Archives

December 15, 2022 @ 5:08 pm By JD Alois  |  

FTX has filed a new document with the courts indicating its intent to sell multiple assets. FTX CEO John J. Ray, III, stated earlier this week his intent to sell certain assets as it moves to recoup funds in the bankrupt operation. Included on the… Read More

December 15, 2022 @ 12:40 pm By JD Alois  |  

This past Tuesday, the House Committee on Financial Services hosted a hearing with a single witness – John J. Ray, III, the new CEO of FTX. Originally, the Committee had scheduled the former CEO of FTX, Sam Bankman-Fried, to testify, but his arrest the day… Read More

December 14, 2022 @ 11:35 am By JD Alois  |  

The Senate Banking Committee hearing on FTX, taking place today, has extended the discourse on the collapse of what was once one of the largest crypto exchanges in operation. While not involving any current FTX employees, testimony and perspective are being provided by four different… Read More

December 13, 2022 @ 4:44 pm By JD Alois  |  

This afternoon, the US Attorney’s Office for the Southern District of New York held a press conference discussing the indictment of Sam Bankman-Fried, the one-time CEO of FTX and now the alleged perpetrator of one of the largest frauds in history. As the details emerge,… Read More

December 13, 2022 @ 12:13 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has filed a complaint in the US District Court for the Southern District of New York against Sam Bankman-Fried, FTX, and Alameda Research. The CFTC complaint charges the defendants with fraud and material misrepresentations in connection with the sale… Read More

December 13, 2022 @ 11:44 am By JD Alois  |  

The US Attorney’s Office, Southern District New York, has unsealed the criminal charges filed against Sam Bankman-Fried and his firms including FTX. The criminal charges were revealed yesterday when the Bahamas announced it expected to extradite Bankman-Fried following a formal request. The indictment states that… Read More

December 13, 2022 @ 7:52 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed fraud charges against Sam Bankman-Fried, founder and former CEO of FTX. The crypto exchange filed bankruptcy last month as allegations of malfeasance surfaced. In a simultaneous action, the Commodities Futures Trading Commission (CFTC) announced charges as well…. Read More

December 12, 2022 @ 11:10 pm By JD Alois  |  

Representative Maxine Waters, Chair of the House Financial Services Committee, has issued a statement following Sam Bankman-Fried’s arrest in the Bahamas. As was reported earlier, Bankman-Fried was taken into custody by Bahamian authorities following the revelation of an indictment by the US Department of Justice…. Read More

December 12, 2022 @ 7:54 pm By JD Alois  |  

Sam Bankman-Fried, the founder and former CEO of FTX, has been placed under arrest in the Bahamas. Bankman-Fried has lived in the Bahamas since FTX became a regulated entity under Bahamanian law. FTX filed for bankruptcy protection last month under US law. Bankman-Fried was arrested… Read More

December 12, 2022 @ 3:32 pm By JD Alois  |  

Tomorrow’s hearing at the House Financial Services Committee is widely anticipated across the crypto industry. Both current FTX CEO, John J. Ray, III, and former FTX CEO Sam Bankman-Fried, are scheduled to testify on the collapse of FTX. In advance of the hearing, Ray has… Read More

December 11, 2022 @ 5:08 pm By JD Alois  |  

For a brief moment in time, Chengpeng “CZ” Zhou, founder and CEO of Binance, and Sam Bankman-Fried founder of FTX and now disgraced former CEO, appeared to be frenemies. CZ indicated he would bail out FTX as the bank-run type event destroyed all liquidity at… Read More

December 7, 2022 @ 11:06 am By JD Alois  |  

This past Mondy, Silvergate (NYSE:SI) CEO Alan Lane took the extraordinary measure of posting a public letter defending his bank’s handling of the accounts of now bankrupt FTX and affiliated hedge fund Alameda Research. Silvergate is a regulated bank that has been a leader in working… Read More

December 5, 2022 @ 2:49 pm By JD Alois  |  

The failure of FTX and the allegations of fraud pointed at founder and former CEO Sam Bankman-Fried continue to garner much coverage in both traditional media as well as more modern digital news providers. The speed of the collapse, and the amount of funds involved… Read More

December 4, 2022 @ 5:24 pm By JD Alois  |  

Last week, the Senate Agriculture Committee, which has oversight of commodities markets, held a hearing on the collapse of FTX, once an inside-the-beltway darling, today a virtual pariah as policymakers rush to react to the bankruptcy of the crypto exchange. Before the crypto exchange went bust,… Read More

December 4, 2022 @ 4:33 pm By JD Alois  |  

Sam Bankman-Fried, the former CEO of bankrupt crypto exchange FTX, has agreed to testify in front of the House Committee on Financial Services contingent upon what happens from now until December 13th – the day the hearing is scheduled. As was previously reported, the Chair… Read More

December 3, 2022 @ 5:29 pm By JD Alois  |  

Representative Maxine Waters, the Chair of the House Committee on Financial Services, has Tweeted asking Sam Bankman-Fried, former CEO and founder of FTX, to testify in front of her Committee this month. Bankman-Fried has been making the PR rounds in the wake of the collapse… Read More

December 2, 2022 @ 1:07 pm By JD Alois  |  

According to bankruptcy managers, FTX and most of its subsidiaries are resuming ordinary course payments of salary and benefits to employees worldwide as well as payments to certain non-US contractors and service providers. New FTX CEO John J. Ray III said: “With the Court’s approval… Read More

November 30, 2022 @ 11:53 am By JD Alois  |  

Binance recently announced the creation of an “Industry Recovery Fund” following the collapse of FTX and the collateral damage it has caused to the cryptocurrency industry. Several other platforms have indicated they have been impacted by the bankruptcy of FTX, and several have shut down… Read More

November 29, 2022 @ 4:55 pm By JD Alois  |  

  Senator Ron Wyden, the Chairman of the Senate Committee on Finance, has sent letters to several crypto exchanges which operate in the US pressing them on consumer protection concerns in the wake of the bankruptcy of FTX. Senator Wyden contacted the following crypto exchanges; … Read More

November 28, 2022 @ 11:24 am By JD Alois  |  

BlockFi has filed for bankruptcy under Chapter 11 in the US courts. The news has been widely rumored in the last few weeks as BlockFi’s destiny had been tied to the future of FTX, a crypto firm that filed for bankruptcy earlier this month. In… Read More