Tag Archives: FTX Exchange

Despite the market turbulence brought about by collapses and scams, Coinshares’ Chief Executive Officer Jean-Marie Mognetti asserted that the group’s “financial health remained solid.” Its earnings did take a severe beating, though. CoinShares released the fourth-quarter report for 2022 in which it recorded £14.5 million in combined revenue, gains, and other income. This was a massive drop of 65% from the fourth quarter of 2021 when the European asset manager fetched a...

Nishad Singh, the former head of engineering at bankrupt crypto exchange FTX, is close to striking a plea deal with federal prosecutors in the ongoing case against the exchange and its execs. According to a Bloomberg report, which cited people familiar with the matter, Singh plans to plead guilty to criminal charges over his role in the FTX saga. Singh to Strike Plea Deal With US Prosecutors The report noted that Singh has been negotiating a deal with Manhattan prosecutors as...

The Japanese arm of bankrupt crypto exchange FTX announced that it would resume the withdrawal function for customers. This comes less than a month to when the order for the platform to suspend its business takes effect. According to a press release on Monday (Feb. 20, 2023), FTX Japan stated that customers will be able to withdraw their assets from Feb. 21, 2023. The platform said fiat and crypto asset withdrawals will be processed through the Japanese crypto exchange...

Bankrupt crypto lender BlockFi has filed a motion to dismiss the bankruptcy case for Emergent Fidelity Technologies, the holding firm owned by Sam Bankman-Fried (SBF), founder and former CEO of FTX. In the motion, filed on Thursday in the United States Bankruptcy Court for the District of Delaware, BlockFi argued that Emergent is not eligible for a bankruptcy case as it has no other assets than 56 million Robinhood shares. BlockFi Seeks to Dismiss Emergent’s Bankruptcy Case...

FTX’s Japanese subsidiary has moved closer to its goal of unlocking its users’ trapped funds.  The bankrupt company told clients on Friday that they can now confirm their balances on the platform, as part of a plan to compensate clients by the end of the month.  A Step Closer to Compensation Besides viewing their balances, users have been notified that they can migrate their assets to the Japanese crypto exchange platform, Liquid. The firm received $120 million from FTX after...

Leading venture capital firms such as Sequoia Capital, Thoma Bravo, and Paradigm were reportedly indicted for adding an “air of legitimacy” to the bankrupt cryptocurrency exchange FTX. Sam Bankman-Fried, accused of committing several crimes such as fraud and money laundering, received a subpoena as part of the case against the organizations he found and will have to present a range of documents on February 17. His father – Joseph Bankman – and Alameda Research’s former bosses...

African victims are speaking up about FTX after a variety of promotional schemes lured them into putting their money into the now-defunct industry giant.  One such deal was an ambassador program promising 40% commissions to members who invited their friends to join the exchange.  Africans Speak Out FTX Africa promoted its ambassador program in early August – roughly 3 months before the exchange froze user withdrawals and filed for bankruptcy, due to a multi-billion dollar...

According to figures provided by Messari, the decentralized digital platform – Tron – made a revenue of $47.9 million in the last quarter of 2022, a 25% increase compared to Q3.  The entity also recorded a surge of average active daily addresses and average daily transactions. Better Results Despite the FTX Collapse In its most recent research, Messari outlined that 2022 has been a “rollercoaster” year for the cryptocurrency sector. Unfavorable macroeconomic conditions took...

Cryptocurrency exchanges will supposedly not promote their products and services during Super Bowl LVII this Sunday (February 12). The bear market in 2022 shook the industry to its core, wiping out close to $2 trillion and causing multiple bankruptcies. One of the most active advertisers at last year’s Super Bowl was FTX, whose demise in November still echoes across the industry.  From ‘Crypto Bowl’ to No Ads at All The most anticipated event in the National Football League...

John J Ray III has earned $690K for two months as CEO of FTX. This might be a dream for the average person, but he swears this has been his worst nightmare. The new CEO of FTX, John Ray III, recently appeared before the United States Bankruptcy Court for the District of Delaware to share his actions as the CEO of the now-defunct crypto exchange. In his testimony, he revealed the difficulties he faced after taking on the role of CEO. According to Ray, he has been through...