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A court-ordered liquidation process allows FTX to sell nearly $3.4 billion worth of crypto assets in weekly batches starting from $50 million a week. The crypto wallet s linked to now-defunct crypto exchange FTX and its sister trading firm Alameda Research have sent over $13 million in different altcoins to numerous crypto exchanges early on Nov. 1. According to data from on-chain analysis firm Spotonchain, the FTX wallet first transferred $8.12 million worth of altcoins to Coinbase. The assets include 46.5 million GRT ($4.85 million), 972,073 RNDR ($2.3 million), and 708.1 MKR ($967,000). FTX and Alameda linked crypto deposit on Coinbase. Source: SOC The wallet addresses of FTX and Alameda Research made another $5.49 million transfer after three hours to Binance and Coinbase. The top 3 assets with the highest value in this transaction include 1.14 million DYDX ($2.64 million), 192,888 AXS ($1.05 million), and 5,858 AAVE ($522,000). #FTX and #Alameda Research further deposited...

Bitcoin sales by FTX come to light as part of the SBF trial, as one prediction suggests that they stopped the BTC price from hitting $100,000. Bitcoin (BTC) failed to hit $100,000 during the 2021 bull market because defunct exchange FTX kept selling BTC, Analysis claims. In an X post on Oct. 12, Joe Burnett, senior product marketing manager at Bitcoin financial services firm Unchained, joined voices arguing that FTX executives suppressed BTC price strength. FTX testimony reveals mass BTC selling As the trial of former FTX CEO Sam Bankman-Fried, known as SBF, continues, new testimony paints a picture of market manipulation. This week, Caroline Ellison, former CEO of affiliated firm Alameda Research, reportedly told the court that Bankman-Fried asked her to sell BTC should spot price breach $20,000. This was done using FTX customer funds, which neither had the right to deploy. AUSA: What are these? Ellison: Notes from a conversation with Sam. I wrote, keep selling BTC if its over $20...

Nansen’s astute analysts recently unearthed “unusual transactions between FTX and Alameda” in the days preceding FTX’s tumultuous financial downfall. Blockchain data experts from Nansen have delved deep into the events leading up to the catastrophic demise of FTX. This includes the transfer of a staggering $4.1 billion worth of FTT tokens between the exchange and Alameda Research. A comprehensive report from Nansen, shared exclusively with Cointelegraph, unveils an array of remarkable findings from the blockchain analytics firm. It sheds light on the remarkably close-knit relationship between these two entities, both founded by the enigmatic Sam Bankman-Fried, who currently faces a slew of charges linked to the cataclysmic collapse of FTX. The precipitous fall of FTX is widely attributed to initial reports that sounded the alarm regarding Alameda’s hefty 40% stake, totaling $14.6 billion, in FTT tokens as of September 2022. Nansen’s perceptive analyst...

Binance CEO Changpeng “CZ” Zhao declined to pay former FTX CEO Sam Bankman-Fried $40 million in March 2019 to create a crypto futures exchange, according to Michael Lewis’ book “Going Infinite.” According to a The Block report based on the content of the book, the idea of a futures-only exchange was a departure from Binance’s model at the time, as it was still just a spot crypto exchange. After considering it, Zhao turned down Bankman-Fried’s $40 million offer, opting instead to develop a futures exchange in-house. Bankman-Fried went on to create the now-infamous FTX exchange in May 2019, which subsequently collapsed into bankruptcy in November 2022, and is now at the center of Bankman-Fried’s criminal trial which began in New York yesterday. Unlike traditional spot exchanges, futures exchanges allow traders to trade crypto using only a portion of their collateral. Bankman-Fried pitched the idea to Zhao, saying his proposed design would monitor trades by the second and l...

The debtors-in-possession of the FTX estate have filed a lawsuit against Sam Bankman-Fried’s parents, Joseph Bankman and Barbara Fried, accusing them of a host of fraudulent behavior at the expense of the firm — sometimes even taking on leadership roles above their son. With this lawsuit, FTX debtors aim to recover funds lost due to fraudulent transfers, breaches of fiduciary duty, and unjust enrichment for the couple’s roles with the now-defunct crypto exchange. Sam Bankman-Fried, the former CEO of FTX and largest shareholder of Alameda Research, has previously said that his parents “weren’t involved in any of the relevant parts.” Debtors-in-possession contend that’s a lie. Bankman himself may have given them the ammunition to go after the pair as early as 2018, describing Alameda Research as a “family business.” Joseph Bankman allegedly held high-level role at FTX The suit alleges that Bankman-Fried’s father, a tenured profes...

Bankrupt BlockFi is contesting efforts by the insolvent FTX and Three Arrows Capital (3AC) to recover millions of dollars owed to their creditors. In a filing to a New Jersey bankruptcy court on Aug. 21, BlockFi insisted that its creditors should not be disadvantaged because of the alleged misappropriation of $5 billion by FTX, which had borrowed the amount from BlockFi. The lender stated that FTX’s recovery claims of over $5 billion against BlockFi would be at the direct expense of BlockFi’s clients and other legitimate creditors. “To prevent further injustice to the creditors of BlockFi’s estates, the Court should disallow the FTX Claims under the doctrine of unclean hands,” BlockFi added. You might also like: US BlockFi clients free to withdraw funds after court order BlockFi also revealed that FTX had provided $400 million to the lender in June 2022 and bought BlockFi equity under a loan agreement. However, the lender contended that it w...

The suit is led by Edwin Garrison and was filed against "FTX influencers," primarily on the YouTube platform. A class - action suit led by Edwin Garrison has been filed against “ FTX influencers ,” mostly on YouTuber, seeking $1 billion because they “promoted FTX crypto fraud without disclosing compensation.” The suit was filed March 15 in the Southern District of Florida Miami Division. Kevin Paffrath, Graham Stephan, Andrei Jikh, Jaspreet Singh, Brian Jung, Jeremy Lefebvre, Tom Nash, Ben Armstrong, Erika Kullberg and Creators Agency LLC were named as respondents. The Moskowitz Law Firm is representing the plaintiffs. The suit is a consolidation of several class action s suits, according to the Law firm. Garrison’s suit was filed on November 15, 2022, “and is the first-filed FTX-related class action filed in the country,” the firm said.   Source: https://thebittimes.com/ftx-influencers-face-1-billion-class-action-lawsuit-over-alleged-crypto-fraud-promotion-tbt...

It has been almost four months since the crypto currency exchange FTX collapsed. Yet, developments pertaining to the exchange, its executives, and customers continue to take place. A recent report from the Wall Street Journal pointed out that $8.9 billion worth of customer funds have been unaccounted for and therefore missing. JUST IN: FTX confirms $8.9 billion in customer funds are missing. — Watcher.Guru (@WatcherGuru) March 2, 2023 Also Read: Former FTX Director Nishad Singh Pleads Guilty to US Criminal Charges Shortfall to be attributed to Alameda Research? This is the first time the exchange has revealed a number pertaining to the fund deficiency. The exchange has reportedly pinned down around $2.7 billion in customer assets, relative to $11.6 billion of the balance outstanding on customer accounts. The estimated value of FTX ’s assets and liabilities is based on asset prices in November 2022, when the firm filed for bankruptcy. Alameda Research had borr...

Robert Francis “Beto” O’Rourke, an American politician, received $1 million in contributions for his campaign from FTX ’s Sam Bankman-Fried . SBF was notably a generous donor, especially to the Democrats. He gave over $40 million to them in 2022. He has also contributed $300,000 to the House Financial Services Committee’s Democratic members. When FTX fell in November, many lawmakers and committees pledged to return the donations by SBF. Beto O’Rourke also claimed to have returned a $1 million campaign contribution before the collapse of the exchange in November. Read more: Binance Rolls Out Crypto to Fiat Feature in 7 Countries However, campaign records reveal that O’Rourke is still holding on to $100,000 from that donation, according to a report from The Washington Free Beacon. Source: Houston Chronicle Beto O’Rourke holding onto $100,000 raises questions Earlier details revealed that the $1 million refund was issued on Nov. 4 to avoid the et...

It is understood the crypto software company will enable crypto traders to create algorithmic-based strategies to access different markets. SkyBridge Capital founder Anthony Scaramucci is investing in a crypto company founded by the former president of FTX US. According to an email to Bloomberg, Scaramucci said he would be investing his own personal funds to support ex-FTX US president Brett Harrison’s new venture, which became known just three weeks after the collapse of crypto exchange FTX. It is understood that the crypto Software company — which doesn’t yet have a name — will enable crypto traders to create algorithmic-based strategies to access different markets — both centralized and decentralized. It is also understood that Harrison has been seeking a fundraising target as high as $10 million for a $100 million valuation. In a Jan. 14 tweet responding to Harrison's lengthy thread on Sam Bankman-Fried and his time at FTX U, Scaramucci said he was “proud” to be an investor ...

Market uncertainty calls for an opportunity to take advantage of disruptive innovation which has historically "gained share during turbulent times," says ARK Invest CEO. ARK Invest CEO Cathie Wood believes that digital wallets and blockchain tech were among “game-changing innovations” that the equity markets largely ignored in 2022.  In a Jan. 12 blog post on the ARK Invest website, Wood suggested that the equity market faced a “wall of worry” in 2022, caused by fears of entrenched inflation and higher interest rates, and largely ignored a number of innovative technologies. Wood highlighted that digital wallets are “replacing cash and credit cards,” noting that they overtook cash as the top transaction method for offline commerce in 2020. Further arguing that digital wallets should not be overlooked, she noted that they also accounted for approximately 50% of global online commerce in 2021. After the most difficult year ever in the equity market for innovation-based str...