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
Changpeng Zhao (CZ), CEO of the largest cryptocurrency exchange, Binance, and its U.S. subsidiary, Binance.US, find themselves at the center of a class-action lawsuit filed by California resident Nir Lahav. The lawsuit, which was filed on October 2 in the District Court of Northern California, alleges various violations of federal
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 leading altcoin Solana (SOL) has displayed significant spring in the face of liquidation concerns, as its price surges ahead with notable gains. Over the last few days, SOL has seen impressive growth, soaring by nearly 5% in the last 24 hours alone. The current SOL price is trading above
Former FTX CEO Sam Bankman-Fried’s parents, Allan Joseph Bankman and Barbara Fried, are being sued by the defunct cryptocurrency exchange FTX. During FTX’s early years, Sam Bankman-Fried’s parents unlawfully moved and obtained millions of dollars, which are now being sought by FTX and Alameda Research’s debtors. Sam Bankman-Fried (SBF) was
After a serious cyberattack, FTX has finally fixed its claims site. Kroll, FTX’s third-party agency managing creditor claims, was the planned victim. However, FTX responded quickly, freezing impacted user accounts as a preventative action to guarantee the safety of its customers. Interestingly, a technique known as “SIM swapping” was the
Inflation in the United States surged to an annual rate of 3.7% in August, surpassing the consensus expectation of 3.6%, according to the latest Consumer Price Index (CPI) statistics released by the U.S. Bureau of Labor Statistics. This marks the second consecutive month of rising inflation, with the CPI rising
Bankrupt cryptocurrency exchange FTX has received approval from a U.S. court to liquidate its cryptocurrency holdings. This move aims to facilitate the repayment of customers in U.S. dollars and reduce exposure to price volatility in the crypto markets. The U.S. Bankruptcy Judge John Dorsey’s decision allows FTX to sell up
The cryptocurrency market has once again experienced a significant surge in volatility following the news of FTX’s impending sale of its crypto holdings, totaling $3.4 billion. This move has placed immense selling pressure on FTX’s major holdings, including Solana (SOL), Ethereum (ETH), and Bitcoin (BTC). FTX administrators have successfully recovered
