Tag: FTX

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

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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

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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

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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…

FTX reboot could falter due to long-broken user trust, say observers

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Several crypto industry commentators have laid skepticism on FTX CEO John Ray’s vision to potentially reboot the crypto exchange, citing trust issues and “second-class” treatment of customers as some reasons why users may not “feel safe to go back.” Former FTX CEO Sam Bankman-Fried tweeted on Jan. 20 praising John Ray for looking at a reboot of FTX, suggesting it is the best move for its customers. I’m glad Mr. Ray is finally paying lip service to turning the exchange back on after months of squashing such efforts! I’m still…

Former FTX chief lawyer claims US legal counsel channeled business to S&C

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A former FTX chief lawyer has accused the company’s US general counsel of channeling business to Sullivan & Cromwell (S&C) — the firm currently serving FTX as bankruptcy counsel. Daniel Friedberg, who was the chief regulatory officer of FTX until he resigned on Nov. 8, made the allegations as part of a Jan 19. court filing. The filing was a declaration in support of an FTX creditor’s objection to FTX’s plan to continue using S&C as its lawyers throughout its bankruptcy case. In the declaration, Friedberg alleges that FTX.US lead…

FTX Cannot Be Saved, Sam Betrayed Me

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Anthony Scaramucci, the founder of Skybridge Capital, thinks failed crypto exchange FTX cannot be saved following its bankruptcy filing.  Ex-FTX Boss’ Betrayal In an exclusive interview while attending the World Economic Forum in Davos, Switzerland, the founder and American entrepreneur opined that there is no way the exchange could be saved.  Still, Scaramucci considers the founder of FTX, Sam Bankman-Fried, a friend who was given a seat at the table of “high-profile people.” The problem is he feels betrayed that Sam turned out to be “delusional” and allegedly a fraud. Whether…