U.S. judge rejects FTX lawyers' motion to postpone bankruptcy proceedings
FTX lawyer Lawrence Gebhardt requested a postponement of the bankruptcy proceedings in Delaware because it is still unclear how FTX went bankrupt. Judge John Dorsey rejected the motion, stating that there was no need for delay.
FTX plans to sell $100 million in crypto every week to pay down debt
According to finbold, FTX plans to sell approximately $100 million worth of cryptocurrency each week. As the SEC or other regulatory agencies may intervene, this plan has not yet been confirmed. FTX currently holds approximately 10% of the total supply of SOL, worth over $3.3 billion. In addition, it also holds $742 million worth of BTC, approximately $226 million worth of ETH, approximately $180 million worth of APT, and approximately $143 million worth of XRP.
Paidun: FTX address has transferred 1.19 billion SPELL to Coinbase Prime
On November 14th, according to PeckShield monitoring, FTX address has transferred 1.19 billion SPELL to Coinbase Prime.
FTX deposited $24 million worth of crypto assets to CEX in the past 5 hours
According to Spot On Chain monitoring on November 14th, FTX deposited SOL, MATIC, and ETH worth $24 million to Kraken and OKX in the past 5 hours, including 250,000 SOL (approximately $13.5 million), 82.7 million MATIC (approximately $7.41 million), and 1,500 ETH (approximately $3.1 million).
Pantera Capital: Less than 5% of portfolio team significantly impacted following FTX collapse
Pantera Capital published an article on X platform stating that on the one-year anniversary of FTX's collapse, we want to take some time to reflect on how to deal with this crisis, the impact on investment portfolios, and the lessons learned for the future.
SK Telecom Vice President: If legal risks such as FTX are resolved, the crypto market will see significant growth
SK Telecom's Executive Vice President Oh Sae-hyun predicted in his UDC 2023 keynote speech that the virtual asset market, including Bitcoin, will experience significant growth if legal risks such as the FTX scandal are resolved.
A total of 3.7 million SOL has been transferred out of the FTX cold wallet in the past week, with 253,407 SOL remaining.
According to Lookonchain monitoring, in the past week, FTX cold wallet address has released 3.96 million SOL tokens (equivalent to 230 million US dollars) from pledge, and a total of 3.7 million SOL tokens (equivalent to 215 million US dollars) have been transferred out; currently, there are still 253,407 SOL tokens left (equivalent to 14.75 million US dollars).
Former FTX executive team launches Backpack Exchange
A team of former FTX executives is launching a new cryptocurrency company called Backpack Exchange. The team is led by former FTX general manager Can Sun. Backpack Exchange will use Backpack's technology to allow customers to "self-custody" their funds for added security and to avoid further complexity of customer assets.
Former FTX execs are teaming up to build a new cryptocurrency exchange
Can Sun, the former chief legal advisor of FTX, is joining forces with some former FTX executives to establish a new cryptocurrency exchange aimed at solving the problems that led to the bankruptcy of their former employer. Can Sun testified in the criminal trial of Sam Bankman-Fried and was a key witness in the SBF trial. (Wall Street Journal)
Former FTX General Counsel to Launch New Cryptocurrency Exchange
Some former FTX executives, including Can Sun, former general counsel of FTX, are joining forces to establish a new cryptocurrency exchange aimed at solving the problems that led to the bankruptcy of their former employer. Can Sun testified in the criminal trial of Sam Bankman-Fried and was a key witness in the SBF trial.
Can Stablecoins Get Past Their Instability?
Moody's Head of DeFi Rajeev Bamra considers the role stablecoins play cryptocurrency markets, and the risks posed by "depegging" events.
FTX Creditors Alliance: Recommends FTX to rehire marketing department
According to TechFlow news from DeepChain, the FTX 2.0 Coalition, a group of FTX creditors, tweeted that "In fact, FTX is a great brand. Without this brand, a related legacy token would not have reached a market capitalization of $2 billion and a significant trading volume today. We suggest rehiring the marketing department."
FTX bankruptcy advisor sues Bybit to recover $953 million in assets
Bankruptcy trustee of FTX has filed a lawsuit against cryptocurrency trading platform Bybit Fintech Ltd and its two subsidiaries in a Delaware court, seeking to recover approximately $953 million worth of cash and cryptocurrency assets that were withdrawn from the platform before the FTX collapse. The lawsuit alleges that Bybit's investment department, Mirana Corp., had special VIP privileges that most FTX customers did not have and used these privileges to transfer most of its assets from the FTX platform during the FTX collapse. While FTX customers were waiting in line for withdrawals, Mirana pressured FTX employees to fulfill its withdrawal requests. The other subsidiary company named in the lawsuit is Time Research Ltd.
Crypto lending firm Hodlnaut to be liquidated by judicial managers
Hodlnaut, a crypto lending firm based in Singapore, is set to be liquidated by its judicial managers, according to a document from EY. The firm had attempted to avoid liquidation but was met with resistance from creditors. Hodlnaut held assets worth over $13 million in the now-bankrupt FTX exchange and lost $189.7 million in the failed DeFi platform Anchor Protocol. The company had previously informed its users of a pending investigation by the Singapore police.
SEC Chair Gary Gensler to Allow FTX Reopening But Under This Condition
The SEC chair said that if Tom Farley or other FTX acquiring party is willing to reopen the exchange, they must follow securities law.
Watcher.Guru: US SEC Chairman Says FTX May Relaunch Under New Leadership
According to Watcher.Guru, Gary Gensler, the chairman of the US SEC, said that FTX cryptocurrency exchange may restart under new leadership.
WSJ: Former NYSE CEO in talks to restart FTX
Former New York Stock Exchange President Tom Farley's company is one of three companies bidding for the remaining assets of FTX, and FTX's auction has entered its final stage.
According to sources, Bullish, a cryptocurrency trading platform operated by Farley, financial technology startup Figure Technologies, and cryptocurrency venture capital firm Proof Group are competing to acquire FTX. The winning bidder will be able to restart the trading platform after it plans to exit bankruptcy proceedings next year. (Wall Street Journal)
The judge in the FTX case explained the rejection of SBF's defense motion: the witness testimony was slightly different from the testimony previously provided to the FBI
Judge Lewis Kaplan in the FTX case issued an explanation for rejecting SBF's defense motion. The explanation stated that SBF's defense motion was rejected because Gary Wang and Nishad Singh's testimony on the witness stand was slightly different from their testimony provided to the FBI in 2022, and therefore some FBI officials will be required to testify in the future.
FTX and Alameda moved 7 assets worth $38.5 million to the exchange about 6 hours ago
According to Spot On Chain monitoring by Odaily Star Planet Daily, FTX and Alameda transferred seven assets worth $38.5 million to the exchange about 6 hours ago, including 750,000 SOL coins (worth about $31.2 million), 325,501 ENS coins (worth about $2.76 million), 10.1 million GMT coins (worth about $2.22 million), 642,702 LDO coins (worth about $1.26 million), 288,211 APE coins (worth about $410,000), 127,407 BADGER coins (worth about $365,000), and 555,342 BNT coins (worth about $323,000). Overall, as of November 8th, FTX and Alameda have transferred 36 assets worth $350 million to the exchange.
Bankrupt Crypto Exchange FTX Seeks Court Approval to Sell $744 Million in Assets
FTX, a bankrupt crypto exchange, has requested permission from a judge to sell off its Grayscale and Bitwise assets, worth a total of $744 million, through an investment adviser. The move is aimed at protecting the company against potential downward price swings in the trust assets, maximizing the value of the debtors' estates, and allowing for forthcoming dollarized distributions to creditors. The trust assets include holdings of five different Grayscale Trusts valued at $691 million and holdings of a Bitwise-managed trust valued at $53 million. FTX filed for bankruptcy in November 2022 following accusations of mismanagement of funds by its CEO, Sam Bankman-Fried.
