House Financial Services Chair Thanks SBF for Being ‘Candid’ About FTX Collapse
House Financial Services Chair Maxine Waters today thanked disgraced FTX founder Sam Bankman-Fried for being “candid” when talking about the bankrupt exchange.
Former FTX US Head Brett Harrison Tries Raising Money for New Startup
Former FTX US president Brett Harrison is trying to raise money for a crypto trading software startup for large investors, The Information <a href="https://www.theinformation.com/articles/former-ftx-executive-brett-harrison-in-talks-with-investors-for-new-crypto-startup">reported</a>, citing sources.
Alameda Research Covered a $1 Billions Loss for FTX in 2021
FTX’s sister trading desk, Alameda Research, bailed out the exchange before it suffered a possible $1 billion trade loss in early 2021.
Legal Team for 3AC Liquidators Blast Founders for Shifting Blame to FTX, Media Blitz Amid Bankruptcy
The founders of Three Arrows Capital, or 3AC, the Singapore-based crypto hedge fund with close ties to Terra Labs, have been spending more time engaging on social media and news outlets than dealing with its own liquidation, according to bankruptcy lawyers.
US Trustee Plans to Appoint an Examiner to FTX Case, While SBF Describes Strange Margin Trading Practices
On Dec. 1, 2022, an attorney for the U.S. Trustee submitted a written letter to Delaware bankruptcy court officials that seeks to establish an independent examiner to investigate the FTX Chapter 11 bankruptcy proceedings. The U.S. Trustee explained in the letter that FTX’s collapse was comparable to complex bankruptcy cases like Lehman’s, Washington Mutual Bank’s, and New Century Financial’s. Moreover, while the U.S. Trustee submitted a filing that requested a third-party examiner, former FTX CEO Sam Bankman-Fried has continued to appear in numerous interviews with the media.
US Justice Department Wants FTX Fraud Allegations To Be Investigated
US Justice Department Wants FTX Fraud Allegations to Be Investigated
Japanese Customers’ Cash and Crypto not Part of FTX Japan’s Estate, Will Resume Withdrawals
The Japanese arm of the troubled cryptocurrency exchange FTX is set to resume customer withdrawals after scoring important clarifications with Japan’s Financial Services Authority.
FTX Japan Might Soon Allow Fund Withdrawals to Its Clients
The latest Bloomberg report states that the Japanese subsidiary of bankrupt crypto exchange FTX is working to facilitate withdrawals of their funds. If so, this would be a rare case of investors getting their money back from a collapsed exchange. FTX Japan had first suspended the withdrawals on November 8, three days before the exchange filed for bankruptcy. As per the FTX Japan website, the FTX Trading management team has decided to resume withdrawal services. But before that, the firm is working on a security audit, incorporating controls, reconciliation, and reviews. (coingape)
Sam Bankman-Fried Says not Aware of any Improper Use of Funds in FTX Downfall
Sam Bankman-Fried, the founder of failed cryptocurrency exchange FTX, told ABC News that he “did not know that there [was] any improper use of customer funds” at his company, amid speculation customer deposits were used for trading by Alameda Research, FTX’s brokerage arm. (forkast)
U.S. Trustee Asks Bankruptcy Court to Appoint FTX Trustee
The U.S. Trustee has asked a Delaware bankruptcy court to appoint an examiner in the ongoing FTX bankruptcy case. In a Dec. 1 court filing, the U.S. Trustee cited a "virtually unprecedented decline in value" as well as comments from FTX CEO John Ray III as reasons to appoint an independent examiner. An examiner, if approved, would act as a third-party, court-appointed investigator. It is a common step for the government to request one in a complex bankruptcy like the Chapter 11 bankruptcy most of the FTX-affiliated companies are now in. ( The Block)
