Tag: FTX

FTX has recovered over $5B in cash and liquid crypto: Report

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According to an attorney familiar with the matter, troubled cryptocurrency exchange FTX has “recovered $5 billion in cash and liquid cryptocurrencies.” However, the exchange is still “working to rebuild transaction history,” and the total amount of customer shortfall is “still unclear.” Cointelegraph previously reported that FTX has $8.8 billion in total liabilities. At the time, sources said the exchange had very little in cash and liquid digital assets, amounting to an estimated $8 billion hole in its balance sheet.  Cast your vote now! Sam Bankman-Fried, the disgraced founder of FTX,…

FTX Has Recovered ‘Over $5B’ in Assets, Bankruptcy Attorney Says

“We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities measured at petition date value. [It] just does not ascribe any value to holdings of dozens of illiquid cryptocurrency tokens, where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token,” said Sullivan & Cromwell attorney Adam Landis on FTX’s behalf. Source

Demand for USDC Skyrockets after FTX Collapse

Despite the fact that customers may be shifting their focus to its competitor, Tether doesn’t see a threat. Following a series of events that took place in 2022, it appears that the Circle-issued USDC stablecoin has suddenly found itself to be a favorite option among crypto users. According to a data report by blockchain analytics firm Glassnode, the USDC now sees a daily transfer volume of up to four or five times that of major competitor Tether USDT. That’s despite the USDT maintaining its status as the largest stablecoin by…

USDC transfer volume hit 5X USDT’s in fallout from FTX collapse

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Stablecoin USD Coin (USDC) has grown in popularity since the collapse of FTX and now frequently reaches daily transfer volumes four to five times that recorded by major competitor Tether (USDT) according to data from blockchain analytics firm Glassnode. That’s despite the market cap of USDT being $23 billion greater than USDC. As of Jan. 10, the difference was in USDC’s favor by a margin of four and a half times. Both stablecoins recorded surges in transfer volumes following an infamous tweet from Binance CEO Changpeng Zhao on Nov. 6…

USDC transfer volume hit 5X USDT’s in fallout from FTX collapse

Stablecoin USD Coin (USDC) has grown in popularity since the collapse of FTX. It now frequently reaches daily transfer volumes four to five times that recorded by major competitor Tether (USDT) according to data from blockchain analytics firm Glassnode. That’s despite the market cap of USDT being $23 billion greater than USDC. As of Jan. 10, the difference was in USDC’s favor by a margin of four and a half times. Both stablecoins recorded surges in transfer volumes following an infamous tweet from Binance CEO Changpeng Zhao on Nov. 6…

Bipartisan Group of US Senators Calls for Independent Examiner to Investigate FTX

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Former FTX Director of Engineering Under Scrutiny by US Law Enforcement, Alleged Proffer Sessions Held With Prosecutors in New York – Bitcoin News

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U.S. law enforcement officials are reportedly scrutinizing Nishad Singh, the former director of engineering at FTX, according to a report citing people familiar with the matter. Another report, published on Jan. 10, 2023, details that Singh met with federal prosecutors at an alleged proffer session held at the U.S. attorney’s office for the Southern District of New York. Furthermore, federal prosecutors have disclosed that the investigation into alleged fraud at FTX and involving Sam Bankman-Fried is so expansive that the prosecutor’s office in the Southern District of New York could…

US lawmakers call on court to approve ‘independent examiner’ in FTX bankruptcy case

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A group of four United States senators have criticized one of the law firms involved in the bankruptcy case of crypto exchange FTX for conflicts of interest. In a Jan. 9 letter to Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware, Senators John Hickenlooper, Thom Tillis, Elizabeth Warren, and Cynthia Lummis — a bipartisan group — called on the judge to approve a motion appointing an independent examiner into FTX’s activities prior to its collapse in November. The U.S. lawmakers said Sullivan & Cromwell, the…