Billions of dollars have flowed out of Binance, one of the leading cryptocurrency exchanges in the world, as the industry struggles with the high-profile fallout of FTX. Binance’s 24-hour net outflow hit $3 billion, according to a Dec. 13 tweet by blockchain data firm Nansen. The exchange reported more than $62.5 billion in disclosed holdings….
Binance Withdrawals Surge to $3 Billion in 24 Hours as Crypto Industry Trembles Amid FTX Fallout
December 14, 2022
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DOJ Watchdog Urges Probe Into FTX Collapse Amid ‘Serious Allegations of Fraud, Dishonesty, Incompetence’
December 4, 2022
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A Department of Justice (DOJ) watchdog is seeking an independent examination into the collapse of cryptoexchange FTX, according to a recent court filing. The Justice Department is already investigating the exchange. The DOJ’s U.S. Trustee for Regions Three and Nine now wants an independent examiner to be appointed by a bankruptcy court to look into…
Sam Bankman-Fried Says FTX US Users Will Get 100 Percent of Their Money Back
December 1, 2022
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Sam Bankman-Fried, the former CEO of the bankrupt crypto exchange FTX, has dismissed the notion that users of the platform will not recover anything substantial from the collapsed firm. In an interview with YouTube commentator Tiffany Fong, Bankman-Fried said that FTX U.S. will get “a dollar on the dollar” and that international users can expect…
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 Bankruptcy: $740 Million in Cryptocurrency Assets Recovered
November 24, 2022
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BitGo, the firm tasked with locking down the crypto assets of bankrupt crypto exchange firm FTX, has recovered $740 million worth of assets so far, revealed a recent court filing. FTX debtors are in the process of locating and securing the company’s digital assets. As part of this, the debtors hired BitGo as the custodian…
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…
NTD Business (Nov. 22): FTX Was Run as ‘Personal Fiefdom’: Lawyers; Investor Home-Buying Plunges
Updates on the FTX cryptocurrency collapse. Attorneys say former CEO Sam Bankman-Fried ran the company like a “personal fiefdom.” A potential railroad strike is coming this holiday season. We have everything you need to know about the situation. Investor home-buying is falling at record rates—the biggest drop since the 2008 financial crisis if you exclude the…
Bankrupt Crypto Exchange FTX Has Cash Balance of Over $1 Billion
November 22, 2022
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Bankrupt crypto exchange FTX has a cash balance in excess of $1 billion, according to a new filing by the company. The latest tally “identifies substantially higher cash balances than the debtors were in a position to substantiate as of Wednesday, Nov. 16,” the filing states, according to Bloomberg. In total, FTX is reported to…
New CEO of Bankrupt FTX Being Paid $1,300 an Hour, Court Filings Show
November 21, 2022
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John Ray, who has been hired as the new CEO of bankrupt crypto exchange FTX, is being paid a hefty sum of money for his services, according to legal documents filed by the company. Ray, who once led the infamous energy firm Enron through its bankruptcy proceedings, replaced FTX’s former CEO Sam Bankman-Fried. Ray is…
After FTX Collapse, Bank of England Warns of Bigger ‘Crypto Shock’ in Future
November 21, 2022
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The deputy governor of the Bank of England has warned of the need to regulate cryptocurrency following the collapse of the FTX exchange. FTX filed for bankruptcy protection on Nov. 11 as CEO and founder Sam Bankman-Fried resigned. Sir Jon Cunliffe told an audience at a Warwick Business School event on Monday: “While the crypto…
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