Tag: FTX

US court gives Three Arrows nod to increase its FTX claim to $1.53B

coiner

A US bankruptcy court has authorized liquidators of defunct crypto hedge fund Three Arrows Capital (3AC) to increase their claim against collapsed crypto exchange FTX from $120 million to $1.53 billion. Chief Judge John Dorsey rejected FTX’s debtors’ argument that the amended proof of claim (POC) from 3AC liquidators was untimely and an unjust attempt to slow the bankruptcy proceedings. In a March 13 ruling in the US Bankruptcy Court for the District of Delaware, Dorsey opined that 3AC liquidators had provided sufficient notice of their claim and the possibility…

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Latest update — Former FTX CEO Sam Bankman-Fried trial [Day 3]

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Cointelegraph reporters are on the ground in New York for the trial of former FTX CEO Sam “SBF” Bankman-Fried. As the saga unfolds, check below for the latest updates. Oct. 5: Yedidia cross-examination in focus Day 3 of the #SBF trial, we’re here bright and early! ☀️ pic.twitter.com/PQ1rQV38Px — Cointelegraph (@Cointelegraph) October 5, 2023 A liability of $8 billion from Alameda to FTX was at the center of prosecutors’ cross-examination of Adam Yedidia on Oct. 5. Yedidia is a close friend of Sam Bankman-Fried and was a developer at FTX.…

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Paxos’ $500K Bitcoin fee, FTX tokens sales set to begin, and more

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Top Stories This Week Paxos confirms it’s responsible for paying a $500K Bitcoin transaction fee The Bitcoin miner who received 19.8 BTC in fees from blockchain infrastructure firm Paxos has returned the funds following Paxos’ claim that it made a mistake in paying over $500,000 in transfer fees. On Sept. 10, Paxos paid the six-figure fee to move $2,000, with the average network fee typically being around $2. The company later acknowledged the mistake, confirming the transfer came from its servers. Almost a day after Paxos’ claims, the Bitcoin miner…

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Bitcoin price metric copies move that last came before -25% FTX crash

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Bitcoin (BTC) could have dropped much more last week after one on-chain metric repeated its move from the FTX crash. As noted on Sept. 5 by James Straten, research and data analyst at crypto insights firm CryptoSlate, the Short to Long-Term Realized Value (SLRV) Ratio has “flipped” for the first time since November 2022. Bitcoin SLRV Ratio channels FTX warning BTC price weakness is getting market observers ready for a drop toward $23,000, but the fallout from Bitcoin’s August comedown could have been much worse. According to the SLRV Ratio,…

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Bankruptcy judge signs off on order allowing Terraform Labs to subpoena FTX entities

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A judge in the bankruptcy case for defunct crypto exchange FTX has issued an order allowing Terraform Labs to subpoena information that could be used in its case brought by the United States Securities and Exchange Commission (SEC). In a July 31 filing in U.S. Bankruptcy Court for the District of Delaware, Judge John Dorsey said Terraform Labs was permitted to serve FTX Trading and FTX US with subpoenas aimed at gathering evidence the firm could use in its defense from allegations of fraud by the SEC. The crypto firm…

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FTX 2.0 coming up, Multichain FUD, Worldcoin raises six figures

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Top Stories This Week Binance suspends deposits for bridged tokens, seeks clarity from Multichain team Crypto exchange Binance suspended deposits for 10 bridged tokens following days of uncertainty surrounding the Multichain protocol. Transactions on the cross-chain protocol have been delayed over multiple bridges in the past few days, with little information from Multichain’s team about the ongoing issues. In a tweet from May 24, Multichain said that some cross-chain routes were unavailable “due to force majeure,” noting that the time for service restoration was unclear. Binance was not the only…

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FTX leadership sues Sam Bankman-Fried over $220M deal made prior to bankruptcy

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FTX lawyers are suing former CEO Sam Bankman-Fried, co-founder Zixiao Wang, and former senior executive Nishad Singh over the $220 million acquisition of stock-clearing platform Embed, alleging lack of due diligence.  According to a May 17 filing, FTX had paid $220 million to acquire Embed through its United States subsidiary after having allegedly “performed almost no due diligence” on the platform. After FTX filed for bankruptcy, the judge in charge of the proceedings approved the sales of Embed and other assets of FTX, but the top bidder for the platform offered just…

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