Tag Archives: FTX Exchange

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...

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...

The crypto wallets associated with the now-defunct crypto exchange FTX and its sister trading firm, Alameda Research, persist in diversifying their investments across various altcoins on numerous crypto exchanges. According to Spot On Chain data, FTX and Alameda’s addresses recently transferred nine assets amounting to $46 million to Kraken, Binance, and Coinbase once again. FTX and Alameda’s Massive Transfers Earlier today, FTX deposited $46 million worth of assets to...

Prices for FTX Group claims have seen a notable uptick following revelations that the bankrupt crypto exchange is considering proposals from three potential buyers for its inactive exchange. FTX claims’ valuations now range between 50 and 53 cents on the dollar, an increase from last week’s low-to-mid 40 cents range. Cherokee Acquisition Reports Rise in FTX Claim Values Cherokee Acquisition, a firm specializing in brokering bankruptcy claims, has recently reported a surge in...

A recurring motif during the trial has been Bankman-Fried’s commitment to effective altruism, a philanthropic ideology aimed at maximizing individuals’ impact through activities like charitable contributions and career choices. Bankman-Fried, who is currently on trial for defrauding investors of billions of dollars, aligned himself with fellow proponents of this philosophy, including Nishad Singh, the head of engineering, and Caroline Ellison, who was not only his former...

Solana had a strong association with FTX, and the latter’s collapse last year had significant repercussions for the SOL token. However, the seventh-largest crypto-asset has pursued a strong recovery this year. According to Nansen’s latest analysis, SOL has been trending positively since the summer. In fact, the SOL vs ETH ratio was found to have been breaking higher, nearing highs not seen all year. Since the collapse of FTX, SOL has declined more than ETH, meaning ETH has...

New details show that Bankman-Fried had a packed schedule in September 2022, with meetings involving influential individuals less than two months before the exchange’s downfall. From close connections with Bahamian authorities and former President Bill Clinton to an evening at the preferred late-night spot of New York City Mayor Eric Adams, here’s what’s new in the trial. Sam Bankman-Fried’s Political Web Unveiled As per the testimony of FBI special agent Richard Busick,...

The bankrupt cryptocurrency exchange has staked close to $170 million in several crypto assets, including Solana, Ethereum, and MATIC. Blockchain data revealed that the defunct platform has staked over 5.5 million SOL and more than 24K ETH. FTX Move to Staking Staking is primarily the practice of locking up cryptocurrencies on a blockchain network to support it and earning token rewards, mainly at a predetermined rate. #CryptoNews: Over 5.5 million #Solana (SOL) were sent by...

Nishad Singh, a former top engineer at the defunct crypto exchange network FTX, testified on Oct. 16 that the network’s ex-CEO, Sam Bankman-Fried, had planned a potential deal with Telegram for TON tokens. Singh commented when testifying in the ongoing court case against the former FTX CEO for financial malpractices and fraud. FTX Pitched an Idea for a Deal with Telegram Singh admitted that he was involved in defrauding customers and participating in money laundering. He...

Nishad Singh – FTX’s former director of engineering – revealed more details about the crypto exchange’s profligate spending during his testimony at Sam Bankman-Fried’s fraud trial on Monday. Singh pled guilty to both money laundering and campaign finance violations, breaking down his involvement in the company’s over $100 million in donations to political candidates. Excessive and Flashy Spending As explained by Singh, the executive came to know Bankman-Fried through his...