Tag Archives: FTX Exchange

Sam Bankman-Fried was reportedly sent to jail on Friday as US Judge Lewis Kaplan denied his lawyers’ request to delay detention. The former crypto mogul’s court date is set for October 2nd, and he could sit in a jail cell until then if the appeal is unsuccessful. CryptoPotato reported last month the allegations presented by the New York Times that SBF had tried to intimidate one of the key witnesses in his legal battle against US authorities – the former leader of Alameda...

A group of customers of the once-prominent cryptocurrency exchange FTX has reportedly filed a lawsuit against the law firm Fenwick & West, insisting that it contributed to the alleged scam orchestrated by Sam Bankman-Fried (SBF) and the subsequent multi-billion losses it brought.  The former leader of the exchange has pleaded not guilty to the fraud charges against him. He currently lives with his family, awaiting the trial at the beginning of October, which will...

Bankrupt crypto lender, BlockFi revealed that the US Bankruptcy Court for the District of New Jersey has conditionally approved its disclosure statement. The development essentially demonstrated that the reorganization process of BlockFi continues to make gradual progress eight months after filing the voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code. In an official statement on August 2nd, Mark Renzi – BlockFi’s Chief Restructuring Officer,...

Bankrupt cryptocurrency exchange FTX has filed a motion to remove its Dubai unit from the ongoing bankruptcy proceedings in the United States. According to a document submitted to the U.S. Bankruptcy Court for the District of Delaware, FTX Dubai did not conduct any business activities in the United Arab Emirates (UAE) before the global entity filed for bankruptcy and is unlikely to resume its operations. Dismissing FTX Dubai From Bankruptcy Proceedings FTX Europe established...

Cohen & Gresser – an international law firm representing the former CEO of FTX Sam Bankman-Fried (SBF) – maintained that he did not attempt to intimidate Caroline Ellison (ex-leader of Alameda Research) or taint the jury’s sentiment when talking to a New York Times reporter. The 31-year-old, who faces several fraud charges and is accused of being the main culprit behind the collapse of the once-leading crypto exchange, shared quoted excerpts of Ellison’s private diary,...

Lawyers representing FTX’s creditors said they weren’t filled in on a recently proposed plan to revive the company’s international exchange, according to a Monday night filing.  Creditors claimed that the proposed restructuring plan is a mere “idea” with no formal talks having taken place to actually put it into action.  No Contact With Creditors? The claimants’ statement accused FTX’s lawyers of breaking their promise to provide a public roadmap for the bankruptcy...

The U.S. Department of Justice (DOJ) has requested that the bail bond of Sam Bankman-Fried (SBF), the founder and former CEO of bankrupt cryptocurrency exchange FTX, be revoked and that the court impose a detention order against him due to his attempts to tamper with witnesses. According to a letter submitted to Judge Lewis Kaplan of the U.S. Court for the Southern District of New York, SBF’s attempts to tamper with witnesses in his fraud case would interfere with the...

FTX and Genesis have come to an agreement in principle to settle claims made by both parties in their ongoing legal brawl. Both bankrupt firms had previously claimed that the other party owed money. However, the legal counsel representing both wrote to bankruptcy Judge Sean Lane stating that they had agreed to a settlement. The exact settlement details remain undisclosed. The letter filed by their representatives at the United States Bankruptcy Court for the Southern District...

Caroline Ellison – former CEO of the fallen crypto trading desk Alameda Research – felt “unhappy and overwhelmed” with her job, and strongly doubted that she was well suited to the role, according to newly leaked excerpts from her online diary. The excerpts shed light on many of her inner thoughts heading preceding FTX’s demise, including her troubled relationship with Sam Bankman-Fried (SBF). Boyfriend Pressure and Imposter Syndrome As reported by The New York Times on...

Major venture capital firm Sequoia Capital has seen the departure of five key partners, including two investors who were involved in the company’s failed investment in Sam Bankman-Fried’s bankrupt crypto exchange, FTX. While Sequoia claimed that the collapse of FTX had no significant impact on the firm, the VC was accused of promoting FTX. Sequoia Reports Departure of Five Investors Sequoia Capital, which recently revealed its decision to split into three independent...