Tag: FTX

Bitcoin Outflows Reach Highest Since FTX Crash, Bullish?

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On-chain data shows Bitcoin exchanges have registered the most significant outflows since the collapse of the crypto exchange FTX back in November. Related Reading: Bitcoin Investors Turn Greedy For First Time Since March 2022 Bitcoin Exchange Netflow Shows Deep Negative Values As an analyst in a CryptoQuant post pointed out, around 7,000 coins have left the exchange in this latest spike. The relevant indicator here is the “all exchanges netflow,” which measures the net amount of Bitcoin exiting or entering into the wallets of all centralized exchanges. The metric’s value…

FTX lawyers to reap millions from the bankruptcy case: Report

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Controversial law firm Sullivan & Cromwell is on track to reap a fortune from its work on the bankruptcy case of the FTX cryptocurrency exchange, according to a new report. Sullivan & Cromwell’s costs in the FTX case are estimated to reach hundreds of millions of dollars before the firm’s bankruptcy investigation is over, Bloomberg Law reported on Jan. 27. As the FTX trial is scheduled for October 2023, the firm’s lawyers now have about eight months to untangle the complicated FTX case, which will cost a lot of time…

FTX and Alameda Research Collapse Sad Event but ‘Good for the Long Run’ Says DWF Labs Managing Partner – Interview Bitcoin News

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While the collapse of the crypto exchange FTX and its affiliate Alameda Research is thought to have left many crypto players, including market makers, in the worst possible position, according to Andrei Grachev, managing partner at DWF Labs, this incident may have helped to “flush out companies that were not sustainable enough to operate during a storm.” As a result, the “market will be healthier” going forward. The Art of Market Making Besides weeding out weak players, Andrei Grachev suggested in a written response to questions from Bitcoin.com News that…

Sens. Warren, Wyden question quality of auditors’ oversight in light of FTX debacle

Two United States senators have taken their questions about the performance of the accounting firms active in the crypto space to a higher power – the Public Company Accounting Oversight Board (PCAOB). Failure to uncover alleged criminality and poor recordkeeping at FTX has sullied the image of the PCAOB and the accounting profession, the senators said. In a letter addressed to PCAOB chair Erica Williams and dated Jan. 25, Democratic Sens. Elizabeth Warren and Ron Wyden pointed out claims former FTX CEO Sam Bankman-Fried made about passing audits by large…

FTX legal team calls for Sam Bankman-Fried’s family to answer questions under oath: Report

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Lawyers representing FTX in bankruptcy court have reportedly argued that former CEO Sam Bankman-Fried’s immediate family should face questioning regarding their personal wealth. According to a Jan. 26 report from Bloomberg, FTX’s lawyers requested Judge John Dorsey in the District of Delaware allow them to question Joseph Bankman, Barbara Fried and Gabriel Bankman-Fried — the father, mother and brother of SBF, respectively — under oath about any financial benefits they may have received from the exchange. Other FTX executives could reportedly be subject to the same line of questioning in…

FTX Publishes Creditor List, Owes Millions to Well-Known Institutions and Government Agencies – Bitcoin News

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The now-defunct crypto exchange FTX has published its list of creditors, with the names unredacted. The comprehensive list, which is over 100 pages long, shows that FTX owes a lot of money to well-known institutions, including Binance, Airbnb, Apple, Amazon, Linkedin, Coindesk, the Wall Street Journal (WSJ), and more. U.S. government entities, such as the Internal Revenue Service (IRS) and the Treasury’s Financial Crimes Enforcement Network (FinCEN), are also included. FTX Creditor List Reveals Wide Range of Businesses Owed Money On Jan. 24, 2023, FTX published the bankrupt firm’s creditor…

Apple, Netflix, Meta, and Many Others Caught Up in FTX Saga

The firm’s creditors range from tech companies to hoteliers, airlines, and even government-owned entities in the US and foreign countries. As the FTX saga continues unraveling, more revelations are coming to the fore about the bankrupt exchange. In one of the latest developments, a court document has revealed the complete list of FTX creditors. Surprisingly, they are not all tech firms. According to a creditor matrix filed by FTX lawyers late Wednesday night, the firm’s creditors range from tech companies to hoteliers, airlines, and even government-owned entities. FTX Saga: Creditors…