2024-02-01
Much more positive than initially expected. Not nearly as positive as it could have been. Sigh. **FTX EXPECTS TO PAY CRYPTO CUSTOMERS IN FULL IN BANKRUPTCY LIQUIDATION - COURT HEARING - RTRS **FTX EXCHANGE WON'T BE RESTARTED, BANKRUPTCY LAWYER SAYS: BBG
CoinDesk
An FTX lawyer says the defunct crypto exchange expects to fully repay its customers and has abandoned efforts to restart the platform, due to a lack of buyers
2023-11-02
This summarizes two of most interesting questions that remain from Sam's trial. 1- Why hasn't the FTX estate sued Binance to clawback the payment Sam made? 2- Why hasn't Joe Bankman been charged with crimes? [image]
The Verge
US v. SBF: in closing statements, the US relied heavily on evidence to argue SBF is guilty and he was “greedy” while SBF's defense managed to make things worse
Mistakes aren't illegal, but fraud is — and Bankman-Fried's lawyers never made his defense land.
2023-10-20
This strikes me as enough for SEC to put GBTC conversion on ice, at least for now. SEC could still approve spot ETFs though. *NYAG CLAIMS GENESIS, DCG, MICHAEL MORO AND BARRY SILBERT FALSELY REPRESENTED ITS FINANCIAL CONDITION TO CONCEAL $1 BILLION HOLE - THE BLOCK
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
This strikes me as enough for SEC to put GBTC conversion on ice, at least for now. SEC could still approve spot ETFs though. *NYAG CLAIMS GENESIS, DCG, MICHAEL MORO AND BARRY SILBERT FALSELY REPRESENTED ITS FINANCIAL CONDITION TO CONCEAL $1 BILLION HOLE - THE BLOCK
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 …
2023-09-12
New slide deck out on FTX bankruptcy. Link here- https://restructuring.ra.kroll.com/ ... There's a few slides on FTX 2.0 that look good. One other big thing worth mentioning is customer clawbacks...
CoinDesk
Filing: FTX's estate has now marshalled ~$7B in assets, including $2.6B in cash, $1.16B in solana, $560M in bitcoin, and ~$200M in 38 properties in the Bahamas
2023-03-10
If you're trying to get a sense of how spicy this is getting, NYAG filed this DURING a congressional hearing titled: “Coincidence or Coordinated? The Administration's Attack on the Digital Asset Ecosystem” https://twitter.com/...
CoinDesk
New York's AG sues KuCoin, alleging the Seychelles-based crypto exchange offers tokens, such as ETH, that meet the definition of a security, without registering
A press release said the lawsuit was part of ongoing “efforts to crack down on unregistered cryptocurrency platforms.”
2023-03-02
Lots of chatter on Silvergate being in imminent danger. If you still hold cash there, I'd pull that immediately.
CoinDesk
Filing: crypto-friendly US bank Silvergate delays its annual report, citing investigations from regulators, Congress, and the DOJ; SI plunges over 40%
Shares fell over 10% in after-hours trading. — Christy Goldsmith Romero … Commissioner — U.S. Commodity Futures Trading Commission
2022-12-12
People in my comments: “Binance did Proof of Reserves” The Proof of Reserves: “Mazars said it performed its work using “agreed-upon procedures” requested by Binance and that “we make no representation regarding the appropriateness” of the procedures.” 🤡 https://www.wsj.com/...
Wall Street Journal
Mazars' recent Binance “proof of reserve” report only covers a small set of financial data, raising fresh questions about Binance's ability to meet obligations
Crypto exchange has begun releasing data to shore up confidence following collapse of FTX — Crypto's Crash Has Been Swift but Largely Self-Contained.
Not trying to fearmonger but it has to be said. If you have assets on Binance or Binance US, take them all off now. Don't wait. Also, if you are holding BUSD, you should sell that immediately. This is coming from a guy that lost a ton on FTX bc I misjudged the exact same setup.
Wall Street Journal
Mazars' recent Binance “proof of reserve” report only covers a small set of financial data, raising fresh questions about Binance's ability to meet obligations
Crypto exchange has begun releasing data to shore up confidence following collapse of FTX — Crypto's Crash Has Been Swift but Largely Self-Contained.
2022-11-15
Unfortunately, I have some pretty bad news to share. Last week Ikigai was caught up in the FTX collapse. We had a large majority of the hedge fund's total assets on FTX. By the time we went to withdraw Monday mrng, we got very little out. We're now stuck alongside everyone else.
CoinDesk
The fallout from FTX's fraud-driven collapse, the worst single event ever in crypto, will linger for years and shows it's time for exchanges to prove reserves
Nic Carter / CoinDesk :
Unfortunately, I have some pretty bad news to share. Last week Ikigai was caught up in the FTX collapse. We had a large majority of the hedge fund's total assets on FTX. By the time we went to withdraw Monday mrng, we got very little out. We're now stuck alongside everyone else.
Bloomberg
An analysis of FTX's nightmare balance sheet and Serum, an FTX-created coin and protocol, marked as the largest “deliverable” asset at ~$5.4B before November 8
Matt Levine / Bloomberg :
2021-10-20
Don't ever forget the CCP and “ESG” went hammertime on #Bitcoin for two months and as soon as they laid off for a minute it did a double straight in their face back to ATH and now ProShares launched the second most successful ETF ever and I'm just curious how all that tastes.
Wall Street Journal
ProShares Bitcoin Strategy ETF gained nearly 5% in its NYSE debut, with ~$981M in trading volume, making it the second most traded ETF debut ever per FactSet
Michael Wursthorn / Wall Street Journal :
This massively exceeded my expectations. https://twitter.com/...
Wall Street Journal
ProShares Bitcoin Strategy ETF gained nearly 5% in its NYSE debut, with ~$981M in trading volume, making it the second most traded ETF debut ever per FactSet
Michael Wursthorn / Wall Street Journal :