Tag: FTX

US Government Seizes $700 Million in Assets From Disgraced FTX Co-Founder Sam Bankman-Fried – Bitcoin News

boss

Federal prosecutors have seized $697 million in assets, mostly comprised of more than 56 million Robinhood shares worth $526 million, from FTX co-founder Sam Bankman-Fried. Court filings detailed that the U.S. government seized a series of bank accounts belonging to Bankman-Fried, holding millions in cash. US Government Seizes Millions in Cash and Robinhood Shares From FTX Co-Founder; SBF Denies Misappropriation of Customer Assets The U.S. government has seized nearly $700 million from the former FTX CEO and co-founder, Sam Bankman-Fried (SBF), according to court documents reviewed by CNBC. Most of…

FTX VCs liable to ‘serious questions’ around due diligence — CFTC Commissioner

boss

Amid ongoing investigations around the defunct crypto exchange FTX, the Commodity Futures Trading Commission (CFTC) questions the due diligence conducted by institutional investors and their accountability regarding the loss of users’ funds. CFTC Commissioner Christy Goldsmith Romero stated that VCs that had to write down their investments in millions of dollars to nearly zero raises “serious questions” about the due diligence conducted over the last year, speaking to Bloomberg. CFTC Commissioner Christy Goldsmith Romero questioning the VCs that once backed FTX. Source: Bloomberg She raised concerns about FTX CEO John…

Bankrupt Crypto Exchange FTX Could Restart Operations, Says New CEO: Report

boss

John J. Ray III, the bankruptcy lawyer who replaced Sam Bankman-Fried as FTX CEO, is reportedly considering the idea of rebooting the beleaguered crypto exchange. The Wall Street Journal reports that Ray has set up a task force to find out if restarting the former crypto behemoth could be a better alternative to selling its assets. In his first interview since becoming FTX’s new boss, Ray says the company is considering all possible options to retrieve funds. His statement comes as some customers suggest that there could be value in…

Former FTX President Launches New Crypto Venture, Raises $5 Million From Leading Investors – Bitcoin News

boss

Less than a week ago, Brett Harrison, the former president of FTX US, published a 49-part Twitter thread describing his side of the story when he worked for the disgraced co-founder of FTX, Sam Bankman-Fried (SBF). On Friday, Jan. 20, 2023, Harrison revealed that his new firm, Architect, has raised $5 million from investors such as Circle Ventures, Coinbase Ventures, and SALT Fund. Brett Harrison’s Architect Aims to Connect Institutional Investors Across Decentralized and Centralized Exchanges Brett Harrison, the former president of FTX who left the company in Sept. 2022,…

FTX Debtors’ List of Assets Omits Mention of Large Stash of NFTs and ENS Names Owned by Alameda  – Bitcoin News

This week, FTX debtors issued a press release and a 20-page document noting that bankruptcy administrators had located $5.5 billion in liquid assets. The document details that investigators discovered fiat currencies, crypto assets, and securities as part of FTX’s and Alameda Research’s cache. However, the disclosure to unsecured creditors does not mention the extremely large stash of non-fungible tokens the company had accrued over the years. FTX and Alameda’s Liquidated Assets Include Thousands of NFTs and ENS Names FTX’s inner circle and the quantitative trading company Alameda Research were heavily…

Former FTX US president raises $5M for new crypto software firm

boss

The former head of FTX US is launching a new cryptocurrency software company and has raised $5 million from several investors, according to Bloomberg.  Brett Harrison, who served as president of FTX US between May 2021 and September 2022, has received backing from Coinbase Ventures and Circle Ventures to launch a new software startup. SALT Fund, Motivate VC, P2P Validator, Third Kind Venture Capital, Shari Glazer of Kalos Labs and Anthony Scaramucci also participated in the seed round. His new startup, dubbed Architect, will develop trading software for large institutions…

FTX New CEO Plans to Reboot Distressed Exchange, FTT Climbs 32%

In reaction to the relieving comment by the new FTX boss to reboot the exchange, the FTT token jumped 32% to $2.37. After the sudden FTX crash that resulted in losses for many investors and made several headlines, the new CEO is exploring the possibility of reviving the crypto exchange. FTX trading was one of the 130 businesses that filed bankruptcy under FTX Group, which crumbled under the leadership of Sam Bankman-Fried, known as SBF. SBF had to step down from his role as the CEO amid his legal battle…