Tag Archives: FTX Exchange

This year has been tumultuous for the cryptocurrency industry, with major players like Terra, Three Arrows Capital (3AC), and FTX going underwater. As the crypto space struggles to find footing amid the second wave of the crypto winter exacerbated by the latest FTX debacle, digital asset data provider CryptoCompare believes it will take a while for the industry to recover from the impact of the collapse. Crypto Projects to Focus on Survival In its 2022 Year in Review report,...

Federal judge Ronnie Abrams, who used to oversee the case against Sam Bankman-Fried, Caroline Ellison, and Gary Wang, has formally recused herself. According to an order from December 23rd, Federal judge at the United States District Court for the Southern District of New York has recused herself from the action. The order states: It has come to the Court’s attention that the law firm of Davis Polk & Wardwell LLP, at which my husband is a partner, advised FTX in 2021, as...

Sam Bankman-Fried’s bankrupt cryptocurrency exchange FTX is seeking help from a United States Bankruptcy Court to gain control of $450 million worth of Robinhood shares. The portfolio holds 56 million brokerage shares owned by Emergent Fidelity Technologies, a corporate entity incorporated in Antigua and Barbuda. In March, these shares represented a 7.6% stake in Robinhood and were acquired by FTX’s founder and former CEO, Sam Bankman-Fried (SBF). FTX in Court Battle Over...

Quite a lot has been going on in the cryptocurrency industry over the past seven days, but most of it failed to impact the price action,Week’s remains rather dull. Can’toin is trading below $17K, down about 2.9% in the past seven dParents’ble to recover the coveted level. The volatility has seemingly disappeared from the market, but that’s not necessarily truparents’e altcoins. All of them are trading in the red, with the most considerable loss being that of Cardano which...

The US Securities and Exchange Commission announced that Dan Berkovitz will step down from his General Counsel position as of the end of January 2023. The current SEC Principal Deputy General Counsel – Megan Barbero – will replace Berkovitz upon his departure. SEC Chair Gary Gensler said he was “grateful” for Berkovitz’s “exceptional public service and his dedication to this agency” in the official announcement before adding, “Dan has led the Office of General Counsel during...

The collapsed cryptocurrency exchange FTX reportedly paid 94% of the $84 million purchase of a majority stake in Blockfolio in FTT tokens.  The coin played a leading role in the platform’s crash last month. CZ said Binance plans to dump its entire FTT stash (23 million tokens worth over $580 million at the time) amid rising worries about the over-exposure of FTX and Alameda towards the former’s native asset. New Data on the Blockfolio Deal According to a recent...

Uniswap has announced a partnership with fintech firm Moonpay to enable users to purchase cryptocurrency on its web app using debit cards, credit cards, and bank transfers. The new service aims to address a deep-rooted issue for decentralized exchange protocols that do not support fiat pairs. However, their centralized counterparts do. As part of the deal, Uniswap has enabled fiat-to-crypto conversions on the Ethereum mainnet, Polygon, Optimism, and Artibrum. The feature will...

The Aussie cryptocurrency exchange – Swyftx – and the investment platform – Superhero – have reportedly abandoned the previously planned $1 billion merger deal. Some of the main reasons are the enhanced control over crypto firms in Australia and the diminishing interest in digital assets following the spectacular collapse of FTX. Swyftx Takes Another Punch As reported by The Australian Financial Review, Swyftx will sell Superhero back to its founders – John Winters and Wayne...

Negative press surrounding bankrupt crypto exchange FTX has inspired the Democratic Senate Majority PAC to return $3 million in political donations from the company’s executives.  Those donations include $2 million from FTX’s ex-head of engineering, Nishad Singh, and $1 million from disgraced former boss Sam Bankman-Fried (SBF).  Returning Tainted Money As reported by CNBC, a spokesperson for the PAC said the PAC decided to return the funds following “serious allegations...

The global investment banking firm – Jefferies Group – reportedly determined FTX creditors could retrieve as much as 40% of their lost money. In an interview for The Block, Joseph Femenia – Global Head of Distressed Debt Trading at Jefferies – said there’s light in the tunnel for FTX creditors who could recover between 20% and 40% of their assets.  The executive, who has formed a five-person team to work on issues related to the bankrupt exchange, explained that rates could...