The Securities Commission of The Bahamas (SCB) has denied FTX debtors’ claims and expresses concern that the investigation has been ‘impeded.’ According to a statement released on Jan.3, The Securities Commission of The Bahamas (SCB) has had to correct material misstatements made by John J. Ray III, the representative of the United States-based FTX debtors, in press and court filings. The document stated that the Chapter 11 Debtors had “publicly challenged” the Commissions calculations of digital assets transferred to digital wallets under the Commission's control in Nov. 2022. It argued that these statements were based on “incomplete” information and the …

Although having been granted the opportunity to enjoy Christmas and the New Year with his family, former FTX CEO Sam Bankman-Fried has very few reasons for optimism in 2023. The United States Department of Justice has launched an investigation into the whereabouts of approximately $372 million in missing digital assets from FTX and its U.S.-based subsidiary, FTX US. According to SBF, the incident was perpetrated by either a former FTX employee or someone who had unauthorized access to a former employee’s computer. It would be great to know which former employees started to transfer out funds from Alameda Research just …

New reports into Sam Bankman-Fried and his collapsed exchanges revealed that Alameda Research, the now-bankrupt crypto trading firm, almost collapsed in 2018, even before FTX was in the picture. A report published in The Wall Street Journal citing former employees revealed that Alameda incurred heavy losses from its trading algorithm. The algorithm was designed to make a large number of automated and fast trades. However, the firm was losing money by guessing the wrong way about price movements. In 2018, Alameda lost nearly two-thirds of its assets due to the price fall of the XRP token and was in a …

Legislators in the United States seem to be reevaluating the crypto industry and its regulatory needs in light of FTX's collapse. According to the Wall Street Journal, since the crypto exchange filed for bankruptcy in November, lawmakers have been under pressure to set a new regulatory framework for cryptocurrencies. Several proposals are in the works that would apply existing banking, securities, and tax rules to cryptocurrencies, and lawmakers are calling on the Securities and Exchange Commission (SEC) to adopt an aggressive approach to the crypto market. In a December House hearing, Rep. Jake Auchincloss, who is also a member of …

2022 was supposed to be the year crypto went mainstream, with a significant chunk of traditional venture capital firms betting heavily on the ecosystem in 2021. However, with one disaster after another, 2022 turned out to be a catastrophic year for the nascent crypto ecosystem. Some of the biggest names touted as pivotal to taking the crypto ecosystem forward turned out to be the orchestrators of its worst year in recent memory. That said, quite a few protagonists rose to the occasion. These winners proved that crypto is not just about a few select individuals and companies but a vibrant …

Former FTX CEO Sam Bankman-Fried (SBF), currently free on a $250 million bail bond, will reportedly plead not guilty to the alleged FTX and Alameda-related financial frauds in court on Jan. 3. SBF was arrested in the Bahamas at the request of the U.S. government under suspicion of defrauding investors and misappropriation of funds held on the FTX crypto exchange. Following a court hearing on Dec. 22, SBF was released on bail and is slated to appear on court on Jan.3 before U.S. District Judge Lewis Kaplan in Manhattan. During the hearing, SBF is expected to enter a plea of …

The collapse of FTX Group may not yet be the end of its contagious spread, as clawback provisions could force business and investors to return billions of dollars paid in the months leading up to the crypto exchange's collapse, an insolvency attorney told Cointelegraph. In short, a clawback refers to money paid out that is required to be returned due to special circumstances or events, such as an insolvent company that needs to recover funds paid within 90 days before filing for Chapter 11. If the creditor is an insider, the 90-day period is extended to one year. As a …

To put it lightly, it has been a wild year for the crypto sector. In the span of less than 12 months, the third-most valuable stablecoin imploded, leading to a domino effect that saw crypto lender Celsius go bankrupt, Three Arrows Capital’s founders go runabout and one of crypto’s most “altruistic” executives flown home in cuffs. In this article, Cointelegraph has selected 10 crypto-related tweets that have aged like spoilt milk. Do Kwon — “Steady lads” On May 10, just as the algo-stablecoin formerly known as TerraUSD started to fall below its dollar peg, the Terraform Labs founder attempted to …

As the malpractices of the FTX continue to pop up and be uncovered by the prosecution, it turns out the disgraced crypto exchange’s customers were sending money to a fake electronic online shop, which was reportedly opened by Sam Bankman-Fried. In its complaint, filed on Dec. 13, the United States Securities and Exchange Commission (SEC) mentioned North Dimension Inc, an Alameda subsidiary that was a vital part of the FTX financial malpractice. According to the complaint, Bankman-Fried directed FTX to have customers send funds to North Dimension bank accounts in an effort to hide the fact that the funds were …

FTX founder Sam Bankman-Fried is reportedly cashing out large amounts of cryptocurrency soon after being released on bail, on-chain data suggests. SBF has cashed out $684,000 in crypto to an exchange in Seychelles while being under house arrest, according to the on-chain investigation by DeFi educator BowTiedIguana. Decentralized finance (DeFi) analyst BowTiedIguana took to Twitter on Dec. 29 to report on a series of obfuscated wallet transactions allegedly linked to SBF, suggesting that the former FTX CEO could have violated release conditions to not spend more than $1,000 without permission from the court. According to BowTiedIguana’s analysis, SBF’s public address …

Solana (SOL), the cryptocurrency once supported by Sam Bankman-Fried, pared some losses on Dec. 30, a day after falling to its lowest level since February 2021. Solana price down 97% from November 2021 peak On the daily chart, SOL's price rebounded to around $10.25, up over 20% from its previous day's low of approximately $8. Nevertheless, the intraday recovery did little to offset the overall bear trend — down 97% from its record peak of $267.50 in November 2021, and down over 20% in the past week. But while the year has been brutal for markets, Solana now joins the …

Former FTX CEO Sam Bankman-Fried met with government officials at the White House on at least four separate occasions in 2022, and reportedly a meeting just two months before the fall of his crypto empire. Most of the meetings were disclosed in visitor logs which are posted by the White House every month, showing that Bankman-Fried had met with Counselor to the President Steve Ricchetti on Apr. 22, 2022 and May. 12, 2022 along with another meeting on May 13 meeting with policy advisor Charlotte Butash However, according to a Dec. 29 Bloomberg report, the former FTX CEO also met …