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Search resuls for: "FTX Digital Markets"


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☆ How FTX founder SBF and friends quietly donated to political groups and relatives
  + stars: | 2022-12-19 | by ( Brian Schwartz | ) www.cnbc.com   time to read: +10 min
FTX founder Sam Bankman-Fried is led by officers of the Royal Bahamas Police force following his arrest. The disgraced CEO donated to his brother Gabe Bankman-Fried's nonprofit organization, Guarding Against Pandemics. Alameda Research donated more than $12 million to Gabe Bankman-Fried's nonprofit since late last year, according to California state campaign finance records. California state campaign finance records show Alameda donated $5 million to Guarding Against Pandemics last year and $7.1 million this year. Guarding Against Pandemics also paid political communications and media company GMMB just over $690,000 last year for advertising and production, its tax form says.
☆ A top FTX exec blew the whistle on Sam Bankman-Fried's moves just 2 days before the crypto exchange's collapse
  + stars: | 2022-12-15 | by ( George Glover | ) www.businessinsider.com   time to read: +2 min
An FTX exec told authorities about potential illegality at the crypto exchange 2 days before its bankruptcy. He worked for Alameda between 2019 and 2021 before joining FTX Digital Markets, the crypto exchange's Bahamas division. Like Democratic Party donor Bankman-Fried, Salame has high-profile political ties: his partner is failed far-right Republican congressional candidate Michelle Bond. Bond's congressional candidate financial disclosure report showed that she received $400,000 in consulting fees from FTX Digital Markets when unsuccessfully campaigning to represent New York's 1st Congressional District. Read more: FTX's Bahamas unit paid co-CEO's MAGA Republican congressional candidate girlfriend $400,000
☆ FTX Digital Executive Warned of Client Fund Transfers to Alameda, Documents Show
  + stars: | 2022-12-14 | by ( Jonathan Randles | ) www.wsj.com   time to read: 1 min
A top executive of FTX’s Bahamas subsidiary warned that country’s securities authority days before the company filed for bankruptcy Nov. 11 of customer fund transfers to Alameda Research, a cryptocurrency trading firm tied to FTX, according to documents made public Wednesday. The warning prompted the regulator to immediately seek a criminal investigation, according to the documents. Securities Commission Executive Director Christina Rolle requested that the financial crimes unit of the Royal Bahamas Police Force open an investigation into the subsidiary, FTX Digital Markets Ltd., the same day based on the warning of FTX Digital Chairman Ryan Salame.
☆ FTX bankruptcy lawyers say they 'do not trust' Bahamas government
  + stars: | 2022-12-14 | by ( Dietrich Knauth | Industry Insight | Law Firms | ) www.reuters.com   time to read: +3 min
FTX attorney James Bromley told Dorsey that the Bahamian government has previously obtained information from FTX Digital Market's liquidators and used it to siphon digital assets away from FTX. The Securities Commission of the Bahamas (SCB) has previously disputed FTX's "misstatements" about the Bahamian government's response to FTX's collapse. Chris Shore, an attorney for the Bahamas-based liquidators, told Dorsey that the liquidators were not working at the direction of the Bahamian government. Dorsey began the hearing by asking whether FTX and the Bahamas liquidators could reach a compromise on data sharing before Bromley shot that suggestion down. "Unlike the Chapter 11 process, there is no transparency in the process in the Bahamas," Ray said.
☆ FTX committed 'old fashioned embezzlement,' CEO tells lawmakers in blistering hearing
  + stars: | 2022-12-13 | by ( Brian Schwartz Rohan Goswami | Brian Schwartz | Rohan Goswami | ) www.cnbc.com   time to read: +2 min
Attorneys Office for the Southern District of New York charged the disgraced crypto executive with eight criminal counts: conspiracy to commit wire fraud and securities fraud, individual charges of securities fraud and wire fraud, money laundering and conspiracy to avoid campaign finance regulations. "This is really just old fashioned embezzlement. Old school, old school." The Senate Banking Committee had also asked Bankman-Fried to testify at a Wednesday hearing that he previously refused to attend. Ryan Salame, the co-CEO of FTX Digital Markets, donated another $23 million, with the majority of his contributions heading toward Republicans.
☆ House Financial Services Chair Waters doesn't plan to subpoena Sam Bankman-Fried to testify at hearing on FTX collapse
  + stars: | 2022-12-07 | by ( Brian Schwartz | ) www.cnbc.com   time to read: +3 min
House Financial Services Committee Chairwoman Maxine Waters told Democrats she doesn't plan to subpoena former FTX CEO Sam Bankman-Fried to testify at Tuesday's hearing about the crypto exchange's rapid demise, according to people with direct knowledge of the conversation. Those at the meeting say Waters said she wants committee staff try to convince Bankman-Fried to voluntarily testify, those with knowledge of the meeting said. As of late Wednesday, Bankman-Fried has yet to agree to voluntarily testify to the House committee, two of the people explained. Waters invited Bankman-Fried to voluntarily testify before the panel and could always change her mind and subpoena him before Tuesday. John Jay Ray III, the new FTX CEO, is scheduled to testify at next week's House hearing.
☆ Bahamian Attorney General Defends Handling of FTX Collapse
  + stars: | 2022-11-28 | by ( Amrith Ramkumar | ) www.wsj.com   time to read: 1 min
FTX Digital Markets Ltd. planned on building new headquarters in the Bahamas before the cryptocurrency exchange imploded. The Bahamian attorney general defended the island nation’s actions during the collapse of FTX Digital Markets Ltd. and urged patience while authorities investigate the embattled cryptocurrency exchange. In a national address late Sunday, Ryan Pinder disputed recent statements made by FTX’s new chief executive and lawyers in U.S. Bankruptcy Court questioning whether Bahamian regulators had the authority to take control of the local FTX subsidiary’s assets around the time of its bankruptcy earlier this month. He said they did have the right to do so under local laws and did so to protect customers and creditors.
☆ FTX lawyer calls this case 'a different sort of animal' in first bankruptcy hearing
  + stars: | 2022-11-22 | by ( Rohan Goswami Mackenzie Sigalos | Rohan Goswami | Mackenzie Sigalos | ) www.cnbc.com   time to read: +6 min
Lawyers for collapsed crypto exchange FTX said in the company's first bankruptcy hearing on Tuesday that regulators from the Bahamas, where FTX was headquartered, have agreed to consolidate proceedings in Delaware. "What we are dealing with is a different sort of animal," said FTX counsel James Bromley. FTX lawyers confirmed earlier reports that the Southern District of New York's Cyber Crimes unit has begun an investigation into the matter. FTX lawyers have also made reference to cyberattacks, suggesting there were multiple attacks beyond the $477 million hack that occurred shortly after the company entered bankruptcy on Nov. 11. FTX customers had a global presence, but many were based in tax havens.
☆ Collapsed FTX owes nearly $3.1 billion to top 50 creditors
  + stars: | 2022-11-20 | by ( ) edition.cnn.com   time to read: +2 min
CNN Business —Cryptocurrency exchange FTX, which has filed for US bankruptcy court protection, said it owes its 50 biggest creditors nearly $3.1 billion. The exchange owes about $1.45 billion to its top ten creditors, it said in a court filing on Saturday, without naming them. The crypto exchange said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganization of some businesses. FTX’s rapid collapse marked a stunning downfall for one of the biggest and most powerful players in the crypto industry. The Bahamian authorities have also taken control of cryptocurrency assets held by FTX Digital Markets, The Bahamas-based FTX unit that filed for Chapter 15 bankruptcy protection Tuesday.
☆ FTX’s Fight With Bahamas Puts Customers’ Crypto in Limbo
  + stars: | 2022-11-19 | by ( Alexander Saeedy | Soma Biswas | ) www.wsj.com   time to read: 1 min
The collapse of FTX has put its new management at odds with regulators in the Bahamas over who should control billions in sparsely documented cash and cryptocurrency assets that are presently out of customers’ reach. The Securities Commission of the Bahamas last week installed liquidators at the exchange’s Bahamas-based unit FTX Digital Markets Ltd. to recover its assets and deposits from other FTX entities after they ruled it was insolvent. Bahamas regulators said on Thursday they had swept the local subsidiary’s assets to a government-controlled wallet “for safekeeping” and to protect the interests of clients and creditors.
☆ FTX's bankruptcy filings show the situations is much worse than anyone thought. From a million creditors to a stunning lack of oversight, here are the craziest details.
  + stars: | 2022-11-19 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +6 min
The downfall of crypto exchange FTX has led to a bankruptcy filing that is full of crazy details. From billion dollar loans to accountants in the metaverse, these are the craziest details of the FTX bankruptcy filing. In reality, according to the bankruptcy filing, FTX's crypto holdings have a fair value of just $659,000 as of September 30. FTX didn't have an accounting departmentRay said in the bankruptcy filing that FTX had compromised internal systems, faulty regulatory oversight, and inexperienced and unsophisticated people in charge of the company's finances. "In fact, there could be more than one million creditors in these Chapter 11 Cases," the bankruptcy filing said.
☆ Bahamas regulator says it assumed control of digital assets of FTX
  + stars: | 2022-11-18 | by ( ) www.reuters.com   time to read: 1 min
Nov 17 (Reuters) - The Securities Commission of The Bahamas said on Thursday it has ordered all digital assets of FTX Digital Markets Ltd (FDM) transferred to a digital wallet controlled by the Commission for safekeeping. "Urgent interim regulatory action was necessary to protect the interests of clients and creditors of FDM," the commission said in a statement. Reporting by Ann Maria Shibu in Bengaluru; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.
☆ Bahamas says it directed FTX to move digital assets for 'safekeeping' as the crypto firm plunged into crisis
  + stars: | 2022-11-18 | by ( Carla Mozée | ) www.businessinsider.com   time to read: +2 min
Regulators in the Bahamas directed FTX to move digital assets to safeguard them for creditors exposed to the blowup. FTX said in its bankruptcy filing there was "credible evidence" ​​the Bahamian government was "directing unauthorized access" to FTX's systems. FTX and the Bahamas-based unit have filed separate bankruptcy protection petitions in the US. The Commission "took the action of directing the transfer of all digital assets of FTX Digital Markets Ltd. to a digital wallet controlled by the Commission, for safekeeping." FTX Digital Markets is seeking bankruptcy protection in New York under Chapter 15, which is used by foreign companies.
☆ Bahamas regulators confirm they're holding some of FTX's assets
  + stars: | 2022-11-18 | by ( Rohan Goswami | ) www.cnbc.com   time to read: +1 min
FTX has filed for bankruptcy in the US, seeking court protection as it looks for a way to return money to users. Securities regulators in the Bahamas conceded that they ordered the transfer of FTX digital assets from company wallets into their own custody, citing the authority granted to them by the Supreme Court of The Bahamas and challenging FTX's assertion that the U.S. Chapter 11 bankruptcy processes applied to them. In a press statement Thursday evening, the Securities Commission of the Bahamas (SCB) said that it had exercised "its powers as a regulator" and directed the transfer of "all digital assets" of FTX Digital Markets, a Bahamian subsidiary of the FTX empire. Crypto research firm Elliptic, however, believes that the $477 million theft reported over this weekend was tied to moves by Bahamian regulators. Statements from both the Bahamas and U.S attorneys suggest "that the "hack" was actually the seizure of FTX assets by the Bahamian government," Elliptic wrote.
☆ Sam Bankman-Fried and a company he owns got $3.3 billion in loans from his Alameda trading firm, bankruptcy filing says
  + stars: | 2022-11-17 | by ( Brian Evans | ) www.businessinsider.com   time to read: +2 min
Alameda Research lent $3.3 billion to Sam Bankman-Fried and entities he controlled. FTX's bankruptcy filing disclosed a $1 billion loan directly to Bankman-Fried. The other $2.3 billion went to Paper Bird Inc., a company SBF owns a majority stake in. A loan of $1 billion went directly to Bankman-Fried, the filing said, while $2.3 billion went to Paper Bird Inc., which he owns a majority stake in. The bankruptcy filing included numerous stunning revelations about FTX.
☆ An executive at an FTX affiliate threw up when he learnt of the crypto exchange's impending collapse, report says
  + stars: | 2022-11-17 | by ( Grace Dean | ) www.businessinsider.com   time to read: +3 min
FTX Digital Markets' co-CEO threw up when he learnt of FTX's problems, sources told the WSJ. A former EY senior tax account, Salame joined Alameda in 2019 before helping him set up FTX parent company FTX Trading Ltd. In September 2021 Salame became co-CEO of FTX Digital Markets, which describes itself as the Bahamian subsidiary of FTX Trading Ltd. "FTX Digital Markets offers users regulated access to FTX's industry-leading derivatives, options, volatility products, and other FTX products and services," it says on its LinkedIn page. FTX Digital Markets filed for Chapter 15 bankruptcy protection on Tuesday in the Southern District of New York.
☆ FTX's Bahamas unit seeks Chapter 15 bankruptcy protection -filing
  + stars: | 2022-11-16 | by ( ) www.reuters.com   time to read: 1 min
Nov 15 (Reuters) - FTX's Bahamas unit, FTX Digital Markets, is seeking protection from creditors in the United States under Chapter 15 of the U.S. Bankruptcy Code, a court filing showed on Tuesday. Such a move allows a foreign debtor to shield assets in the country. Non U.S.-companies use the measure to block creditors who want to file lawsuits or tie up assets in the United States. Parent FTX filed for bankruptcy on Friday in one of the highest-profile crypto blowups, after traders rushed to withdraw $6 billion from the platform in just 72 hours and rival exchange Binance abandoned a proposed rescue deal. Reporting by Akriti Sharma in Bengaluru; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.
☆ FTX Management, Bahamas Gear Up for Fight Over Control of Bankruptcy
  + stars: | 2022-11-16 | by ( Jonathan Randles | ) www.wsj.com   time to read: 1 min
The Bahamas securities regulator is challenging FTX’s new management for control of bankruptcy proceedings for the cryptocurrency exchange’s subsidiary in the country. FTX Digital Markets Ltd., the exchange’s Bahamian subsidiary, filed for chapter 15 in New York bankruptcy court on Tuesday to seek U.S. recognition of liquidation proceedings in the Bahamas. The action, if successful, could move at least a portion of the legal proceedings over the collapse of FTX from the U.S. bankruptcy courts to local courts in the Bahamas.
☆ FTX's Bahamas liquidators "reject the validity" of US bankruptcy
  + stars: | 2022-11-16 | by ( Dietrich Knauth | ) www.reuters.com   time to read: 1 min
Nov 16 (Reuters) - FTX's Bahamas-based liquidators said they "reject the validity" of the crypto exchange's U.S. bankruptcy proceedings, according to court documents filed in the U.S. late Tuesday. FTX and 130 affiliates filed for bankruptcy in the U.S. on Nov. 11, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars. But its Bahamas subsidiary FTX Digital Markets entered liquidation proceedings first, and its court-appointed liquidators said late Tuesday that their case may "impact" FTX's effort to reorganize in the U.S. Reporting by Dietrich KnauthOur Standards: The Thomson Reuters Trust Principles.
☆ The bulldog lawyer who helped recoup billions from MF Global's bankruptcy says investors burned by FTX may not be so lucky
  + stars: | 2022-11-16 | by ( Emmalyse Brownstein | Alex Morrell | ) www.businessinsider.com   time to read: +6 min
The bulldog attorney and hedge fund manager says he sees similarities between MF Global and FTX, but also thinks it could be tougher for FTX customers to get their money back. Koutoulas' behind-the-napkin analysis is that FTX customers stand to recoup just 10 cents on the dollar in bankruptcy. But MF Global was also in a much stronger position financially when it filed for Chapter 11 bankruptcy on Halloween 2011. Of course, that does little to help FTX customers who were wiped out. "MF Global went bankrupt.
☆ Bahamas financial regulators appoint liquidators for FTX unit
  + stars: | 2022-11-15 | by ( ) www.reuters.com   time to read: +1 min
Nov 15 (Reuters) - Financial regulators in the Bahamas on Monday appointed liquidators to run FTX's unit in the country, just days after authorities said they were looking for any "criminal misconduct" by the collapsed crypto exchange. The Securities Commission of The Bahamas said it had won court approval and appointed two members from PwC to oversee FTX Digital Markets Ltd, a subsidiary of FTX licensed in the country. FTX founder Sam Bankman-Fried, who lives in the Bahamas, has also been the subject of speculation about his whereabouts and he denied rumors on Twitter that he had flown to South America. When asked by Reuters on Saturday whether he had flown to Argentina, he responded in a text message: "Nope". Reporting by Akriti Sharma in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.
☆ FTX in talks with regulators, may have 1 mln creditors- bankruptcy filings
  + stars: | 2022-11-15 | by ( Akriti Sharma Daniel Leussink | Akriti Sharma | Daniel Leussink | ) www.reuters.com   time to read: +6 min
SummarySummary Companies FTX in contact with federal, state, international regulatorsMore than one hundred thousand creditors involved in the bankruptcy case, maybe over one millionBahamas regulator appoints provisional liquidatorsFrench cen. "FTX faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis last Friday," the court filing stated. Reuters Graphics Reuters GraphicsFTX's bankruptcy case includes more than one hundred thousand creditors, and this number could surpass one million, the filings said. The numbers were disclosed as FTX requested that multiple FTX group companies file one consolidated list of major creditors, rather than separate ones. Canadian crypto exchange Bitvo said on Tuesday it had terminated its deal to be bought by FTX, a deal that had been due to close in the third quarter of this year.
☆ Former FTX CEO Sam Bankman-Fried and allies lose influence in Washington as company collapses
  + stars: | 2022-11-14 | by ( Brian Schwartz | ) www.cnbc.com   time to read: +6 min
Former FTX CEO Sam Bankman-Fried and his allies are losing advocates in Washington, as the company hits rock bottom. 2 Senate Democrat told CNBC on Monday that the contribution "will be donated to an appropriate charity." It was announced in February that FTX and FTX US were joining the group's board of directors. A spokesman for the crypto trade group told CNBC that "on Thursday, ADAM removed FTX.com and FTX.US from its membership." The lobbying group is led by the former Secretary of Homeland Security Tom Ridge.
☆ FTX collapse: The latest updates on the cryptocurrency crisis
  + stars: | 2022-11-14 | by ( Diksha Madhok | ) edition.cnn.com   time to read: +6 min
New Delhi CNN Business —Aftershocks from the massive earthquake in the trillion-dollar crypto industry last week continued to be felt on Monday. The episode has not just destroyed confidence in the crypto industry, but it will also embolden global regulators to tighten the screws. There is a “lot of risk,” said Changpeng Zhao, who runs the crypto exchange Binance. On Saturday, FTX said it was looking into whether crypto assets were stolen and has since moved all its digital assets offline. Crypto risk management firm Elliptic said although the theft was unconfirmed, $473 million in crypto assets were apparently stolen from FTX.
☆ FTX collapse being scrutinized by Bahamas authorities
  + stars: | 2022-11-13 | by ( Jasper Ward | ) www.reuters.com   time to read: +4 min
[1/3] The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022. REUTERS/Marco BelloNASSAU, Bahamas, Nov 13 (Reuters) - The collapse of cryptocurrency exchange FTX is the subject of scrutiny from government investigators in the Bahamas, who are looking at whether any "criminal misconduct occurred," the Royal Bahamas Police said on Sunday. Bankman-Fried had transferred $10 billion of customer funds to his trading company, Alameda Research, the sources said. Blockchain analytics firm Nansen said on Saturday it saw $659 million in outflows from FTX International and FTX U.S. in the preceding 24 hours. In its bankruptcy petition, FTX Trading said it has $10 billion to $50 billion in assets, $10 billion to $50 billion in liabilities, and more than 100,000 creditors.
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