Sam Bankman-Fried built a “backdoor” to his FTX exchange in an effort to change financial records and move funds without alerting others, according to a report by Reuters citing two people...
Tag: Companies
Alameda wallets seemingly being drained, according to on-chain data
Funds were seemingly being channelled out of Alameda wallets, with millions in tokens being redirected to one address this morning. Transactions to the wallet included 9.8 million wrapped XRP (...
Crypto hedge fund Galois Capital says half of funds stuck on FTX: FT
Crypto hedge fund Galois capital has told its investors that almost half of its funds are stuck on the failed crypto exchange FTX, according to a report in the Financial Times. Kevin Zhou, co-f...
Six days that rocked the crypto industry
The past week may well be the most tumultuous the crypto world has seen yet. In less than seven days, FTX went from industry darling to bankruptcy protection, with its crashing native token FTT spurri...
Alameda promised ‘high returns with no risk’ in 2018 pitch
Regulatory red flags tied to Sam Bankman-Fried’s crypto trading firm Alameda Research may date all the way back to 2018. The quantitative crypto trading firm — which served as the liquidit...
Crypto lender Voyager reopens bidding process following FTX bankruptcy
Crypto lender Voyager has reopened the bidding process for its assets following the bankruptcy of crypto exchange FTX, which had been expected to buy them. The firm said in a statement: &#...
California moves to suspend BlockFi’s lending license in state
California’s Department of Financial Protection and Innovation issued a notice to suspend crypto lender BlockFi’s license in the state for 30 days pending an investigation into the company...
Celsius reveals $13 million in loans to Alameda Research
Troubled crypto lender Celsius reported exposure to the FTX exchange and sister trading firm Alameda Research that both filed for Chapter 11 bankruptcy protection on Friday. Celsius tweeted “in ...
The Block: FTX Ventures Head Amy Wu Resigns: The Information
FTX Ventures Head Amy Wu has resigned, The Information reported, citing the executive. Wu joined in January to launch what was expected to have been a $2 billion fund. She was an early advocate ...
FTX.US seems to have paused withdrawals on Ethereum hours after filing for bankruptcy
Facing bankruptcy, FTX.US seems to have stopped withdrawals on ERC-20 tokens, according to blockchain data. As of writing, the wallet address associated with FTX.US had not processed any outgoi...
Alameda Research, FTX Ventures invested in more than 250 crypto startups
FTX Ventures and Alameda Research have invested in more than 250 crypto industry startups, according to data collected by The Block Research. The investments cut across a variety of verticals, i...
SBF’s $16 billion fortune is gone, Bloomberg’s Billionaires Index shows
Sam Bankman-Fried, the former CEO of now-bankrupt FTX and a former billionaire, saw his net worth wiped out over the past 24 hours after it fell $861 million, a decline of 100%, according to Bloomberg...
Bankman-Fried said FTX.US was ‘FINE!’ one day before bankruptcy filing
Former FTX CEO Sam Bankman-Fried insisted the U.S. arm of his crypto empire was “FINE!” after the company’s utility token collapsed — right up until FTX.US filed for bankruptcy on Friday morning. ...
Coinbase stock jumps following FTX bankruptcy filing
Coinbase shares soared in the wake of crypto exchange FTX’s bankruptcy filing. The stock rose as high as 7% from the open, according to TradingView, reaching $55.65. The stock has lost som...
Bankman-Fried’s really, really sorry ‘again’ following bankruptcy filing
Sam Bankman-Fried, the founder and former CEO of the FTX crypto exchange that filed for Chapter 11 bankruptcy protection today, said he was “really sorry, again, that we ended up here.” &#...
Matrixport reveals FTX exposure; 79 users incurred losses as result
Matrixport, a crypto financial services platform that bills itself as a neo-bank, revealed to clients that two of its products have exposure to FTX. Matrixport’s bitcoin fixed income prod...
FTX files for Chapter 11 bankruptcy
UPDATE (9:45 a.m. ET): According to a bankruptcy filing by Alameda Research, the firm says it has more than 100,000 creditors. Alameda also said that it has between $10 billion and $50 billion i...
Blockchain Use Cases in 10 Successful Companies
When we hear of blockchain, most of us instantly think of Bitcoin. Nowadays, blockchain is associated with a lot more cryptocurrencies than Bitcoin. But, the blockchain use cases extend to domains lik...
FTX’s head of institutional sales resigns, says team was ‘completely in the dark’ about insolvency
Zane Tackett, head of institutional sales at FTX, sent a letter to clients stating that his team was “completely in the dark” about the firm’s potential insolvency over the course of this week. ...
Y Combinator backs payment startup Ping in $15 million seed round
Ping, a new freelancer-focused neobank, raised $15 million in a seed round as it plans to expand its focus from Latin America to new regions. Firms including Y Combinator, Race Capital, BlockTow...
BlockFi suspends withdrawals after FTX collapse
Crypto lender BlockFi suspended withdrawals and will not be able to operate business as usual given the lack of clarity over the status of FTX, the company said on Twitter. “We are shocked and d...
FTX US employees attempt to sell assets in CEO’s absence: Bloomberg
Employees working for the U.S. arm of FTX’s cryptocurrency exchange business are trying to sell company assets, in some cases without CEO Sam Bankman-Fried’s “participation,” according to ...
Bankman-Fried sold FTX equity to employees at 50% discount in spring: Sources
FTX CEO Sam Bankman-Fried sold equity in the firm at a 50% discount to employees in the spring, a person familiar with the matter told The Block. In June, about 20 people were fired off across the or...
Bahamas securities regulator freezes FTX assets
The Securities Commission of the the Bahamas said it has taken action to freeze assets of FTX Digital Markets and related parties. “The Commission is aware of public statements suggesting that c...
Genesis Trading says derivatives arm has $175 million locked up in FTX account
Genesis Trading revealed late Thursday that its derivatives business has exposure to FTX amid the crypto exchange’s ongoing collapse. “As part of our goal in providing transparency a...
The Block: Bitcoin mining stock report: Thursday, November 10
Most bitcoin mining stocks tracked by The Block traded up on Thursday. Bitcoin was trading at about $17,687 around market close, according to data from TradingView. BTCUSD chart by ...