Tag Archives: FTX Exchange

US prosecutors have reportedly targeted Ryan Salame – ex-CEO of FTX’s Bahamian subsidiary – over a possible breach of the law when donating funds to his then-girlfriend’s political campaign in 2022.  Previous sources have informed that Michelle Bond (the woman in question) has received at least $400,000 in consulting fees from FTX Digital Markets – the entity that Salame ran. According to The New York Times, the American personally donated $1.5 million to the GMI super PAC (a...

According to US Bankruptcy Judge Sean Lane, Genesis, whose repayment plan was pending approval, will first have to resolve its outstanding issues with FTX. The announcement came mere hours after Cameron Winklevoss’ ultimatum to DCG CEO Barry Silbert expired, meaning yet another lawsuit against Genesis’ parent company is also on the horizon. A response to said ultimatum, which would have forced DCG to stick to a repayment plan, may now be out of DCG’s control to begin with....

There’s no respite for BlockFi as the bankrupt crypto lender struggles to pay its creditors and customers. BlockFi has brought forward several proposals since sliding into bankruptcy last year owing to the market turmoil. However, FTX’s latest legal filing poses a hurdle for the now-defunct company as it accuses BlockFi of abusing the planning process. FTX said that the newly proposed plan attempts to avoid substantial claims against BlockFi. “Yet the BlockFi Debtors believe...

The prominent American businessman, TV personality, investor, and owner of the Dallas Mavericks – Mark Cuban – lambasted the US Securities and Exchange Commission (SEC) for choosing “the wrong path” to regulate crypto.  He believes its approach has been one reason why FTX investors in America have parted with substantial sums. On the other hand, he praised the actions of the Japanese regulators, outlining that “no one in FTX Japan lost money.” Cuban Goes on the Offensive...

The Monetary Authority of Singapore (MAS) will reportedly insist that cryptocurrency firms keep clients’ assets in a designated trust by the end of 2023.  The step comes several months after the infamous meltdown of FTX, which triggered colossal investor losses. Numerous individuals and entities have blamed the exchange for comingling user funds and scamming customers.  The New Requirements As reported by Bloomberg, the Singaporean regulator will enforce the obligation to...

FTX is also seeking to reclaim the funds Friedberg received while working for FTX. FTX has filed a complaint in court that claims that Daniel Friedberg, one of its former top attorneys, was a major part of the fraud that company founder Sam Bankman-Fried and other top executives perpetrated. The complaint, which was filed in the US Bankruptcy Court in Delaware on Tuesday, claims that Friedberg acted as the company’s fixer on several occasions. That is, he was responsible for silencing,...

In a bid to recover as many assets as possible and potentially even reboot FTX, the bankrupt exchanges’ new leadership has been filing clawback requests from previous business partners and donation recipients. Clawback requests have also been filed against former executives, including SBF himself, although the amounts subject to possible returns from executives pale in comparison to the amounts requested from other platforms, such as Genesis. Spurious Investments Yesterday,...

Alibaba Group – a Chinese technology company specializing in e-commerce – announced that Joseph Tsai will replace Daniel Zhang as the entity’s new Chairman.  The Taiwanese-Canadian billionaire businessman is known as an advocate of the cryptocurrency industry, and his name has been involved with several digital asset projects. Recent sources revealed that Blue Pool Capital – an organization that manages the personal wealth of Tsai – participated in two of the funding rounds...

In a respite to Voyager Digital customers, the cryptocurrency brokerage is reportedly gearing up to reopen its app, which will enable the withdrawal of their funds. The development comes almost a year after it filed for Chapter 11 bankruptcy. According to a court filing on June 14th, Voyager’s bankruptcy plan administrator, Paul Hage, stated that around June 15, the Voyager app would be updated to enable the viewing of the forms and amounts of their initial distribution. The...

In a temporary respite for Sam Bankman-Fried, the disgraced founder of now-bankrupt cryptocurrency exchange FTX was able to block the addition of new charges in his United States indictment. The ruling comes as the former exec sought an opportunity to make arguments in the country to drop a few existing charges against him. The court order is expected to delay the case in the US. According to a filing this week, the Bahamas Supreme Court Judge Loren Klein granted leave to...