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February 2023

FTX Donations Clawback

The new leadership at FTX are threatening charitable and political organizations with lawsuits if they don’t return donated funds. Will this benefit ordinary depositors?

Sam Bankman-Fried banned from using VPNs while on bail: Bloomberg

Sam Bankman-Fried, the co-founder of the now-bankrupt FTX exchange, has been banned from using virtual private networks (VPNs) while out on bail, as the judge cited similar concerns to the co-founder’s use of encrypted messaging apps, Bloomberg reported on Tuesday. See related article: Bankrupt FTX threatens legal action to claw back donations to politicians, charities […]

Why the crypto sector needs radical transparency in the post-FTX world

Self-custody is cumbersome and carries risks of seed phrases getting lost, but how can we ensure if a third-party custodian can be trusted?

Lessons from FTX: crypto investment risks and how to avoid them

The recent spate of crypto exchanges freezing customer accounts should be a wake-up call to investors everywhere. What can you do to better protect yourself?

Robinhood aims to buy-back its shares seized by Department of Justice in FTX failure

Robinhood Markets Inc., the U.S.-based financial services company, aims to purchase the 55 million of its shares that FTX-linked Emergent Fidelity Technologies bought in May 2022, according to its earnings report released Wednesday.

Alameda wallets activate, transfer millions in FTT tokens 

Wallets linked to Alameda Research became active over the past week, transferring millions worth of FTX’s native token, FTT, according to Arkham Intelligence. 

Binance suspends international U.S. dollar transfers, CEO indicates issues with banks

Binance, the world’s largest crypto exchange, will suspend all deposits and withdrawals of U.S. dollars at its international exchanges from Feb. 8.

Bankrupt FTX threatens legal action to claw back donations to politicians, charities

The move marks a shift in tone from December when recipients of FTX donations were requested to “voluntarily” return the funds.

Silvergate probed by US prosecutors over FTX, Alameda accounts: Bloomberg

U.S. prosecutors are investigating California-based cryptocurrency bank Silvergate Capital Corp. for how it handled accounts tied to now-bankrupt crypto exchange FTX and its brokerage arm Alameda Research, Bloomberg reported on Thursday, citing sources familiar with the matter.

Bankrupt FTX held US$1.4B in cash at the end of 2022

Bankrupt cryptocurrency exchange FTX.com had around US$1.4 billion in cash reserves at the end of 2022, according to a financial update released Tuesday.

Bitcoin mining fund soars as BTC powers into 2023

Top blockchain and crypto news: BTC mining ETF outperforms. SBF under pressure as accusations mount. ‘China’s Instagram’ embraces NFTs.

January 2023

Alameda Research sues Voyager Digital for US$445.8 mln 

Alameda Research has sued bankrupt digital assets lender Voyager Digital to reclaim US$445.8 million worth in loan payments before FTX filed for its own bankruptcy.

Crypto’s Biggest Concern

There’s always the possibility of a bigger scam or a bigger hack this year than the ones we saw in 2022. So what can the crypto industry do to survive 2023?

What we must learn from FTX so that history does not repeat itself

Tighter regulations are necessary but not enough. The industry also needs to address its issues with custody and transparency, writes Chen Zhuling of RockX.

A crypto regulatory storm front is coming in 2023. Are we ready for it?

Laws to prevent another FTX blowup, crackdowns on crypto tax cheats, and a ruling on Ripple are likely imminent. A bull’s eye is also on DeFi, writes Gergo Varga of SEON.

Sam Bankman-Fried’s family members are not cooperating with FTX attorneys, court documents claim

Sam Bankman-Fried’s mother and brother are not cooperating with the FTX legal team’s investigations into the Bahamans-based exchange’s bankruptcy and misappropriation of customer funds

Apple, New York Times, Hong Kong Government listed among FTX creditors

Lawyers for the bankrupt cryptocurrency exchange, FTX.com, filed a document with a list of its institutional creditors on Thursday, which included major technology firms, publications and government bodies.  

Bankrupt BlockFi’s financials show US$1.2 bln exposure to FTX, Alameda: report

Bankrupt BlockFi reportedly had over US$1.2 billion of assets tied to FTX.com and its sister trading firm Alameda Research

Will Genesis meet its maker amid creditors closing in?

Top blockchain and crypto news: Genesis bankruptcy begins. FTX chief ponders a reboot. China’s CBDC gets a smart-contract upgrade.

Genesis’s trading arm moving funds on blockchain, bankrupt units reveal extent of liabilities

According to on-chain data, the trading arm of bankrupt crypto lending firm Genesis is still moving funds around on the blockchain.

2023 Should be the Year of Web3 Security

Despite 2022’s turbulent impact on the crypto industry, Immunefi CEO Mitchell Amador believes this year could encourage better Web3 security.

FTX chief John Ray mulls resurrection of collapsed crypto exchange

FTX is exploring options to revive its bankrupt international cryptocurrency exchange, FTX.com, CEO John Ray told the Wall Street Journal.

Digital Currency Group’s crypto brokerage Genesis Global Capital files for bankruptcy

Crypto brokerage firm Genesis Global Capital filed for Chapter 11 bankruptcy on Thursday in the Southern District of New York.

Former FTX U.S. CEO Sam Bankman-Fried rejects liquidators’ claim of recovered assets

Founder and former chief executive of FTX U.S., Sam Bankman-Fried, has rejected claims by the company’s current leadership made in a presentation on Tuesday that the team has only recovered US$181 million worth of funds from the exchange.

FTX says US$415 mln in crypto hacked since bankruptcy filing

Bankrupt crypto exchange FTX told creditors that it lost around US$415 million worth of cryptocurrencies to hacks since it filed for bankruptcy.

Monex Group expresses interest in bidding in upcoming sale of FTX Japan: Bloomberg

Tokyo-based online brokerage Monex Group Inc. indicated it may join the bidding for the Japan subsidiary of the failed FTX cryptocurrency exchange.

Alameda liquidators get liquidated while consolidating funds on DeFi lending platform Aave

Alameda Research liquidators were liquidated for US$72,000 from an on-chain position on decentralized finance (DeFi) lending platform Aave while trying to consolidate funds

Why is it harder to arrest Terra-Luna founder Do Kwon than FTX’s Sam Bankman-Fried?

South Korea’s attempts to extradite the founder of the collapsed Terra-Luna stablecoin will remain hamstrung while the courts in Seoul dispute the charges against him.

Crypto.com announces 20% cut in headcount, cites post-FTX market conditions

Crypto.com will lay off 20% of its workforce, its co-founder and chief executive officer Kris Marszalek said Friday in a Twitter post.

FTX loses Miami Heat stadium sponsorship

National Basketball Association (NBA) team Miami Heat’s home arena will soon be renamed after a Florida judge ended the naming rights agreement between the bankrupt cryptocurrency exchange, FTX.com, and Miami-Dade County

Bankrupt FTX exchange has recovered US$5 bln worth of ‘liquid’ assets, lawyers say

The names of the crypto exchange’s 9 million customers and creditors will remain sealed from the public for at least three months.

Digital Currency Group in spotlight over suspicious fund transfers

Top blockchain and crypto news: DCG under investigation. Lido DAO surges as Ethereum’s Shanghai upgrade looms. Hong Kong burnishes crypto credentials.

U.S. subpoenas hedge funds in Binance probe: report 

Federal prosecutors have issued subpoenas to several U.S. hedge funds that have dealt with the world’s largest cryptocurrency exchange, Binance Global Inc.

SEC objects to Binance’s US$1 bln deal to buy Voyager Digital’s assets

The U.S. SEC has objected to Binance’s U.S. affiliate’s proposed US$1 billion purchase of bankrupt crypto lender Voyager Digital’s assets.

Animoca Brands slashes Web3 fund target to US$1B: Bloomberg

Animoca Brands Corp. has scaled down the target amount for its Web 3.0 and metaverse investment fund to US$1 billion.

Silvergate cuts 40% of staff after facing US$8.1B in withdrawals amid FTX collapse

Cryptocurrency bank Silvergate Capital has laid off 40% of its staff, or about 200 employees, after the collapse of FTX.com, which sparked mass withdrawals of around US$8.1 billion.

U.S. authorities to seize US$460 mln of Robinhood shares in FTX fraud case

U.S. prosecutors are moving to seize the US$460 million worth of Robinhood Markets Inc., shares linked to Sam Bankman-Fried, the former chief executive officer of Bahamas-based bankrupt cryptocurrency exchange FTX.com

Alameda Research transfers spark suspicions as SBF denies involvement

Top blockchain and crypto news: Where is Alameda Research’s money going? US tax loophole may give crypto investors a break. China’s blockchain momentum builds.

Sam Bankman-Fried pleads not guilty to fraud charges in FTX exchange collapse

Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange that collapsed in November with billions of dollars in investor funds missing, pleaded not guilty to charges of fraud on Tuesday in New York.

Bahamas regulator denies FTX CEO’s claims over seized assets

The Securities Commission of The Bahamas has rejected “material misstatements” made by FTX’s newly-appointed CEO, John J. Ray III

How crypto custodians can help centralized exchanges win back public trust

In the post-FTX world, crypto exchanges must offer stronger protection for investors’ assets, writes Colin Brooks, chairman of the advisory board of Hex Trust.

December 2022

FTX founder Sam Bankman-Fried allegedly cashes out US$684,000, on-chain data show

On-chain data showed that Sam Bankman-Fried, the founder of the now-bankrupt FTX exchange, sent around 570 Ether worth US$684,000 to a Seychelles-based exchange and Ren Protocol’s Bitcoin bridge on Wednesday

Bahamas regulators hold US$3.5 bln of FTX assets, to be delivered to customers, creditors

The Securities Commission of the Bahamas is temporarily holding US$3.5 billion of digital assets seized from FTX Digital Markets

Second set of transactions from Alameda wallets likely liquidators: Nansen

FTX liquidators may be behind the latest transactions from Alameda Research wallets, but someone else may have sent the first set of cryptocurrencies to decentralized exchanges.

Sam Bankman-Fried used Alameda Research money to buy Robinhood shares

FTX founder Sam Bankman-Fried took funds from his trading firm, Alameda Research, to buy stock of trading app Robinhood, court documents revealed Tuesday.

Crypto addresses linked to Alameda Research have moved over US$100,000

Several wallets associated with Alameda Research, the trading arm bankrupt cryptocurrency exchange FTX.com, came to life on Wednesday, swapping various tokens. 

FTX customers file lawsuit for priority repayment

Former customers of FTX have filed a class action lawsuit against the bankrupt cryptocurrency exchange and its top executives, including Sam Bankman-Fried, to seek priority rights to repayment before any non-customer creditors.  

Kraken to shut Japan operations

Kraken announced on Wednesday that it will “cease its operations” in Japan and deregister from the Financial Services Agency.

A year to remember, a year to forget: Crypto highs and lows of 2022

From Terra and FTX crises to Ethereum’s triumphant Merge and China’s inventive NFT industry, Forkast reviews a rollercoaster year and its consequences.

Biggest blockchain trends for 2023 and beyond

After a year of new all-time highs for major cryptocurrencies in 2021, 2022 was a challenging year for Web3. Industry experts tell Forkast what crypto has in store for 2023 and beyond.

Will FTX’s collapse decentralize the industry? 

While the collapse of FTX may invite more scrutiny for centralized exchanges, Binance’s Patrick Hillmann believes it could benefit the industry through more decentralization.

Sam Bankman-Fried, FTX misled investors, lent billions to Alameda, Caroline Ellison says

Caroline Ellison, former chief executive of trading firm Alameda Research, told a federal judge last week that she agreed with executives of FTX, including former CEO Sam Bankman-Fried, to mislead lenders and customers on how much Alameda was borrowing from the now-bankrupt exchange.

No change in community banks’ view of crypto after FTX’s collapse, says ICBA’s Brian Laverdure

ICBA vice-president Brian Laverdure believes that community banks are unfazed by FTX’s collapse, but remain split on cryptocurrencies.

Time for reflection: How will FTX’s implosion impact crypto regulation?

This year’s cascade of crypto collapses should be a wake-up call to regulators, says the Independent Community Bankers of America’s Brian Laverdure.

FTX asks court to keep US$450 mln Robinhood shares frozen

Failed cryptocurrency exchange FTX Trading Ltd. has asked a bankruptcy court to keep US$450 million worth of Robinhood shares frozen, as three parties battle for the true ownership of the assets. 

The last 12 months the year to forget, says India’s WazirX crypto exchange  

A lot of the troubles for India exchanges in 2022 will run into next year as they shed staff and run down reserves to stay afloat, and not all are expected to make it.

Sam Bankman-Fried home for Christmas after making US$250 million bail in U.S.

Bankman-Fried won an upgrade from his Bahamas prison cell after posting bail following his extradition to the U.S. on Wednesday, where he faces charges for what prosecutors called “fraud of epic proportions.”

U.S. authorities say two FTX, Alameda executives have pleaded guilty to fraud

Caroline Ellison and Gary Wang, two integral members of the Sam Bankman-Fried now collapsed cryptocurrency businesses, are cooperating with prosecutors.

Regulation shaping up?

A year of scandals in the crypto industry has led to questions about the viability of regulation.

US bill set to demand know-your-customer from crypto companies

Top blockchain and crypto news: US senators push for crypto KYC. SBF faces the music in US courts. Alibaba Cloud to launch blockchain node.

FTX says it has over US$1B in cash assets

The new restructuring team of FTX has reportedly located over US$1 billion in cash assets that are held in U.S. financial institutions.
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FTX founder Sam Bankman-Fried set to return to the U.S. on Wednesday

Sam Bankman-Fried, former CEO of FTX, has signed documents in the Bahamas for extradition and is scheduled to the U.S. on Wednesday.

What the FTX collapse means for the future of crypto

Centralized exchanges releasing ‘proof of reserves’ is not enough to win back users, while improving user experience will be key, writes Holger Arians of Banxa.

Sam Bankman-Fried extradition in doubt after confused court hearing in Bahamas

FTX founder Sam Bankman-Fried appeared in court in the Bahamas, but did not agree to be extradited to the U.S. 

FTX seeks permission to sell Japan, Europe entities and LedgerX

Attorneys representing FTX are requesting permission from the U.S. bankruptcy court to sell four of the company’s branches: FTX Japan, FTX Europe, Embed, and LedgerX.

US lawyers, Bahamas liquidators trade barbs over who rules FTX bankruptcy jurisdiction

Sam Bankman-Fried has reportedly made a second application for bail in the Bahamas – this as lawyers feud over control of the FTX bankruptcy, raising concern the sour grapes may seep into efforts to have Bankman-Fried extradited to face fraud charges in the U.S.

Animoca founder says Asia is ‘moving on’ from FTX fiasco

Asia’s cryptocurrency community is “on the path of moving on” from the FTX fiasco, following the arrest of FTX founder Sam Bankman-Fried, said Yat Siu, cofounder and chairman of Hong Kong-based blockchain gaming studio and venture capital firm Animoca Brands.

Binance “deliberately” caused FTX collapse, Kevin O’Leary claims

Kevin O’Leary Kevin O’Leary, chairman of venture capital firm O’Leary Ventures and star of TV’s Shark Tank, said in a congressional hearing on Wednesday that Binance Global Inc.’s chief executive and founder Changpeng Zhao deliberately caused the collapse of Bahamas-based cryptocurrency exchange FTX.com. 

FTX Bahamas Co-CEO warned authorities on Nov. 9 of illegal customer asset transfers, documents show

Ryan Salame, the former co-CEO of FTX’s Bahamian entity tipped off the Securities Commission of the Bahamas about FTX violating its internal procedures in transferring customer funds to Alameda Research.

Japan ruling party lawmaker calls for regulatory clarity after FTX debacle

A Japanese lawmaker called for more transparent regulations following the FTX meltdown, where investors were not warned of the risks with FTX Token.

US Senator Elizabeth Warren submits crypto know-your-customer bill in wake of FTX collapse

As U.S. prosecutors line up charges against Sam Bankman-Fried, the founder of the collapsed FTX cryptocurrency exchange, Senator Elizabeth Warren is seeking to pass bipartisan regulation to rein in the “dark underbelly” of the crypto industry.

FTX collapse not the worst for crypto investors this year, says Chainalysis study

The bankruptcy of cryptocurrency exchange FTX doesn’t represent the biggest losses for crypto investors in 2022, according to a report from Chainalysis.