Tag: FTX

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…

SBF Fights for Robinhood Shares — Says He Needs Them More Than FTX Customers Who Only Suffer ‘Possibility of Economic Loss’ – Featured Bitcoin News

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Disgraced FTX founder Sam Bankman-Fried (SBF) is attempting to regain access to his Robinhood shares, worth over $460 million. The former CEO of the collapsed crypto exchange claimed that he needs them to “pay for his criminal defense,” stressing that without them the consequences would be serious and “irreparable.” FTX customers, on the other hand, “face only the possibility of economic loss,” SBF’s court filing states. Disputes Over Robinhood Shares FTX co-founder and former CEO Sam Bankman-Fried (SBF) is trying to regain control of his Robinhood shares that are currently…

FTX asset sales challenged by U.S. Trustee: Report

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Bankrupt crypto exchange FTX’s plans to sell its digital currency futures and clearinghouse LedgerX, among other businesses, were challenged by the U.S. Trustee on Jan. 7, according to Reuters. As per the filing, U.S. Trustee Andrew Vara called for an independent investigation before any sale, claiming that valuable information related to the exchange’s bankruptcy could be compromised. The document states: “The sale of potentially valuable causes of action against the Debtors’ directors, officers and employees, or any other person or entity, should not be permitted until there has been a…

Sam Bankman-Fried’s charitable donations sought by FTX: Report

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FTX’s new management is seeking to recover millions of dollars in donations made by the crypto exchange and its former CEO Sam Bankman-Fried, reports the Wall Street Journal.  At the end of September, FTX’s charity arm, Future Fund, had committed more than $160 million to over 110 nonprofit organizations, including biotech startups and university researchers developing Covid-19 vaccines and working on pandemic studies, as well as nonprofit organizations in India, China and Brazil. As per the report, Future Fund committed $3.6 million to AVECRIS, a company working on a genetic…

FTX collapse may boost ‘further trust’ in crypto ecosystem — Nomura exec

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The winds of crypto winter may be still blowing, but it doesn’t seem to be stopping venture capital firms from piling into cryptocurrencies. In fact, recent events influenced by the bear market, such as the collapse of FTX, could bring “further trust into the ecosystem,” according to Jez Mohideen, co-founder and CEO at Laser Digital, the recently launched digital assets arm of the Asian giant Nomura Holdings.  “More traditional players are entering the space who can help to regulate the sector. This means players who understand regulation as well as…

FTX, Bahamian FTX DM reach agreement on info sharing, disposition of property, assets

The FTX Debtors, made up of FTX and its affiliated debtors, and FTX Digital Markets (FTX DM), the Bahamian subsidiary of FTX, announced Jan. 6 that they have reached a cooperation agreement regarding the FTX Debtors’ Chapter 11 bankruptcy case in Delaware and the provisional liquidation of FTX DM in the Bahamas.  Under the agreement, the parties will “share information, secure and return property to their estates, coordinate litigation against third parties and explore strategic alternatives for maximizing stakeholder recoveries.” They have also set parameters for cooperation in each other’s…

FTX customers want more info on FTX’s plans to sell subsidiaries

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A group of FTX customers has filed a limited objection to FTX’s plan to sell four independently operated subsidiaries, arguing that they should be privy to the sales process to ensure thcustomer interests are represented.  The group has also shared concerns that “misappropriated customer funds” may have been used to acquire or keep these firms running. The limited objection was filed on Dec. 4 by an ad hoc committee of non-U.S. customers, which comprises 18 members who collectively have claims against FTX in excess of $1.9 billion. In its filing,…