On-Chain Data Shows Close Ties Between FTX and Alameda Were There From the Start
Despite claims by the companies to the contrary, blockchain data shows crypto exchange FTX and sister company Alameda Research were very much connected from the beginning, said Niklas Polk, a research analyst at analytics firm Nansen. Polk said on-chain data shows the two companies had been closely intertwined since 2019. But making sense of the data could be the reason why no one saw the FTX collapse coming.
FTX Started Bankruptcy Proceedings Today, First Hearing With US Senate in December
FTX started its bankruptcy proceedings today at the Delaware Court. The bankruptcy filing revealed that FTX owes its 50 biggest unsecured creditors around $3.1 billion.
Genesis Has Hired Investment Bank Moelis to Explore Options Including a Potential Bankruptcy
Genesis Global Capital has hired investment bank Moelis & Company to explore options including a potential bankruptcy, <a href="2:44%20https://www.nytimes.com/2022/11/22/business/dealbook/genesis-crypto-restructuring-adviser.html" target="_blank">The New York Times reported</a>, citing three people familiar with the situation. There haven't been any final decisions made and it is still possible for the company to avoid a bankruptcy filing, the report said.
Digital Currency Group CEO Downplays FTX Impact on Genesis, Expects $800M Revenue in 2022
Digital Currency Group (DCG) CEO Barry Silbert sent shareholders a memo on Nov. 22 addressing the situation surrounding Genesis’ liquidity. Silbert said the suspension of withdrawals at Genesis’ lending arm Genesis Global Capital was an “issue of liquidity and duration mismatch in the Genesis loan book”. The CEO noted that these issues have “no impact” on Genesis’ spot and derivatives trading or custody businesses. Genesis has hired financial and legal advisers to look at “all possible options amidst the fallout from the implosion of FTX”.
U.S. Senate Sets Date for FTX’s First Court Hearing
The fall of Sam Bankman-Fried’s crypto empire FTX has attracted the attention of United States authorities as they seek to uncover the truth behind the company’s sudden collapse.
FTX’s Collapse Troubles African Fintech Firms
The collapse of the once-beloved cryptocurrency exchange, FTX, is having an impact on some fintech companies in Africa.
Bahamas FTX Liquidators Agree To Transfer Bankruptcy Case to Delaware
Court-appointed liquidators overseeing collapsed crypto exchange FTX's assets in the Bahamas have agreed to transfer a related case they'd filed in New York to Delaware, where the company had already filed for bankruptcy protection.
FTX Bought $121M Properties in Bahamas Within 2 Years
Bankrupt crypto exchange FTX, alongside senior executives at the firm and parents of Sam Bankman-Fried, bought at least 19 properties worth $121 million in the Bahamas within the last two years, Reuters <a href="https://www.reuters.com/technology/exclusive-bankman-frieds-ftx-parents-bought-bahamas-property-worth-121-mln-2022-11-22/">reported</a> Nov. 22.
IMF Says Africa’s Crypto Scene Needs Better Regulation As Adoption Surges
The International Monetary Fund (IMF) recently highlighted the growing demand for better cryptocurrency regulatory efforts in Africa as the continent witnessed a massive surge in adoption amongst retail and institutional investors.
Just-In: Justin Sun Evaluating Potential Purchase of FTX Assets
Mr. Sun is responsible for the creation of the cryptocurrency network <a href="https://coingape.com/tag/tron/">Tron</a> and currently consults for the Huobi Global digital asset exchange. Mr. Sun stated that “right now our team is in the Bahamas” in order to hold discussions with FTX. Later, he clarified that this statement referred to representatives of both Tron and Huobi, as well as the Bahamas.
