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One week after the implosion, legal woes for FTX have only intensified. According to the latest court filings from the company’s Bahamian liquidators, there are signs of “serious fraud and mismanagement” on the bankrupt crypto exchange’s part. The document filed in the US Bankruptcy Court of the Southern District of New York revealed that the Joint Provisional Liquidators’ findings to date indicate that FTX may have committed serious fraud and mismanagement. The filing seeks...

The cryptocurrency market continues to bleed out and in the past 24 hours, its total capitalization shed another $20 billion. The majority of coins are well in the red and the broader sentiment remains particularly negative and expects further contagion from the FTX fallout. Bitcoin Price Bleeds Out Bitcoin’s price currently sits at around $16,500, down 2.1% in the past 24 hours. This brings the total loss to about 22.6% in the past week. BTC has been trading relatively flat...

The past couple of days have been a complete rollercoaster in the cryptocurrency field, and there are no signs of slowing down. Just yesterday, FTX officially filed for voluntary Chapter 11 Bankruptcy proceedings in the US, sending the markets into another meltdown. Bitcoin Plunges Toward $16K Bitcoin’s price can’t catch a break. After attempting a recovery following positive CPI numbers Thursday, the cryptocurrency experienced another meltdown on Friday. BTC plunged from...

The problems with FTX don’t seem to stop. After failing to honor customer withdrawals, revealing a multi-billion hole in its balance sheet, and ultimately declaring bankruptcy, the exchange is suffering another major exploit. Millions of dollars seem to have been drained from FTX addresses. Upwards of $400 million in crypto left the exchange wallets late Friday night with little to no explanations as to why that happened. The company’s General Counsel, Ryne Miller, took to...

FTX has lost several potential rescuers after shady details of the internal workings continue to emerge. The biggest setback was Binance pulling out of the deal. But according to the crypto giant’s CEO, the deal with FTX did not make sense. While speaking at the Indonesia Fintech Summit, Changpeng “CZ” Zhao weighed on the takeover that never materialized and the reason behind it. “From a financial perspective, there is a big hole. From new users, we have very high overlaps....

FTX has filed for Chapter 11 Proceedings in the United States. This follows the fiasco over the past couple of days where the company failed to honor its customer’s withdrawal requests. In a press release shared minutes ago, FTX announced that the group will be filing for Chapter 11 Proceedings in the United States. According to the release, FTX, Alameda Research, as well as 130 additional affiliated companies that are associated with FTX, have commenced the voluntary...

Europe’s largest digital asset investment and trading group – CoinShares – revealed that approximately 11% of its total net asset value is situated on the crypto exchange FTX. Another firm experiencing similar issues is Mike Novogratz’s Galaxy Digital, which holds more than $76 million worth of exposure to the troubled firm. In a recent interview for Bloomberg, CoinShares said nearly $26 million of its exposure to FTX consists of US dollars and Circle’s stablecoin USDC....

Major venture capital firm Sequoia Capital has written down the value of its investment in the beleaguered crypto exchange FTX, to zero. Notably, the company was part of the investors who participated in FTX’s $900 million funding round in July 2021, which brought the exchange’s valuation to $18 billion at the time. Sequoia Marks Down FTX Investment to $0 In a note to limited partners (LPs), which was revealed via Sequoia’s Twitter handle on Thursday (November 10, 2022), the...

The crypto contagion has continued this year, with FTX compounding matters this week. This has put the spotlight on transparency, especially for centralized crypto exchanges. Data oracle provider Chainlink has been promoting its proof-of-reserve tools, which could solve the transparency issues currently plaguing the industry. In a tweet on Nov. 11, the Chainlink team asked if crypto will continue to repeat the mistakes of the traditional black-box financial industry. #Crypto...

Amid the problems plaguing cryptocurrency exchange FTX, the Securities Commission of the Bahamas (SCB) has frozen the firm’s assets. The Bahamian regulator also got the court to appoint a provisional liquidator for FTX. In a press release posted by Nassau Guardian via Twitter on Thursday (November 10, 2022), the Commission revealed it had frozen assets of FTX Digital Markets (FDM) “and related parties.” Back in September 2021, FTX CEO Sam Bankman-Fried announced that the...