While FTX customers across the world patiently await Sam Bankman-Fried’s (SBF) legal conclusion in hopes of getting back their investments, users of FTX Japan have started withdrawing all of their funds. On Nov. 7, 2022, crypto exchange FTX and its subsidiaries halted all funds withdrawal after SBF was accused of misappropriating users’ funds. The domino effect forced Liquid Group — a Japanese crypto trading platform owned by FTX since February 2022 — to halt withdrawals on Nov. 15, 2022. However, to some investors’ delight, FTX Japan resumed withdraws on Feb. 21 — which involved moving funds from the defunct exchange …

Lawyers representing former FTX CEO Sam Bankman-Fried in federal court have requested an extension to file a proposal related to his bail conditions. In a Feb. 24 filing with the United States District Court for the Southern District of New York, Mark Cohen of Cohen & Gressler said the legal team wanted until March 3 to file a proposal for additional bail conditions for Bankman-Fried as well as find a suitable candidate to act as a technical expert in the case. The lawyers agreed to hire an expert following a Feb. 16 hearing discussing the former FTX CEO’s use of …

Bankrupt crypto firm FTX’s subsidiary in Japan has reported thousands moved from the exchange since resuming withdrawals on Feb. 21. In a Feb. 22 announcement, FTX Japan said users of the exchange and those at Liquid Global had withdrawn roughly 6.6 billion yen — $50 million at the time of publication — in cryptocurrency and fiat. According to the crypto firm, 7,026 account holders had moved funds from FTX Japan to Liquid and there were 5,697 transactions involving cryptocurrencies and 1,947 instances of users withdrawing fiat. The crypto firm said on Feb. 20 in order to process withdrawals, FTX Japan …

In this week’s episode of Market Talks, Cointelegraph welcomes Brenda Gentry, or as she’s known on Twitter, Cryptomom. Gentry has over 15 years of experience in traditional banking. She started researching and investing in cryptocurrencies during the 2020 lockdowns and made substantial returns in 2021 after which she launched Gentry Media Productions. She is currently on a mission to introduce more women and minorities to Web3, decentralized finance (DeFi) and nonfungible tokens (NFTs). We kick things off with a report from the Bank of International Settlements, which found that the median retail investor lost 50% of their Bitcoin (BTC) investment …

The United States Congress needs to take control of crypto legislation to make it a more “open process” where the entire marketplace is looked over “comprehensively,” suggests the chief of the prominent U.S. crypto industry body. In a Feb. 22 Bloomberg interview, Blockchain Association CEO Kristin Smith said the industry needs U.S. lawmakers to lead crypto legislation despite it making the process “very slow” and regulators “stepping in” in the interim. Smith noted that despite regulators “moving very quickly,” progress on legislation is happening “behind closed doors,” suggesting it's vital for more industry involvement in an “open process” which would …

While other hedge funds decided to close down operations after being hit by the FTX debacle, some managed to survive and stay afloat after navigating the challenges brought about by the collapse of the exchange. In its fourth-quarter report for 2022, institutional crypto fund manager CoinShares highlighted that the firm managed to remain “financially robust” despite dealing with the FTX collapse at the end of the year. The fund also presented its wins, such as its graduation to Nasdaq Stockholm’s main market and strong levels of inflow into CoinShares physical ETPs. 1/ Amidst difficult market conditions, CoinShares has remained financially …

Shark Tank investor and venture capitalist Kevin O’Leary has urged crypto exchanges to “get on board with regulation” if they want to “stay out of the way” of Gary Gensler and the United States Securities Exchange Commission (SEC). In a Feb. 20 interview with TraderTV Live, O’Leary said that U.S. lawmakers are “fatigued” over crypto collapses and that they’re only going to get more ruthless if companies continue to not comply: “You got to get on board with regulation, you got to stay out of the way of Gensler at the SEC and other regulators. Those hombres [men] in Washington …

A report from the Bank for International Settlements (BIS) suggested that trading activity on major exchanges increased in the days following the collapse of crypto firms FTX and Terraform Labs. According to a Feb. 20 bulletin on “crypto shocks and retail losses,” the BIS reported that while the price of Bitcoin (BTC), Ether (ETH), and other tokens dropped in 2022, the number of daily active users at some exchanges including Coinbase and Binance “increased markedly” following news of the collapse of Terra and FTX. The bank suggested that “users tried to weather the storm” by moving their investments into stablecoins …

Consequences of the FTX scandal at the hands of its founder and former CEO, Sam Bankman Fried, continue to surface. On Feb. 17, it was reported that the bankrupt crypto lender BlockFi Inc. appealed to the United States Bankruptcy Court in Wilmington, Delaware, to strip the Chapter 11 bankruptcy protections from SBF’s offshore investment vehicle. Emergent Fidelity Technologies Ltd. was used by the FTX founder to purchase a 7.6% stake in Robinhood Markets Inc. According to BlockFi’s motion, the bankruptcy status of Emergent Fidelity holds little purpose and was filed to undermine BlockFi’s own claim to shares of Robinhood. However, …

Hedge fund Galois Capital, one of the victims of the FTX collapse, has thrown in the towel after half of its assets got trapped in the bankrupt exchange. The fund has finally decided to shut down and return its remaining assets to investors. On Nov. 12, the hedge fund admitted in an announcement from its official Twitter account that it had significant exposure to the FTX exchange. For the record, yes we did have significant funds stuck on FTX. No, we did not use any Bahamian method to move funds out. — Galois Capital (@Galois_Capital) November 11, 2022 According to …

Representatives for Voyager's Unsecured Creditors have requested that former FTX CEO Sam Bankman-Fried, provide documents and appear in court remotely next week for a deposition. A court filing on Feb. 18 in the United States Bankruptcy Court for the Southern District of New York, stated that Bankman-Fried has been served a “Subpoena to Testify at a Deposition in a Bankruptcy Case.” It was served by the Official Committee for the Unsecured Creditors of Voyager Digital Holdings, a bankrupt crypto lending exchange, who stated that he must appear for the “remote deposition” on Feb. 23. It also stated that Bankman-Fried produce …

Nishad Singh, the co-founder and former chief engineer of bankrupt crypto exchange FTX, is working on a plea deal with prosecutors, Bloomberg reported Feb. 17. The deal, which would see the 27-year-old Singh plead guilty to charges related to FTX’s collapse, has yet to be finalized, the report said. Singh would be following in the footsteps of former FTX chief technology officer Gary Wang and former Alameda CEO Caroline Ellison, who pleaded guilty to federal fraud charges in December after reaching deals with prosecutors. Former FTX CEO Sam Bankman-Fried (SBF) has pleaded innocent to eight federal charges and is currently …