The Securities Commission of The Bahamas (SCB) said it had ordered the transfer of all digital assets of FTX Digital Markets (FDM) to a digital wallet owned by the commission on Nov. 12. In a Nov. 17 statement, the SCB said it exercised its power as a regulator acting under the authority of a Supreme Court order — moving the assets to a “digital wallet controlled by the Commission, for safekeeping.” Securities Commission of The Bahamas Assumes Control of Assets of FTX Digital Markets Ltd. pic.twitter.com/IzW4PGZSJm — Securities Commission of The Bahamas (@SCBgov_bs) November 18, 2022 SCB justified last week’s …

Bankrupt crypto exchange FTX has appointed restructuring administration firm Kroll as its agent to track all claims against FTX and ensure interested parties are notified of developments throughout its Chapter 11 bankruptcy case. Known as the “claims and noticing agent,” Kroll was appointed to the role on Nov. 12 with the news made public on Nov. 17, and aims to compile a database of all claims against FTX Trading and 101 affiliated companies. Press Release: FTX Group has established Kroll as its claims agent, and all official documents filed with the U.S. Bankruptcy Court can be found online at https://t.co/7Bsn9Ggckf. …

Prolific podcaster and cryptocurrency investor Anthony Pompliano has not lost faith in people or the crypto industry despite the disappointing conduct of former FTX CEO Sam Bankman-Fried. Bankman-Fried, once widely regarded as crypto’s “white knight” is now a pariah in the crypto industry due to — by his own admission — the “careless” mishandling of FTX customer funds and his ongoing strange behavior on Twitter. Appearing on Nov. 17 at the Texas Blockchain Summit, Pompliano was asked about how to ensure high-quality representation “in the halls of power,” responding that market forces eliminate bad people as quickly as bad businesses: …

While the FTX crisis is continuing to unfold, the former head of risk at Credit Suisse believes the exchange's fall from grace should be the last catastrophic event — at least in this market cycle. CK Zheng, the former head of valuation risk at Credit Suisse and now co-founder of crypto hedge fund ZX Squared Capital said that FTX’s fall was part of a “deleveraging process” that began after the COVID-19 pandemic and further accelerated after the fall of Terra Luna Classic (LUNC), formerly Terra (LUNA). “When LUNA blew up a few months ago, I expected a huge amount of …

Binance CEO Changpeng ‘CZ’ Zhao knew Sam Bankman-Fried was in a desperate situation when the former CEO of the now-bankrupt FTX exchange called him for a bailout. CZ opened up on the events that nearly saw Binance come to the rescue of its ailing industry competitor as a credit crunch sent FTX into an inescapable spiral. Speaking at the Milken Institute’s fourth annual Middle East and Africa summit, CZ reflected on the fateful call with SBF as the latter looked to save his struggling exchange: “When he came to me, I knew he was desperate. If we can’t help him, …

Former FTX CEO Sam Bankman-Fried received a $1 billion personal loan from one of four silo companies deeply involved in the collapse of the FTX cryptocurrency exchange. A formal declaration in ongoing Chapter 11 bankruptcy filings from FTX’s new CEO John Ray III has revealed further misappropriation of funds by Bankman Fried. According to the filing, Alameda Research had loaned $1 billion directly to Bankman-Fried, while FTX director of engineering Nishad Singh had also received a $543 million loan from the company. Ray III, the man responsible for picking up the pieces after the infamous collapse of Enron, was scathing …

The Australian government has doubled down on its commitment towards a robust regulatory framework for crypto following the catastrophic collapse of FTX last week. A spokesperson for Australian Treasurer Jim Chalmers said the Treasury said it is now planning on regulations to improve investor protection next year, according to a Nov. 16 report from the AFR. The spokesperson made the announcement in light of the FTX’s fall last week, stating that it was closely monitoring the fallout from the FTX collapse, “including further volatility in crypto-asset markets and any spillovers into financial markets more broadly,” adding: “These developments highlight the …

The fall of crypto exchange FTX appears to have already begun to impact the hundreds of grant recipients across a variety of philanthropic organizations backed by the exchange. During the COVID-19 pandemic, FTX founder Sam Bankman-Fried became known for backing a number of causes aimed at "humanity’s long-term prospects.” One of these was the FTX Foundation and its FTX Future Fund, which publicly launched on Feb. 28 and reported on Jun. 30 that it had made 262 grants and investments totaling $132 million in projects — many of these involved in pandemic preparedness, among other scientific pursuits. However, the leadership …

The former CEO of FTX Sam Bankman-Fried has expressed deep regret over filing for Chapter 11 bankruptcy last week, calling it his “biggest single fuckup.” In a wide-ranging interview with VOX which was published on Nov. 16, Bankman-Fried reportedly answered questions on a number of topics such as the Nov. 11 Chapter 11 bankruptcy filing, his thoughts on regulators, ethics, how FTX and Alameda “gambled with customer money,” and the FTX hack. According to screenshots of the Twitter conversation between VOX reporter Kelsey Piper and Sam Bankman-Fried, the former FTX CEO said that although he has made multiple mistakes, the …

The new CEO and chief restructuring officer for the bankrupt FTX cryptocurrency exchange, John Ray, has icily responded to the erratic series of tweets from former CEO and founder Sam Bankman-Fried. The official Twitter account of FTX on Nov. 16 tweeted a statement from Ray addressing Bankman-Fried’s recent public statements, reiterating he “has no ongoing role at [FTX], FTX US, or Alameda Research Ltd. and does not speak on their behalf.” (3/3) Mr. Bankman-Fried has no ongoing role at @FTX_Official, FTX US, or Alameda Research Ltd. and does not speak on their behalf. — FTX (@FTX_Official) November 16, 2022 On …

Former FTX CEO, Sam Bankman-Fried ‘SBF’, as well as a number of celebrities who endorsed FTX, have been named in a class action lawsuit filed on Nov.15 in Miami. Implicated in the class action lawsuit are celebrities, athletes, and teams, such as; Tom Brady, Gisele Bundchen, Steph Curry, the Golden State Warriors, Shaquille O’Neal, Udonis Haslem, Larry David, and all other parties who either “controlled, promoted, assisted in, and actively participated in” FTX Trading LTD and West Realm Shires Services Inc. According to the filed court documents, Edwin Garrison, the plaintiff, purchased and funded his account with a sufficient amount …

Former FTX chief executive officer Sam Bankman-Fried said he was “wrong” in his estimates of the crypto exchange’s leverage prior to its collapse, claiming it wasn’t $5 billion, but closer to $13 billion. In a Nov. 16 Twitter thread, Bankman-Fried said leverage at FTX built up to roughly $5 billion, backed by $20 billion in assets, which held value but also the potential for risk. According to the former CEO, the crypto market crash “with no bid side liquidity” alongside a bank run resulted in roughly $4 billion being withdrawn daily — 25% of consumer assets. “I was wrong,” said …