A group of FTX investors have instituted a proposed class action against US law firm Sullivan & Cromwell for their role in the bankrupt crypto exchange’s fraud against its customers. The law firm is known to have worked for the crypto exchange during its rise to prominence, and now the plaintiffs argue that they are […]
A United States Judge has granted the request of FTX, the bankrupt cryptocurrency exchange, to sell off its substantial stake in an Artificial Intelligence (AI) startup company, Anthropic, enabling the exchange to accumulate more funds to repay its customers. FTX To Sell $1 Billion Anthropic Stake On Thursday, February 22, US bankruptcy Judge John Dorsey […]
A group of creditors of the bankrupt crypto exchange FTX filed an adversary lawsuit in response to the proposed payout plans, seeking to establish that deposits are their property rather than FTX’s. The proposed plan of the defunct exchange would see creditors repaid based on November 2022 prices of digital assets, which are significantly lower […]
In a recent court hearing in Delaware, the failed crypto exchange FTX announced its decision to abandon efforts to restart its crypto exchange and instead liquidate all assets to refund its customers, according to an attorney representing the company. Per a Reuters report, FTX had negotiated with potential bidders and investors for several months. Still, […]
FTX Digital Markets Secure Global Settlement: Positive Outcome For Customers? | Bitcoinist.com
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In a significant development, FTX Debtors and FTX Digital Markets have announced a global settlement agreement with the Joint Official Liquidators (JOLs) representing FTX Digital Markets. The settlement, subject to court approvals, addresses the complex legal challenges arising from the collapse of the FTX group and proposes a mutually beneficial solution. Consensual Resolution Achieved The […]
In addition to a long list of court filings, FTX investors have filed a new lawsuit against the Mercedes F1 team and Major League Baseball, accusing them of aiding the exchange’s fraud schemes by promoting the exchange’s brand and logo. FTX Investors Sue Crypto Exchange Promoters A group of FTX users recently filed a twin […]
FTX Founder Sam Bankman-Fried Admits Limited Cryptocurrency Knowledge During Fraud Trial | Bitcoinist.com
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During the ongoing trial of Sam Bankman-Fried, co-founder of the now-defunct FTX crypto exchange, startling revelations have emerged regarding his understanding of cryptocurrency. FTX Co-Founder’s Shocking Testimony According to live coverage of the trial by The Guardian, Bankman-Fried confessed to knowing “basically nothing” about cryptocurrency before launching FTX and its affiliated hedge fund, Alameda Research. […]
The trial of the former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), has produced some interesting revelations even as SBF is set to testify in his case when his hearing resumes on October 26. The most notable ones seem to have come from the testimonies of his ‘inner circle.’ How Sam Bankman-Fried […]
In a shocking revelation, blockchain intelligence firm Elliptic has provided an in-depth analysis of the infamous FTX theft, shedding light on the complex web of events surrounding the hack, subsequent money laundering, and the ongoing quest to uncover the identity of the perpetrators. Based on blockchain analysis, the report exposes the sophisticated techniques employed to […]
Alameda Research’s $190 Million Loss Linked To Inadequate Security, Insider Reports | Bitcoinist.com
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Amidst the ongoing legal proceedings, a fresh wave of testimonies has emerged against Sam Bankman-Fried (SBF) and his operations. In this particular instance, outside the courtroom, a former engineer at Alameda Research, the sister hedge fund of FTX, has come forward with revelations of substantial losses in trading funds totaling at least $190 million. Aditya […]