2023-10-20
More evidence of how bad a settlement Genesis was. The Genesis NYAG investigation was known. In addition to piercing the veil on DCG+Genesis, the FTX estate must work to regain a multi-billion claim on Genesis assets, part of which were fraudulently sourced from FTX customers.
Fortune
New York AG Letitia James sues lender Genesis, its parent company DCG, and the Winklevoss' exchange Gemini for allegedly defrauding 230K+ investors of $1B+
and secured mostly by FTT [image] Bryan Brinkman / @bryanbrinkman : @NewYorkStateAG I'm a New York resident who uses Gemini, banning them will only force us to use offshore crypto ...
2023-10-19
More evidence of how bad a settlement Genesis was. The Genesis NYAG investigation was known. In addition to piercing the veil on DCG+Genesis, the FTX estate must work to regain a multi-billion claim on Genesis assets, part of which were fraudulently sourced from FTX customers.
Fortune
New York AG Letitia James sues the Winklevoss' Gemini, Genesis, and its parent Digital Currency Group, alleging the companies defrauded 230K investors of $1B+
New York Attorney General Letitia James is suing the Winklevoss twin-led exchange Gemini along with the crypto lending firm Genesis …
2023-08-17
FTX asks court to settle Genesis dispute for a $175 million Genesis claim, the release of a $175 million customer claim and (near worthless) Alameda claims. Down from first $3.9 billion to $2 billion asserted, this must be the worst deal to date, especially in light of the new... [image]
CoinDesk
Court filings: Alameda can make a $175M claim from the estate of similarly bankrupt crypto company Genesis, significantly below the nearly $4B FTX first sought
Jack Schickler / CoinDesk :
2023-06-28
FTX sues former General Counsel Daniel Friedberg. Multiple whistleblowers are alleged to have been paid off by Friedberg, starting as early as 2019. He is accused of Breach of Fiduciary Duty, Malpractice/Negligence, Corporate Waste, Aiding and Abetting. [image]
Bloomberg
Sources: FTX abruptly halted the sale of its $500M stake in AI startup Anthropic; FTX's bankers had reportedly been shopping its Anthropic stake in early June
Bankrupt cryptocurrency exchange FTX has abruptly halted the sale of one of its most sought-after assets: a stake in artificial intelligence startup Anthropic.
2023-05-18
Correction: Giles has $156 million to be clawed back; the rest concerns other parties for payment of shares, options and SAFEs. Link to lawsuit: https://restructuring.ra.kroll.com/ ... [image]
The Block
FTX sues Sam Bankman-Fried, Gary Wang, and Nishad Singh, claiming the trio knew Alameda was insolvent when acquiring clearing platform Embed for nearly $250M
Colin Wilhelm / The Block :
FTX (specifically, WRS & Alameda) sues to clawback $6.9 million from former Embed shareholders. Embed was acquired in March 2022 for $220mn, with $157mn going to founder Michael Giles (not named in this action). FTX's recent Embed auction's final bid was only $250,000. [image]
The Block
FTX sues Sam Bankman-Fried, Gary Wang, and Nishad Singh, claiming the trio knew Alameda was insolvent when acquiring clearing platform Embed for nearly $250M
Colin Wilhelm / The Block :
2023-04-11
FTX has filed a response to the UCC, arguing they have already provided a roadmap including timeframes. They plan to share this roadmap with the court on April 12th. https://twitter.com/...
@molly0xfff
[Thread] A look at a report from FTX debtors on the company's control failures, like awful recordkeeping, lying about using cold wallets, and sloppy key storage
Document #1242, Attachment #1 Mark Timmis / Coinmonks : Curious Cryptos' Commentary 10th April 2023 — FTX FTX : FTX Debtors Release Report on FTX Group's Control Failures Martin Yo...
2023-04-10
FTX has filed a response to the UCC, arguing they have already provided a roadmap including timeframes. They plan to share this roadmap with the court on April 12th. https://twitter.com/...
@molly0xfff
[Thread] A look at a report from FTX debtors on the company's control failures, like awful recordkeeping, lying about using cold wallets, and sloppy key storage
The new team in charge of the FTX bankruptcy have released their first interim report on the failures of control at FTX and related businesses. It's 43 pages long, let's go through...
2023-03-16
Based on these, I estimate the number of international FTX Creditors to be ~1.4 million. Creditors, not customers. Customers are 9.7 million. To my knowledge, this makes FTX the largest bankruptcy in history in terms of creditor numbers. https://twitter.com/...
FTX
An FTX bankruptcy filing describes $3.2B+ in payments and loans to founders and executives, chiefly from Alameda Research, including ~$2.2B to Sam Bankman-Fried
Identify Over $3.2 Billion in Transfers to Founders and Key Employees — Forensic Work Continues on Intercompany and Other Transactions
Customer IDs with balances (10 files): https://restructuring.ra.kroll.com/ ... https://restructuring.ra.kroll.com/ ... https://restructuring.ra.kroll.com/ ... https://restructuring.ra.kroll.com/ ... https://restructuring.ra.kroll.com/ ... https://restructuring.ra.kroll.com/ ... https://restructuring.ra.kroll.com/ ... https://restructuring.ra.kroll.com/ ... https://restructuring.ra.kroll.com/ ... https://restructuring.ra.kroll.com/ ...
FTX
An FTX bankruptcy filing describes $3.2B+ in payments and loans to founders and executives, chiefly from Alameda Research, including ~$2.2B to Sam Bankman-Fried
Identify Over $3.2 Billion in Transfers to Founders and Key Employees — Forensic Work Continues on Intercompany and Other Transactions
FTX Trading Ltd. Statement just filed. It was a money printer. There are 10 enormous attached >2000-page PDFs filed consisting of each customer ID and balances held. https://twitter.com/...
FTX
An FTX bankruptcy filing describes $3.2B+ in payments and loans to founders and executives, chiefly from Alameda Research, including ~$2.2B to Sam Bankman-Fried
Identify Over $3.2 Billion in Transfers to Founders and Key Employees — Forensic Work Continues on Intercompany and Other Transactions
The largest insider payments made 1 year before Nov 11. Not sure why some of these insider names are redacted. https://twitter.com/...
FTX
An FTX bankruptcy filing describes $3.2B+ in payments and loans to founders and executives, chiefly from Alameda Research, including ~$2.2B to Sam Bankman-Fried
Identify Over $3.2 Billion in Transfers to Founders and Key Employees — Forensic Work Continues on Intercompany and Other Transactions
2023-03-07
FTX sues Grayscale to win $290 million for itself and $9 billion for others. Would devalue DCG, which supports Genesis in bankruptcy. FTX has a potential clawback for $2.5 billion Genesis loan fraudulently repaid from stolen customer funds. Shooting ourselves in the foot?
The Block
FTX files a lawsuit against Grayscale, CEO Michael Sonnenshein, DCG, and Barry Silbert, citing $1.3B+ in “exorbitant management fees” and seeking $550M+ shares
- FTX' debtors are suing Grayscale Investment, its owners and its CEO over their handling of the Grayscale Bitcoin …
It seems to me the more intelligent approach would have been to first sue Genesis, and after that clawback succeeds (or not), sue Grayscale. That way, you would not have endangered the big ($2.5B) action through the “small” ($290M) action.
The Block
FTX files a lawsuit against Grayscale, CEO Michael Sonnenshein, DCG, and Barry Silbert, citing $1.3B+ in “exorbitant management fees” and seeking $550M+ shares
- FTX' debtors are suing Grayscale Investment, its owners and its CEO over their handling of the Grayscale Bitcoin …
2023-01-31
- Genesis - FTX - BlockFi - Celsius - Voyager 5 bankrupt crypto companies. 4 of them went broke due to business model (business failure). 1 of them went broke despite the business model (theft). Important for restructuring. https://twitter.com/...
CoinDesk
Independent examiner: Celsius misled investors and sometimes used new customer funds to pay for withdrawals, CEO Alex Mashinsky made false claims, and more
Shoba Pillay was appointed by a New York bankruptcy court to look at whether the crypto lender operated as a Ponzi scheme
Voyager's loan repayment from Alameda was done preferentially (paid in full) versus other Alameda creditors who would receive less. https://twitter.com/...
The Block
Alameda Research sues Voyager Digital for $445.8M, seeking to recover loan repayments that Alameda made after Voyager filed for bankruptcy in July 2022
Stephanie Murray / The Block :
FTX Debtors have filed their first CLAWBACK (avoidance) action: $445.8 million from Voyager during the preferential 90-day period. https://twitter.com/...
The Block
Alameda Research sues Voyager Digital for $445.8M, seeking to recover loan repayments that Alameda made after Voyager filed for bankruptcy in July 2022
Stephanie Murray / The Block :
2023-01-27
FTX has published a list of creditors, with customers and individuals being redacted. It is 115 pages long. One redacted item in this list: FTX has 9,693,985 customer names.
The Block
A 116-page bankruptcy document lists FTX's creditors, including AWS, Apple, Meta, LinkedIn, Netflix, Binance, the WSJ, and the Prime Minister of the Bahamas
Here is a list of individuals they want info on. Some names we haven't seen yet on there. Interestingly, Ryne Miller, former FTX US General Counsel and former Sullivan & Cromwell partner, on there. Also the first time you see the name Trabucco show up. https://twitter.com/...
The Block
A 116-page bankruptcy document lists FTX's creditors, including AWS, Apple, Meta, LinkedIn, Netflix, Binance, the WSJ, and the Prime Minister of the Bahamas
The Debtors and the Creditors Committee have filed a joint motion to issue subpoenas to the following individuals: - SBF - Gary Wang - Singh - Ellison - Constance Wang - Fried - Bankman - Gabriel Bankman-Fried https://twitter.com/...
The Block