FTX
Description
FTX is a cryptocurrency exchange built by traders, for traders.
FTX’s leveraged tokens provide a clean, automated way for users to get leverage. The BULL and BEAR tokens automatically manage their exposure, rebalancing daily to maintain their target leverage and prevent liquidations.
FTX is a cryptocurrency exchange built by traders, for traders.
FTX’s leveraged tokens provide a clean, automated way for users to get leverage. The BULL and BEAR tokens automatically manage their exposure, rebalancing daily to maintain their target leverage and prevent liquidations.
FTX Founder Allegedly Sought Federal Regulation Before Collapse
FTX founder Sam Bankman-Fried allegedly sought federal regulation for the crypto exchange before its collapse and his resignation as CEO. A leaked email exchange with a top regulator showed Bankman-Fried's intent to meet with the Federal Deposit Insurance Corporation chairman in June 2022.
FTX debtors report over $4 billion in scheduled assets
FTX debtors have reported over $4 billion in scheduled assets among various company silos as of November 2022 in a filing with the United States Bankruptcy Court. The report revealed that Alameda Research held the majority of scheduled assets but had "potentially material claims that have been filed as undetermined," while the data surrounding cryptocurrency holdings or transactions was limited.
Crypto Entrepreneur Sam Bankman-Fried Faces Judge Over Use of Encrypted Messaging Apps While on Bail
The lawyer representing crypto entrepreneur Sam Bankman-Fried will present a revised bail package to Judge Lewis Kaplan after Kaplan expressed concern about Bankman-Fried's use of encrypted messaging apps while out on bail. The entrepreneur had used Signal to contact former FTX and Alameda colleagues, which led Kaplan to forbid him from using such apps and threaten to revoke his bail privileges if he acted out of order.
Stargate Foundation advised against reissuing STG token
Stargate Foundation has been advised against reissuing the STG token by its DAO due to concerns raised by FTX liquidators following the bankruptcy of FTX and Alameda Research's wallets being hacked for roughly $500 million.
FTX Continues to Move Funds Amid Ongoing Investigations
Addresses associated with FTX and its subsidiary, Alameda Research, have reportedly transferred $145 million in stablecoins to various platforms, as the cryptocurrency exchange faces demands to return funds to different groups of investors amid ongoing investigations and lawsuits.
Judge Considers Dismissing Shaquille ONeal and Naomi Osaka from FTX Lawsuit
A federal judge in Florida is considering dismissing Shaquille O’Neal and Naomi Osaka from the FTX lawsuit due to uncertainty about whether they were served. The judge reprimanded other celebrity defendants for not following proper procedure in requesting a conference extension. A consolidation request by some plaintiffs against FTX was denied, and lawyers for former FTX CEO Sam Bankman-Fried noted the possibility of pushing back the criminal trial scheduled for October 2023.
FTX Founder's Lawyers Consider Delaying Criminal Trial
Lawyers representing FTX founder Sam Bankman-Fried have hinted that they may need to delay his criminal trial due to a lack of evidence from the Department of Justice (DOJ). The trial, which is scheduled to begin on October 2, will focus on fraud charges against Bankman-Fried. His lawyers have stated that they are still waiting for a "substantial portion" of evidence to be handed over to them, including evidence from devices belonging to former FTX employees who have pleaded guilty to fraud charges.
Federal Judge Refuses to Consolidate Class-Action Lawsuits Against FTX Exchange
A federal judge has denied a request to consolidate five proposed class-action lawsuits against the bankrupt crypto exchange FTX. The plaintiffs, including Julie Papadakis, Michael Elliott Jessup, Stephen Pierce, Elliott Lam, and Russell Hawkins, accuse former FTX CEO Sam Bankman-Fried and other executives of misappropriating assets. While all the plaintiffs are pursuing Bankman-Fried, the cases also involve various other defendants, including outside auditors and exchange promoters. The judge pointed out that not all defendants had the opportunity to respond yet, and there's no need to consolidate before hearing their side.
FTX to Sell Remaining Interest in Sequoia Capital to Abu Dhabi Sovereign Wealth Fund
FTX has struck a deal with a company owned by the government of Abu Dhabi to sell its remaining interest in venture capital firm Sequoia Capital for $45 million. The deal is subject to approval by the Delaware bankruptcy judge and is part of FTX's efforts to liquidate its investments to pay off its debts to creditors. Meanwhile, Voyager Digital has agreed to set aside $445 million after being sued by Alameda Research over loan repayments.
US proposes new bail conditions for former FTX CEO
The US Department of Justice has proposed new bail conditions for former FTX CEO Sam Bankman-Fried, which include communication restrictions and monitoring of his online activity. The proposal also requests that temporary bail conditions recently imposed should be made permanent. Bankman-Fried's $250 million bail has been under scrutiny since he was found to have contacted potential witnesses on his case, and a superseding indictment against him was unsealed containing 12 criminal counts.