ftx

A collection of 29 posts

sbf

SBF's 5 out of 13 FTX fraud-related charges withdrawn

Per Business Insider The Assistant US Attorneys for the Department of Justice have withdrawn five out of the 13 charges against Sam Bankman-Fried. These charges were in relation to the financial fraud of FTX. Initially, SBF was facing 13 criminal charges, but five of them would be dropped in time

ftx

FTX plans crypto exchange revival as it starts talking to investors

Per Reuters The new FTX CEO John Ray shared a statement as cited on Wall Street Journal regarding the company's plans to revive its crypto exchange. Per the new CEO replacing former Sam Bankman-Fried, it was reported that interested parties are being approached regarding a potential relaunch. Ray:

shaq

Shaq tries to dismiss the FTX lawsuit citing how the summon papers were "tossed" at his moving car

Per BI Shaquille O'Neal was among some of the most popular celebrities that were also caught up in legal issues due to their promotion of FTX. The former NBA player is now trying to dismiss the FTX lawsuit, citing how the summon papers were "tossed" at

fbi

FBI struggles to analyze SBF's laptop due to data overload

Per BI While still being investigated, prosecutors are saying that they are struggling to analyze Sam Bankman-Fried's laptop due to the amount of data it contains. Nicholas Roos, the Assistant US Attorney, shared how it would take weeks to extract Slack messages alone from the laptop. Roos proposed

sbf

Sam Bankman-Fried is charged with paying $40 million in bribes to at least one Chinese gov't official

Per NBC News Sam Bankman-Fried faces multiple charges related to the collapse of the now-bankrupt FTX. The latest charge is bribery, with the accusations saying he paid $40 million to at least one Chinese gov't official. Indictment documents accused SBF of successfully bribing a Chinese government official in

ftx

FTX lawyers cost the disgraced crypto firm $38 million for Jan alone, with new CEO John Ray III billing $305,565 for Feb

Per BI After the collapse of FTX, the disgraced crypto firm had to employ hundreds of lawyers, consultants, and accountants, among others, to investigate what happened. In January alone, the crypto firm was billed $38 million for the services of the hundreds hired. CoinDesk cited court records showing how law

ftx

FTX paid Sam Bankman-Fried a total of $2.2 billion in total through related entities

Per Reuters As the investigation of what went wrong with FTX continues, the new management found that Sam Bankman-Fried received a total of $2.2 billion in transfers from related entities. It was noted that overall, $3.2 billion was transferred to founders and key employers. The transfers weren'

sbf

Prosecutors said SBF deleted tweets and a Slack message after being told to preserve FTX records

Per Business Insider Disgraced FTX founder Sam Bankman-Fried reportedly deleted tweets and a Slack message despite being told the complete opposite. This happened when SBF was reportedly told to preserve records for the regulators. The ongoing investigation's recent developments saw the founder receiving four new charges by the

ftx

FTX's SBF gets four new charges as prosecutors said they created a no-employee company to get a bank account

Per BI Four new charges were filed against Sam Bankman-Fried, the disgraced founder of now-bankrupt FTX. The charges were related to how SBF created a company with no employees so that FTX.US could get a bank account in California. Initially, FTX couldn't get a bank account in

ftx

FTX Believed to have Over a Million Creditors: $3 Billion Collectively Owed to the Top 50 Alone

Per CNN While the lawsuit is still ongoing for Sam Bankman-Fried, the founder of FTX, who is facing multiple charges, including defrauding customers, new information has surfaced saying the top 50 creditors alone are owed $3 billion collectively. It was also revealed that the now-bankrupt exchange has over a million

sbf

SBF Barred From Using Signal to Contact Ex-Employees

Per Reuters FTX founder Sam Bankman-Fried is being charged with defrauding customers of his crypto exchange, among other charges, and now, he is no longer allowed to contact his former employees via Signal. The ban also includes contacting employees of his hedge fund, Alameda Research. The general ban is that

ftx

FTX Lawyers are Making $810 to $2,000 Per Hour: Sullivan & Cromwell has 150 Lawyers on the Case

Per Business Insider After FTX filed for bankruptcy and Sam Bankman-Fried was brought to the US, John Ray III took over as CEO to oversee the bankruptcy and investigate the crypto firm's practices while SBF was running the show. The crypto firm's bankruptcy proceedings are being

celsius

Former CFO Said Celsius was Doing Things That Were 'Possibly Illegal'

Per The Block After the fall of FTX, other crypto firms filed for bankruptcy; recently, Celsius was one of them. While investigating its bankruptcy filings, the company's CFO admits that there could be things done that were "possibly illegal." Hamuri Urata-Thompson, Celsius CFO, worked at the

ftx

Sam Bankman-Fried's Brother Lobbied Members of the US Congress Using Misappropriated Funds

Per Bloomberg and CoinDesk Sam Bankman-Fried, the disgraced founder of FTX, is now facing charges while the investigation is still ongoing. It was previously mentioned that SBF's family was involved, but, recent filings reveal that his brother could have used misappropriated funds in his organization to lobby members

ftx

Ex-White House Director of Communications Says His $10M Investment in FTX's Token FTX Dropped to Just $400K

Per Markets Insider Anthony Scaramucci, an American financier who has worked as a Director of Communications for the White House, said that his initial $10 million investment in FTX's key token has massively dropped in value. Now, his investment in the FTT token only got him $400,000.

blockfi

Bankrupt BlockFi had $1.2 Billion in Assets Tied to Sam Bankman-Fried

Per CNBC BlockFi previously filed for bankruptcy and was among the multiple crypto firms affected by the demise of FTX. Financial documents revealed that there was actually $1.2 billion in assets tied to Sam Bankman-Fried through FTX and Alameda Research. The company filed for Chapter 11 bankruptcy after it

sec

SEC Files Fraud Charges Against Alameda Research's Caroline Ellison and FTX Co-Founder Gary Wong

Per Crowd Fund Insider The official SEC document containing the charges against Caroline Ellison of Alameda Research and Gary Wong, co-founder of FTX, notes that they were scheming with Sam Bankman-Fried and others to defraud FTX Trading Ltd.'s equity investors. The document also highlighted the efforts being made

ftx

Brett Harrison, Former FTX US President, Raised $5 Million for Architect, a New Crypto Startup

Per Yahoo Finance After the collapse of FTX with its founder, Sam Bankman-Fried facing multiple charges and maintaining that he is not guilty, the former president of FTX US has already raised $5 million for a new crypto startup. Harrison raised new investment for a startup that will be building

ftx

196 Out of 535 Congresspeople Took Money from FTX, with Only a Few Saying They Will Give It Back

Per Yahoo Finance Since word came out that 196 of 535 congresspeople took money from FTX, only a few have decided to announce that they will be returning the money. This comes after word broke out of Sam Bankman-Fried and senior executives' massive donations to campaign funds. Under John

binance

Binance Lets Traders Keep Collateral Off-Chain Amid FTX Collapse Concerns

Per Bloomberg After the collapse of FTX and the bankruptcy of multiple crypto firms, Binance has decided to make a move to put traders at ease. The crypto exchange now allows firms to leave their collateral in cold storage. After FTX's collapse, multiple crypto firms have been declaring

sbf

SBF Maintains that He 'Didn't Steal Funds' Days After Lawyers Recovered at Least $5 Billion

Per NYT Sam Bankman-Fried is facing criminal charges but after a recent $5 billion in liquid assets were found by lawyers, the disgraced CEO maintains that he did not steal funds from customers. With the fall of FTX, customers are scrambling to try and get their funds back from the

ftx

Miami-Dade County Wins Right to Strip FTX Name Off Arena: Federal Bankruptcy Court Terminates Deal

Per NBA FTX had multiple advertising deals with multiple outlets, including the Miami-Dade County arena, which resulted in it being referred to as the FTX Arena. A federal bankruptcy court has terminated the deal, which allows the arena to take down signs and advertising material related to the now-collapsed crypto

coinbase

Coinbase CEO Brian Armstrong Says FTX Collapse Results in a Black Eye for the Industry, Citing Possible More Contagion Out There

Per The Verge While the fall of FTX already affected major crypto exchanges and companies, Coinbase's CEO said that there is a possibility that other contagions could be out there. The CEO, Brian Armstrong, said that the crypto exchange's collapse resulted in the crypto industry getting

ftx

FTX Recovers Cash, Crypto, and Securities with Liquid Assets at a $5 Billion Total

Per CNBC While the trial of FTX founder Sam Bankman-Fried is yet to start, a Delaware Bankrupt judge reported $5 billion total in liquid assets. New CEO John J. Ray said that customer assets of at least $8 billion remained unaccounted for. To be clear, FTX attorney Adam Landis told

ftx

FTX's Nishad Singh Looks for Cooperation Deal with US Prosecutors Despite Not Yet Receiving Charges

Per Bloomberg The third associate of now-charged FTX founder Sam Bankman-Fried, Nishad Singh, is looking to enter a cooperation deal with US prosecutors despite not yet receiving any charges. This follows two other associates of SBF that pleaded guilty and are now cooperating with the authorities. The first two associates