Tag Archives: ftx

CoinspeakerFTX Cash Reserve Doubles to $4.4B as Company Strives to Repay Customers Despite the positive developments, FTX has acknowledged that it does not anticipate fully repaying all customers. FTX Cash Reserve Doubles to $4.4B as Company Strives to Repay Customers

It was a controversial year for the crypto indutrsy. Let’s have a closer look at the major crypto-related events that too place in 2023. The year 2023 has been a rollercoaster ride for the cryptocurrency ecosystem, defined by important events that have impacted the industry’s direction. From stablecoin woes to regulatory disputes, institutional acceptance, and the advent of meme coins, the crypto sector has seen a wide range of stories. Here are the top 10 major crypto headlines that have...

If the court approves the proposed plans from debtors, the FTX creditors could lose a huge sum of money considering the rally in crypto market this year. In a recent filing made on December 27 in the United States Bankruptcy Court for the District of Delaware, FTX debtors have unveiled estimates of the US Dollar value assigned to cryptocurrency prices and foreign currency for customers holding claims with the now-defunct exchange. The debtors expressed their intention to establish a “fair...

While the average performance of crypto funds did not match the more than 150% rally in Bitcoin this year, the positive shift in fortunes is a promising development for the industry. After facing a strong crypto winter in 2022 following the collapse of Three Arrows Capital (3AC), crypto hedge funds are making a comeback. Crypto hedge funds demonstrated a notable recovery, posting an average return of 44% by December 20, bouncing back from a 52% loss in 2022, according to a Bloomberg index...

Gensler disclosed that the SEC is actively reviewing rules that could potentially hurt the crypto industry. In a recent interview with CoinDesk, Gary Gensler, chairman of the United States Securities and Exchange Commission (SEC), voiced his concerns regarding the crypto industry, noting that the space is rife with fraud and bankruptcies. The SEC chair said while he respects investors’ decision to explore the crypto market, he does not believe they receive adequate disclosures regarding...

A court has frozen the assets of the Three Arrows Capital founders. The company owes $3.3 billion to creditors and filed for bankruptcy after the collapse of the Terra ecosystem last year. One of the most notable events in the crypto industry last year was the collapse of the Terra ecosystem. After Terra failed, many companies connected or exposed to it suffered losses as well. One of these was Three Arrows Capital which filed for bankruptcy in July 2022.  Now, about $1 billion in assets...

Even with the owed fees it has paid in trying to deal with bankruptcy issues, FTX continues to face mounting challenges. The collapse of cryptocurrency exchange FTX, previously valued at $32 billion, has resulted in exorbitant legal and advisory fees amounting to an average of $53,000 per hour within three months. According to recent filings with the bankruptcy court, FTX attempted to address its insolvency issues by spending an astounding $118.1 million on professional services between...

FTX’s legal team noted in the filing that paying the $24 billion could impede the repayment of funds to the exchange victims. Lawyers representing the bankrupt cryptocurrency exchange FTX have contested the United States Internal Revenue Service (IRS) claim of $24 billion in unpaid taxes. The attorneys insist that the IRS must substantiate its demands, urging the tax agency to provide evidence supporting its assertion. In a recent filing with a Delaware bankruptcy court on November 10, the...

Despite the subdued overall interest, a group that remains consistently passionate is the die-hard Bitcoin maximalists. In recent weeks, Bitcoin price has once again captured the attention of the financial industry as it surged above $44,000, a level not seen since May 2022. However, this rally seems to lack the fervor and widespread interest that accompanied previous bull cycles, according to a Bloomberg report. Despite Bitcoin Price Growth, Interest Remain Subdued A notable indicator of...

Crypto analyst Ali Martinez has warned of a potential correction for SOL. The price of Solana (SOL) has experienced a 7% decline over 24 hours. However, at the time of writing the fall is not so critical. The coin is around 1% down. The Solana price today is approximately $60 despite the recent market corrections that saw the price of Bitcoin (BTC) and Ethereum (ETH) rise to $42000 and $2200 respectively for the first time since last year. According to CoinMarketCap data, the crypto asset,...