Tag Archives: FTX Exchange

In the dynamic world of cryptocurrencies, where innovation and volatility often go hand in hand, certain events have the power to send shockwaves through the entire industry. From groundbreaking partnerships to catastrophic crashes, the crypto realm has witnessed its fair share of astonishing moments that have left investors, enthusiasts, and skeptics alike in awe. In this article, we’ll take a walk through memory lane, reviewing eight extraordinary events that have not only...

Bankrupt cryptocurrency entities FTX, FTX.US, and Alameda Research have filed a lawsuit against former executives Sam Bankman-Fried (SBF), Nishad Singh, and Gary Wang for lavishly spending FTX Group’s assets on the acquisition of stock clearing firm Embed Financial Technologies. The move is the first formal action from FTX CEO John Ray against the company’s former management. The lawsuit, filed in the United States Bankruptcy Court for the District of Delaware, seeks to claw...

The crypto analytics platform – Santiment – indicated that the amount of bitcoin held on digital asset exchanges has recently plummeted below 6%. The last time the figures were that low was in December 2017. The decreased trust in centralized platforms intensified shortly after the fallout of FTX (one of the leaders in its field prior to its bankruptcy). Binance has also seen a rise in bitcoin outflows during the past several months, signaling that many users prefer to rely...

The lawyers of the American basketball legend – Shaquille O’Neal – reportedly asked a federal court to block a recent summons served regarding his interaction with FTX. They claimed the documents were “tossed” at the front of his moving car: an entirely different version than the one presented by attorney Adam M. Moskowitz who supposedly served the sportsman in his home. Failed investors have claimed that O’Neal and many other celebrities used their popularity to promote the...

Voyager Digital is planning to self-liquidate its assets and shut down operations after failing to secure purchase deals with Binance as well as FTX.US. The planned FTX-Voyager acquisition failed as a result of the exchange sliding into an abrupt bankruptcy and the subsequent arrest of its chief, Sam Bankman-Fried. However, the collapse of the deal with the American arm of crypto giant Binance was seen as a major blow to the digital asset industry’s efforts to establish...

Bankrupt crypto exchange FTX missed the potential to own billions of dollars worth of SUI tokens after it sold its warrant rights to the native token of the nearly launched layer-1 blockchain too early. Following the much-anticipated launch of the Sui mainnet, the price of the SUI token rose to over $3 before dropping in value. At SUI’s current price, FTX’s SUI tokens would have been worth around $1 billion. FTX Loses out on Gains on SUI After Selling its Token Warrants FTX’s...

Court documents filed on May 3 reveal FTX is attempting to claw back funds in the form of repaid loans, withdrawn liquidity, and collateral from fellow bankrupt platform Genesis. The total sum at stake amounts adds up to over $3.88 billion across all entities affiliated with Genesis. Accused of Enabling FTX’s Misconduct In the documents filed by FTX’s lawyers in court on May 3, it is claimed that Genesis was one of the main culprits allowing the FTX Group to get away with...

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...