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Ftx Trading

All articles tagged with #ftx trading

cryptocurrencyfinance2 years ago

FTX Files Lawsuit Seeking Over $1 Billion in Damages from Bankman-Fried and Associates

FTX Trading has filed a lawsuit against founder Sam Bankman-Fried and other former executives, seeking to recover over $1 billion that they allegedly misappropriated before FTX went bankrupt. The complaint accuses the defendants of using the funds for personal expenses, luxury condominiums, political contributions, and speculative investments. FTX claims that these transfers can be undone under the U.S. bankruptcy code or Delaware law. Bankman-Fried, who has been charged with fraud, has pleaded not guilty, while the other defendants have pleaded guilty and agreed to cooperate with prosecutors.

via Reuters|
#bankruptcy#cryptocurrencyfinance#fraud
finance2 years ago

FTX Debtors Recover $7B Despite Investigative Challenges

FTX Trading Ltd. and its affiliated debtors have released a second report detailing the commingling and misuse of customer deposits at FTX.com by the previous management team. The report notes that FTX.com owed customers approximately $8.7 billion as of the petition date. The FTX Debtors' review is ongoing, and the report is part of a series regarding pre-petition events and issues that preceded the Chapter 11 cases.

via PR Newswire|
#bankruptcy#commingling#customer-deposits
cryptocurrency2 years ago

FTX Bankruptcy Judge Upholds Customer Privacy and Control Over Disputed Assets.

A Delaware bankruptcy judge has ruled that the names of individual customers of collapsed cryptocurrency exchange FTX Trading can be permanently shielded from public disclosure, citing customer identities as a trade secret and the need to protect them from bad actors who might target them. The judge rejected arguments from lawyers for several media outlets and for the US bankruptcy trustee, which serves as a government watchdog in Chapter 11 reorganization cases, challenging FTX's request to keep the names of customers and creditors secret.

via ABC News|
#bankruptcy#cryptocurrency#customer-privacy
finance2 years ago

Debtors' Report Exposes FTX Group's Control Failures and Greed.

FTX Trading Ltd. and its affiliated debtors have released a report identifying control failures by FTX Group's previous management team in critical areas, including management and governance, finance and accounting, digital asset management, information security, and cybersecurity. The report is based on the Debtors' review of terabytes of electronic data and communications, more than one million documents, and interviews conducted with 19 former FTX Group employees. The Debtors' review is ongoing, and the report is expected to be the first in a series regarding pre-petition events and issues that preceded the Chapter 11 cases.

via PR Newswire|
#chapter-11#control-failures#cryptocurrency