The prosecutors on the case have said they will not oppose bail if the defendants submit their travel documents and fulfil other conditions. In separate actions, the US Securities and Exchange Commission (SEC) has also charged Ellison and Gary Wang for their roles in a multiyear scheme to defraud equity investors of the crypto trading…
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The agency also pointed out as a key problem that Bankman-Fried kept the funds of Alameda and FTX mixed up together. The regulator alleges that he used that to make undisclosed investments, luxurious real estate purchases, and large political donations. SEC Chair Gary Gensler commented: We allege that Sam Bankman-Fried built a house of cards…
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The regulator added: It is unfortunate that in Chapter 11 filings, the new CEO of FTX Trading Ltd. misrepresented this timely action through the intemperate and inaccurate allegations lodged in the Transfer Motion. It is also concerning that the Chapter 11 debtors chose to rely on the statements of individuals they have (in other filings)…
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The Singaporean regulator’s statements follow the sudden quick collapse of FTX which began with a liquidity crisis, a failed bailout, which Binance backed out from, and an over $600 million hack, forcing the crypto exchange to file for bankruptcy in the US. After the former CEO and founder of FT, Sam Bankman-Fried, was replaced, the…
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The Bahamian regulator responded: The Commission wishes to advise that it has not directed, authorized or suggested to FTX Digital Markets Ltd. the prioritization of withdrawals for Bahamian clients. The Commission further notes that such transactions may be characterized as voidable preferences under the insolvency regime and consequently result in clawing back funds from Bahamian…
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The crypto exchange FTX collapsed last week following a liquidity crunch and a subsequent hack which drained millions of dollars from the company which was already in a tough spot. As allegations of customer fund misappropriation surfaced and prompted regulatory scrutiny, investors are reluctant to provide capital to the exchange. Last week, FTX founder Sam…
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FTX General Counsel Ryne Miller shared in a tweet later that the exchange is moving their digital assets to cold storage as the FTX to mitigate damage from unauthorized transactions. FTX and FTX US appear to be affected by a Trojan. The crypto disaster unfolded on twitter as FTX customers claimed that they received SMS…
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Reuters reported that Bankman-Fried told staff members he has discussed raising $1 billion from Justin Sun, the Founder of the blockchain, Tron. FTX’s found has also discussed raising funds with rival exchange OKX and stablecoin platform Tether, Reuters said. Justin Sun tweeted on Thursday that Tron was “putting together a solution” for FTX. He said:…
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Earlier this year, FTX was valued by private investors at $32 billion. The proposed acquisition came after a massive liquidity crisis hit FTX which was a result of concerns with withdrawal issues and Binance’s decision to liquidate its entire holdings of FTX's exchange token FTT. Binance CEO Changpeng Zhao told his employees in as memo…
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FTX CEO Sam Bankman-Fried had this to say on twitter: Things have come full circle, and http://FTX.com’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for http://FTX.com (pending DD etc.). Bankman-Fried highlighted that the important thing in the situation is that “customers are protected.”…
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