FTX Financial News

FTX is considering rebooting its platform amid reports that the bankruptcy team has managed to stabilize the situation and recover a huge portion of the missing assets.

Cryptocurrency exchange FTX may be considering restarting in the future, according to the legal team behind the debtors.

According to bankruptcy cryptocurrency exchange FTX, a court in Switzerland has approved a petition allowing the firm to potentially sell its European business.

The little-known FTX co-founder Gary Wang is reportedly cooperating with prosecutors after pleading guilty to fraud in December.

Cross-chain bridge platform Ren Protocol has announced that FTX, Alameda Research and other affiliates that acquired the platform in 2022 have authorized and directed the platform to move all its crypto assets to FTX debtors’ wallets.

February’s round of legal expenses for bankrupt crypto exchange FTX has been published and it remains a scary figure for debtors.

FTX was run by three inexperienced people “not long out of college,” who relied on “a hodgepodge” of online shared documents and communications across a series of different apps to manage the multi-billion dollar empire according to FTX CEO John Ray III.

The collapse of the FTX exchange and its subsidiaries in November 2022 also led to the shutdown of its philanthropic arm, FTX Future Fund. The philanthropic arm had pledged $1 billion in donations in 2022 towards research academics across prestigious universities. However, the team behind the project resigned right after FTX filed for bankruptcy on Nov. 11, 2022.

Blockchain-based financing firm M11 Credit has resumed crypto lending on the decentralized credit marketplace Maple Finance.

Billionaire investor and Shark Tank star Kevin O'Leary has revealed that he is still investing in crypto despite the catastrophic collapse of FTX and the subsequent crypto meltdown.

Cohen told a Manhattan federal court judge that his 31-year-old client, a founder of the cryptocurrency exchange FTX, was pleading not guilty to new charges lodged against him in recent weeks in what a prosecutor has labelled as one of the biggest frauds in American history. But Cohen quickly added that although he was pleading not guilty to the new charges, Bankman-Fried was not acknowledging that he can be tried on them. He didn't elaborate and left the courthouse quickly just before his client was ushered to a waiting vehicle. Earlier this week, a rewritten indictment charged Bankman-Fried with a new conspiracy count, alleging that he violated the anti-bribery provisions of the Foreign Corrupt Practices Act by directing the payment of $40 million in bribes to a Chinese official or officials to free up $1 billion in cryptocurrency that was frozen in early 2021. FTX filed for bankruptcy on Nov. 11, when the global exchange ran out of money after the equivalent of a bank run. He has remained free on a $250 million personal recognizance bond that requires him to stay with his parents in Palo Alto, California. His trial is tentatively set to begin in the fall.

The dramatic collapse of crypto exchange FTX last November is not moving Bermuda away from receiving crypto companies, according to the head of the British island territory’s government during an interview with Bloomberg News. 

The price of Solana (SOL) fell nearly 95% in 2022, partly due to its association with tainted crypto entrepreneur Sam Bankman-Fried and his collapsed ventures FTX and Alameda Research. But so far in 2023, things have improved for the SOL price.

Users of failed crypto exchanges and funds are selling their claims for a fraction of their paper value, creating a thriving market for bankruptcy claims.

Disgraced FTX founder Sam Bankman-Fried has pleaded not guilty to five additional charges brought against him in federal court in the US.

Lawyers for former FTX chief executive officer Sam Bankman-Fried have entered a not guilty plea for five additional charges since his December 2022 arraignment, including allegations of bribery.

Sam Bankman-Fried, the founder of the bankrupt FTX exchange, has been accused of using the $10 million he had transferred to his father during his time as CEO to cover his legal expenses.

Sam Bankman Fried’s new petition to have his legal expenses reimbursed has been met with fierce objection from lawyers representing the crypto exchange and its creditors committee.

Former FTX chief executive officer Sam Bankman-Fried, also known as SBF, is reportedly funding the legal team defending him against federal charges with millions of dollars he gifted his father from Alameda Research.

FTX cryptocurrency exchange founder and former CEO Sam Bankman-Fried, or “SBF,” is facing a new 13-count indictment from authorities in the United States.

The story of FTX founder Sam Bankman-Fried continues to unfold as lawyers and the court continue to argue about SBF’s bail conditions.