Tag: FTX

Total Value Locked in Defi Surpasses $50 Billion Mark for First Time Since FTX Collapse – Defi Bitcoin News

Crypto prices have surged in value over the past few days, and the total value locked (TVL) in decentralized finance (defi) has surpassed the $50 billion mark for the first time since the collapse of FTX. As of Feb. 16, 2023, the TVL in defi is $51.1 billion, with the liquid staking protocol Lido accounting for 17.18% of the total. Ethereum Dominates Defi With Over 60% of TVL, While Tron and Binance Smart Chain Battle for Second Place In the past 24 hours, the entire cryptocurrency market has risen more…

FTX Bankruptcy Judge Denies US Trustee’s Request for Independent Examiner – Bitcoin News

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The judge presiding over the FTX bankruptcy case has denied the U.S. Trustee’s request to appoint an independent examiner for the ongoing proceedings. The decision comes after judge John Dorsey postponed the ruling last week, citing concerns that the examiner could cost creditors tens of millions of dollars. The U.S. Trustee’s Argument for an Independent Examiner Ultimately Overruled by the Court’s Authority In the latest filing in the FTX bankruptcy case docket, judge John Dorsey has denied the appointment of an independent examiner. Dorsey stated that the current team, led…

FTX bankruptcy judge denies US Trustee’s motion to appoint independent examiner

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Judge John Dorsey of the United States Bankruptcy Court for the District of Delaware has denied a motion appointing an independent examiner for FTX. In a Feb. 15 hearing, Judge Dorsey said he had some discretion under the law to choose whether to appoint an examiner in the FTX bankruptcy case despite some of the the parties meeting the debt threshold with the loss of funds. According to the judge, appointing an examiner would be an “unnecessary burden” on FTX’s debtors and creditors. He also cited CEO John Ray’s experience…

Judge Denies Appointment of Independent Examiner in FTX Bankruptcy

A bipartisan group of four U.S. senators sent a letter to the judge in January, calling for an independent examiner to be appointed. Juliet Sarkessian, a representative for the U.S. Trustee, a branch of the Department of Justice, later argued the decision was out of the hands of Judge John Dorsey, of the Bankruptcy Court of Delaware in a case of this scale. Source

Former FTX Executive Accused of Fueling a Charity Through Discounted FTT Purchase – Bitcoin News

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A former executive of FTX allegedly earned profits for a charity by purchasing discounted FTX tokens, FTT, before they became available to the public at $0.05 per unit, according to a report citing anonymous sources. Ruairi Donnelly, the former chief of staff at FTX, has been accused of donating the tokens to Polaris Ventures, a charitable organization based in Switzerland, which later sold the FTT for millions of dollars. Anonymous Sources Claim Polaris Ventures Gained Most of Its Wealth From FTT Transfer in 2019 According to a report from the…

Can you trust crypto exchanges after the collapse of FTX? – Cointelegraph Magazine

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On Oct. 25, 2022 — about two weeks before the collapse of the world’s third-largest cryptocurrency exchange, FTX — prominent DeFi architect Andre Cronje published a foreboding article with a chilling warning on the state of centralized cryptocurrency exchanges: “Remedies under the current regulatory regime are ineffective. Most investors sign away their rights to their crypto in voluminous terms and conditions of crypto-exchanges and many will (at best) rank as unsecured creditors should these exchange services be liquidated. Crypto exchange and crypto investment service providers are essentially operating as banks,…

Sam Bankman-Fried, Caroline Ellison, and Other Company Insiders Subpoenaed by FTX for Documents

Bankman-Fried, for instance, is specifically asked for information on FTX, Alameda, and Emergent Fidelity Technologies’ (a holding company he ran with former FTX executive Gary Wang) business performance, all emails from his FTX account and personal Gmail, details on real estate holdings, and supporting documents he made to back up statements he made to Vox as well as tweets made about liquidity at the exchanges. Source

SBF and FTX fraud ‘aided and abetted’ by Silvergate Bank, alleges lawsuit

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Silvergate Bank and its CEO Alan Lane have been accused of “aiding and abetting” a “multibillion-dollar fraudulent scheme orchestrated by Sam Bankman-Fried (SBF)” and two of his entities, FTX and Alameda Research, in a newly proposed class action lawsuit. The proposed class-action lawsuit was filed in the United States District Court of the Northern District of California on Feb. 14 by lawyers representing a San Francisco-based FTX user who — just like all other FTX customers — was frozen out of around $20,000 in crypto when the exchange collapsed last…