The FTX address redeemed $65.46 million worth of SOL from the pledge, and $162 million of SOL is still pledged.
According to Yu Jin Detection, 15 minutes ago, FTX address (FTX Cold Storage #2) redeemed 1,600,645 SOL (worth $65.46 million) from pledge. Currently, the address still has 3,963,725 SOL ($162 million) in pledge. FTX/Alameda address has accumulated a transfer of 1,259,886 SOL ($40.67 million) to CEX since 10/25.
FTX/Alameda Research has deposited 26 EVM tokens worth $83.6 million to the exchange
According to Spot On Chain monitoring, FTX/Alameda Research deposited 6 types of cryptocurrencies worth $5.49 million into Binance and Coinbase 30 minutes ago, including AAVE, ALICE, AXS, C98, DYDX, and ZRX. The top three in terms of amount deposited are 1.14 million DYDX tokens (approximately $2.64 million), 192,888 AXS tokens (approximately $1.05 million), and 5,858 AAVE tokens (approximately $522,000). Currently, FTX/Alameda Research has deposited a total of 26 EVM tokens worth approximately $83.6 million to the exchanges.
FTX deposited $8.12 million worth of assets to Coinbase 3 hours ago
According to data monitored by Spot On Chain, FTX deposited three assets worth $8.12 million into Coinbase about three hours ago, including: 46.5 million GRT ($4.85 million), 972,073 RNDR ($2.3 million), and 708.1 MKR ($0.967 million).
FTX Founder Sam Bankman-Fried's Criminal Trial Moves to Closing Arguments on November 1
Closing arguments in the criminal trial of FTX founder Sam Bankman-Fried (SBF) are scheduled for November 1, following the denial of a request for acquittal by lead defense attorney Mark Cohen on Day 15 of the trial. Both sides have concluded evidence discovery and declined to call further witnesses. SBF has pleaded not guilty to seven fraud-related charges, but is expected to face five more counts in a second trial in March 2024. During discovery, prosecutors presented evidence alleging that SBF siphoned $8 billion worth of FTX customers' deposits to fund risky trades at his hedge fund, while SBF claimed that this was a necessary risk management procedure. Key FTX personnel have already pled guilty to charges relating to the exchange's collapse last November and are cooperating with the government in their testimonies against SBF. If convicted, SBF could face a maximum penalty of 115 years in prison.
SBF admits Alameda has $65 billion credit line in FTX
SBF stated in court on Monday that Alameda has a credit limit of $65 billion on FTX, while the second-highest customer has a credit limit of $150 million.
In addition, US Assistant Prosecutor Danielle Sassoon asked: Does Alameda have more than $64 billion in credit limit than any other customer? SBF replied: Yes.
The judge asked again: Has Alameda been allowed to exceed FTX's normal borrowing limit since the early days of FTX? SBF replied: I'm not sure.
SBF admits that some companies have privileges in FTX, including Three Arrows Capital affiliates
According to the Wall Street Journal, SBF admitted in Monday's hearing that some crypto companies have special privileges on FTX. When asked by prosecutors if FTX customers could use their equity in external investments as collateral for the exchange, SBF said that a company called Crypto Lotus could do so, which is associated with Three Arrows Capital.
FTX and Alameda deposit $14.4 million worth of crypto assets into exchanges 2 hours ago
According to Spot On Chain monitoring, FTX and Alameda Research deposited 8 tokens worth $14.4 million into the exchange 2 hours ago. The top three tokens include: 8.15 million MATIC ($4.96 million); 2.03 million BAND ($3.15 million); and 3.76 million PERP ($2.28 million). Overall, FTX and Alameda have deposited 20 EVM tokens worth $47.3 million into the exchange. They currently hold various EVM assets worth approximately $736 million.
SBF: The biggest mistake made at FTX was not setting up a dedicated risk management team
FTX founder Sam Bankman-Fried testified today that his biggest mistake at FTX was not establishing a dedicated risk management team and chief risk officer. As a result, there was no regulation of bankrupt cryptocurrency exchanges. When his lawyer Mark Cohen asked if FTX had a risk management team during rapid growth, Bankman-Fried said, "Of course we should have, but we didn't."
SBF says former FTX executive responsible for Alameda feature with negative balance
Sam Bankman-Fried stated in court that he had a conversation with FTX's former CTO Gary Wang and Engineering Director Nishad Singh about how to prevent Alameda Research's account on the exchange from being incorrectly liquidated after some issues arose with FTX's risk management feature. He said that Gary Wang and Nishad Singh later told him that a fix had been implemented, but he did not know the specifics and stated, "I wasn't aware of the details at the time". SBF told the jury that he later learned that this meant Alameda's balance could potentially become negative.
Former FTX CEO denies knowledge of fraudulent activities at crypto exchange during trial testimony
During the criminal trial of Sam "SBF" Bankman-Fried, the jury heard his testimony for the first time, in which he denied knowledge of fraudulent activities at the crypto exchange. Bankman-Fried suggested that the former chief technology officer at FTX, Wang, was partly responsible for creating the "allow negative" button for Alameda Research, which gave the crypto hedge fund the ability to trade more funds than it had available. Bankman-Fried stated that he was not entirely sure what was happening with Alameda's line of credit at the time and believed the funds were being held in a bank account or sent to FTX in stablecoins. <br>
Former FTX CEO denies knowledge of alleged money laundering scheme in court testimony
Former FTX CEO Sam "SBF" Bankman-Fried denied knowledge of why user funds were moved from a bank account with Alameda Research to a firm called North Dimension, which is allegedly used for money laundering. Bankman-Fried suggested that banks may have been more comfortable with North Dimension, avoiding well-known hedge funds connected to crypto like Alameda. He also testified to believing that taking FTX deposits through Alameda Research was legal, but did not recall discussions with auditors about FTX user funds going to the entity as well as Alameda. The criminal trial, which started on Oct. 3, will likely end within the next seven days following Bankman-Fried's testimony and closing arguments from both sides.
SEC may approve spot ETF before FTX sells GBTC, thereby eliminating negative premium concerns
FTX holds approximately $417 million in Grayscale Bitcoin Trust Fund (GBTC). Scott Jonhsson, the general partner of Van Buren Capital, stated that FTX's bankruptcy restructuring plan is unlikely to be approved before the second quarter of 2024. It is expected that the SEC will make a decision on spot Bitcoin ETF before then. If GBTC has been converted to an ETF by then, FTX's sale will not exacerbate GBTC's negative premium, as the creation and redemption process of ETFs should only track the underlying BTC price. Sean Farrell, the head of cryptocurrency strategy at Fundstrat, said that the SEC's approval of spot ETFs will help ensure that creditors are compensated and that the discount of GBTC relative to its net asset value will narrow further. Given positive catalysts, cryptocurrency prices are likely to soar overall.
SBF says FTX lawyers were involved in providing personal loans to executives
FTX founder Sam Bankman-Fried testified that FTX's legal department drafted futures contracts for loans from Alameda Research to him and other former executives of the exchange. He said that most of the loans were used for investment purposes.
SBF's lawyer Mark Cohen asked, "Are you comfortable with the arrangement of these loans by the lawyers?" SBF responded, "Of course."
SBF testifies that FTX stores clients’ cryptocurrencies in ‘integrated wallets’
FTX founder Sam Bankman-Fried stated in court that FTX customer assets are stored together in so-called "omnibus wallets", rather than in separate cryptocurrency wallets. He also mentioned that storing customer assets in omnibus accounts is an industry practice. He recounted an example of sending funds to his wallet on the cryptocurrency exchange Huobi and seeing the funds immediately transferred to the omnibus wallet.
FTX transferred nearly $6 million in LINK, MATIC, and AGLD to Coinbase
According to data released by Lookonchain, on Friday morning Beijing time, a wallet labeled FTX/Alameda deposited 253,862 LINK tokens (worth $2.67 million) and 1.59 million AGLD tokens (worth $1.34 million) into Coinbase, totaling approximately $4.01 million. In addition, data from blockchain analysis platform Arkham Intelligence shows that an FTX wallet transferred $4.8 million worth of MATIC tokens to an intermediate address, which then transferred $1.8 million worth of tokens to Coinbase. <br>
FTX white hat hackers withdrew 14.4 million TRX from multiple FTX-owned addresses
Scopescan monitoring shows that after FTX and Alameda Research started transferring funds to Binance yesterday, FTX white hat hackers extracted 14.4 million TRX (1.35 million US dollars) from multiple FTX-owned addresses.
FTX cold wallet address has transferred approximately 470,000 SOL on Solana
PeckShield has monitored that FTX's cold wallet address on Solana has transferred approximately 470,000 SOL (about $15 million). Some of the funds have been sent to CEX, such as Binance. FTX's cold wallet address on the Ethereum chain has transferred approximately $2.5 million worth of cryptocurrencies, including 11,000 COMP and about 97,400 RNDN to Wintermute's Binance deposit address.
FTX and Alameda addresses once again transferred US$1 million COMP and US$2 million RNDR
According to on-chain analyst Yu Jin's monitoring on October 26th, FTX and Alameda addresses transferred 21,967 COMP (approximately $1 million) and 974,270 RNDR (approximately $2 million) to Wintermute 5 hours ago. As of yesterday, a total of 6 assets worth $13.35 million have been transferred.
FTX is investigating $6.5 million payment to CAIS
According to court documents on Wednesday, FTX paid $6.5 million to the non-profit organization Center for AI Safety (CAIS) based in San Francisco from May to September 2022 before its collapse. FTX's current CEO, John J Ray III, is seeking an account of these transfers and is requesting a subpoena from a Delaware bankruptcy judge to require CAIS to provide documents and other information related to these payments.
