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John J. Ray III Fires Back Against SBFs Delusional Claims Customers Lost No Money in FTX CollapseSource: CoinDesk
The post FTX Was Down to Last 105 Bitcoins When Bankruptcy Rescue Crew Arrived: John Ray appeared first on Crypto Breaking News.
The sale of FTX’s $500 million stake in artificial intelligence startup Anthropic has reportedly been put on hold, adding a potential delay to the bankrupt crypto exchange’s efforts to fill a $2 billion remaining hole in its balance sheet. On June 27, Bloomberg reported — citing people familiar with the matter — FTX’s advisory investment [...]
The post FTX suspends $500M sale of stake in AI firm Anthropic: Report appeared first on Crypto Breaking News.
Thousands in grants were given out by former FTX executives for niche projects, according to a report by FTX restructuring chief John Ray.
Lawyers representing SBF have agreed to a gag order preventing him from making comments that could sway his criminal trial but says it should apply to other witnesses too.
Recently submitted court records in the FTX insolvency case reveal that the exchange’s new CEO, John Ray III, has been exploring a revival plan for the now-disabled trading platform and the “preliminary formation of restructuring strategies.” FTX’s Revival Prospects Surface as New CEO Explores Reboot Plans and Bidder List The current CEO and main restructuring [...]
The post Bankrupt Crypto Exchange FTX Continues to Explore Potential Relaunch, Court Records Reveal appeared first on Crypto Breaking News.
Millions have been invoiced from a host of law firms, investment bankers, consultants and financial advisers in FTX’s bankruptcy case.
New FTX documents reveal how FTX burned through an astonishing $8.9 billion in customer funds.
Security at FTX was so terrible that any of the founders could have taken off with 500 million, CEO said.
Continue reading FTX Founders Could Have Walked Away with $500M: FTX CEO at DailyCoin.
FTX lawyers, joint provisional liquidators of FTX US and the Bahamas and a committee of creditors have all opposed the appointment of an independent examiner.
Crypto industry observers have questioned whether customers or investors will ever want to "come near" FTX again.
Former CEO of FTX is facing charges of wire fraud, securities fraud, money laundering and campaign violations.
The post FTX Update: Days After SBF’s Arrest, What Happened Next? appeared first on BitPinas.
The entire crypto market bled with multiple losses and asset devaluation after the collapse of Sam Bankman-Fried’s crypto exchange FTX. In addition, crypto firms exposed to FTX got a fair share of the bitter pill. Investigations have been ongoing to determine the location of the $8 billion hole in FTX’s balance sheet, which caused the liquidity crunch. Related Reading: Bitcoin Could Usher In December Near $18,000 If It Moves Past This Resistance The deficit in FTX’s balance sheet kept growing. The firm initially declared only $2 billion and later said it was $5 billion. The hole has now grown to over $8 billion. In a recent Bloomberg interview, Sam Bankman-Fried (SBF), FTX former CEO, revealed the whereabouts of the funds. SBF said he showed investors a separate balance sheet at an emergency bailout. According to the report, SBF listed $8.9 billion in debt, $9 billion in liquid assets, and $15.4 billion in less liquid assets. The report also mentioned $3.2 billion in illiquid assets. Sam Bankman-Fried Reveals Conflicting Balance Sheets He revealed another balance sheet showing the actual situation at the time of the bailout meeting. The balance sheet bears similar numbers but $8 billion less liquid assets. SBF said he misquoted the numbers. He added that customers were transferring money to Alameda Research instead of sending it directly to FTX. According to his statement, FTX’s internal audit system double-counted the amount and credited it to both firms. Following SBF’s statement, FTX and Alameda Research had the highest cash flow, but Binance, a rival, became the highest expense. He paid a net amount of $2.5 billion to buy out Binance’s investments. SBF also revealed that he spent $250 million on real estate and about $1.5 billion on other expenses. Some $4 billion and $1.5 billion went into venture capital investments to acquire other firms, while they counted $1 billion by mistake. Related Reading: Bitcoin Hits $17,000, But Is It Too Early To Call The All Clear On The Bear Market? The report also stated that SBF and the remaining employees spent the previous weekend attempting to raise funds. The funds are to fill the $8 billion hole in FTX’s balance sheet and repay customers. Cause of FTX Collapse: Fraud Or Mismanagement? Meanwhile, most people in the crypto space say the FTX crisis is a fraud and not an accident. On Wednesday, during his first public appearance after the collapse of FTX, Bankman-Fried insisted that he did not commit fraud. He claimed that he was unaware of the extent of damage and what was going on with FTX. In an interview with The New York Times, SBF blamed the collapse of the $32 billion FTX exchange on poor accounting and management failures. This comment triggered civil and criminal investigations. The investigation aims to determine whether FTX committed a crime by lending customers’ funds to Alameda Research. However, FTX’s new CEO, John Ray III, in charge of the firm’s bankruptcy proceeding, expressed disgust at the situation. In his words, Ray said he had never seen such a complete failure of corporate control, condemning SBF for unacceptable management practices. Featured image from Texas Tribune, chart from TradingView.com
The defunct cryptocurrency exchange FTX and 101 of the 130 connected companies announced the beginning of a strategic evaluation of
FTX’s current Chief Restructuring Officer John Ray who recently took control of the troubled exchange after the departure of its beleaguered founder has dissociated itself from SBF. As stated by the exchange’s official Twitter handle, after Bankman-Fried’s resignation from FTX Official, and its, directly and indirectly, owned businesses on November 11, he no longer speaks […]
Continuing its fund recovery policy FTX has now sought to recoup more than $71 million from the philanthropic arm and other life science entities, as the latest court documents filed on July 19 revealed. SBF-led FTX and its sister firm, Alameda, donated several million dollars to these firms for Bankman-Fried’s personal gain, according to the […]
John Ray, who took over as FTX CEO in November 2022, suggested Nishad Singhs cooperation in the firms bankruptcy would be important to maximize recovery for creditors.
FTX Debtors said on April 9 that it had released a report that “identifies and discusses control failures” by Sam Bankman-Fried and his colleagues when they ran the collapsed cryptocurrency exchange. John Ray, the CEO of the FTX Debtors, said the FTX Group “was tightly controlled by a small group of individuals who falsely claimed [...]
The post FTX Debtors Unveil Report That Identifies and Discusses Control Failures by Sam Bankman-Fried Led Management appeared first on Crypto Breaking News.
Consultancy firms and lawyers handling FTX’s bankruptcy have charged the failed exchange over $145 million for their five-month services, according to court filings. The companies involved in FTX’s bankruptcy case include law firms Sullivan & Cromwell, Landis Rath & Cobb, and Quinn Emanuel Urquhart & Sullivan. Others are management consulting firms Alvarez & Marsal North […]
The post Lawyers, consultancy firms charge bankrupt FTX over $145M in 5 months appeared first on CryptoSlate.
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