As part of the recent bankruptcy filing, the defunct crypto exchange FTX, along with 101 of the 130 affiliated companies, announced the launch of a strategic review of their global assets. The review is an attempt to maximize recoverable value for stakeholders. FTX, at the time led by CEO Sam Bankman-Fried (SBF), filed for Chapter 11 bankruptcy on Nov. 11 after being caught misappropriating user funds. The bankruptcy filing sought to cushion the losses of stakeholders connected to FTX and affiliated companies, a.k.a FTX debtors. 1/ Sharing a Press Release issued early today - FTX launches strategic review of its …

FTX — the three letters on everyone’s lips in recent days. For those active in the crypto space, it has been a shattering blow as a tumultuous year for crypto nears an end. The repercussions are severe, with over a million people and businesses owed money following the collapse of the crypto exchange, according to bankruptcy filings. With investigations into the collapse ongoing, it will certainly push forward regulatory changes, either via lawmakers or through federal agencies. While regulators may feel relieved that the scandal didn’t occur under their supervision, it highlights that there simply hasn’t been enough action taken …

The crypto community on Twitter is heavily criticizing the mainstream media for its poor and biased coverage of the collapse of cryptocurrency exchange FTX. In a piece published on Nov. 18 by Forbes Magazine, the CEO of FTX’s affiliate company Alameda Research, Caroline Ellison, has been dubbed “Queen Caroline.” The magazine attempts to portray Caroline Ellison in a neutral light by simply calling her “a math whiz who loves Harry Potter and taking big risks.” The magazine paints her as “a new darling of the alt-right,” which many are simply calling false since former FTX CEO Sam Bankman-Fried and the …

The collapse of FTX has shown that where there’s smoke, there’s fire. In a year filled with jaw-dropping unveilings, none compare to the bewildering fall of Sam Bankman-Fried’s FTX exchange. While many were stunned, there were a few tell-tale signs that may have indicated not everything was peachy-perfect over at FTX headquarters. These issues began to compound and, on Oct. 5, I published a detailed commentary about my decision to begin pulling funds out of FTX and short FTT. Im taking all of my capital out of @FTX_Official and going short $FTT FTX has been swinging and missing all year …

In the wake of the FTX collapse that came about as a result of the now-bankrupt cryptocurrency exchange funneling user funds to mitigate its own risks, crypto exchanges came up with a transparency solution called proof-of-reserves. A practice, which was recently endorsed by Binance CEO Changpeng Zhao, offers a way for exchanges to show provide transparency to users in the absence of clear regulations. All crypto exchanges should do merkle-tree proof-of-reserves. Banks run on fractional reserves. Crypto exchanges should not.@Binance will start to do proof-of-reserves soon. Full transparency. — CZ Binance (@cz_binance) November 8, 2022 Proof of reserves (PoR) is …

Paul, Weiss, the law firm backing FTX CEO Sam Bankman-Fried (SBF) amid bankruptcy, renounced representing the entrepreneur, citing a conflict of interest. The decision to withdraw from representation after SBF’s tweets were found to disrupt the law firm’s reorganization efforts. Starting Nov. 14, SBF published a series of tweets that amassed extensive attention across Crypto Twitter. The move, however, sparked speculations that the cryptic tweets were used to distract bots from noticing concurrently deleted tweets. While no ill-intent could be concluded, Paul, Weiss attorney Martin Flumenbaum believed that SBF’s “incessant and disruptive tweeting” was negatively impacting the reorganization efforts: “We …

“FTX’s customers, former employees, and the public deserve answers,” Raja Krishnamoorthi, Chairman of the Subcommittee on Economic and Consumer Policy wrote in a Nov. 18 letter addressed to both former FTX CEO Sam Bankman-Fried and the exchange's current CEO John J. Ray III, who took over in the wake of FTX’s bankruptcy filings. Krishnamoorthi added the subcommittee was “seeking detailed information on the significant liquidity issues faced by FTX, the company’s abrupt decision to declare bankruptcy, and the potential impact of these actions on customers who used your exchange.” He insisted the exchange hand over a slew of information relating …

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information,” new FTX CEO John Ray III said in a legal filing on Thursday. “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.” Ray, who oversaw Enron’s bankruptcy in 2001, stepped in as CEO shortly after founder Sam Bankman-Fried resigned (and reportedly tried to flee to Argentina, although he denies it). He is absolutely …

Bitcoin (BTC) price has tested the $16,000 resistance multiple times since the 25% crash that occurred between Nov. 7 and Nov. 9, and some critics will justify their bearish bias by incorrectly assuming that the failure of FTX exchange should trigger a much broader correction. It's kind of annoying me that Bitcoin is still selling for $16k-ish, even in the wake of all of this FTX news. I mean I assume the volume is low, but what on earth will it take to properly crush this zombie "currency" back to its rightful value of nearly zero? — Daniel Knowles (@dlknowles) …

Bitcoin (BTC) is the greatest monetary revolution of the modern age. By simply buying and holding Bitcoin, citizens are staging a peaceful protest against the indentured servitude brought on by fiat economics. In the process, they’ve initiated one of the greatest wealth transfers of all time — a process that will take decades to play out fully. Bitcoin has also galvanized a trillion-dollar cryptocurrency and blockchain industry — a double-edged sword that is both inspiring and frightening. Sam Bankman-Fried, the disgraced founder of the now-bankrupt FTX Group, is a case study of what can go wrong when pariahs are in …

In the wake of the recent FTX scandal, another crypto business is feeling the market effects. Genesis Block, a frontrunner for providing cryptocurrency retail services in Hong Kong, announced it will cease trading and shutter operations, according to reports. According to an email sent out to its customers by the compliance department, the company said from Dec. 10 of this year, it will be closing down its over-the-counter (OTC) online trading portal. Wincent Hung, the CEO of the company, told Reuters that the company has ceased trading as counterparties continue to shutter in light of the FTX fallout, and no …

Rumors and speculations surrounding former FTX CEO Sam Bankman-Fried (SBF) continue to bombard the crypto community as the effects of the FTX collapse proceeds to be felt throughout the crypto space. One of the rumors floating around social media is that SBF filed a masterclass on trading that was scheduled to drop on December. With the former FTX CEO being the center of attention in the past few weeks, some community members pointed out that they were willing to pay $500 for leaks on footage of SBF's class on trading. RUMOR: SBF did a MasterClass on trading that was set …