For the time being, at least, Sam Bankman-Fried will not be able to use his FTX insurance to pay for his legal fees. The former FTX CEO tried to use a $10 million insurance policy to pay for his legal fees, but the bankruptcy judge refused his petition on Wednesday.
FTX, a defunct cryptocurrency exchange, has recouped nearly $7.3 billion in cash and digital assets. In addition, the company’s counsel during a recent bankruptcy court hearing said the sum recovered is more than $800 million since January. According to Reuters, things are looking up for the faltering exchange during the
Ren Open Protocol has announced the transformation of all cryptocurrency assets into FTX debtor accounts. Alameda Research acquired this blockchain interoperability platform at the start of 2022. As in the declaration tweet, the transfer was instructed prior in order to protect from “possible shutdowns”. pic.twitter.com/KndTzULW5B — Ren (@renprotocol) April 12,
In the wake of the FTX’s fall, most regulators and lawmakers worldwide are tightening their regulatory stance towards the crypto industry. Specifically, the US regulators — SEC, and CFTC – pulled in major crypto exchanges including Binance, Coinbase, and Kraken under their keen regulatory radar. Binance, the largest cryptocurrency exchange,
According to recent information from the bankrupt cryptocurrency exchange FTX’s current leadership, former FTX US President Brett Harrison quit in part due to a “protracted disagreement” with CEO Sam Bankman-Fried and people in his inner circle in September. The report submitted to the Delaware bankruptcy court on Sunday. The report
Investors in FTX are still reeling from the platform’s bankruptcy and the ensuing uncertainty about the future of their assets on the platform. Nonetheless, for the time being, European consumers have a window of opportunity to withdraw funds. The European branch of the cryptocurrency exchange, known as FTX EU, has
Former FTX CEO Sam Bankman-Fried (SBF) pleaded not guilty on Thursday to additional charges of conspiracy to violate campaign finance regulations and bribe Chinese authorities. Earlier, the 31-year-old crypto tycoon pleaded not guilty to eight charges of fraud and conspiracy through his attorney Mark Cohen, in which he is accused
In negotiations with US authorities, former CEO Sam Bankman-Fried achieved an agreement on revised bail terms. The attorneys requested that the court approve the signing of the proposed papers which include a phone and laptop with restricted internet access. The bail restrictions offered by the prosecution and amendments such as
Recently, attorneys for FTX Group and Modulo Capital revealed their desire to settle out of court, thus wiping away 99% of the VC firms’ books. Today, FTX announced plans to sell its ownership in Mysten Labs back to Mysten in an effort to raise as much money as possible. Unlike
Regarding the exchange’s incident, a new class action lawsuit has been filed against YouTubers who promoted FTX. In addition, the lawsuit seeks $1 billion in damages related to the Youtubers’ association with the defunct FTX cryptocurrency trading platform. Several people have filed lawsuits because of the FTX debacle. This lawsuit
