On Nov. 9, less than 48 hours before Changpeng Zhao (CZ), CEO of cryptocurrency Binance, announced his intentions to bailout troubled competitor FTX, the firm stated that it would not be pursuing the deal. Binance had signed a non-binding letter of intent on Nov. 8 that allowed the firm to either fully acquire the FTX exchange, proceed with a partial acquisition of assets, or walk away from the agreement. "As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue …
According to data from Etherscan on Nov. 10, troubled cryptocurrency exchange FTX appears to have resumed withdrawals. The exchange's hot wallet address, which has remained inactive after FTX announced on Nov. 8 it would be halting all user withdrawals, has resumed activities as of 3:50 pm UTC. Blockchain data shows that multiple types of tokens and large sums of transactions have since left the hot wallet, which has a balance of $469 million at the time of publication. Earlier today, Sam Bankman-Fried, CEO of FTX, stated on Twitter that FTX had about $16 billion of total assets against $10 billion …
The crypto community has voiced their opinions on Sam Bankman-Fried’s latest “pre-mortem overview” of the collapse of FTX, published on Jan. 12 as a letter on substack. https://t.co/XVd0BPHxEU — SBF (@SBF_FTX) January 12, 2023 As previously reported by Cointelegraph, the former FTX CEO Sam Bankman-Fried denied allegations made against him in his lengthy letter, dubbed as a "pre-mortem overview",. In the letter, SBF maintained that FTX US had been "fully solvent" at the time the firm filed for Chapter 11 bankruptcy, with approximately $350 million in cash available. Bankman-Fried further stated that FTX International had a substantial amount of assets, …
The liquidators of Alameda Research have reportedly incurred at least $11.5 million in losses since taking control of Alameda's trading accounts. On Jan. 16, a Twitter thread from Arkham Intelligence reported that one wallet under the control of liquidators has seen a string of "significant losses" due to liquidations, some of which were "preventable losses." Over the past two weeks being under Liquidator control, the account incurred significant losses: Largest single liquidation: $4.85M Total liquidated amount: $11.5M Preventable losses: $4M+ — Arkham (@ArkhamIntel) January 16, 2023 As one example, Arkham noted that the account ending 0x997 initially had a short …
Bankrupt cryptocurrency exchange FTX has revealed a "massive shortfall" in its digital asset and fiat currency holdings with billions worth of customer funds missing from both the exchange and its United States-based arm, FTX US. On Mar. 2 the exchange released a presentation showing FTX had $2.2 billion in exchange wallets and fiat accounts of which $694 million consisted of the most liquid "Category A Assets" that include cash, stablecoins, Bitcoin (BTC) and Ether (ETH) priced at the latest spot prices. Only $191 million of total assets were located in the wallets of the accounts associated with FTX US, in …