Tag: FTX

Crypto exchange Digital Surge emerges as a rare survivor of FTX fallout

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Australian cryptocurrency exchange Digital Surge appears to have narrowly avoided collapse, despite having millions of dollars in digital assets tied up in the now-bankrupt FTX crypto exchange. On Jan. 24 local time, Digital Surge creditors approved a five-year bailout plan, which aims to eventually refund its 22,545 customers who had their digital assets frozen on the platform since Nov. 16, while allowing the exchange to continue operating. The rescue plan was first floated to customers by the exchanges’ directors via email on Dec. 8, the same day the company fell…

BlockFi reportedly posts uncensored financials revealing $1.2 billion FTX exposure

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Bankrupt crypto lending firm BlockFi has reportedly uploaded financials by accident, revealing $1.2 billion in assets tied up with bankrupt exchange FTX and Alameda Research. According to a Jan. 25 report from CNBC, the unredacted filings show that as of Jan. 14, BlockFi had $415.9 million worth of assets linked to FTX, and a whopping $831.3 million in loans to Alameda. The financials were leaked as part of a presentation put together by M3 Partners, who is an advisor to the creditor committee. Related: BlockFi to sell $160M in Bitcoin miner-backed…

Washington Townhome Tied to Disgraced FTX Co-Founder Listed for $3.28 Million Amid Controversy and Bankruptcy – Bitcoin News

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A Washington, D.C., townhome tied to FTX co-founder Sam Bankman-Fried has been listed on the market for roughly $3.28 million. The property was purchased by Bankman-Fried’s brother’s nonprofit, Guarding Against Pandemics, for the same price it is selling for today. FTX Co-Founder’s Luxury Property Suspected to Have Been Used for Wining and Dining Political Elite in the Name of ‘Pandemic Prevention’ According to the New York Post reporter Mary K. Jacob, a four-bedroom Washington townhome associated with the disgraced FTX co-founder Sam Bankman-Fried (SBF), is now listed on the market.…

‘What Was Gary Gensler Really Doing?’: Rep. Tom Emmer on FTX, the SEC and What’s Next for Crypto in Congress

The so-called “Crypto King of Congress” blames over-centralization and old-fashioned fraud for FTX’s collapse (not crypto). As Congress considers new crypto legislation, can he persuade his colleagues – including the combative Elizabeth Warren – of the same? Source 039WhatCongressCryptoDoing039EmmerFTXGaryGenslerRepSECTomWhat039s CryptoX Portal

US Regulator Seize $700M Worth of Assets Linked to FTX and SBF

A majority part of the seized assets include 55.3 million shares of Robinhood with its current worth of around $526 million. Last week, prosecutors from the United States seized a staggering $700 million worth of assets owned or belonging to the collapsed crypto exchange FTX and its disgraced founder Sam Bankman-Fried (SBF). As per the court filings submitted last Friday, January 20, US federal prosecutor Damian Williams noted that the “government respectfully gives notice that the property is subject to forfeiture”. This covers a long list of assets including shares,…

Debt Deflation Warnings, Shibarium Buzz Sees SHIB Rise, Former FTX US President Talks SBF, and More — Week in Review – The Weekly Bitcoin News

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“The Price of Tomorrow” author Jeff Booth has warned of a “great depression on steroids” if the U.S. Federal Reserve keeps hiking interest rates, while buzz about the anticipated layer two (L2) scaling solution known as Shibarium has been the backdrop for dynamic price movements in shiba inu. In other news, former FTX US president Brett Harrison has explained why he left the company and his relationship with co-founder Sam Bankman-Fried (SBF), of FTX infamy. All this and more just below. Jeff Booth Warns of Debt Deflation If Federal Reserve…

Genesis files for bankruptcy, FTX explores a reboot, and Bitzlato…

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Top Stories This Week Crypto lender Genesis files for Chapter 11 bankruptcy FTX contagions continue to spread through the crypto industry, with Genesis Capital filing for bankruptcy protection in New York, estimating liabilities in the range of $1 billion to $10 billion, and assets at the same level. The company plans a “dual track process,” which will pursue “sale, capital raise, and/or an equitization transaction” and enable the business “to emerge under new ownership.” Genesis’ derivatives, spot trading, broker-dealer and custody businesses are not included in the proceedings, according to…

Objections Raised Over Appointment of Sullivan & Cromwell as Debtors’ Counsel for FTX – Bitcoin News

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On Friday, bankruptcy judge John Dorsey approved the law firm Sullivan & Cromwell (S&C) to be appointed as the debtors’ counsel for FTX, despite an objection from Daniel Friedberg, a former FTX US compliance officer. During a Zoom presentation, Friedberg claimed there was a conflict of interest between former and current FTX executives and FTX US’ general counsel, as Ryne Miller once worked for S&C. Judge Dorsey, however, was not swayed by Friedberg’s 17-page objection and appointed S&C, stating that “there’s no evidence of actual conflict here.” FTX Bankruptcy Raises…