Binance has filed a request for the dismissal of FTX’s $1.76 billion lawsuit, claiming it has no legal basis. The exchange claims that FTX failed because of internal fraud, not because of it or its executives. According to the exchange, Sam Bankman-Fried and the FTX leadership are the main reasons for the company’s failure. FTX’s […]
FTX collapse
FTX Collapse Turns Two: The Rise Of Proof-of-Reserves In Crypto Exchanges
As the date of November 6 approaches, which will be two years since the FTX exchange collapsed, the crypto industry is still working towards building more trust with customers. FTX’s tragedy, one of the worst disasters in the crypto world, raised concerns about reserve management and raised alarm bells across the market. FTX’s failure to […]
FTX Creditors Granted Deadline Extension for Proof of Debt Submission
The FTX Bankruptcy Saga Progresses with some Hope for Creditors. Sunil, an FTX creditor, posted on X that the joint official liquidators of FTX Digital Markets extended deadline for submitting proof of debt. The original date was May 15th, but now it has gone on to the end of July or the beginning of August. […]
FTX Founder Seeks Reduced Sentence of 6.5 Years, Awaits Judge’s Decision on Sentencing
The sentencing of Sam Bankman-Fried, founder of the collapsed FTX crypto exchange, looms near as dozens of victim impact statements paint a grim picture of financial ruin and shattered trust. These statements, submitted to the Department of Justice (DOJ) ahead of Bankman-Fried’s March 28th hearing, reveal the real impact of FTX’s implosion. Creditors worldwide share […]
Judge To Decide Sam Bankman’s Fate: Faces 40-50 Years For Financial Crimes
The fall from grace of Sam Bankman-Fried, once hailed as a wunderkind of the cryptocurrency world, continues with a vengeance. On Friday, U.S. prosecutors filed a sentencing memo recommending an astonishing 40-50 years in prison for Bankman-Fried, the founder and ex-CEO of FTX. Prosecutors strongly criticize Bankman-Fried following his conviction last November on seven counts […]
FTX’s Questionable Claim Valuations Spark Community Distrust And Demand Accountability
FTX, the bankrupt crypto exchange is offering a claims process with cryptocurrency valuations for major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and Binance Coin (BNB) that are much lower than their current market prices. This has triggered questions and worries among crypto investors and users. According to Wu Blockchain, FTX has set its […]
FTX Crash Triggers Criminal Probe Of Prominent Crypto Hedge Fund Tyr Capital
A Swiss prosecutor has initiated a criminal investigation against Tyr Capital for allegedly mishandling its exposure towards FTX, a failed cryptocurrency exchange. The case emanates from the lawsuit that TGT—an investor in Tyr’s fund—filed against it in the Cayman Islands, where Tyr is domiciled. The lawsuit by TGT alleges Beginners contravened internal risk limits and […]
Deltec Bank Lawsuit Exposes Bankman-Fried’s Secret Line Of Credit Fraud Scheme
A lawsuit filed in a Florida federal court on Friday exposed Deltec Bank & Trust Ltd, a Bahamas-based bank, in the fraud scheme orchestrated by Sam Bankman-Fried, the former crypto billionaire and founder of FTX exchange, according to Bloomberg. The lawsuit, brought by lawyers representing the victims of Bankman-Fried’s fraud, alleges that Deltec Bank provided […]
FTX Customers Demand Fair Compensation For Crypto Losses
FTX, one of the largest crypto exchanges in the world, is facing backlash from its customers, who claim that the company is not paying them fairly for their cryptocurrency deposits. According to Reuters, the customers argue that FTX is using outdated prices to value their claims, which undervalue volatile cryptocurrencies that have soared in value […]
FTX’s Bankruptcy Plan Faces Final Approval After Fraud Conviction
FTX Trading Ltd., the crypto exchange that was once one of the largest and most popular platforms in the industry, is nearing the end of its bankruptcy case after its founder and CEO, Sam Bankman-Fried, was sentenced on planing huge fraud that led the FTX bankruptcy, Bloomberg reported on Dec 18th. The bankrupt exchange, which […]