japan plans to resume withdrawals as early as February: Report

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Bankrupt cryptocurrency exchange FTX’s subsidiary in Japan, FTX Japan, reportedly plans to resume withdrawals for affected users as early as February. According to a Feb. 17 report from Bloomberg, FTX Japan sent out notifications asking users to verify their account balances as part of the process to begin allowing withdrawals. Seth Melamed, chief operating officer of the exchange, reportedly said users could transfer assets to accounts on the FTX-owned Liquid Global platform, with withdrawals expected to begin “very soon.” “We are confident that we will adhere to the timeline,” said Melamed. The…

FTX Promised High Earnings to African Students That Successfully Recruited Fellow Learners – Africa Bitcoin News

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The collapsed crypto exchange FTX reportedly used the lure of high earnings to convince African university students to become its ambassadors. In addition to encouraging new FTX investors to use the platform, student ambassadors were also required to teach them about crypto and the blockchain. Some of the students insisted they will not quit crypto despite losing funds following FTX’s collapse. Recruited Users Told of Benefits of Using FTX The collapsed crypto exchange FTX reportedly used the promise of significant rewards to encourage African students to recruit new investors to…

Report Reveals Limited Accounting Records, Commingled Funds at FTX Digital Markets in the Bahamas – Bitcoin News

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PWC, one of the ‘Big Four’ auditors and among the largest professional services networks globally, recently published a report on FTX Digital Markets, the bankrupt crypto exchange’s Bahamian subsidiary. The report indicates that the entity’s accounting records have been limited, and it also noted that there is “little distinction between what represents potentially client monies and corporate funds.” FTX Joint Provisional Liquidators Continue Investigations Into Bahamian Subsidiary In mid-November 2022, following the Chapter 11 bankruptcy filing by the exchange FTX and its large number of subsidiaries, The Bahamas’ regulator appointed…

Stanford Alumni Revealed as Co-Signers of FTX Co-Founder’s $250M Bond – Bitcoin News

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According to the latest court documents in the fraud case involving former FTX CEO Sam Bankman-Fried in Manhattan, the New York judge presiding over the case unsealed the co-signers of Bankman-Fried’s bond on Wednesday. The names of the two bail bond co-signers that were previously redacted from court documents are Stanford University alumni Larry Kramer and Andreas Paepcke. Details Emerge on SBF’s Bail Bond Co-Signers Sam Bankman-Fried (SBF), co-founder of FTX, faces eight counts of financial misconduct for allegedly mishandling customer funds. He is currently out on bail and is…