Alameda Research

The FTX contagion has spread to several companies including to crypto lender BlockFi, which on Monday declared bankruptcy. Photo: Maurice NORBERT (Shutterstock)Crypto lender BlockFi was once eager to hand practically anybody a sack of money containing gold-plated crypto coins, without even a bare credit check. Now they themselves would like some investor to lay out some cash without asking too many questions, especially not about their obvious connections and contagion from the fallout of FTX. On Monday, the New…

FTX suffered a “complete failure of corporate controls” that culminated in an “unprecedented debacle,” its new chief executive officer said Thursday. John J. Ray, who has helped oversee some of the biggest bankruptcies ever, including Enron’s, said in a filing to federal bankruptcy court that he has never seen anything as bad in 40 years of restructuring firms. The filing paints a vivid picture of the chaos that characterized the cryptocurrency company’s finances, accounting and leadership…

Excerpts from summer interviews with the onetime crypto mogul and his trading firm’s CEO paint a far different picture than is now being revealed in bankruptcy court documents. It was late August, and Sam Bankman-Fried appeared on a computer screen, sporting the black headphones, T-shirt and floppy bedhead that were his trademark as the ubiquitous face of crypto and the chief executive officer of FTX. Questions were building about the exchange's relationship with Alameda Research, the trading firm he started that's…

Photo: OLIVIER DOULIERY / AFP (Getty Images)Hundreds of millions of dollars in funds were mysteriously siphoned out of the collapsing crypto exchange FTX on Friday, in what exchange officials have referred to as a potential “hacking” incident.Already a company in a spectacular state of financial and reputational free fall, the once well-respected and heavily promoted cryptocurrency exchange said Friday that it was looking into a barrage of “abnormal” asset transfers sweeping through accounts. Subsequent analysis seemed to…

FTX officials appeared to confirm rumors of a hack on the bankrupt crypto exchange's Telegram channel and have instructed customers to delete FTX apps and avoid its website, news outlet CoinDesk reported. The report comes after FTX US general counsel Ryne Miller tweeted that he was "investigating abnormalities with wallet movements related to the consolidation of FTX balances across exchanges."Read Also In the highest-profile crypto collapse, FTX, affiliated crypto trading firm Alameda Research, and about 130 of its other…

Sam Bankman-Fried announced he was stepping down as CEO from his crypto exchange FTX.Photo: Alex Wong (Getty Images)RIP FTX. The company announced Friday morning that they were starting Chapter 11, AKA reorganizational bankruptcy proceedings. In addition, CEO Sam Bankman-Fried’s other crypto firm, Alameda Research and Weste Realm Shires Services, which is also known as FTX.US, are also tangled up in the proceedings.07:33The Dead Friends Society Audiobook ClipYesterday 3:38PMThe 30-year-old supposed wunderkind…

In a matter of days, Sam Bankman-Fried has gone from crypto hero to villain. An outwardly genial 30-year-old commonly referred to as SBF, Mr. Bankman-Fried was until this week the industry’s leading champion. His firm’s finances were opaque, but he seemed to be an open book on Twitter and in scores of media interviews. Bill Clinton, Tom Brady, Katy Perry and other boldfaced names trekked to FTX’s Bahamas base to appear with him at a conference he organized to promote his…

Sam Bankman-Fried is having a hard week (along with FTX users and investors.) The CEO and co-founder of FTX, the rapidly collapsing cryptocurrency exchange, is facing newly expanded federal investigations, as a liquidity crisis tanks the value of the firm’s native token, FTT. His billions in personal wealth have all but evaporated over the course of days. An attempted rescue deal with rival exchange Binance fell apart very publicly. FTX investors have declared the exchange worthless, and employees of the company have…

Leading cryptocurrency exchange Coinbase has clarified that it only has $15 million worth of deposits on FTX to facilitate business operations and client trades after it faced a partial outage.In its bid to provide clarity, the company said regardless of whether the Binance and FTX transaction completes, "we have very little exposure to FTX and we have no exposure to its token, FTT"."We have no exposure to Alameda Research, and we have no loans to FTX," Coinbase said in a blog post late.Read AlsoThe clarification came as…

Big tech billionaire Sam Bankman-Fried, the CEO of FTX, recently went big head mode at the 2022 Forbes iconoclast Summit, but only a few weeks later he announced his main crypto exchange is being absorbed by Binance.Photo: Arturo Holmes (Getty Images)The crypto winter has swallowed one of the world’s leading crypto suppliers. FTX, which up until now was ranked the third largest exchange by trading volume, announced Tuesday they were being acquired by rival exchange Binance, the absolute largest exchange in the biz.Binance…