FTX

It is reported that the source revealed that the African cross-border payment platform Chipper Cash, supported by the Silicon Valley Bank (SVB) and the Cryptocurrency Exchange FTX, is weighing various options, including exploring the sale or finding new investors. Chipper Cash received a US $250 million financing led by FTX and SVB in 2021. FTX invested a total of US $40 million in it, and SVB owned 2% of its equity. At that time, its valuation was about US $2 billion. (Bloomberg) Interpretation of this information: African fintech firm, Chipper…

It is reported that FTX, the cryptocurrency exchange, applied to the US judge, hoping to give another six months to submit the reorganization plan in Chapter 11 of the bankruptcy law. It said that after the bankruptcy last year, the company needed more time to continue to clarify its financial situation and would “soon” publish the details of its assets and liabilities. According to a motion submitted to the Delaware District Bankruptcy Court of the United States on Friday, the company requested to propose a reorganization plan before September 7,…

It is reported that @ JieData, an observer on the chain_ Com data monitoring shows that the funds of FTX related addresses (beginning with 0x77f and 0x97f) began to flow out today, with a total of US $48.17 million transferred to Alameda Research. Interpretation of this information: The message from JieData suggests that funds related to FTX have been transferred from two specific addresses, beginning with 0x77f and 0x97f, to Alameda Research. This transfer amounts to a total of $48.17 million. There are a few potential implications from this message,…

On March 13, Stargate, a cross-chain liquidity agreement based on LayerZero, tweeted that the Stargate Foundation recommended DAO not to reissue STG tokens. After the bankruptcy of FTX last year, the FTX/Alameda wallet suffered from key leakage or internal problems, and was attacked by hackers and lost about $500 million. The FTX liquidator will eventually transfer all assets to the new wallet, and the key will not be leaked to hackers. Stargate DAO believes that the key of the wallet is likely to be leaked and shared between FTX liquidator/Alameda…

It is reported that the United States District Judge Jacqueline Scott Corley rejected the plaintiff’s request to merge five proposed class actions against the Bankruptcy Cryptographic Exchange FTX. The judge pointed out that FTX and other defendants had not had the opportunity to express their opinions on this issue. Interpretation of this information: The United States District Judge Jacqueline Scott Corley recently declined the plaintiff’s request to merge five proposed class actions against the Bankruptcy Cryptographic Exchange FTX. The judge stated that the defendants, including FTX did not yet have…

According to the court documents submitted on Tuesday, the bankrupt cryptocurrency exchange FTX hopes to launch a $4 million bonus plan to prevent employees with key skills from resigning. Interpretation of this information: The recent court documents have revealed that FTX, the bankrupt cryptocurrency exchange, is planning to launch a $4 million bonus scheme to retain and prevent key employees with valuable skills from resigning. The company had filed for bankruptcy protection earlier this year after facing financial losses, which resulted in a significant decline in employee morale and the…

According to reports, FTX, the bankrupt cryptocurrency exchange, said that its affiliate Alameda Research had filed a lawsuit against Grayscale Investments, the cryptocurrency asset management company, to implement the “redemption ban”, which may cash more than 250 million dollars in assets for the customers of the bankrupt cryptocurrency exchange. Interpretation of this information: The cryptocurrency market has been making waves for a few years now, and along with that comes various exchange platforms that offer unique services to customers. However, the downside of this is that sometimes exchanges fail to…

On March 7, the FTX creditor tweeted that FTX might be recovered $2.5 billion of Genesis loans, which were repaid fraudulently from stolen customer funds. “In my opinion, it is wiser to sue Genesis first, and then sue Grayscale after success (or failure), so that small actions ($290 million) will not endanger big actions ($2.5 billion)”. Interpretation of this information: The FTX creditor’s tweet on March 7th suggests that there is a possibility of recovering $2.5 billion of Genesis loans that were fraudulently repaid using customer funds. The lender is…

On March 1, according to the e-mail sent by the FTX encryption derivatives platform LedgerX to customers, the company will no longer use Silvergate to receive domestic wire transfers in the United States, and has established a cooperative relationship with Signature Bank. FTX and related entities have accounts in Silvergate and Signature. Since the bankruptcy of FTX, Silvergate has faced more stringent scrutiny from legislators. Interpretation of this information: The message informs customers of the FTX encryption derivatives platform that the company will no longer use Silvergate to receive domestic…

According to the report, according to the source, the non-performing asset fund bought the bankruptcy claim right of FTX at a maximum face value of 20% in the private over-the-counter (OTC) market. FTX currently owes $3.1 billion to the 50 largest creditors. The valuation of FTX’s non-performing assets in the bankruptcy trading market is about 16% of the face value of the claim, and the individual claims being sold on the bankruptcy market XClaim are as high as $27 million. （CoinDesk） Interpretation of this information: The message reports that a…

On February 20, it was reported that the hedge fund Galois Capital decided to stop all transactions, close all positions, and return 90% of the funds not trapped on the FTX to customers after closing the fund, while the remaining 10% will be temporarily suspended until it is determined after discussion with the managers and auditors. Kevin Zhou, its co-founder, said, “Given the seriousness of the FTX situation, we think it is untenable to continue to operate the fund financially and culturally.” He said that he would rather sell the…

On February 19, the representative of the unsecured creditor of Voyager has asked Sam Bankman-Fried (SBF), the former chief executive of FTX, and some senior executives of FTX and Alameda Research to provide documents, and asked SBF to testify remotely next week. Interpretation of this information: The recent news of the request made by the representative of the unsecured creditor of Voyager to Sam Bankman-Fried (SBF), former CEO of FTX, and some senior executives of FTX and Alameda Research to testify remotely next week and provide documents, has stirred up…

It is reported that Nishad Singh, the former engineering director of FTX, is finalizing an agreement with the prosecutor to plead guilty to criminal charges. At present, the agreement has not been finalized. He will be the third member in the core circle of SBF to plead guilty and cooperate with the prosecutor. The first two members are Gary Wang, the co-founder of FTX, and Caroline Ellison, the former CEO of Alameda Research. SBF refused to plead guilty to a series of criminal charges, including fraud, and is currently awaiting…

On February 15, the New York Times quoted people familiar with the matter as reporting that the founder of Modulo Capital had been reviewed by the prosecutor investigating FTX and was negotiating with the FTX bankruptcy lawyer to return Alameda Research’s $400 million investment. People familiar with the matter said that FTX bankruptcy lawyers hoped to use FTX to exempt Modulo Capital from certain legal liabilities in exchange for the return of investment funds. This part of the fund is currently deposited at JPMorgan Chase. Interpretation of this information: The…

According to reports, court documents show that SBF and its father, Joseph Bankman, as well as other senior executives related to the FTX bankruptcy case, Caroline Ellison, Gary Wang and Nishad Singh, received subpoenas requiring them or their attorneys to provide a series of documents within the specified date, of which the specified time for Joseph Bankman, Ellison, Wang and Singh is February 16, and the specified time for SBF is February 17. (Bloomberg) Interpretation of this information: The news about SBF and its executives, along with Joseph Bankman, related…

It is reported that the judge of the Delaware Bankruptcy Court approved the removal of its Türkiye subsidiary FTX Turkey from the FTX bankruptcy case. After FTX filed for bankruptcy last November, Türkiye’s law enforcement authorities announced that the company’s activities in the local area were under investigation, and then ordered the confiscation of most of FTX’s assets in the country. FTX’s new management in the United States argued that it was futile to include FTX Turkey and SNG Investments (whose assets and activities were mainly limited to Türkiye) in…