Faruk Fatih Özer, the founder of Thodex, one of Turkey’s largest crypto exchanges, will be extradited to Turkey after being arrested in Albania in August to face charges of fraud and running a criminal organization, state media aa.com reported on Friday. Source
Former FTX CEO Sam Bankman-Fried will no longer be represented by his legal counsel at Paul, Weiss, Rifkind, Wharton & Garrison, a white-shoe law firm, less than a week after retaining the firm to represent him. Source
According to a new report published by blockchain analytics firm Nansen on Nov. 17, bankrupt cryptocurrency exchange FTX was allegedly intertwined with that of crypto trading firm Alameda Research from the very beginning. Both entities were created by crypto businessman Sam Bankman-Fried, who is now being considered for extradition by U.S. authorities for his role in the collapse of the exchange. Based on available on-chain evidence, Nansen identified a series of wallets placing Alameda as one of the earlier liquidity providers for FTX in May 2019. Of the initial 350…
If, however, the funds don’t end up being recovered and the exchange gets shut down (as we’ve seen with Mt. Gox, QuadrigaCX, BTC-E, Cryptsy, Celsius and so many others), I would recommend classifying tokens lost on FTX as worthless investment losses, and taking a capital loss in the year that it is determined that the tokens are deemed worthless. Source BitcoinCryptocryptoexchangeExchangesFTXLossesReportTaxes CryptoX Portal
“It doesn’t really give us the real background detail,” Alison Thewliss, a member of Parliament’s Treasury Committee, told Bloomberg. “I’m sure the committee will be asking more questions to get to the details of what happened here, because there are wider implications for this collapse and for the crypto sector as a whole.” Source
Voyager filed for Chapter 11 bankruptcy protection in early July, citing more than 100,000 creditors and as much as $10 billion in assets and liabilities. Source
The former CEO of FTX Sam Bankman-Fried has expressed deep regret over filing for Chapter 11 bankruptcy last week, calling it his “biggest single fuckup.” In a wide-ranging interview with VOX which was published on Nov. 16, Bankman-Fried reportedly answered questions on a number of topics such as the Nov. 11 Chapter 11 bankruptcy filing, his thoughts on regulators, ethics, how FTX and Alameda “gambled with customer money,” and the FTX hack. According to screenshots of the Twitter conversation between VOX reporter Kelsey Piper and Sam Bankman-Fried, the former FTX…
The FTX crisis has deterred investor confidence and created a liquidity crisis in the crypto market, which could very well extend the crypto winter until the end of 2023, according to a new report. A research report from Coinbase analyzing the fallout in the crypto ecosystem in the wake of the FTX collapse noted that the implosion of the world’s third-largest crypto exchange has created a liquidity crisis that may contribute to an extended crypto winter. Many institutional investors in FTX had their investments stuck on the platform after it…
An official at the Financial Services Commission says that unfair trade needs to be regulated. Source
Bitcoin (BTC) investors are more likely enticed by the cryptocurrency’s rising prices, rather than their dislike of banks or its perceived use as a store of value, a new report from the Bank for International Settlements (BIS) suggests. In a “BIS Working Papers” report published on Nov. 14, the central bank body looked into the relationship between Bitcoin prices, crypto trading, and retail adoption. It studied the drivers of crypto adoption by retail investors using crypto trading app downloads as a proxy for adoption and user investments at the time…