FTX Financial News

Debtors of FTX have raised concerns over the Internal Revenue Service’s (IRS) claim of $24 billion in taxes, warning that it could impede the return of customer funds. 

So-called “scandal” tokens are seeing a massive pump as risk appetite in the broader crypto market amps up as Bitcoin (BTC) hits fresh highs for the year above $42,000.

Bankrupt crypto exchange FTX has been given the green light to sell around $873 million of trust assets, with proceeds used to repay creditors impacted by the exchange’s collapse in 2022, according to a Nov. 29 filing in a Delaware bankruptcy court.

Bankrupt cryptocurrency exchange FTX just has received approval from a bankruptcy court to sell its stakes in digital trusts managed by Grayscale Investments, according to a bankruptcy court document filed on Friday.

The Financial Stability Board (FSB) — the global body that monitors the financial services industry — released a report on Nov. 28 claiming the crypto industry might need additional regulations to prevent another catastrophe on the scale of the FTX scandal.

Mercedes-Benz Formula One team and Major League Baseball helped FTX perpetrate fraud through promotional deals with the crypto exchange, according to a group of FTX users in a new lawsuit.

The United States Securities and Exchange Commission is still looking for evidence that Binance.US had a backdoor to potentially control customer assets in a similar style to FTX, according to a Nov. 27 report by the Wall Street Journal.

Last week, the legal drama featuring the world’s largest crypto exchange and United States law enforcement ended with a plea deal. Binance and Changpeng “CZ” Zhao have admitted violating U.S. Anti-Money Laundering laws, agreeing to pay $4.3 billion in fines. CZ resigned as CEO of Binance as part of the deal. Binance’s former head of regional markets outside the U.S., Richard Teng, is the new CEO.

The crypto trading days of former FTX CEO Sam Bankman-Fried are over, and the recently convicted founder has found a new thing to trade while in jail — fish. 

Amid market uncertainties around Changpeng “CZ” Zhao’s departure as Binance CEO, defunct crypto exchange FTX’s native FTX Token (FTT) witnessed a brief bull run. FTT has surged in value over the past 48 hours, trading at $4.63 at the time of writing, a 28% increase from $3.56.

FTX founder and convicted fraudster Sam Bankman-Fried will stay jailed after failing to convince a United States appellate court that he should be freed while his legal team appeals his conviction.

Amid leadership changes at OpenAI, Anthropic, backed by FTX, has turned down an offer to merge and take on a leading role, according to The Information.

The US Department of Justice (DoJ) is seeking a settlement of more than $4 billion from the world’s largest crypto exchange Binance as a proposed resolution to a yearlong investigation into the exchange, Bloomberg reported on Monday citing people familiar with discussions.

It’s been a year since the demise of the FTX exchange — an event that’s now increasingly looking like it was the Bitcoin (BTC) bottom, which is up roughly 120% from a year ago.

Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam has stated that U.S. regulators lack the authority to preemptively prevent another major crypto collapse similar to the FTX incident.

Bitcoin is climbing for a fourth consecutive week, with the digital token's price lingering just below an 18-month high of $38,000, as more investors bet that US exchange-traded funds that hold the largest cryptocurrency are on the verge of winning regulatory approval. «We are referring to the current Bitcoin rallies internally as, 'nothing for sale' rallies, said Stephane Ouellette, co-founder and chief executive of FRNT Financial. „On even the slightest positive news, whether ETF related or otherwise, Bitcoin is seeing very little resistance to the upside and is having the propensity to 'gap.' The dynamic speaks to the impressively strong price base Bitcoin has developed post-FTX.“ Bitcoin rose as much as 2.5% to $37,465 on Friday. It climbed within a hair of $38,000 on Thursday, the highest price since May 2022. That was when the collapse of the TerraUSD stablecoin set off a chain of failures across the sector that culminated in the implosion of Sam Bankman-Fried's FTX exchange a year ago from tomorrow. The US Securities and Exchange Commission is expected to approve a spot Bitcoin ETF by Jan. 10, according to Bloomberg Intelligence analysts. Bitcoin has surged almost 40% over the past four weeks on growing speculation that approval was imminent.

Bankrupt crypto companies FTX and BlockFi are allowed to proceed in negotiations for their claims settlement, according to a new court filing.

Ross Rheingans-Yoo, an employee of FTX Foundation has filed a response to FTX’s claim regarding his unpaid salaries and bonuses totaling $275,000.

«The worst day of my career, and one of the worst days of my life — the day FTX froze withdrawals,» is how Travis Kling, who runs Ikigai Asset Management, described it in a series of tweets on Nov. 7. Four days later, Sam Bankman-Fried's exchange filed for bankruptcy, ushering in arguably the darkest days in crypto's history. «The first weeks were incredibly brutal. I didn't sleep much at all. Feelings of terror, guilt and shame. We laid off most of the team,» Kling wrote. A year on, the industry is irrevocably altered — while at the same time in many ways rem arkably familiar. Mostly gone are the giddy day traders and the abundant leverage that drove Bitcoin to its November 2021 high at close to $69,000. Same for celebrities and social-media influencers peddling nonfungible tokens and memecoins. Regulators determined not to get caught off guard again are tightening their grip. And large financial firms like BlackRock Inc. are moving in, drawn by the prospect of the US Securities and Exchange Commission giving its first blessing for an ETF investing directly in Bitcoin.

An employee of FTX’s charity wing recruited by FTX co-founder Sam Bankman-Fried is trying to get paid $275,000, the remainder of his claimed 2022 salary bonus.

Solana’s native token, SOL (SOL), experienced a remarkable 58.6% surge in just five days, reaching a $64 high on Nov. 11. However, the subsequent two-day retracement of 11.3% to $54 has prompted investors to question whether this signals a fading bullish momentum or merely a temporary price adjustment.