FTXs

The FTX creditor list also named the Miami-based Basketball Properties LTD as a creditor. FTX bought the rights to the home of the Miami Heat’s home arena for $135 million in 2021. The Miami-Dade County government has since terminated that 19-year contract.Photo: Joe Raedle (Getty Images)The ongoing Chapter 11 bankruptcy of FTX is still trying to claw back the billions of dollars needed to make customers and investors whole. One problem with this lofty goal is the nearly 10 million FTX customers who still had funds on the…

Too Long; Didn't ReadThe future of cryptocurrency may see stricter regulations and increased decentralization following the collapse of FTX. The incident has highlighted the need for more oversight and protection for investors, as well as the importance of decentralized systems to prevent centralized control and manipulation. This may lead to more government involvement in the cryptocurrency market, but could ultimately result in a more stable and secure industry for all.L O A D I N G. . . comments & more! Too…

Sam Bankman-Fried has been charged with eight counts of fraud and conspiracy for using FTX customer funds as a personal piggy bank with his hedge fund Alameda Research.Photo: Michael M. Santiago (Getty Images)Failed co-founder and CEO of the FTX crypto exchange Sam Bankman-Fried reportedly has a few layers of security while he’s at home waiting for trial, including security guards and a 75-pound German shepherd. Though since his address is easily Googleable, angry former fans still seem intent on paying the once-crypto…

It has been a tumultuous year for the crypto world, which saw huge erosion in value, the Ethereum Merge, scrutiny from regulators, the crash of one of the world’s biggest exchanges, and more. Like stocks, the value of several cryptocurrencies rose quickly during the Covid-19 pandemic in 2021. But the excitement waned this year, causing crypto prices to return to Earth. A series of collapses, culminating in the failure of FTX in November, did little to calm jittery investors. The market value of Bitcoin, the most popular…

Binance CEO Changpeng Zhao has repeatedly spread the message that his exchange and company are both financially stable, but critics point out the company is too opaque to get a good picture of its finances.Photo: Marco Rosi - SS Lazio (Getty Images)Binance and its execs have routinely said they won’t follow in the footsteps of Sam Bankman-Fried’s fraudulent crypto empire, but they sure are taking plays straight out of the failed crypto founder’s playbook.On Tuesday, Binance announced it was hooking up with the Chamber of…

Sam Bankman-Fried’s eventual return to New York might not be the homecoming he wants, as he’ll likely be quickly detained and arraigned before a tense bail hearing.Photo: Michael M. Santiago (Getty Images)After a strange, strange day of hemming and hawing, FTX founder Sam Bankman-Fried finally agreed to not contest extradition to the U.S., finally giving in to demands he face federal fraud charges.It follows a haphazard few days where the failed crypto moghul first planned to contest extradition from The Bahamas before…

FTX's Sam Bankman-Fried is set to testify before a US House committee on Tuesday, the cryptocurrency exchange's founder and the congressional panel said on Friday, as regulators investigate his role in the wake of its collapse.The chair of the House of Representatives Committee on Financial Services, Maxine Waters, told Reuters on Thursday that she was prepared to subpoena Bankman-Fried if he did not agree to appear before the panel, which is holding a hearing as part of its probe into FTX.In a statement late on Friday,…

The US Securities and Exchange Commission charged disgraced cryptocurrency tycoon Sam Bankman-Fried on Tuesday with defrauding customers out of billions of dollars, a day after he was arrested in the Bahamas at the request of the United States."Today we are holding Mr. Bankman-Fried responsible for fraudulently raising billions of dollars from investors in FTX and misusing funds belonging to FTX's trading customers," the exchange said in a statement."We allege that Sam Bankman-Fried built a house of cards on a foundation…

FTX founder Sam Bankman-Fried's failure to secure release on bail in the Bahamas on Tuesday increases the likelihood that he will consent to extradition to the United States to face fraud charges, legal experts said.A judge ordered Bankman-Fried to be held at the Bahamas Department of Corrections until at least February 8, citing his “great” risk of flight after New York federal prosecutors unveiled charges against him over the collapse of his once high-flying crypto exchange, FTX.Before his bail was denied,…

Sam Bankman-Fried was arrested in the Bahamas earlier this week and was denied bail after being deemed a flight risk. Image: Tom Williams (AP)As the news of FTX’s collapse keeps rolling in, the twists keep coming. We’re now learning that one of the once wildly popular cryptocurrency exchange’s executives—Ryan Salame—turned on the company by tipping off Bahamian regulators about the potential of fraud according to recently unsealed court documents.A report from Financial Times indicates that the company’s own Ryan Salame,…