Tag Archives: FTX Exchange

FTX, its former chief Sam Bankman-Fried’s parents, as well as senior executives of the fallen crypto exchange, purchased at least 19 properties worth almost $121 million in the Bahamas, according to new reports. Official property records verified by Reuters reveal that FTX bought luxury beachfront homes, including seven condominiums in a penthouse in a luxury resort called Albany, over the past two years. The total cost was almost $72 million. The properties’ deeds show that...

The first twelve days of November were perhaps the darkest for 30-year-old Sam Bankman-Fried (SBF), as he not only lost his crypto empire but went from being a Bitcoin billionaire and crypto’s white knight to filing for bankruptcy and owing customers at least $3 billion. The next eight days revealed that SBF’s once-powerful crypto exchange FTX was not what everyone believed it to be. Here’s the timeline of the events that led to the fall of FTX in the last 20 days. The...

Cryptocurrency entrepreneur and billionaire Justin Sun is reportedly evaluating FTX’s assets for potential purchase. As reported by the Wall Street Journal, Sun said on Tuesday that he is open to “any kind of deal,” with the exchange, and that “all options” are on the table. “Right now we are evaluating assets one by one, but as far as I understand the process is going to be long since they are already in this kind of bankruptcy procedure,” he added.  FTX closed its first...

Despite the ultimate crash of FTX, the Japanese subsidiary of the company reportedly plans to allow client withdrawals by the year’s end. The fiasco of Sam Bankman-Fried’s exchange became one of the major events in crypto’s history. Once valued at approximately $32 billion, it recently failed to honor users’ withdrawal requests and reported severe liquidity issues. FTX filed for bankruptcy a few days later to “develop a process to maximize recoveries.” FTX Japan With a...

The fallout from FTX’s collapse has been devastating, and the market is poised for more losses. But according to a recent report by DappRadar, Web3 remains resilient. Centralized services are on the losing side. With the contagion unfolding, the decentralized finance (DeFi) sector, too, has been impacted. But the user activity in the sector appears to be returning to levels from the previous month. State of DeFi According to a recent Dapp Radar report shared with...

Ethereum’s price is trading below $1,200 on Sunday, charting a decrease of around 3.5% in the past 24 hours. This happens as the FTX account drainer is swapping ETH for wrapped Bitcoin. Data from the popular security resource, PeckShield, revealed that the address that drained funds from FTX is swapping ether for BTC. The “FTX Account Drainer” dumped around $6 million worth of ETH (around 5K ETH) and bought 357 renBTC. Source: Twitter This is causing pressure on ETH’s spot...

In the wake of crypto exchange FTX’s collapse, which triggered a severe contagion across the industry, many shocking discoveries have been made about the company’s governance and management system. A detailed examination of the firm’s bankruptcy filing has shown that “FTX was a slush fund masquerading as a real business,” according to FOX reporter Genevieve Roch-Decter. FTX Approved Expenses with Emojis A part of the 30-page-long filing revealed that FTX Group did not have an...

The cryptocurrency industry saw the spectacular collapse of one of its giants earlier this month, which ultimately resulted in FTX filing for Chapter 11 bankruptcy. Shortly after, though, there were suspicious movements from one of its accounts, many related it to a hack or even an inside job. However, the Securities Commission of the Bahamas took it to Twitter to shed some more light on the events, informing that it was actually the watchdog that siphoned the funds. The...

Dogecoin’s Shibetoshi Nakamoto believes a potential crash of the crypto exchange Binance or the stablecoin-issuer Tether could severely destabilize the entire industry. He also advised people to do appropriate research and understand the digital asset’s sector specifics before entering it. Binance/Tether Collapse Could be Devastating The Co-Creator of the memecoin Dogecoin – Billy Markus (better known as Shibetoshi Nakamoto) – thinks if either Binance or Tether goes down,...

After Hacktober, which saw countless DeFi projects being exploited for hundreds of millions of dollars in total, November was expected to be a calmer month for crypto. However, that was not the case as the industry saw one of the fastest, loudest, and most shocking deterioration of a giant – FTX. An analysis by the risk-modeling firm Gauntlet outlined a tweet from Alameda’s CEO that changed the whole situation for the worse. This Tweet Is to Blame? Let’s rewind the clocks by...