Tag: FTX

FTX former lead engineer in talks with federal prosecutors in Bankman-Fried case

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As the investigation into FTX continues, the crypto exchange’s former engineering chief Nishad Singh followed former FTX and Alameda Research executives Gary Wang and Caroline Ellison by reportedly meeting with federal prosecutors to cut a deal. Singh attended a proffer session sometime last week at the United States Attorney’s office for the Southern District of New York for prosecutors to determine if he has valuable information to offer in the lawsuit against FTX founder Sam Bankman-Fried, according to a Jan. 10 Bloomberg report. Prosecutors are interested in Singh’s insight regarding…

FTX subsidiaries on auction block including LedgerX attract 117 interested buyers

As many as 117 parties have expressed interest in buying up one or more of FTX’s independently operated subsidiaries including FTX Japan, FTX Europe, LedgerX and Embed.  In a Jan. 8 court filing made by Kevin Cofsky, a partner at Perella Weinberg, the investment bank representing FTX US and affiliated firms. Cofsky stated: “Approximately 117 parties, including various financial and strategic counterparties globally, have expressed interest to the Debtors in a potential purchase of one or more of the Businesses.” He added that the debtors have entered into 59 confidentiality…

Failed FTX Exchange’s FTT, Serum Tokens Lead Altcoin Rally, Triggering Short Squeeze

CryptoX – Cryptocurrency Analysis and News Portal A signal of traders’ extreme bearish positioning before Monday’s price increase was the funding rates for perpetual swaps of solana (SOL) sinking to 1,000% annualized rate. Then, SOL gained 20% and some $15 million of short bets were liquidated, according to Coinglass. Original Source The post Failed FTX Exchange’s FTT, Serum Tokens Lead Altcoin Rally, Triggering Short Squeeze appeared first on CryptoX. CryptoX Portal

FTX Co-Founder’s Alleged Extravagance Comes to Light in Bankruptcy Court Documents – Bitcoin News

Following the court filing that shows FTX co-founder Sam Bankman-Fried (SBF) wants access to FTX’s $460 million in Robinhood shares, Delaware bankruptcy court documents show tens of millions were spent by the FTX team in 2022 on living accommodations, hotels, food, and flights. Moreover, SBF’s quantitative trading firm allegedly owes more than $55,000 to Jimmy Buffett’s beach resort, Margaritaville, after Alameda and FTX executives occupied 20 suites for a few months last year. New Court Filings Detail Lavish Spending by FTX Co-Founder and Executives With every court filing published, it…

Former FTX US Boss Promises to Share Insight on Exchange’s Operations

The former FTX boss said he will share details about what he knows of the exchange “in time”. Brett Harrison, the former President of the United States offshoot of the now-bankrupt FTX Derivatives Exchange has promised to share additional details about the operations of the trading platform. Harrison revealed this via his Twitter handle in response to a user’s comment on his earlier tweet. Harrison earlier demanded to know why tech startups around today do not do what American retail giant, Amazon.com Inc (NASDAQ: AMZN) did by going public in…

Around 117 Parties Interested in Buying FTX Units, Court Documents Show

As of Sunday, “approximately 117 parties, including various financial and strategic counterparties globally, have expressed interest to the debtors [FTX] in a potential purchase of one or more of the businesses,” said a legal declaration by Kevin Cofsky, a partner at Perella Weinberg, the investment bank hired by FTX Group to represent the collapsed crypto company. Source BuyingCourtDocumentsFTXInterestedpartiesShowUnits CryptoX Portal

FTX Opposition to $1B Binance Deal Is ‘Hypocrisy and Chutzpah,’ Voyager Says

An attempt by Alameda to oppose the deal on the grounds that it breaches the hierarchies of creditors set out in U.S. bankruptcy law meets a still frostier reception. Alameda’s objections “evince hypocrisy and chutzpah at its finest” and are “frivolous,” the Voyager filing said. FTX and Alameda had previously attempted to bail out Voyager, before declaring bankruptcy on Nov. 11. Source BinanceChutzpahDealFTXHypocrisyOppositionVoyager CryptoX Portal

FTX spent $40M on food, flights, and hotels in just 9 months: Court filings

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FTX’s Bahamian company spent a staggering amount of money on luxury hotels and accommodation, flights, and food just nine months before the exchange’s collapse, court filings revealed.  In bankruptcy court documents reviewed by Business Insider, FTX Digital Markets went through $40 million between January to September 2022, just two months before the company filed for bankruptcy citing liquidity issues. More than $15 million went on luxury hotels and accommodation, with $5.8 million of that at one resort — the Albany Hotel. This luxury resort is where Sam Bankman-Fried lived in…

The FTX Collapse, Explained | What Went Wrong | WSJ

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Former CEO Sam Bankman-Fried was hailed as a savior of crypto before FTX’s implosion. Cryptocurrency exchange FTX was seen as a survivor in a struggling industry, but over the course of six days the exchange collapsed due to a sudden liquidity crunch. WSJ explains the factors that drove FTX’s growth and what led to its downfall. Illustration: Alexandra Larkin News Explainers Some days the high-speed news cycle can bring more questions than answers. WSJ’s news explainers break down the day’s biggest stories…