Tag Archives: FTX Exchange

Ever since FTX unceremoniously imploded back in November, regulators and courthouses in both the USA and the Bahamas have been working furiously to get as many FTX-held assets back into the hands of their original owners, with varying degrees of success. While court cases in the US have temporarily stalled, owed in part to SBF’s plea of innocence, Bahamian regulators were able to seize some assets from the get-go and appear to be closing in on FTX Digital Markets, the...

Former NBA star Shaquille O’Neal and professional tennis player Naomi Osaka may avoid being held accountable in the collective lawsuit against cryptocurrency exchange FTX due to a lack of notification. As per the order issued on March 9, US District Judge Kevin Moore stated that it is unclear if O’Neal and Osaka were notified of the lawsuit. Therefore, the judge has requested that the plaintiffs explain why the sports stars should not be dismissed from the lawsuit. What Are...

Alameda Research – sister trading firm to the now bankrupt FTX exchange – is suing the world’s largest Bitcoin fund on behalf of FTX’s debtors and affiliates. The company demands that Grayscale permit redemptions on its Bitcoin and Ethereum Trusts, which could cumulatively unlock over $9 billion for the trust’s shareholders.  Grayscale’s Bitcoin Stash Per a press release from the FTX Debtors on Monday, claims have also been filed directly against Grayscale CEO Michael...

FTX – the bankrupt crypto exchange founded by Sam Bankman-Fried – appears to have spent millions of dollars purchasing a luxurious castle in the Czech Republic through an obscure non-profit with ties to the “effective altruism” movement. Stemming from a $4.5 million grant to the European Summer Program on Rationality (ESPR), the group spent roughly $3.5 million on the estate.  A Castle for Charity? According to Forbes FTX did not disclose the donation before being closed in...

LedgerX – cryptocurrency derivatives exchange and a subsidiary of the collapsed giant FTX – will reportedly cease its partnership with Silvergate Bank. It urged users to receive wire transfers via the New York-based Signature Bank. Switching to Another Partner According to a Bloomberg coverage, LedgerX differentiated itself from the embattled financial institution focused on cryptocurrencies – Silvergate Bank. It advised customers to refrain from using it to receive domestic...

Hodlnaut was one of many firms severely impacted by the collapse of FTX last November, even as the first signs of crack date back to at least as early as May when it lost nearly $190 million in the crash of the Terra ecosystem. Despite previously downplaying its exposure, Hodlnaut was forced to halt withdrawals in August and enlist third-party interim managers while simultaneously slashing 80% of its employees as part of its cost-cutting measures. But a new affidavit revealed...

Nishad Singh – the former head of engineering at bankrupt crypto exchange giant FTX – pleaded guilty to six criminal charges related to his activity with the firm during a court hearing on Tuesday. The ex- executive’s crimes include wire fraud, conspiracy to commit wire fraud, conspiracy to commit money laundering, and violation of campaign finance laws.  Another Guilty FTX Executive The plea, reported by Reuters,  was accepted by U.S. District Judge Lewis Kaplan and is the...

Robinhood Markets said it received an investigative subpoena from the US Securities and Exchange Commission (SEC) in December. The agency’s move is part of a major crackdown against the digital asset industry after the dramatic collapse of Sam Bankman-Fried’s crypto empire last year. The disgraced crypto mogul was recently hit by fresh criminal charges relating to political donations he made while running FTX. According to its latest 10-K filing, the subpoena is in regard to...

A recent report by the Bank of International Settlements (BIS) revealed that the crypto industry lost over $650 billion after two major scandals that rocked the market last year. The report titled “Crypto Shocks and Retail Losses” explained investors’ trading behavior during and after the scandals, their profits and losses, and the effects of the crypto market turmoil in the broader financial system. Retail Investors Bought the Dip Last year, the crypto space saw a lot of...

Disgraced FTX founder Sam Bankman-Fried (SBF) is under yet another layer of legal pressure after a judge unsealed a superseding 12-count indictment against him on Thursday.  The filing adds 4 new charges to an 8-count indictment introduced in December, and includes new details regarding illegal political donations made by SBF. Straw Donor Scheme As the government alleges, Bankman-Fried “corrupted” the operations of both crypto exchange FTX and its sister trading firm Alameda...