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Tag Archives: FTX Exchange

FTX Responsible For Nearly $1 Billion Of GBTC Outflows: Report

Defunct crypto exchange FTX may be behind a tsunami of outflows from the Grayscale Bitcoin Trust (GBTC) this month – and by extension, may have caused a significant downturn in Bitcoin (BTC)’s price. A recent report from CoinDesk suggested that the FTX bankruptcy has sold off close to $1 billion worth of GBTC since the fund transitioned into a Bitcoin spot ETF and was approved by federal regulators. Is FTX Suppressing Bitcoin? CoinDesk cited privately reviewed data alongside...

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SBF’s Parents Fight FTX’s Clawback Attempt

Joseph Bankman and Barbara Fried were always close to their son. A certain amount of interest in the well-being of their son and that of his business dealings is to be expected. However, the FTX estate, now led by bankruptcy specialist CEO John J Ray III, argues that SBF’s parents – particularly his father – had a much bigger presence in the FTX Groups’ dealings than it appears on paper. If the allegations can be proven true, benefits derived from FTX and its former CEO could...

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Celsius Executes $125 Million Transfer to Crypto Exchanges in Repayment Drive

Bankrupt lending firm Celsius has transferred over $125 million worth of its Ether to crypto exchanges in the past week as part of its initiative to repay creditors. The move follows that of FTX and Alameda Research, which also resumed funds transfer earlier this month. $125 Million ETH Transfer From January 8 to January 12, $95.5 million was moved to Coinbase and $29.7 million to FalconX, as reported by Arkham Intelligence. Despite these transfers, Celsius still possesses...

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Amid Solana’s Hot Streak, FTX and Alameda’s 73% Locked SOL Stash Ignites Market Speculation

Solana’s native – SOL – token has been on an absolute tear this month. After flipping XRP, it briefly surpassed BNB before settling as the fifth-largest crypto asset. Over the past week alone, SOL has surged by nearly 23%, partly fueled by the excitement surrounding airdrops, which contributed to the complete sell-out of Solana’s Saga phone and its trading at a premium on secondary markets. However, recent data indicates that SOL constitutes the largest holding of FTX and...

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Tiger Global Cuts Stakes on Bored Ape Yacht Club and OpenSea Holdings

The investment firm Tiger Global has reportedly reduced the valuation of its holdings in Bored Ape Yacht Club and OpenSea. Per a Bloomberg report, the company marked down the value of its investment in Bored Ape Yacht Club (BAYC) by 69% and its stake in the NFT marketplace OpenSea by 94%. The move follows Tiger Global’s decision to write down its $38 million investment in FTX to zero. Tiger Global Investors Experience Losses The Tiger Global’s Private Investment Partners 15...

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FTX Seeks Court Approval to Wipe Out US IRS’s $24B Claim

The bankrupt estate of FTX has made a bold move to challenge the United States Internal Revenue Service (IRS), seeking court approval to reduce a $24 billion claim against it to zero. According to FTX, this move is crucial to prevent the IRS claims from derailing the progression of its bankruptcy proceedings. FTX Seeks to Nullify IRS’s $24 Billion Claim Earlier this year, the IRS imposed a massive tax bill on FTX and its associated Alameda groups of companies, amounting to...

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FTX and Alameda Divest $36 Million Worth of These Assets

FTX and Alameda have been actively divesting their holdings. Within the past 24 hours, both entities have transferred $36.01 million worth of MATIC and AVAX to various exchanges. This is a testament to their ongoing commitment to reaching settlements with creditors amidst the twists and turns of the bankruptcy battle. FTX Selling Spree Continue Based on Spot on Chain analytics, FTX deposited $36.01 million worth of MATIC and AVAX to different exchanges within 24 hours. Out of...

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Former FTX Executives Are Teaming Up to Build a New Crypto Exchange: Report

One year after crypto exchange FTX collapsed, a group of ex-executives at the firm has teamed up to launch a new but similar platform, aiming to fix the issues that led to the company’s implosion. According to a report from the Wall Street Journal, former FTX general counsel Can Sun and ex-employees Armani Ferrante and Claire Zhang have unveiled the Backpack Exchange. Zhang is Ferrante’s wife and Sun’s ex-deputy. Ex-FTX Execs Launch New Exchange Sun founded Trek Labs, a...

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Potential Implication of SBF Verdict on Crypto Leaders

The recent conviction of Sam Bankman-Fried (SBF) marks a pivotal moment in the cryptocurrency industry, carrying significant implications for its leaders and stakeholders. As the founder of the now-defunct FTX crypto exchange, SBF held a prominent position in the sector, making his fall from grace a broad industry concern. His conviction on fraud, conspiracy, and money laundering is a stark reminder of the need for accountability and transparency in the crypto space. This...

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Proof Group Emerges as Contender to Revive Bankrupt FTX

The investment firm Proof Group is said to be among the bidders expressing interest in revitalizing the bankrupt crypto exchange FTX, as per two individuals familiar with the situation. Notably, the bankrupt exchange has received numerous bids for a potential restart, and it has now been narrowed down to a shortlist of three, according to Perella Weinberg Partners, an investment bank involved in the process. Proof Group Eyes Potential FTX Revival Proof Group has experience in...

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