• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / Archives for ftx

ftx

Former FTX CEO’s 21 Days Lengthy Trial Set To Begin: Facing 115 Years In Prison?

September 30, 2023 by Ammar Raza

Former FTX CEO Sam “SBF” Bankman-Fried is gearing up for a lengthy legal battle as he faces criminal charges related to the collapse of his $32-billion crypto exchange.

The trial, set to commence on October 4 and extend until November 9, will span at least 21 days, as revealed in a recently released trial calendar available on the public court docket.

The legal proceedings will kick off with jury selection on October 3, followed by the first official date of Bankman-Fried’s trial on October 4. During the trial, prosecutors will present seven charges against him, including two substantive fraud charges that require convincing a jury of his guilt and five conspiracy charges focused on proving that he planned to commit these crimes.

Source: Courtlistener

The trial calendar specifies 15 full trial days in October and another six in November. Notably, the court will not be in session between October 20 and October 25, and weekends are exempt from proceedings. Public holidays on October 9 and November 10 will also see no trial activity, with November 3 marked as a non-trial day.

Bankman-Fried, who has been in pre-trial detention at the Metropolitan Detention Center since August 11, has made several unsuccessful attempts to secure temporary release for trial preparation. 

United States District Judge Lewis Kaplan denied his latest request on September 28, citing concerns about the possibility of flight due to his young age and the potential for a lengthy sentence if convicted. Nonetheless, Bankman-Fried was granted permission to arrive at court early, at 7 am local time on most trial days, to consult with his legal team before testimony begins.

FTX’s Bankman-Fried’s Journey Behind Bars

Assistant U.S. Attorney Danielle Kudla estimated the trial could last four to five weeks, setting the stage for a protracted legal battle for SBF. If found guilty on all counts, he faces a maximum sentence of 115 years in prison.

Crypto experts believe that Bankman-Fried faces an uphill battle in court. Michael Kanovitz, a partner at Loevy & Loevy law firm, expressed pessimism about his prospects, suggesting that a guilty verdict could lead to a lifetime behind bars. 

Courts consider the gravity of the crime and the defendant’s behavior during the trial when determining sentences, and tampering with witnesses, and a lack of mitigation may weigh heavily against Bankman-Fried in the eyes of the court.

Related Reading | FTX Launches $157.3M Lawsuit Against Former Salameda Employees

Filed Under: News, World Tagged With: Cryptocurrency, ftx, SBF

Court Orders Disclosure of SBF’s Political Donation Details

September 27, 2023 by Lipika Deka

The former CEO of the now-bankrupt crypto exchange FTX, Sam Bankman-Fried, or SBF, finds himself entangled in a legal web, as the Department of Justice [DOJ] has successfully obtained a court order to unveil the intricacies of his political donations. This revelation is set to serve as crucial evidence in the upcoming fraud trial against SBF, marking a significant development in a complex legal saga.

The latest ruling, a part of a comprehensive 16-page pretrial order issued by Judge Kaplan on September 26, meticulously delineates which pieces of evidence will be admissible during the imminent trial, scheduled to commence on October 3. At the core of the DOJ’s case lies the allegation that Sam Bankman-Fried orchestrated an “illegal campaign finance” scheme, a charge that the prosecution intends to vigorously pursue in court next month.

SBF

This stance by the government follows a prior assertion made in August when it was disclosed that a campaign finance charge against the FTX founder had been precluded due to a treaty with the Bahamas. However, the DOJ has now pivoted, asserting that Bankman-Fried concealed the origins of his ill-gotten gains through a labyrinth of political straw donations. They contend that this campaign finance misconduct is not only admissible at trial but also constitutes direct evidence of the overarching charges levied against him.

SBF Legal Saga: More Revelations

Beyond the revelation of campaign donations, Judge Kaplan has also granted the prosecution’s motion to introduce evidence implicating Bankman-Fried in the creation of the FTX token. This move aims to shed light on SBF’s alleged involvement in directing Alameda Research, a crypto trading firm, to surreptitiously amass significant holdings of the FTX token as well as other digital assets like Serum.

Moreover, the evidence will explore claims that he orchestrated Caroline Ellison, the then-CEO of Alameda Research, to manipulate the valuation of these tokens and engaged in efforts to obfuscate Alameda’s ownership of Serum tokens.

This multifaceted legal battle not only puts SBF’s actions under a microscope but also underscores the evolving landscape of cryptocurrency regulation. As the trial approaches, the crypto community, legal scholars, and the general public eagerly anticipate the unveiling of evidence that could have far-reaching implications for the future of digital currencies and their intersection with political finance.

Filed Under: News Tagged With: crypto donations, DoJ, ftx, SBF

SBF’s Defense Fights for Access Amidst Trial Preparations

September 27, 2023 by Lipika Deka

The legal counsel of embattled crypto mogul SBF has once again made a fervent plea for his temporary release from detention. They argue that his presence is paramount as the trial date looms closer, scheduled for the upcoming month. In a letter submitted to Judge Lewis Kaplan, SBF’s lawyers emphasized the intricate nature of the case and the challenges of adequately preparing for the trial.

The lawyers noted the court’s previous acknowledgment of the complexities involved in this case and asserted that the current restrictions on access have made trial preparations exceedingly difficult. They stressed that this assessment is not made lightly but is a reflection of the practical realities they face. In their view, temporary release is the only viable option to ensure that the defense counsel can have sufficient access to Mr. Bankman-Fried and represent him effectively at trial.

Furthermore, the defense counsel highlighted the limited window of access they have to SBF, primarily confined to the morning hours before trial proceedings commence. After the trial day concludes, he is returned to the Metropolitan Detention Center [MDC], arriving well past the visiting hours, thereby severely impeding communication and preparation.

SBF
Image credit: Finance Magnates

SBF, the accused kingpin behind the collapse of the crypto exchange FTX, found himself in legal trouble when his bail application was recently revoked by a judge, citing allegations of witness tampering. Subsequently, his legal team has been vigorously fighting against his incarceration.

Despite their relentless efforts, the Department of Justice [DOJ] prosecutors have opposed SBF’s appeal for bail. They firmly defended their stance on denying bail and categorically dismissed the appeal as lacking merit. The prosecution team underscored the gravity of the witness tampering charges, expressing concerns about the safety of key witnesses.

Media Spotlight on SBF’s Legal Saga

Prosecutors contended that SBF’s wrongdoing extended beyond a single instance of witness tampering. They accused him of attempting and successfully engaging on two occasions, blatantly disregarding court orders. As a result, they argued that given his history of non-compliance during pre-trial proceedings, it was highly improbable that any conditions of release would ensure his adherence to legal requirements.

In an intriguing turn of events, the legal saga of the crypto entrepreneur has caught the attention of media outlets, with the British Broadcasting Corporation [BBC] set to release a documentary on the subject. This development has sparked mixed reactions within the crypto community, with some expressing concerns about the unwanted publicity it may bring to the case.

Filed Under: News Tagged With: DoJ, ftx, SBF

SBF’s Saga Live On BBC: “Downfall of the Crypto King”

September 27, 2023 by Aishwarya shashikumar

In a riveting exposé, SBF’s meteoric rise and fall came to light in the British Broadcasting Corporation (BBC)’s latest documentary, “Downfall of the Crypto King.” Premiering on September 25, 2023, at 8:00 PM, this 90-minute cinematic masterpiece left crypto enthusiasts and skeptics spellbound, shedding light on the captivating story of SBF’s $40 billion crypto empire, FTX, which now stands bankrupt, leaving over a million customers in financial turmoil.

Described in the documentary’s synopsis as a “mop-haired, nerdy math genius,” SBF’s journey from obscurity to cryptocurrency royalty was meticulously analyzed, revealing a rollercoaster tale of hubris and deception. The film explored how SBF’s scruffy image, celebrity endorsements, and grandiose pledges to donate billions to charity served as a smokescreen, obscuring the alleged crimes that plunged the crypto world into crisis.

Social Media’s SBF Debate: Power, Politics, and Impunity

As anticipation mounts for SBF’s trial, scheduled to commence on October 3, 2023, in a Manhattan federal courtroom, audiences are left in suspense. Unlike his cohorts, SBF has entered a plea of ‘not guilty’ against the litany of charges, including fraud and conspiracy, tied to the rise and collapse of FTX.

The documentary, through exhaustive research and interviews with SBF’s former associates, employees, and insiders, unraveled the myriad red flags that went unnoticed, challenging the notion that charisma and apparent altruism are enough to justify such vast wealth in the cryptocurrency sphere.

As viewers flocked to witness the documentary’s unveiling, reactions poured in, igniting passionate discussions across social media platforms. Some, like Shane B, pondered the role of politics in these intricate scenarios, raising questions about how power can seemingly grant impunity. Meanwhile, Paul Rogan marveled at how the film seamlessly wove together the intricate puzzle pieces, expressing his fascination with the notion that vast fortunes could be concealed from the public eye until it was too late.

Downfall of the crypto King Sam Bankman -Fried #Panorama was fascinating. How easy it is for fraudsters to con greedy ppl, Madoff got away with it for decades despite financial experts warnings. If ppl are making vast sums of money they don't want to know, until its too late.

— Paul Rogan (@pvlrogey) September 25, 2023

“Downfall of the Crypto King” serves as a stark reminder of the inherent risks and pitfalls within the cryptocurrency industry. It challenges us to critically examine the allure of quick wealth and the consequences of placing blind faith in charismatic figures. As the crypto world awaits the verdict in SBF’s trial, the echoes of his spectacular rise and fall reverberate, serving as a cautionary tale for the ever-evolving landscape of digital currencies.

Filed Under: News, Crypto Scam, World Tagged With: Crypto, Cryptocurrency, downfall of the crypto king, ftx, Sam Bankman-Fried

Binance CEO Offers Security Team Assistance In $8 Million HTX Hack Investigation

September 26, 2023 by Mohammad Ali

In a crypto-world whirlwind response, Binance’s CEO Changpeng “CZ” Zhao wasted no time addressing the recent $8 million hack that jolted the HTX crypto exchange, previously known as Huobi. CZ has promptly extended a helping hand by deploying Binance’s elite security team to join the relentless hunt for the perpetrators behind this digital heist.

On September 25, blockchain analytics platform Cyvers raised the alarm regarding a security breach that drained 5,000 Ether (ETH) worth $1,588 from one of HTX’s hot wallets. This incident highlights the urgent need for swift action when dealing with cryptocurrency thefts, as hackers often employ tactics such as using mixers or converting stolen assets into privacy tokens to cover their tracks.

🚨Red Code🚨Yesterday, our ML-powered system detected a suspicious transaction involving @HuobiGlobal and @HTX_Global.
Despite our attempts to reach out, we received no response. An EOA received 5K $ETH $7.9M from @HuobiGlobal's hot wallet.

🔍 This morning, we spotted… pic.twitter.com/3oqHhAVi8P

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) September 25, 2023

Taking proactive steps to minimize the fallout, HTX extended an enticing 5% “white-hat bonus” amounting to nearly $400,000 to entice the hacker. The condition stipulated a seven-day window for compliance. This gesture was intriguing because the offer was distinctly conveyed in Mandarin, substantiated by a visible screenshot.

Source: etherscan.io

Binance’s CZ Insights On Huobi HTX Security

On a lighter note, CZ playfully commented on the similarity between the rebranded HTX and Sam Bankman-Fried’s FTX exchange. However, he acknowledged that the nature of the losses in both exchanges differed significantly, with HTX falling victim to a hack and FTX being associated with an alleged scam.

In response to a tweet from Tron founder Justin Sun, who also advises HTX, CZ enlisted Binance’s security team to aid in tracing the stolen funds. Sun further assured users that HTX would cover all their losses.

HTX has also enhanced its security, implementing real-time monitoring mechanisms to prevent future breaches. Although Sun denies holding a significant stake in HTX, he committed to conducting live streams in both English and Chinese to discuss exchange security.

This incident occurred shortly after another cryptocurrency platform, Mixin Network, suffered a massive $200 million hack. The breach was related to compromising a third-party cloud service provider’s database. An independent Web3 SaaS analytics platform 0xScope investigation revealed a historical connection between the hacker and Mixin Network. 

[Announcement] In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Network's cloud service provider was attacked by hackers, resulting in the loss of some assets on the mainnet. We have contacted Google and blockchain security company @SlowMist_Team…

— Mixin Kernel (@MixinKernel) September 25, 2023

In 2022, an address linked to the hacker had received 5 ETH from Mixin and subsequently deposited it into Binance. Deposits and withdrawals on Mixin Network will only resume once vulnerabilities are confirmed and rectified. Plans to recover the lost assets for affected users have not been disclosed.

Related Reading:| Binance’s Fight for Fair Play: Petition To Dismiss SEC Lawsuit

Filed Under: News Tagged With: Binance, Blockchain, Crypto, Cryptocurrency, CZ Zhao, Ethereum (ETH), ftx, HTX, Huobi

FTX Launches $157.3M Lawsuit Against Former Salameda Employees

September 22, 2023 by Ammar Raza

In a legal showdown that continues to unravel the tumultuous world of crypto, FTX, the now-bankrupt crypto exchange, has launched a lawsuit against former employees of Salameda, a Hong Kong-incorporated entity with ties to FTX. The lawsuit seeks to recover a staggering $157.3 million.

The allegations put forth in the filing accuse a group of individuals, including Michael Burgess, Matthew Burgess, Lesley Burgess, Kevin Nguyen, Darren Wong, and two associated companies, of orchestrating a scheme involving FTX accounts. 

During the 90 days leading up to the exchange’s bankruptcy filing on November 11, 2022, known as the Preference Period, the defendants are alleged to have benefited from withdrawals deemed preferential transfers that are subject to scrutiny under the Bankruptcy Code. 

The filing asserts that these individuals raced to withdraw assets and leveraged their connections within the exchange to ensure preferential treatment over other clients.

FTX Lawsuit: Slack Messages as Evidence

Messages exchanged on the communication platform Slack are cited as evidence in the lawsuit, suggesting that Matthew Burgess enlisted fellow FTX employees to expedite specific withdrawal requests while falsely representing an account as his own. 

Notably, these transfers were executed mere hours before the exchange ceased withdrawals on November 8, 2022, with over $123 million of the $157.3 million withdrawn on or after November 7. The lawsuit contends that these actions were undertaken with the intent to hinder, delay, or defraud FTX US’s current or future creditors.

Recently, a lawsuit has been leveled against the parents of Sam Bankman-Fried, the founder of FTX Trading. This lawsuit alleges that Allan Joseph Bankman and Barbara Fried used their influence over their son to divert substantial sums from the beleaguered company. 

The suit further claims that Bankman directed over $5.5 million in charitable contributions from the exchange to Stanford University, where he serves as a law professor. These contributions are characterized as “naked self-dealing” aimed at benefiting Stanford at the expense of FTX Group.

In response, Stanford University has announced its intention to return the funds obtained from gifts originating from FTX and related entities. A spokesperson for the university clarified that these funds were primarily earmarked for pandemic-related prevention and research efforts. 

The university is presently engaged in discussions with the exchange debtors’ attorneys regarding the return of these contributions, although the precise monetary value remains undisclosed.

Filed Under: News, World Tagged With: Cryptocurrency, ftx

FTX: Stanford University Pledge to Return Donation Amidst Legal Turmoil

September 20, 2023 by Lipika Deka

The now-bankrupt crypto exchange FTX made substantial donations to one of America’s most prestigious institutions, Stanford University, during the tenure of its founder, Sam Bankman-Fried. However, as FTX’s fortunes took a dramatic nosedive in November, the group of debtors associated with the platform embarked on an ardent quest to reclaim these sizable contributions. Stanford, on the other hand, has taken a commendable step by initiating discussions with legal experts to facilitate the return of these donations to their rightful owners.

A spokesperson for the venerable university reaffirmed their unwavering commitment to restoring the entire sum to its original benefactors. It is crucial to underscore that in recent developments, the crypto exchange, now under new management, recently filed a lawsuit against Joseph Bankman and Barbara Fried, the parents of Sam Bankman-Fried, accusing them of misappropriating funds.

The lawsuit’s core allegation revolves around the period spanning from November 2021 to May 2022 when Sam Bankman-Fried allegedly orchestrated the channeling of over $5.5 million in donations from the FTX Group to his employer, Stanford University. Prior to this legal tussle, representatives from Stanford had acknowledged receiving donations from the FTX Foundation and affiliated entities, primarily designated for pandemic-related research and prevention efforts.

The latest allegations of financial impropriety have cast a shadow of doubt over the initial intent behind these ostensibly benevolent contributions. Court documents shed further light on the predicament of Joseph Bankman and Barbara Fried, both esteemed professors at Stanford Law School, now facing scrutiny for potentially leveraging their positions to exploit their connections within FTX, amassing substantial wealth in the process.

Celebrities Settle FTX Lawsuits

In response to these grave accusations, the legal representatives of Joseph Bankman and Barbara Fried vehemently denied any wrongdoing, categorizing the claims as “completely false.” They characterized the lawsuit as a “dangerous attempt to intimidate” the accused and undermine the legal process, a move they allege was strategically timed just days before their child’s trial.

Adding another layer of complexity to the FTX narrative, recent developments saw a trio of celebrities settling lawsuits related to sponsorship deals they had struck with the now-defunct crypto exchange before its precipitous collapse in the previous year. NFL quarterback Trevor Lawrence, representing the Jacksonville Jaguars, reportedly reached an undisclosed settlement to resolve accusations of misleading investors in FTX. Additionally, prominent YouTubers Tom Nash and Kevin Paffrath also entered into settlements, although the specific terms remained undisclosed.

Filed Under: News Tagged With: ftx, Stanford University

Bitcoin’s 2023: Short-Term Holders Drowning With Over 97.5% In Losses

September 20, 2023 by Mishal Ali

The sentiment surrounding Bitcoin has taken a sharply negative turn as almost all Short-Term Holders are in a precarious position. According to a recent report from Glassnode, these investors are now underwater in their positions, signaling a worrisome trend in the market.

With almost all #Bitcoin Short-Term Holders now underwater on their position, sentiment has shifted towards the negative.

In this report, we explore several measures to track investor sentiment. We develop indicators which assess divergences between the market and observed… pic.twitter.com/DcD5ULIPwy

— glassnode (@glassnode) September 18, 2023

Patterns In Bitcoin’s Market Behavior

The report delves into various measures to track investor sentiment and assesses the divergence between market behavior and investor behavior. One of the key indicators highlighted in the report is the market’s position relative to two on-chain pricing models. These models, Investor Price ($17.6k) and Delta Price ($11.1k) provide valuable insights into market cycles and recovery patterns.

The Bitcoin market has struggled to maintain a price of around $26k, failing to hold above the cycle midpoint level at approximately $31.4k. The report suggests that this price action and the formation of a double-top pattern in prices during April and July may indicate an early shift in market psychology and confidence.

One critical metric discussed in the report is the Realized HODL Ratio (RHODL), which tracks the balance of invested wealth among different categories of investors. The data shows a modest influx of new investors in 2023 but remains relatively weak in momentum.

The Accumulation Trend Score is used to visualize the inflow of capital, indicating that the 2023 recovery rally was driven by significant accumulation near local tops above $30k. This behavior suggests that investors were driven by FOMO (Fear of Missing Out).

In the analysis, the­ report examines the­ Realized Profit and Loss indicators. These­ indicators gauge changes in investor profitability. It uncove­rs a pattern of significant accumulation and profit-taking at local tops in 2023, similar to market peaks obse­rved in 2021.

A discussion revolve­s around a significant measure concerning Short-Te­rm Holders, revealing an alarming re­velation that more than 97.5% of this specific group’s Bitcoin stash is currently held at a financial loss. 

This level of loss-holding has not been witnessed since the unfortunate FTX collapse, sugge­sting a particularly challenging period for individuals who invest in Bitcoin for short-term gains.

The re­port introduces two powerful metrics, name­ly STH-MVRV and STH-SOPR, which aim to evaluate the financial ince­ntives and actualized sell-side­ pressure faced by Short-Te­rm Holders. These me­trics unveil significant deviations from their ave­rage values, there­by indicating that recent investors have­ encountered substantial profit or loss.

The re­port concludes by introducing a method that assesse­s sentiment shifts among new inve­stors. It is done by comparing the cost basis of holders and spe­nders. Interestingly, the­ current analysis reveals that the­ cost basis of spenders is actually lower than that of holde­rs. Furthermore, this suggests a ne­gative sentiment and pote­ntial panic among Short-Term Holders.

Related Reading | South Korea Targets OTC Crypto Regulation Amid $4B Illicit Activity

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), Cryptocurrency, ftx

FTX Takes Legal Aim At Founder’s Parents Over Millions In Alleged Fraud

September 20, 2023 by Mishal Ali

Bankrupt crypto exchange FTX Trading has filed a lawsuit against the parents of its founder and former CEO, Sam Bankman-Fried (SBF). The lawsuit, filed on Monday, alleges fraudulent transfers and misappropriation of funds by Joseph Bankman and Barbara Fried, also law professors at Stanford Law School, according to a recent report.

FTX seeks to recover substantial sums of money it claims were transferred unlawfully. The lawsuit demands damages for the estate, the return of properties or payments made to the parents by the exchange in the past, and punitive damages due to “conscious, willful, wanton, and malicious conduct.”

The court document reveals that FTX Trading paid $18,914,327.82 for Blue Water, which SBF’s parents owned. In addition to the purchase price, various expenses related to Blue Water amounting to over $90,000 were allegedly incurred by FTX.

The lawsuit claims that Bankman, using his knowledge of tax law and FTX Group’s corporate structure, helped himself and Fried receive $10 million cash from Alameda Ltd. The exchange accuses them of exploiting their legal expertise to enrich themselves at FTX’s expense. 

Bankman’s luxury lifestyle, including a Super Bowl commercial appearance and withdrawals of millions from FTX, are also questioned. The complaint states that Bankman knew about the exchange Group’s financial troubles.

Barbara Fried is also accused of using her influence to boost political contributions for Mind the Gap (MTG), a PAC she co-founded. The lawsuit claims she directed tens of millions of dollars to MTG and MTG-supported causes. While the exact amount isn’t disclosed, the filing points out extravagant expenses, like $1,200-per-night hotel stays and plane tickets.

Bankman reportedly received a substantial annual salary of $200,000 as a senior adviser to the exchange foundation and over $18 million from the Bahamian property transaction, in addition to $5.5 million in FTX Group donations to Stanford University.

Market Remains Stable Amid FTX Liquidations

Meanwhile, another report suggests that the sale of tokens held by the exchange in its bankruptcy proceedings is unlikely to cause market disruption. Coinbase’s research report indicates that the liquidations are currently capped at $50 million per week, possibly increasing to $200 million a week, subject to approval by committees representing FTX debtors.

With the exchange holding significant crypto assets, including $1.16 billion in Solana (SOL), $560 million in Bitcoin (BTC), $192 million in Ether (ETH), and $1.49 billion in other tokens, the court’s decision to allow the exchange to sell and invest these assets to repay creditors marks a pivotal development in the ongoing bankruptcy saga.

Related Reading | South Korea Targets OTC Crypto Regulation Amid $4B Illicit Activity

Filed Under: News, World Tagged With: Cryptocurrency, ftx, SBF

FTX Conversations Surge To 5-Month High After $3.4B Crypto Liquidation Approval

September 15, 2023 by Ammar Raza

Santiment reported today that conversations surrounding the bankrupt crypto exchange FTX have surged to a five-month high. This sudden spike in chatter comes on the heels of a recent development in the Delaware Bankruptcy Court. 

Judge John Dorsey has given the green light to FTX Global Inc., granting them approval to initiate the liquidation of their staggering $3.4 billion in cryptocurrency holdings.

🧐 Conversations related to #FTX have hit a 5-month high after the exchange received approval to liquidate $3.4B in #crypto. #Ethereum, in particular, has seen odd #onchain activity since, including its 2nd largest activity day of all time yesterday. https://t.co/fFXYKicnMx pic.twitter.com/lnrqYW9hmy

— Santiment (@santimentfeed) September 14, 2023

This decision marks a significant step forward for the exchange, which has been grappling with severe financial troubles in recent times. The court’s ruling paves the way for the orderly sale of its digital assets, albeit with some notable exceptions.

Under the court’s watchful eye, FTX will be allowed to sell its digital assets in weekly batches. The initial limit for the first week is set at $50 million, with subsequent weeks permitting sales of up to $100 million. 

However, there’s room for expansion, contingent on prior approval from the creditors’ committee and ad hoc committee, or ultimately, court approval, which could potentially raise the weekly limit to a substantial $200 million.

Breakdown Of FTX’s Crypto Holdings

A well-known on-chain analyst, Lookonchain, tweeted a thread highlighting the particulars. According to the tweet, FTX currently holds a diversified portfolio of crypto assets, including $1.162 billion in SOL, $560 million in BTC, $192 million in ETH, and a myriad of other assets such as APT, USDT, XRP, BIT, STG, WBTC, and WETH.

2/

And #FTX also holds over 1,300 additional Category B tokens, including:

$362M SRM;
$309M MAPS;
$164M OXY;
$72M MEDIA;
$51M FIDA;
$28M BRZ;
$15M HXRO;
$12M GT;
$8M ALM;
$6M RON;
… pic.twitter.com/hEoVbtOIVa

— Lookonchain (@lookonchain) September 14, 2023

Furthermore, FTX boasts a substantial stash of over 1,300 additional Category B tokens, with notable holdings in SRM, MAPS, OXY, MEDIA, FIDA, BRZ, HXRO, GT, ALM, and RON, among others.

Interestingly, there’s a growing gossip in the crypto world regarding potential buyers for FTX’s assets. DWF Labs is reportedly considering a purchase, while the founder of Tron Justinsun is contemplating making an offer. However, FTX’s sales of BTC and ETH will require a 10-day notice to the creditors’ committee, ad hoc committee, and the U.S. trustee.

Nevertheless, FTX takes its first steps towards resolving its financial woes by selling its digital assets. The crypto community watches with bated breath, eager to see how this high-stakes liquidation unfolds in the coming weeks.

Related Reading | The $500K Bitcoin Fee Fiasco: Unraveling the Fat Finger Error

Filed Under: News, World Tagged With: Cryptocurrency, Ethereum (ETH), ftx

  • Go to page 1
  • Go to page 2
  • Go to page 3
  • Interim pages omitted …
  • Go to page 28
  • Go to Next Page »

Primary Sidebar

Recent Posts

  • Bitcoin Analyst’s Market Insights: Potential Crash And Bullish Signals October 1, 2023
  • Crypto Crossroads: NYDIG Warns Of Possible U.S. Government Shutdown & Its Impact October 1, 2023
  • Chainlink Roars With 16% Weekly Gain: Analysts Predict Further Momentum October 1, 2023
  • Bitcoin’s Surge To $27,000: Eyes On $30,000 Amid US Shutdown Uncertainty September 30, 2023
  • Polygon Labs Forges Game-Changing Partnership: Google Cloud Joins As Validator September 30, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.

x
x