Cryptocurrency Exchanges

FTX’s new chief executive, John J. Ray III, said he is looking into the possibility of reviving the bankrupt crypto exchange as he works to return money to the failed company’s customers and creditors.    In his first interview since taking over FTX in November, Mr. Ray said that he has set up a task force to explore restarting FTX.com, the company’s main international exchange. Although top FTX executives have been accused of criminal misconduct, some customers have praised its technology and suggested…

Cryptocurrency lender Genesis Global Holdco LLC and two of its lending subsidiaries filed for bankruptcy protection late Thursday night in New York, the latest domino to fall after the failure of crypto exchange FTX.The bankruptcy marks the end of an era in which the lending of crypto assets fueled trades by both individual and institutional investors chasing high yields. A big drop in crypto prices that began in late 2021 led to the collapse of many companies that depended on that business model. Genesis held on longer…

Crypto lender Genesis Global Trading Inc. is preparing to file for bankruptcy within days, according to people familiar with the matter. Genesis, owned by the crypto conglomerate Digital Currency Group, is in the final stage of preparing paperwork before it files for chapter 11 protection, said the people with knowledge of the matter. Crypto lender Genesis Global Trading Inc. is preparing to file for bankruptcy within days, according to people familiar with the matter.…

U.S. authorities designated cryptocurrency exchange Bitzlato Ltd. as a primary money-laundering concern and charged its founder for allegedly facilitating money laundering for criminals. The Treasury Department designated Bitzlato under a section of the USA Patriot Act, a law used to combat money laundering and terrorist financing, for allegedly laundering illicit funds for ransomware actors based in Russia. This type of action, a rarely used so-called death-knell sanction that cuts off…

Sam Bankman-Fried said cryptocurrency exchange FTX had a closer relationship than previously disclosed with its bankruptcy law firm Sullivan & Cromwell LLP, adding to questions about the law firm’s work for past FTX management. The founder and former chief executive of FTX, back online and in a new blog post that could suggest elements of his upcoming legal defense, said Sullivan & Cromwell was one of the main forces pushing him to resign and for…

Just before crypto markets plunged last year, Sam Bankman-Fried ‘s hedge fund made a $1 billion bet on Genesis Digital Assets, a Cyprus-registered bitcoin miner rigged to consume a small city’s worth of electricity in Kazakhstan.The cash injection from Mr. Bankman-Fried’s Alameda Research LLC was supersized even for the red-hot crypto startup world, and it dwarfed the FTX founder’s other investments in private companies. Genesis Digital is now one of the largest assets in the FTX bankruptcy,…

A federal bankruptcy judge approved the termination of the contract between Miami-Dade County and FTX that gave the cryptocurrency exchange naming rights for the home of the Miami Heat.  Judge John Dorsey on Wednesday approved Miami-Dade and FTX’s request to end the deal. Miami-Dade will no longer refer to the venue, the downtown Miami sports facility that is owned by the county, as FTX Arena, according to the agreement, and the county will remove all…

Bankrupt cryptocurrency exchange FTX said it has located more than $5 billion in cash and other liquid assets and is hoping to sell hundreds of additional holdings with a book value of more than $4.6 billion.  Those assets are valued as of FTX’s bankruptcy filing in November and don’t include $425 million held by authorities in the Bahamas, company lawyers said on Wednesday in the U.S. Bankruptcy Court in Wilmington, Del.  Bankrupt cryptocurrency exchange FTX said it has located more…

Coinbase Global Inc. COIN 12.96% said that it would eliminate around 20% of its staff and enact broad cost cuts, the latest sign of pain in the cryptocurrency industry. Chief Executive Brian Armstrong said in a blog post Tuesday that crypto exchange Coinbase will reduce operating expenses by 25% from the previous quarter, including laying off about 950 people. At the end of September, the company had…

A pair of attorneys defending FTX founder Sam Bankman-Fried against one of the biggest white-collar prosecutions in decades are veterans of high-profile cases, including ones involving drug lord “El Chapo” and disgraced socialite Ghislaine Maxwell. Mark Cohen and Christian Everdell, former federal prosecutors who are now partners in the New York-based boutique firm Cohen & Gresser, are known for an unflashy,…