Bankrupt crypto lender BlockFi has decided to liquidate its cryptocurrency lending platform in a bid to repay its more than 100,000 creditors. In a company filing on May 12, BlockFi claimed that liquidation would be the best option for creditors. According to the company, the amount of funds clients can recover from the liquidation largely…
Bankrupt Crypto Lending Platform Opts for Liquidation
May 16, 2023
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Federal Court Releases Bankman-Fried, but His Parents Are on the Hook
Former FTX crypto exchange CEO Sam Bankman-Fried, just extradited to the United States from a prison in the Bahamas, was freed on $250 million bail pending his trial on criminal fraud and money laundering charges. Bail was posted by Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, who put up their house as collateral. Bankman and…
Bahamas AG Says FTX ‘Debacle’ Not Their Fault
November 28, 2022
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Bahamas Attorney General Ryan Pinder took to the podium Sunday night to defend his country’s securities regulators against “inaccurate allegations” by the U.S.-based legal team, led by veteran work-out attorney John Ray III, that has taken over management of FTX in bankruptcy, following the cryptocurrency exchange’s abrupt collapse in early November. “It is possible that…
FTX Founder’s Parents Bought Home in Bahamas Using Company Money
November 23, 2022
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The parents of FTX founder Sam Bankman-Fried and other senior executives at the bankrupt crypto exchange had purchased properties worth millions of dollars in the Bahamas using funds from the firm. In total, Bankman-Fried’s parents and FTX execs purchased at least 19 properties in the Bahamas during the past two years that are collectively valued…
Bank of America Downgrades Coinbase Following FTX Collapse
November 19, 2022
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Bank of America (BofA) has downgraded the shares of crypto exchange platform Coinbase following the collapse of the FTX crypto exchange while warning about contagion risks in the volatile sector. The FTX crisis means that Coinbase (COIN) will likely face several new headwinds in the near or medium term, BofA analysts said in a note…
More Than a Million Creditors Could Be Affected by FTX Fallout
November 15, 2022
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The collapse of the FTX crypto exchange, which was valued at $32 billion at its peak, could end up affecting far more creditors than earlier estimated, according to a recent filing by the company. In its Chapter 11 bankruptcy filing last week, FTX indicated that it had more than 100,000 creditors with claims in the…
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