Tag Archives: ftx

A judge has approved repayment for BlockFi custodial wallet holders but said interest-bearing funds still belong to the bankrupt company.  BlockFi custodial wallet users could receive a massive $300 million repayment from the bankrupt digital asset lender. On Thursday, a New Jersey judge ruled that the assets locked in BlockFi’s custodial accounts belong to clients rather than the company’s estate. However, the judge further ruled that another $375 million that users sought to transfer...

The exit of Jane Street and Jump Crypto will contribute to the liquidity crunch in the market segment and this outlook is unhealthy for the industry. Market-making firms Jane Street Group and Jump Crypto are retreating from crypto trading in the United States due to regulatory uncertainty in the country. According to a report from Bloomberg, people familiar with the situation stated that Jane Street is taking a step further by lowering its global cryptocurrency ambitions. On the other...

Miller Thomson, the law firm representing QuadrigaCX stated that a small number of affected users are likely to receive notice of Disallowance of Claim. In a post earlier this week on May 8, Miller Thomson, a law firm representing the users of defunct cryptocurrency exchange QuadrigaCX announced that they would start an interim distribution of funds linked with the exchange’s bankruptcy proceedings in the coming weeks. As per the bankruptcy trustee Ernst and Young, this interim...

Meanwhile, the defunct FTX continues to pursue various options to recover customer funds. Former FTX CEO Sam Bankman-Fried has on Monday filed an ex parte motion before a Federal Court. The motion, as filed through the office, seeks to dismiss 10 out of 13 US charges against the former CEO. The remaining charges include conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering. Interestingly, the former CEO previously pled ‘Not...

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000 Sign up A fraud victim in Winnipeg, Canada has lost more than $168,000 to a digital currency scam. The clincher? At the time of writing, much of the money has been gotten back, which is an odd outcome in situations like these. Canada Victim Gets a Lot of Money Returned Everyone knows that most of the time, once crypto...

The officials claim FTX-affiliated Alameda Research had largely repaid the $8 billion borrowed from Genesis Trading, a few weeks before the former filed for Chapter 11 bankruptcy protection. The bankrupt FTX and Alameda Research officials are stopping at nothing to recover lost funds by the former administration led by Sam Bankman-Fried (SBF). The crypto exchange under John J. Ray III, Chief Executive Officer and Chief Restructuring Officer, has sued several entities including soliciting...

Sam Bankman-Fried – the former crypto executive behind popular digital currency trading platform FTX – has been charged with violating the Foreign Corrupt Practices Act by allegedly attempting to bribe officials from China. Sam Bankman-Fried Is Facing New Charges Prosecutors claim that Sam Bankman-Fried attempted to send money to Chinese officials so they would unfreeze roughly $1 billion under his name. The money is being held through his secondary company Alameda...

A crypto-centered lawsuit with popular digital currency exchange Coinbase as the defendant is heading to the Supreme Court. This marks the first time such a high-ranking court in the U.S. has ever considered such a case. The Supreme Court Is Examining a Coinbase Suit The plaintiff is a man who was, at one point, a customer of Coinbase. It’s alleged the man gave a scammer (who was pretending to be a representative of PayPal) remote access to his Coinbase account. This...

FTX got the nod earlier this year to sell some of its business units. The FTX exchange has now reached an agreement to sell its crypto derivatives platform LedgerX in a deal worth about $50 million. According to a Reuters report, FTX has agreed sale terms with an affiliate of Miami International Holdings Inc. However, the sale is still subject to approval from the US court overseeing FTX’s bankruptcy proceedings. To this end, a sale hearing has been slated for May 4, and hopefully, the...

Do Kwon’s lawyers indicated that Coinbase does not list securities, and the SEC has not been granted the powers by Congress to regulate digital assets as securities or commodities. The Terra Luna and Do Kwon case could be headed in a different direction after a South Korean court ruled that the rebranded LUNC project is not a security product. As a result, Do Kwon’s lawyers were motivated to ask the United States Securities and Exchange Commission (SEC) to stop pushing with the legal...