Tag: FTX

Hut 8 merger wouldve happened even without FTX or crypto turmoil, says CEO

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Crypto exchange FTX’s collapse and overall crypto market turmoil were not key factors in the decision to merge crypto mining firm Hut 8 with US Bitcoin Corp., according to Hut 8 CEO Jamie Leverton.  On Feb. 8, Leverton said that the merger was mainly about providing diversified revenue and helping scale the combined businesses, stating: “I think this deal would have happened regardless. The ability for us to bring these businesses together we think is so incredibly complementary.” The all-stock merger was announced on Feb. 7 with the combined company,…

FTX debtors can issue subpoenas to company ‘insiders’, says court

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The judge overseeing crypto exchange FTX’s bankruptcy case has granted a motion allowing the firm’s debtors to request subpoenas for information and documents from former colleagues and family members of Sam Bankman-Fried. In a Feb. 8 filing, Judge John Dorsey said FTX debtors were authorized under bankruptcy court rules to issue subpoenas to certain individuals “for the production of documents, electronically stored information, or tangible things”. The original motion filed on Jan. 25 defined the target of the subpoenas as insiders not “currently cooperating with the Debtors to provide important…

Voyager subpoenas FTX and Alameda execs as judge orders fee examiner

Lawyers representing bankrupt crypto broker Voyager Digital have served former FTX CEO Sam Bankman-Fried and other FTX and Alameda Research executives with subpoenas requesting information. The subpoenas have a very wide scope, with Voyager’s lawyers seeking copies of any documents and communication between FTX entities and the Securities and Exchange Commission (SEC) or the Department of Justice (DOJ) according to the Feb. 6 filing. Amongst a plethora of other requested documents, the lawyers also want to see information relating to the loan portfolio between Alameda and Voyager as well as…

Law Firm Subpoenas FTX Co-Founder, Top Executives, and Former Alameda CEO Over Voyager Digital Deal – Bitcoin News

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On Feb. 6, 2023, law firm Kirkland & Ellis issued a subpoena to FTX co-founder Sam Bankman-Fried and top executives on behalf of Voyager Digital. The subpoena requested they produce documents and communications related to the “Alameda Loan Agreement” between Alameda Ventures and Voyager, as well as other important documents. Additionally, Voyager Digital has subpoenaed former Alameda Research CEO Caroline Ellison, FTX co-founder Gary Wang, and former FTX head of product and investor relations Ramnik Arora. Law Firm Kirkland & Ellis Requests Documentation for Proposed FTX-Voyager Deal Kirkland & Ellis,…

5 Ways TradFi Investors Are Rethinking Crypto in the Wake of FTX

This group’s confidence was not shaken by the crypto-related events of the 2022 “pullback” of bitcoin (BTC), ether (ETH), and other coins, the crypto credit crisis or the ensuing contagion. Their reactions to these events ranged from sanguine (“the events of 2022 … do not mean much to me or crypto”) to fatalistic (“it [crypto] will bomb a few more times before it becomes institutional before we can trust actors know what they are doing”) to gleeful (“I’m all for the crash”), with several others viewed the events as a…

Signature Bank Sued for ‘Substantially Facilitating’ FTX Comingling

Statistica Capital, an algorithmic trading firm, and Statistica Ltd. claim the bank “had actual knowledge of and substantially facilitated the now-infamous FTX fraud,” according to a filing in the U.S. District Court for the Southern District of New York dated Feb. 6. “In particular, Signature knew of and permitted the commingling of FTX customer funds within its proprietary, blockchain-based payments network, Signet.” Source

DebtDAO to Burn 18M FTX User Debt Tokens Following Demand Frenzy

Huobi Global adviser Justin Sun explained the token offering in a tweet last week. “FUD token provides creditors with a new level of liquidity, allowing them to trade their FTX debt on the open market,” Sun said, adding it “has been confirmed” through a contract provided by DebtDAO that the debt is in the tens of millions of dollars. Source

Crypto ad deals for Super Bowl LVII fell apart after FTX collapse: Report

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Fans watching the Kansas City Chiefs face off against the Philadelphia Eagles in Super Bowl LVII on Feb. 12 will reportedly not see a plethora of ad spots for cryptocurrency companies as they did in 2022. According to a Feb. 6 Associated Press report, there had been four potential deals with crypto firms for commercials costings roughly $6 to $7 million in the 2023 Super Bowl, all of which fell apart following the FTX bankruptcy filing in November. Fox Sports’ executive vice president of ad sales Mark Evans reportedly said…