A group of FTX customers say $8 billion of the company’s forfeited assets are rightfully theirs. As Coindesk reported Tuesday (June 17), these customers are seeking a ruling that those forfeited assets do not belong to the failed cryptocurrency exchange’s bankruptcy estate. This latest legal action comes weeks after...
Backpack, a cryptocurrency exchange led by former FTX and Alameda Research employees, raised $17 million. The Series A funding round values Backpack — whose offerings also include a crypto wallet and NFT collection — at $120 million, Bloomberg reported Wednesday (Feb. 28). Members of the...
Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, is set to appear in court Wednesday (Feb. 21) for a hearing on his new lawyer’s possible conflict of interest. Bankman-Fried, who was convicted of fraud in November after accusations of stealing billions of dollars from...
FTX has filed a proposal that would allow the cryptocurrency exchange to exit bankruptcy. The proposal, filed in bankruptcy court Saturday (Dec. 16), would distribute billions in cash to creditors and customers once the bulk of FTX’s cryptocurrencies are liquidated. The proposal says the value of claims by...
January 09, 2023
The FTX collapse provides a master class in caveat-emptor crypto industry risk management and accounting failures. This, as court documents confirm that the world’s one-time third-biggest cryptocurrency exchange was set up from the start so that customer funds entrusted to the platform were able to be comingled without their owners’ knowledge or consent. Disgraced FTX […]
November 24, 2022
Fraud is often obvious in retrospect, and as the dust around a scandal settles, it is often easy to point fingers at the failings of those actors who could have...
November 14, 2022
The epic crisis that many observers dreaded in crypto has seemingly come to pass. Right now, there’s mass confusion over who’s exposed to FTX’s spectacular collapse, how far the damage...
June 25, 2024
Bankrupt cryptocurrency exchange FTX is set to ask permission to repay customers in cash. As Reuters reported Tuesday (June 25), the company will ask a judge to allow its customers to vote on a liquidation plan that would allow the cash repayments, despite protests from some customers who feel shortchanged. Since its bankruptcy filing in 2022, FTX’s new management has […]
June 18, 2024
A group of FTX customers say $8 billion of the company’s forfeited assets are rightfully theirs. As Coindesk reported Tuesday (June 17), these customers are seeking a ruling that those forfeited assets do...
February 28, 2024
Backpack, a cryptocurrency exchange led by former FTX and Alameda Research employees, raised $17 million. The Series A funding round values Backpack — whose offerings also include a crypto wallet...
February 21, 2024
Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, is set to appear in court Wednesday (Feb. 21) for a hearing on his new lawyer’s possible conflict of interest. Bankman-Fried,...
