Cryptocurrency Exchanges

Sam Bankman-Fried and FTX doled out millions in charitable donations. Now, new management is asking for it back.Some of the money, however, has already been spent, and the gifts flowed through myriad sources and agreements that are proving difficult to tally.  Mr. Bankman-Fried, FTX and its affiliates used stolen customer money to pour billions of dollars into risky wagers that imploded, according to federal prosecutors and regulators. The company collapsed into bankruptcy in November.…

Federal authorities are moving to seize hundreds of millions of dollars in assets in the U.S. tied to the bankrupt cryptocurrency exchange FTX, a sign that the battle over control of the company’s remaining funds is escalating.Seth Shapiro, a Justice Department official, said at an FTX bankruptcy court hearing Wednesday that the federal government has seized or is in the process of seizing Robinhood shares whose ownership is disputed by FTX and BlockFi, a cryptocurrency lender that collapsed…

The collapse of crypto exchange FTX sparked a run on Silvergate SI 27.10% Capital Corp., forcing the bank to sell assets at a steep loss to cover some $8.1 billion in withdrawals.  Crypto-related deposits plunged 68% in the fourth quarter, the bank said in an early release of some quarterly results. To satisfy the withdrawals, Silvergate liquidated debt it was holding on its balance sheet. The $718 million it lost selling the debt far…

FTX founder Sam Bankman-Fried pleaded not guilty to fraud and other criminal charges Tuesday, as a judge set his trial to begin Oct. 2.Mr. Bankman-Fried, 30 years old, entered his not-guilty plea to all eight criminal counts he faces before U.S. District Judge Lewis Kaplan in federal court in Manhattan. It was his second appearance in a U.S. court after the collapse of his cryptocurrency exchange. Prosecutors have accused him of stealing billions of dollars of…

Former FTX chief executive Sam Bankman-Fried (C) arrives to enter a plea before US District Judge Lewis Kaplan in the Manhattan federal court, New York, January 3, 2023. Ed Jones | AFP | Getty ImagesThe Manhattan U.S. Attorney's Office said Tuesday it had created an FTX Task Force to trace and recover assets of victims of the cryptocurrency exchange firm's collapse and to handle investigations and prosecutions related to the company and other entities.The announcement came as FTX founder and former CEO Sam Bankman-Fried…

The banks of the future are having a rough present. Financial-tech companies, long hyped for their vision of bringing Silicon Valley-style innovation to the businesses of lending, investing and payments, underperformed both financial stocks and tech stocks more broadly in 2022. A vulnerability to higher interest rates, the disappearance of many pandemic-era catalysts and a more general reckoning for companies that followed growth-at-all-costs playbooks contributed to many fintech firms’…

Former FTX chief executive Sam Bankman-Fried, wearing tie, arrived in federal court in Manhattan Tuesday. Photo: ed jones/Agence France-Presse/Getty Images…

Tensions between crypto magnates Cameron Winklevoss and Barry Silbert erupted into an open dispute on Twitter at the start of the new year, with Mr. Winklevoss accusing Mr. Silbert of “bad faith stall tactics” that are hurting rank-and-file customers. The back-and-forth on Monday deals another blow to a sector struggling for credibility, especially since the collapse of FTX and its affiliated trading firm, Alameda Research.…

Former employees of FTX and other failed crypto firms will likely face extra scrutiny in their job hunt. But recruiters and hiring managers say they can move on if they are transparent about their past employment. “First step is to own it, really,” said Will Brown, executive search lead for financial services at recruiting firm Hamlyn Williams. The career advice comes after a year of turmoil in the crypto industry, including several bankruptcies, that decimated digital asset values and…

Since the crypto-trading platform’s November bankruptcy, lawmakers have called for federal regulators such as the Securities and Exchange Commission to police cryptocurrency markets more aggressively. They also have questioned whether legislation favored by the industry to create a new regulatory framework for cryptocurrencies goes far enough.  Some in Congress are working on proposals that would apply existing rules for banking, securities, taxes and anti-money-laundering to cryptocurrencies. Lawmakers are expected to…