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☆ FTX may have used corporate funds to buy homes for employees and advisors, its new CEO says
▼ + stars: | 2022-11-17 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

Some of FTX's affiliates may have used corporate funds to buy homes, its new CEO has claimed. "In the Bahamas, I understand that corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors," Ray wrote. Bankman-Fried and other FTX employees including CTO Gary Wang and director of engineering Nishad Singh all lived together in a penthouse in the Bahamas. He said that employees submitted payment requests through an on-line chat platform "where a disparate group of supervisors approved disbursements by responding with personalized emojis." In the declaration, Ray also cited FTX's "inexperienced" execs, auto-deleting messages, and "a complete failure of corporate controls."

☆ Never seen 'such a complete failure' of corporate controls, says new FTX CEO who also oversaw Enron bankruptcy
▼ + stars: | 2022-11-17 | by ( Rohan Goswami | ) www.cnbc.com time to read: +3 min

Ray formerly served as the CEO of Enron after the implosion of the energy titan. He promised to work with regulators to investigate FTX founder Sam Bankman-Fried. Bankman-Fried." Ray excoriated Bankman-Fried and his management team for what were described as lackadaisical controls on systems and regulatory compliance. Coordinating with regulators, Ray wrote, the chapter 11 bankruptcy process would examine the actions of Bankman-Fried in connection with FTX's collapse.

☆ FTX's new CEO blasted Sam Bankman-Fried over 'a complete failure of corporate controls' in a scathing bankruptcy filing
▼ + stars: | 2022-11-17 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

FTX's new CEO issued scathing remarks about Sam Bankman-Fried in a bankruptcy filing on Thursday. He cited "inexperienced" execs, auto-deleting messages, and "a complete failure of corporate controls." Ray said that FTX "did not keep appropriate books and records, or security controls, with respect to its digital assets." Ray said that many companies in the FTX Group also lacked "appropriate corporate governance," with some of the entities never holding board meetings. FTX Group had "unclear records and lines of responsibility" related to its staff and contractors, Ray wrote.

☆ Emoji for expenses, penthouses and slipshod accounting: The most damning details from new FTX CEO's report
▼ + stars: | 2022-11-17 | by ( Rohan Goswami | ) www.cnbc.com time to read: +5 min

Penthouses, perks and personal items"In the Bahamas, I understand that corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors. Other reports have detailed lavish perks allegedly given to FTX employees in the Bahamas. Ray's filing indicated that corporate funds were used to purchase homes for employees and advisors, sometimes in their name. For example, employees of the FTX Group submitted payment requests through an online 'chat' platform where a disparate group of supervisors approved disbursements by responding with personalized emojis." It isn't immediately clear what platform FTX used, although the company is known to have used Slack for internal communications.

☆ FTX Group has secured just $740 million in crypto that it hopes to recover in bankruptcy after holding more than $5 billion before its collapse
▼ + stars: | 2022-11-17 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

FTX Group has secured in new cold wallets approximately $740 million of cryptocurrency, a new filing said. But that's just a fraction of the digital assets that FTX hopes to recover in bankruptcy. Sam Bankman-Fried's crypto empire listed crypto and stablecoin assets that topped $5 billion before the Chapter 11 filing. Elsewhere in the filing, assets across the four silos showed "crypto assets held at fair value" totaled more than $4 billion as of September 30. In addition, US dollar-denominated stablecoins totaled more than $1.1 billion across the silos.

☆ Ontario Teacher's pension fund to write down investments of $95 mln in FTX
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: 1 min

Nov 17 (Reuters) - Canada's Ontario Teachers' Pension Plan said on Thursday it will be writing down about $95 million of investments it had made in bankrupt cryptocurrency exchange FTX Group by the end of the year. Reporting by Leroy Leo in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Nov 16 (Reuters) - Crypto lender Genesis Global Capital suspended customer redemptions on Wednesday, citing the sudden failure of crypto exchange FTX, while court papers showed FTX founder Sam Bankman-Fried faces legal action. After a flurry of tweets and interviews by Bankman-Fried, FTX said he "has no ongoing role" at the company and does not speak on its behalf. LEGAL ACTIONMeanwhile, U.S. court filings showed Bankman-Fried is facing legal action in the United States from investors alleging the company's yield-bearing crypto accounts violated Florida law. U.S. and Bahamian authorities were discussing the possibility of bringing Bankman-Fried to the United States for questioning, Bloomberg reported on Tuesday. Elsewhere, crypto exchange Binance said it had not contributed to FTX's collapse, in a response to a hearing on the crypto industry by a British parliamentary committee.

Nov 16 (Reuters) - Crypto lender Genesis Global Capital suspended redemptions on Wednesday citing the failure of crypto exchange FTX, while court papers showed FTX founder Sam Bankman-Fried faces legal action, as its sudden collapse ripples across the industry. LEGAL ACTIONMeanwhile, U.S. court filings showed Bankman-Fried is facing legal action in the United States from investors alleging the company's yield-bearing crypto accounts violated Florida law. Bloomberg on Tuesday also reported that U.S. and Bahamian authorities were discussing the possibility of bringing Bankman-Fried to the United States for questioning. Elsewhere, crypto exchange Binance, in a response to a hearing on the crypto industry by a British parliamentary committee on Monday, said it had not contributed to FTX's collapse. The U.S. House Financial Services Committee said Wednesday it plans to hold a hearing in December to investigate the collapse of cryptocurrency exchange FTX.

☆ Tom Brady, Larry David and other celebrities named in FTX lawsuit
▼ + stars: | 2022-11-16 | by ( Minyvonne Burke | Minyvonne Burke Is A Senior Breaking News Reporter For Nbc News. | ) www.nbcnews.com time to read: +3 min

A class-action lawsuit filed Tuesday alleges that the crypto platform FTX and former CEO Sam Bankman-Fried violated Florida law, misled customers and cost investors billions of dollars in damages. Garrison says he lost money after the crypto exchange was forced to stop customers from withdrawing funds. The suit blames Bankman-Fried and the bevy of celebrities who promoted the company for the losses suffered by the investors. Also named in the lawsuit is Larry David, the "Curb Your Enthusiasm" star who appeared in a Super Bowl commercial for FTX. Larry David stars in a Super Bowl commercial for the cryptocurrency exchange FTX.

☆ Authorities may reportedly bring Sam Bankman-Fried in for questioning as FTX Bahamas files for bankruptcy
▼ + stars: | 2022-11-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

US and Bahamian authorities are in talks to potentially bring Sam Bankman-Fried to the US for questioning, Bloomberg reported Tuesday. Bankman-Fried has been cooperating with Bahamian authorities, per the report. On Wednesday, the Bahamas branch of FTX filed for Chapter 15 bankruptcy, days after FTX Group filed Chapter 11. Sources told Bloomberg that 30-year-old Bankman-Fried, who resigned from his position as FTX Group CEO when the company filed for Chapter 11 bankruptcy on Friday, has so far been cooperating with Bahamian authorities. Meanwhile, the Bahamas branch of FTX filed for Chapter 15 bankruptcy in New York on Wednesday.

FTX's bankruptcy case includes more than 100,000 creditors, and this number could surpass 1 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. REUTERS/Dado Ruvic/IllustrationCrypto lender BlockFi, which previously acknowledged it has significant exposure to FTX, plans to lay off workers while preparing to file for bankruptcy, the Wall Street Journal reported. Separately, bankrupt crypto lender Voyager Digital no longer plans to sell itself to FTX, Bloomberg reported, while Canadian crypto exchange Bitvo said it terminated its deal to be bought by FTX. I'm meeting in-person with regulators and working with the teams to do what we can for customers," he said on Twitter.

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.

☆ Sam Bankman-Fried is reportedly trying to raise money to pay back clients while FTX warns it could have over 1 million creditors
▼ + stars: | 2022-11-15 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried is trying to raise money to pay back clients and make them whole again, the Wall Street Journal reported Tuesday. Separately, FTX warned in an updated bankruptcy filing it could have more than 1 million creditors, up from its prior estimate of over 100,000. Also, the $8 billion needed dwarfs the $1.9 billion that FTX raised over its entire existence, the report noted. Most recently, premier Wall Street players like Tiger Global helped FTX raise $400 million in January. Reports have put the amount of money transferred from FTX to Alameda at $8 billion or more.

☆ 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 is investigating 'abnormal transactions' of customer funds after the crypto platform filed for bankruptcy: report
▼ + stars: | 2022-11-12 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Crypto exchange FTX is investigating abnormal transactions of customer funds after a potential hack. The trading platform filed for bankruptcy and CEO Sam Bankman-Fried resigned on Friday. More than $260 million worth of crypto assets were withdrawn from the platform, analysts estimate, the newspaper reported. when he was asked about the missing funds. FTX, once valued at more than $30 billion, filed for Chapter 11 bankruptcy on Friday and Bankman-Fried resigned as CEO after the company failed to secure a rescue deal.

The crypto giant FTX and its affiliated companies have started the process of filing for Chapter 11 bankruptcy, with founder Sam Bankman-Fried stepping down as CEO. Bankman-Fried sent out a series of tweets on Friday stating his hope that FTX would be able to continue as a going concern following its bankruptcy. Media outlets have reported that the Securities and Exchange Commission and Justice Department are now investigating FTX. In the days following the report, rival crypto exchange Binance announced it was liquidating its FTT holdings. Unable to find an out, FTX announced its bankruptcy filing Friday morning.

☆ FTX files for bankrupcty as CEO resigns
▼ + stars: | 2022-11-11 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

FTX said Sam Bankman-Fried, the 30-year-old founder of the exchange, will remain to assist in an orderly transition. Both the Justice Department and Securities and Exchange Commission are investigating FTX, The Wall Street Journal reported. Bankman-Fried has been one of the faces of the crypto industry, amassing a fortune once totaling $25 billion that has since vanished. The implosion of FTX was preceded by the decision to lend billions of dollars’ worth of customer assets to fund risky bets by Alameda, the Journal reported on Thursday. Alameda now owes FTX a staggering $10 billion that the exchange had serious trouble raising, the paper said.

☆ FTX: NBA's Miami Heat to terminate relationship with crypto giant, will get new arena name
▼ + stars: | 2022-11-11 | by ( Jacob Lev | ) edition.cnn.com time to read: +1 min

CNN —The NBA’s Miami Heat and Miami-Dade County have terminated their relationship with bankrupt cryptocurrency exchange FTX and will search for a new naming rights partner for their arena in downtown Miami. Miami-Dade County and Miami Heat said in a joint statement Friday night that the reports about FTX are “extremely disappointing” and that they will work together to find a new naming rights partner for the arena, which was only renamed as FTX Arena last year. FTX had reportedly inked a reported $135 million, 19-year deal to rename the Miami arena in June 2021. Also, Major League Baseball struck a five-year deal in 2021 to name FTX as its official cryptocurrency exchange. FTX is also the official cryptocurrency exchange partner of the Mercedes-AMG Petronas Formula One Team.

☆ Sam Bankman-Fried steps down as FTX CEO as his crypto exchange files for bankruptcy
▼ + stars: | 2022-11-11 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022. Sam Bankman-Fried's cryptocurrency exchange FTX has filed for Chapter 11 bankruptcy in the U.S., according to a company statement posted on Twitter. CNBC reached out to Adam Landis, founding partner of Landis Rath & Cobb LLP, who filed the Chapter 11 proceedings on behalf of FTX. FTX founder Sam Bankman-Fried admitted on Thursday that he "f---ed up." The Chapter 11 proceedings exclude the following subsidiaries: LedgerX LLC, FTX Digital Markets Ltd., FTX Australia Pty Ltd., and FTX Express Pay Ltd.

☆ FTX files for bankruptcy and Sam Bankman-Fried steps down as CEO after crypto exchange fails to secure bailout
▼ + stars: | 2022-11-11 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

FTX announced it was filing for Chapter 11 bankruptcy along with Alameda Research and affiliated companies. Sam Bankman-Fried resigned from his role as CEO of FTX, though he will remain to assist an orderly transition. The bankruptcy includes Alameda Research and 130 additional affiliated companies, which together are called "FTX Group." FTX appointed John J. Ray III as the new CEO of FTX Group. "The FTX Group has valuable assets that can only be effectively administered in an organized, joint process.

☆ The future of FTX and Sam Bankman-Fried is now in the hands of these 3 lawyers who have worked for Enron, Michael Milken, and Elon Musk
▼ + stars: | 2022-11-11 | by ( Jack Newsham | ) www.businessinsider.com time to read: +7 min

A senior Paul Weiss lawyer has been hired to defend FTX founder and ex-CEO Sam Bankman-Fried. FTX said on Twitter that a sprawling group of companies founded by Bankman-Fried, known as SBF, filed for Chapter 11 bankruptcy in Delaware. The new CEO of FTX is John J. Ray III, a lawyer-turned-executive with a colorful past leading troubled companies, most notably Enron. The firm Paul Weiss and its lawyer Martin Flumenbaum, who represented the junk-bonds king Michael Milken, are representing Bankman-Fried personally. John J. Ray IIIRay joined FTX as CEO just in time to sign its bankruptcy filing.

☆ FTX Group begins voluntary Chapter 11 bankruptcy proceedings
▼ + stars: | 2022-11-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTX Group begins voluntary Chapter 11 bankruptcy proceedingsCrypto exchange FTX has filed for Chapter 11 bankruptcy proceedings following its fallout this week. CNBC's 'Squawk on the Street' team breaks down the details.

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