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“We do not have enough money to pay back all of our creditors and the U.S. Trustee … says that we should spend tens or even hundreds of millions of dollars” on a report, James Bromley of FTX’s law firm Sullivan & Cromwell said. There is “no evidence that any
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Officials may later seek to have Sam Bankman-Fried forfeit the assets, potentially including as much as $450 million in stocks, to avoid benefiting from crimes Source
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The company's new management, which took over when FTX founder Sam Bankman-Fried resigned Nov. 11, told a procedural hearing on Tuesday that it had over $1 billion in assets identified. The company located about $720 million in cash assets, which the exchange has yet to consolidate, in U.S. financial institutions
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According to multiple reports, FTX co-founder Sam Bankman-Fried’s parents face scrutiny over their reported involvement with their son’s business operations. The two Stanford professors Joseph Bankman and Barbara Fried have not been charged with any wrongdoing, but the current FTX CEO, John J. Ray III, recently told members of the
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According to a recent report published by the Wall Street Journal (WSJ), cryptocurrency executives were allegedly concerned that Sam Bankman Fried’s (SBF) Alameda Research was trying to “depeg stablecoins.” Purportedly, high-up executives from crypto exchanges are members of a Signal chat group called “Exchange coordination,” and Binance CEO Changpeng Zhao
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A lawyer for BlockFi told the first day hearing of its bankruptcy proceedings that the crypto lender has $355 million stuck on FTX and that the collapsed exchange’s sister company Alameda Research has defaulted on a $680 million loan.BlockFi filed 15 motions on Nov. 28 which were approved by the
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“I hate to say I told you so” is a phrase oft-repeated but rarely sincere. It’s a delightful feeling to claim credit for warning about a problem in advance. That’s a liberty I’m taking with federal financial regulators at the United States Securities and Exchange Commission.In January of this year,
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“DeFi tools hold a credible promise for new forms of financial services adapted to a globalized, competitive, fair and digital economy,” Roukny, an assistant professor from Leuven University, said at a commission webinar Friday, after issuing a report on DeFi to the body. “At the same time," he added, "severe
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Cryptocurrency service providers operating in Ethiopia are now required to register with the country’s cybersecurity agency known as the Information Network Security Administration (INSA), a report has said. According to the agency, legal measures will be applied to crypto entities that fail to comply with its registration call. INSA Tasked
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In this week’s Africa news highlights, the Nigerian central bank blames speculators for causing the local currency’s plunge to a new all-time low on the parallel market. In Kenya, the central bank has told financial institutions to cease having dealings with two Nigerian fintechs, Flutterwave and Chipper Cash. The Central
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