In a series of shocking revelations during the ongoing FTX trial, former FTX Engineering Director Nishad Singh testified in a New York courtroom on October 16. He revealed that former CEO Sam Bankman-Fried had a history of making unilateral decisions regarding purchases made through Alameda Research, a cryptocurrency trading firm,
In November 2022, the crypto world witnessed a shattering chapter in its history with the collapse of FTX, a once-prominent crypto exchange. What initially appeared as a mere accounting oversight soon unveiled itself as a massive fraud, resulting in the loss of billions of dollars for customers and investors. Shockingly,
In a rollercoaster week for the global cryptocurrency market, Bitcoin (BTC) led a bullish rally, nearly reaching a seven-week high of $28.3K on Monday, positively influencing various digital currencies. However, the market faced a sudden downturn today, plummeting by 2.56%. Bitcoin (BTC) Price Chart (Source: CoinMarketCap) Bitcoin experienced a surge
The spectacular fall of FTX last year shook the crypto world to its core, destroying a good amount of the remaining trust that investors had in the top centralized exchange platforms. Trust in CEX platforms had already been eroded by similar collapses at Three Arrows Capital and Celsius, and the
In a dramatic turn of events, the beleaguered cryptocurrency exchange FTX has initiated a lawsuit against former employees of Alameda, an entity associated with FTX, seeking the recovery of approximately $157.3 million. This legal action comes as FTX grapples with the aftermath of its bankruptcy filing in November 2022. It
According to a Bloomberg report, the Stanford University in California has said that it intends to refund all funds it received from the bankrupt crypto exchange FTX. Between November 2021 and May 2022, FTX-affiliated firms gave Stanford a total of $5.5 million. A university representative stated: “We have been in
The new FTX administration has consulted with financial experts to determine whether or not it is possible to recoup the millions of dollars that were distributed to athletes, teams, and organizations for promoting the defunct cryptocurrency exchange. Moreover, according to court documents cited by Bloomberg, experts are looking into whether
Crypto exchange OKX has released its tenth Proof-of-Reserve (PoR) report to gauge its liquidity in the highly volatile market. According to the data included in the report, the exchange’s reserves of BTC, ETH, and USDT have grown to a total of $10.4 billion. OKX is one of the few exchanges
Charles Hoskinson, founder of Cardano, is certain that the U.S. SEC would not go after ADA, the project’s native token. In a recent video interview, Hoskinson said that despite ADA being cited as a security in a lawsuit against a cryptocurrency exchange, no regulatory action has been taken against the
FTX founder Sam Bankman-Fried (SBF) has asked to be released from jail for five days every week so that he and his attorneys may prepare their defense after the DOJ revoked his bail a week ago. Lawyers for SBF wrote to US District Judge Lewis Kaplan on Friday to complain
