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...
Another day, another congressional committee hearing on the FTX crypto collapse. Fresh off of Tuesday’s (Dec. 13) House Financial Services Committee hearing covering the collapse of cryptocurrency exchange FTX, the Senate Committee on Banking, Housing, and Urban Affairs held its own earlier Wednesday (Dec. 14)....
Hearings into the FTX crypto collapse kicked off without input from now-jailed founder Sam Bankman-Fried. As reported by PYMNTS, the failed FTX founder faces eight interrelated criminal counts levied against him by the U.S. Department of Justice (DOJ), as well as additional civil suits filed...
FTX founder Sam Bankman-Fried has been arrested in the Bahamas. The U.S. Attorney’s Office for the Southern District of New York (SDNY) announced the move Monday (Dec. 12) afternoon in a tweet attributed to U.S. Attorney Damian Williams. USA Damian Williams: Earlier this evening, Bahamian...
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 […]
October 17, 2023
FTX has proposed a settlement that gives creditors more than 90% of their funds. The proposal, announced late Tuesday (Oct. 16), is set to be filed with the U.S. Bankruptcy Court in December for review and final approval. “The proposed settlement of the customer property issues is another major milestone in our case,” John. J. Ray III, FTX […]
December 12, 2022
FTX founder Sam Bankman-Fried has been arrested in the Bahamas. The U.S. Attorney’s Office for the Southern District of New York (SDNY) announced the move Monday (Dec. 12) afternoon in...
December 12, 2022
The CEO of FTX said the firm’s corporate infrastructure and record-keeping had been “near-zero.” In prepared testimony that is to be delivered to the House Financial Services Committee, John J....
December 09, 2022
The current and former CEOs of FTX are to testify before a Congressional committee. FTX Group founder and former CEO Sam Bankman-Fried and current FTX Group CEO John J. Ray...
