Regulators in the Bahamas are holding on to $3.5 billion worth of FTX assets that it claims are intended to be transferred to those who were monetarily affected by the crypto-fallout as customers of the company have filed a lawsuit to get their dues prioritized. After crypto exchange FTX filed for bankruptcy in November, around…
Bahamas Regulators Hold $3.5 Billion Worth of FTX Customer Assets
December 30, 2022
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FTX Customers File Class Action to Lay Claim to Dwindling Assets
FTX customers filed a class action lawsuit against the failed crypto exchange and its former top executives including Sam Bankman-Fried on Tuesday, seeking a declaration that the company’s holdings of digital assets belong to customers. The lawsuit is the latest legal effort to lay claim to the dwindling assets of FTX, which is already feuding…
Authorities Warn of ‘Pig Butchering’ Cryptocurrency Scam
December 28, 2022
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Americans are being defrauded by “pig butchering” cryptocurrency investment scams, with criminals utilizing social media to cheat thousands of people into losing hundreds of millions of dollars, according to U.S. authorities. “Pig butchering” involves scammers tricking a victim, referred to as a “pig,” into investing money in cryptocurrencies by promising a high rate of return….
FTX Asks Politicians to Voluntarily Return Billions in Sam Bankman-Fried Donations Amid Mounting Debts
December 22, 2022
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Failed crypto exchange FTX is asking politicians and charities to return the millions of dollars in donations they received from former CEO Sam Bankman-Fried in order to help pay off its mounting debts. In a press release on Dec. 19, the company said that it has already been approached by a number of recipients of contributions or other…
Sam Bankman-Fried Associates Plead Guilty to Charges in FTX Collapse
December 22, 2022
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Two associates of failed FTX boss Sam Bankman-Fried have pleaded guilty to criminal charges related to the collapse of the cryptocurrency exchange. Caroline Ellison, the former CEO of Alameda Research, and Gary Wang, who co-founded FTX along with Bankman-Fried, pleaded guilty to charges in connection with “their roles in the fraud that contributed to FTX’s collapse,”…
Is This the Last Crypto Winter?
Commentary The year 2022 has been the worst period on record for cryptocurrencies. The industry is on life-support. The crypto market has been rocked by scandals, mismanagement, bankruptcies, and potential fraud. Investor sentiment and trust is possibly the lowest it’s ever been, even after the Mt. Gox scandal in 2014, when the equivalent then of…
Binance Faces Heavy Scrutiny as $22 Trillion Worth in Hidden Trades Are Found
December 19, 2022
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Binance, the world’s biggest crypto exchange, is under heavy scrutiny as $22 trillion worth in hidden trades were found, according to a recent report. The exchange is currently attempting to drum up confidence after a surge in customer withdrawals and a massive drop in the value of its digital token, BNB, has it facing a reliability…
Insurance Companies Shun Clients With Links to FTX Due to High Contagion Risks
December 19, 2022
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Insurance companies are now denying or limiting coverage to any clients who were exposed to FTX, after the cryptocurrency exchange collapsed last month, leaving creditors with more than $3 billion in losses. This has left many digital currency traders and exchanges uninsured from any losses due to hacks, theft, or lawsuits, as insurers propose new policy…
FTX Dust Settles, Soiling Everyone
December 19, 2022
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After weeks of speculation as to whether former billionaire, now hapless participant, Sam Bankman-Fried would be arrested for fraud surrounding FTX, the cryptocurrency exchange he ran into the ground, the mystery is over. The crypto exchange founder surrendered to Bahamian custody last week and is now awaiting extradition to the United States. Following a grand…
Founder of Cryptocurrency ‘OneCoin’ Pleads Guilty to Fraud Charges, Bulgarian Co-Founder Still Wanted
A co-founder of the fraudulent cryptocurrency OneCoin, touted as a “Bitcoin killer,” pleaded guilty to money laundering and wire fraud charges in a New York City federal court on Friday, while the other founder remains missing and is listed among the FBI’s most wanted. The defendant, Karl Sebastian Greenwood, 45, co-founded OneCoin with Ruja Ignatova…
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