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2022-11-18 08:25:04 FTX bankruptcy filings highlight 'complete failure of corporate controls'

Fresh FTX bankruptcy filings called out Sam Bankman-Fried and the rest of the failed crypto exchange's leadership for a "complete failure of corporate controls" and cited the former CEO's "incessant disruptive tweeting" since the exchange imploded. If granted, the move would help consolidate the myriad of bankruptcies into one U.S. court.

The company’s bankruptcy lawyers argue that Bankman-Fried is actively trying to disrupt the bankruptcy process for the myriad of corporate entities that fall under the FTX umbrella. The embattled crypto mogul has set up a fight against the lawyers and executive hired to shepherd the wind-down process, the new CEO and lead lawyer for FTX’s bankruptcy argue. The filing lays out FTX’s current assets and describes the case as “unprecedented”

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2022-11-17 06:24:02 Temasek, Sequoia, SoftBank take more the $600 million in FTX write-downs: Bloomberg

FTX investors including Temasek, Sequoia Capital and SoftBank are writing off hundreds of millions of dollars they poured in the now-failed exchanged, Bloomberg reported, citing people familiar. The news comes days after FTX filed for bankruptcy protection and amid a series of cryptic tweets.

Singapore's Temasek International is writing off its up to $300 million FTX investment, while Sequoia Capital wrote down the full value of its $214 million bet on the exchange. SoftBank Group Corp. is expecting a loss of $100 million on its investment. The news comes days after FTX filed for bankruptcy protection and amid a series of cryptic tweets by former CEO Sam Bankman-Fried that he's trying to raise liquidity and make customers whole.

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2022-11-16 05:50:04 Solana Foundation reveals minimal exposure to FTX

According to the Foundation, it also had 3.43 million FTX tokens (FTT) and 134.54 million Serum (SRM) tokens on the exchange before it stopped processing withdrawals. Serum is a Solana-based decentralized exchange founded by Sam Bankman-Fried (SBF).

The Foundation continued that FTX and its sister company Alameda Research purchased 50.5 million units of Solana between August 2020 and January 2021. These tokens are valued at over $700 million based on the current value of SOL and are scheduled to unlock in 2028. Apart from that, Solana Labs said it sold over 7.56 million SOL ($106 million) to Alameda Research in 2021.

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2022-11-15 05:37:02 DeFi Weekly Exchange Volume Hits $32 Billion Amid FTX Collapse

The shockwaves from FTX’s historic collapse are still being felt across the industry today, but some industry segments, like DeFi, are actually doing better because of it. Trading volumes on decentralized exchanges (DEXs) hit a whopping $32 billion over the last seven days, according to data from Dune Analytics.

The lion’s share of the volume comes from Uniswap, which accounts for $20.9 billion of the trades made over the same period. On November 8, volumes on Uniswap more-than-tripled from the day before. That was the same day Binance announced it had signed a non-binding agreement to bail out FTX for an undisclosed amount. Many exchanges posted an overnight doubling of trade that day, including Curve, which went from $700 million to $1.3 billion.

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2022-11-14 05:23:02 Crypto Exchanges Gate.io and Crypto.com Appear to Be Faking Proof of Reserves

Crypto.com have replied the movement of funds, stating The ETH transfers were made over three weeks ago, on October 21st to Crypto.com whitelisted corporate account at Gate.io. Crypto.com proceeded to withdraw the funds back to its cold wallets over the following days.

Etherscan data, as cited by Conor, showed that Crypto.com sent the funds to Gate.io on Oct. 21 while Gate.io sent back 285k ETH within a week. He noted that both the sender and receiving addresses were connected to Crypto.com. However, the CEO of the exchange, Kris Marszalek, explained that the transfer was a mistake. He claimed they were supposed to be transferred to another cold wallet but instead sent to a whitelisted external wallet.

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2022-11-13 07:43:02 Binance CEO expects more regulatory scrutiny following FTX implosion

Binance CEO Changpeng Zhao said his firm backed out of the FTX deal because it did not make sense and the huge financial hole they would have had to cover. Speaking at the Indonesia Fintech Summit on Nov. 11, CZ said Binance already covers most of the markets that FTX.com operates in.

The Binance CEO also referenced the regulatory scrutiny FTX has drawn as one of the reasons it dropped the deal. Reports have revealed that US agencies were investigating FTX’s handling of customer funds and lending activities. CryptoSlate research revealed that FTX and Alameda Research had used Binance as an unsuspecting intermediary in siphoning funds from each other.

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2022-11-12 06:35:05 Centralized exchanges are scrambling in attempts to prove their reserves

Multiple centralized crypto exchanges have indicated over the last few days that they will be offering proofs of reserves, a system through which users will be able to check the amount of funds held on the platforms, though not necessarily their liabilities.

Trust has been plummeting for centralized exchanges over the collapse of FTX exchange, which most traders had considered to be trustworthy. Its CEO, Sam Bankman-Fried, never disclosed that it was loaning out customers' deposits for venture investment and lending activities. Much of the current distrust stems from FTX's mishandling of customer funds.

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2022-11-11 08:39:04 Kraken CEO on FTX collapse: 'The damage here is huge’

The crypto industry needs to raise its standards in the wake of the implosion of Sam Bankman-Fried’s cryptocurrency exchange FTX. That’s according to fellow exchange Kraken's CEO and co-founder Jesse Powell, who hit out at “clowns” in the industry who sell out their customers.

Kraken is one of several companies with exposure to FTX. It holds about 9,000 FTT, the native token of FTX. Amber Group, Crypto.com, Galaxy Digital, Multicoin Capital, Selling Capital, Sequoia Capital and Wintermute have also released statements detailing their exposure to the company. FTX ran into trouble at the start of this month following reports that Sam Bankman-Fried’s trading firm held significant amounts of FTT.

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2022-11-10 10:30:43 Multicoin Capital hit by FTX collapse, with 10% of its fund's AUM stuck on the exchange

Multicoin Capital, one of the top crypto-focused venture capital firms, is significantly impacted by crypto exchange FTX's collapse, a letter obtained by The Block shows. The letter, sent Tuesday by Multicoin Capital managing partners Kyle Samani and Tushar Jain to partners of the firm's "Master Fund," shows that around 10% of the fund's.

Assets including BTC, ETH, and USD are pending withdrawal and represent approximately 15.6% of the assets in the Fund (excluding side pockets) and approximately 9.7% of total Fund AUM. Before FTX halted withdrawals on Tuesday, Multicoin Capital was able to withdraw around 24% of the fund’s assets that were held on the exchange, according to the letter. The letter does not mention dollar figures corresponding to the percentages.

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2022-11-09 07:26:03 Alameda provides proof it holds 100 million bit tokens after BitDAO query

Under pressure crypto trading firm Alameda Research provided proof it still holds 100 million bit tokens it received in a swap agreement with BitDAO after a request for clarification from the one of the world's largest investment DAOs. The tokens — worth about $39 million at current prices — have been moved to a designated wallet, BitDAO tweeted.

Alameda and FTX, a trading firm and crypto exchange both founded by Sam Bankman-Fried, have come under pressure this week after Binance CEO Changpeng Zhao tweeted that Binance would beginning selling its holdings of FTT, FTX's token. Zhao cited “recent revelations” for the decision — seemingly a reference to a CoinDesk report that revealed details of Alameda’s balance sheet. The swap agreement from 2021 saw BitDAO receive almost 3.4 million FTT in exchange.

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