Tag Archives: FTX Exchange

After a turbulent 2022 owing to macroeconomic headwinds, Solana’s performance improved substantially in the first quarter of the year. Data suggested that its market cap increased by more than 118% QoQ along with the broader market. Furthermore, numerous ecosystem developments fueled fee payer and transaction activity during Q1. Solana’s Performance in Q1 Solana’s network outages previously sparked conversations around potential insolvency. But its performance stabilized...

The Securities Commission of the Bahamas reportedly plans to strengthen the domestic cryptocurrency regulatory framework after the collapse of FTX, which was based in the island nation. One such amendment will be the prohibition of algorithmic stablecoins and privacy tokens. The Bahamas was also where Sam Bankman-Fried (SBF) – the former CEO of FTX – lived prior to his arrest. He currently resides in his parents’ house in California, awaiting a trial that will determine...

FTX got the nod earlier this year to sell some of its business units. The FTX exchange has now reached an agreement to sell its crypto derivatives platform LedgerX in a deal worth about $50 million. According to a Reuters report, FTX has agreed sale terms with an affiliate of Miami International Holdings Inc. However, the sale is still subject to approval from the US court overseeing FTX’s bankruptcy proceedings. To this end, a sale hearing has been slated for May 4, and hopefully, the...

Ontario Teachers’ Pension Plan (OTPP) – Canada’s largest single-profession pension plan – decided not to rush into another cryptocurrency investment following its bad experience with FTX.  The organization was among the prominent backers of the now-bankrupt exchange, investing $95 million. The dramatic crash, though, shrank that sum to virtually zero. Change of Heart After the FTX Implosion Jo Taylor – Chief Executive Officer of the $190 billion pension plan – told the...

According to on-chain sleuth Zachxbt, the official Twitter account of the Solana-based decentralized finance project Serum, which had over 200,000 followers, has been renamed ‘Luka.’ The original Serum account is speculated to have been sold to a different user since all the previous tweets have been deleted. Sharing a screenshot of the account, ZachXBT revealed that its PFP avatar was replaced with Milady NFT and was used for promoting “shitcoins.” For the uninitiated, Serum...

Several unsuccessful attempts later, the NBA superstar Shaquille O’Neal was finally served in an FTX class action lawsuit on Sunday. A Florida judge denied a motion to allow the FTX promoter to be served electronically after the law firm representing victims affected by the exchange’s collapse accused him of dodging service for months. The attorney leading the lawsuit, Adam M. Moskowitz, revealed serving O’Neal at his home on Sunday afternoon. In a statement, Moskowitz also...

FTX Europe – the European subsidiary of the now-collapsed global crypto giant – has filed a petition for a Swiss moratorium proceeding, which was granted by a court on April 11th. Meanwhile, the CySEC also announced extending FTX Europe’s license suspension until September-end. FTX Europe Moratorium According to the official press release, the proceeding is expected to help the embattled company to explore strategic alternatives, including the previously disclosed potential...

FTX investors continue to reel under uncertainty as the fate of the assets stored in the bankrupt platform hangs in limbo. In a brief respite, however, European customers will now be able to withdraw assets. FTX EU – the crypto exchange’s European division – has launched a new website enabling its users to submit withdrawal requests for their funds from the platform. A new report suggests that the Cyprus Securities and Exchange Commission (CySE) approved the new domain name –...

Founder and former CEO of bankrupt FTX exchange, Sam Bankman-Fried, will again plead not guilty to recent charges brought against him by US prosecutors, which include unlawful political donations and alleged bribery of Chinese officials. He is scheduled to stand trial for various criminal charges in October. Bankman-Fried to Plead Not Guilty to 13-Count Charges According to Reuters on Thursday (March 30, 2023), an anonymous source said that Sam Bankman-Fried is planning to...

Leading crypto exchange, OKX. outlined plans to return frozen digital assets linked to Sam Bankman-Fried’s crypto companies, FTX and Alameda Research, following a recent motion filed in the FTX bankruptcy proceedings. The Seychelles-based exchange said it opened an investigation into FTX to determine whether the firm had conducted business on OKX before its demise in November last year. OKX to Transfer $157M to FTX Bankruptcy Estate During the investigation, OKX found...