Tag: Report

Hedge fund closes operations after losing funds in FTX exchange: Report

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Hedge fund Galois Capital, one of the victims of the FTX collapse, has thrown in the towel after half of its assets got trapped in the bankrupt exchange. The fund has finally decided to shut down and return its remaining assets to investors.  On Nov. 12, the hedge fund admitted in an announcement from its official Twitter account that it had significant exposure to the FTX exchange. For the record, yes we did have significant funds stuck on FTX. No, we did not use any Bahamian method to move funds…

Former FTX Executive Nishad Singh To Plead Guilty to Fraud Charges Related to Exchange Collapse: Report

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FTX’s former director of engineering is reportedly planning to plead guilty to fraud charges related to the crypto exchange platform’s high-profile downfall. According to a new report by Bloomberg, Nishad Singh is currently working out a plea deal with prosecutors that would have him plead guilty to fraud charges and possibly join forces with authorities against Sam Bankman-Fried, the firm’s former CEO and disgraced founder. If Singh were to ink a deal with the prosecutors, he would be the third member of Bankman-Fried’s inner circle who cut deals with authorities…

Former FTX exec will plead guilty to federal charges with a deal: Report

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Nishad Singh, the co-founder and former chief engineer of bankrupt crypto exchange FTX, is working on a plea deal with prosecutors, Bloomberg reported on Feb. 17. The deal, which would see the 27-year-old Singh plead guilty to charges related to FTX’s collapse, has yet to be finalized, the report said. Singh would be following in the footsteps of former FTX chief technology officer Gary Wang and former Alameda CEO Caroline Ellison, who pleaded guilty to federal fraud charges in December after reaching deals with prosecutors. Former FTX CEO Sam “SBF” Bankman-Fried…

CZ denies report Binance is considering major breakup with US business partners

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Binance CEO Changpeng Zhao has denied a report that the company is considering cutting ties with United States business partners. Binance has been the object of increasing scrutiny from U.S. regulators in recent weeks. Bloomberg reported on Feb. 17 that Binance Holdings “is looking at whether to sever ties with intermediary firms such as banks and services firms and is reassessing venture-capital investments in the US,” citing an unnamed source. The source added that tokens from U.S.-based projects, such as Circle’s USD Coin (USDC), may be delisted. On the same day,…

FTX Japan plans to resume withdrawals as early as February: Report

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Bankrupt cryptocurrency exchange FTX’s subsidiary in Japan, FTX Japan, reportedly plans to resume withdrawals for affected users as early as February. According to a Feb. 17 report from Bloomberg, FTX Japan sent out notifications asking users to verify their account balances as part of the process to begin allowing withdrawals. Seth Melamed, chief operating officer of the exchange, reportedly said users could transfer assets to accounts on the FTX-owned Liquid Global platform, with withdrawals expected to begin “very soon.” “We are confident that we will adhere to the timeline,” said Melamed. The…

Report Reveals Limited Accounting Records, Commingled Funds at FTX Digital Markets in the Bahamas – Bitcoin News

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PWC, one of the ‘Big Four’ auditors and among the largest professional services networks globally, recently published a report on FTX Digital Markets, the bankrupt crypto exchange’s Bahamian subsidiary. The report indicates that the entity’s accounting records have been limited, and it also noted that there is “little distinction between what represents potentially client monies and corporate funds.” FTX Joint Provisional Liquidators Continue Investigations Into Bahamian Subsidiary In mid-November 2022, following the Chapter 11 bankruptcy filing by the exchange FTX and its large number of subsidiaries, The Bahamas’ regulator appointed…

Mt. Gox top creditor goes with early payout option: Report

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The top Mt. Gox creditor chose to have an early payout in Bitcoin (BTC), deciding against waiting longer for an even larger payment.  Mt. Gox Investment Fund, the largest creditor of the defunct crypto exchange, reportedly decided to take its chances with a lesser but earlier payout rather than waiting for all the legal processes to be resolved. This means that the creditor will be paid by September this year instead of potentially waiting another nine years before getting their funds back. According to Bloomberg, opting for the earlier payout…

Federal judge hints at denying Sam Bankman-Fried any internet access as condition of bail: Report

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Judge Lewis Kaplan reportedly targeted Sam Bankman-Fried’s internet usage in a hearing aimed at reviewing the former FTX chief executive officer use of a virtual private network, or VPN. According to a Feb. 16 tweet from NPR correspondent David Gura, Judge Kaplan may have suggested that Bankman-Fried be denied access to any electronic device and the internet as a condition of his bail. Though SBF’s lawyers reportedly said there was no television in Joe Bankman’s and Barbara Fried’s California home — where the former FTX CEO has largely been confined…