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2022-11-20 07:08:02 FTX begins reviewing its assets as part of bankruptcy process

FTX has begun a review of its global assets as part of the crypto exchange’s Chapter 11 bankruptcy protection proceedings with New York-based financial services firm Perella Weinberg Partners L.P. (PWP) engaged as its lead investment bank.

The PWP engagement is subject to approval by the court, FTX said in a statement today. If approved, PWP will spearhead the asset review of FTX.com and 101 affiliated companies, together considered to be the FTX debtors in the proceedings. This asset review could ultimately lead to the reorganization or sale of certain business interests held by FTX and its affiliated companies.

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2022-11-19 06:58:02 CertiK investigates KYC actors hired to scam the web3 community

Blockchain and decentralized finance (DeFi) focused security platform Certik’s investigation led to the discovery of the professional “KYC actors” who bypass KYC processes to scam crypto communities, according to a Nov. 17 Certik blog post. A KYC actor is defined as an individual who rogue developers hire to spoof the KYC process on crypto projects.

Certik uncovered tactics used to carry out hacks and exit scams from an interview with a KYC actor and through probing into activities taking place in over 20 over-the-counter (OTC) underground markets, mainly concentrated on Telegram, Discord, low-requirement phone-based applications, and job advertisements. Certik found that of 4,000 to 300,000 KYC actors based in South-East Asia.

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2022-11-18 05:28:02 Avalanche Founder Says Company Has ‘Very Little Exposure’ to FTX

While the crypto world continues to navigate the fallout from the collapse of FTX, Ava Labs says it dodged the bullet. Ava Labs is the company behind the Avalanche Network. Ava Labs built the Avalanche blockchain on the promise of extreme scaling capabilities and fast confirmation times.

Wednesday, Sirer said he is "relieved" that Avalanche had little exposure to the exchange, but acknowledged the macro damage done by FTX and its then-CEO Sam Bankman-Fried. Gün Sirer said the blowback goes back further than when the company filed for bankruptcy on November 11, or when Bankman-Friend allegedly opened a back door to funnel funds to his hedge fund Alameda Research.

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2022-11-17 06:42:02 Luna Foundation Guard says it spent $2.8 billion to defend UST peg

Luna Foundation Guard (LFG), a non-profit created in January to grow the Terra ecosystem, has published an audit stating that it spent $2.8 billion in bitcoin and stablecoins to defend the TerraUSD (UST) stablecoin peg during the May collapse. LFG was set up to defend the UST peg as one of its mandates. The organization held bitcoin, stablecoins.

The audit was performed by JS Held, according to an LFG statement on Wednesday. The audit report stated that LFG spent 80,081 BTC and $49.8 million in stablecoins, amounting to $2.8 billion in total, to defend the UST peg. This defense happened during the Terra ecosystem's death spiral that occurred in May. At the time, UST lost its parity with the U.S. dollar.

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2022-11-16 06:31:02 Sam Bankman-Fried tried to raise fresh cash over the weekend: WSJ

Former FTX CEO Sam Bankman-Fried thinks that he can raise enough cash to make users whole and spent the past weekend with a few remaining employees seeking commitments from investors, the Wall Street Journal reported, citing people familiar.

Those efforts to fill a shortfall of up to $8 billion have not been successful so far, and the Wall Street Journal said it couldn't determine what Bankman-Fried has been offering investors in return fresh funding. If the raise were to be successful, he'd likely have to negotiate with creditors to gain approval. FTX filed for bankruptcy protection last week. Bankman-Fried told the New York Times on Sunday.

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2022-11-15 06:23:03 Trust Wallet Token Soars 47% as Binance CEO Shills Self-Custody Solution

TWT, the native token behind Trust wallet, a self-custodial crypto wallet, has posted 47% gains over the past 24 hours, according to data from Coingecko. Token holders are offered discounts on in-app purchases and can also vote on proposed changes to the wallet.

At press time, TWT trades at around $2.40, retreating from its all-time high of $2.30 recorded earlier today. On a weekly note, TWT has gained nearly 100%. TWT’s daily trading volume is also up 175% to $70 million in the last 24 hours. With a market capitalization slightly above $849 million, TWT is now the 45th-largest cryptocurrency.

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2022-11-14 06:28:02 Cryptopia Releases Update to Users Regarding Liquidations From 2019 Hack

New Zealand crypto exchange Cryptopia has announced the third phase of its reimbursement plan after a 2019 hack that saw customers lose over $15 million. In the third phase, account holders whose identities were previously verified can log onto a claims portal to confirm that their balances are correct.

Cryptopia filed for bankruptcy protection and went into liquidation in May 2019 after a Jan. 2019 hack that saw 15% of client funds stolen. Since 2020, liquidator Grant Thornton has called on account holders to register and identify themselves. This is because Cryptopia stored customer funds in a pooled wallet rather than individual wallets. The exchange executed trades on an internal ledger and recorded them in a database.

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2022-11-13 08:30:27 Bitfinex publishes details of reserves after rival FTX files for bankruptcy protection

Bitfinex published details of its reserves on Friday, joining a stream of centralized crypto exchanges increasing their transparency following FTX's high-profile implosion. The exchange's holdings include 204,338 BTC ($3.4 billion) and 1.2 million ETH ($1.5 billion), according to a Twitter post from Bitfinex CTO Paolo Ardoino.

The crypto industry was thrown into turmoil this week as FTX's finances unravelled over the course of a few hectic days, fueled by concern over the exchange's ties with sister trading firm Alameda Research. Binance, the world's biggest crypto exchange, offered to buy its struggling rival's assets on Tuesday, before walking away a day later after examining FTX's finances. The crypto market stress briefly caused tether, the stablecoin operated by another Ardoino company.

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2022-11-12 07:15:03 Pantera Capital's exposure to FTX is from its Blockfolio investment

FTX announced that it was facing a liquidity crunch earlier this week and that it would be acquired by rival exchange Binance. The deal with Binance fell through on Wednesday. On Thursday, FTX CEO Sam Bankman-Fried apologized and said that he would look to wind down trading at sister firm Alameda Research.

FTX acquired the crypto data application Blockfolio in 2020 for $150 million. The FTX exposure from the Blockfolio investment is roughly 2% of the firm's total assets under management, said Franklin Bi, Pantera's director of portfolio development, on Twitter. The firm oversees $5.8 billion in assets, according to a recent investment adviser filing, Pantera is one of the oldest investment firms in the crypto industry, having been founded in 2013.

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2022-11-11 09:35:02 Bankrupt lender Celsius files motion to extend time for 'reorganization'

Troubled crypto lender Celsius said it filed a motion with a U.S. court asking to extend the time it needs to come up with a reorganization plan. The firm is now going through bankruptcy proceedings, months after it froze billons of dollars in customer funds in June.

Celsius filed Chapter 11 bankruptcy in the Bankruptcy Court of the Southern District of New York — roughly a month after it halted customer withdrawals. The initial filing initiated a four-month “period of exclusivity” giving the firm the right to come up with a reorganization plan that details how it will repay its debts. Meanwhile, all attempts at civil litigation from creditors are kept on hold. It owes more than $5.5 billion, the company reported.

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