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📢Sam Bankman-Fried tweeted for the first time since his arrest on Dec. 12.
He claimed that he was not responsible for funds recently moved from #AlamedaResearch wallets.
He claimed that he was not responsible for funds recently moved from #AlamedaResearch wallets.
Shocking! FTX Companies Hiding $6.8B Losses Before Bankruptcy
The #crypto business of #FTX CEO Sam Bankman-Fried had a $6.8 billion deficit on its balance sheet when it filed for #bankruptcy in November 2021, based to a recent filing with the bankruptcy court.
The presentation revealed that FTX.com, the company's flagship, had a $10.6 billion loss while FTX.US had a $87 million one. But FTX Ventures had net assets of $1.3 billion and #AlamedaResearch had net assets of $2.6 billion, respectively, respectively. A total of $11.6 billion in debt, primarily in the form of consumer claims, was owed by the group of businesses.
These statements have not been audited and may change, the advisers have advised. Recent legal and regulatory concerns for Bankman-Fried's firms have included inquiries into alleged market manipulation and unregistered securities offerings. It was believed that FTX was overextending itself because of its activities' rapid expansion, which included sponsoring important sports teams and leagues.
The company's risk management and financial controls are expected to come under scrutiny in light of the announcement of the balance sheet deficiency. FTX is not the only company in the crypto sector experiencing financial issues; in recent years, a number of well-known companies have collapsed or been declared bankrupt. Authorities are growing increasingly worried about the potential threats posed by these enterprises, thus the bankruptcy filing is expected to have a big impact on the #cryptocurrency industry and its regulation. Due to increased industry attention and regulation following the demise of FTX, there may be more restrictions placed on the operations of crypto businesses.
The presentation revealed that FTX.com, the company's flagship, had a $10.6 billion loss while FTX.US had a $87 million one. But FTX Ventures had net assets of $1.3 billion and #AlamedaResearch had net assets of $2.6 billion, respectively, respectively. A total of $11.6 billion in debt, primarily in the form of consumer claims, was owed by the group of businesses.
These statements have not been audited and may change, the advisers have advised. Recent legal and regulatory concerns for Bankman-Fried's firms have included inquiries into alleged market manipulation and unregistered securities offerings. It was believed that FTX was overextending itself because of its activities' rapid expansion, which included sponsoring important sports teams and leagues.
The company's risk management and financial controls are expected to come under scrutiny in light of the announcement of the balance sheet deficiency. FTX is not the only company in the crypto sector experiencing financial issues; in recent years, a number of well-known companies have collapsed or been declared bankrupt. Authorities are growing increasingly worried about the potential threats posed by these enterprises, thus the bankruptcy filing is expected to have a big impact on the #cryptocurrency industry and its regulation. Due to increased industry attention and regulation following the demise of FTX, there may be more restrictions placed on the operations of crypto businesses.
INVESTMENT FUNDS BY GAINERS/LOSERS NUMBER
#AU21Capital
#NGCVentures
#ExNetworkCapital
#x21Digital
#AlamedaResearch
#LDCapital
#ZBSCAPITAL
#AnimocaBrands
#BinanceLabs
#GBVCapital
#AU21Capital
#NGCVentures
#ExNetworkCapital
#x21Digital
#AlamedaResearch
#LDCapital
#ZBSCAPITAL
#AnimocaBrands
#BinanceLabs
#GBVCapital
BlockFi's Risky Lending Practices and Excessive Exposure to FTX Result in Bankruptcy Filing!
BlockFi, a prominent cryptocurrency lending platform, is facing significant challenges after its recent bankruptcy filing. A report has emerged suggesting that the company's downfall may have been exacerbated by its own risky lending practices and excessive exposure to FTX, a cryptocurrency exchange. BlockFi's decisions, including disregarding the recommendations of its risk management team and extending substantial loans to Alameda Research, have come under scrutiny. This article delves into the details surrounding BlockFi's decisions and their potential role in the company's bankruptcy filing. #BlockFi
Disregarding Risk Management's Advice:
Allegations have surfaced that Prince, BlockFi's CEO, chose to overlook the concerns expressed by the company's risk management team. In August 2021, despite the team's reservations, BlockFi proceeded to lend a considerable $217 million to Alameda Research, an action that raised red flags. The risk management team specifically warned about the high risks associated with lending assets to Alameda, especially considering the potential liquidation of loans secured by the FTX Token (FTT). The team had discovered that a significant portion of Alameda's balance sheet consisted of unlocked FTT tokens, which raised concerns about potential vulnerabilities. Prince, however, dismissed these worries and encouraged the team to accept Alameda's borrowing size. #FTX
Escalation of Concerns:
Conversations regarding the risks associated with lending to Alameda continued through offline meetings and Slack discussions until January 2022. However, it appears that BlockFi's management disregarded these concerns and maintained its ties with Alameda. In November 2022, when BlockFi filed for Chapter 11 bankruptcy, it acknowledged its substantial exposure to FTX and its associated entities. The relationship between BlockFi and FTX US deepened during the crypto winter in July 2022 when FTX US received a $400 million credit line from BlockFi, further strengthening their financial ties. #Alameda
Continued Lending and Collateralization:
Despite recalling its loans from Alameda in June 2022 and Alameda repaying most of its outstanding balance, BlockFi decided to provide Alameda with additional loans totaling nearly $900 million between July and September 2022. These loans were primarily collateralized using FTT tokens, further increasing BlockFi's exposure to FTX and its associated risks.
BlockFi's Bankruptcy Filing and Response:
BlockFi's bankruptcy filing cited its exposure to FTX as one of the primary reasons for its financial troubles. The collateralized loan practice based on FTT tokens resulted in losses for various firms when the token's price plummeted from over $25 to under $2 during the Chapter 11 filing, creating significant liquidity issues. In response to the report highlighting its questionable practices, BlockFi issued a statement expressing its disagreement and filed a separate court document alleging that the committee behind the report had selectively chosen statements out of context and failed to deliver an objective analysis. #AlamedaResearch
In Summary:
BlockFi's bankruptcy filing has shed light on its risky lending practices and excessive exposure to FTX. Disregarding the recommendations of its risk management team and continuing to extend substantial loans to Alameda Research despite known risks have raised concerns about the company's decision-making. While the downfall of Alameda/FTX may have contributed to BlockFi's demise, the filing underscores that BlockFi's problems were rooted in its own business practices and decisions preceding Alameda/FTX's bankruptcy filing.
Disregarding Risk Management's Advice:
Allegations have surfaced that Prince, BlockFi's CEO, chose to overlook the concerns expressed by the company's risk management team. In August 2021, despite the team's reservations, BlockFi proceeded to lend a considerable $217 million to Alameda Research, an action that raised red flags. The risk management team specifically warned about the high risks associated with lending assets to Alameda, especially considering the potential liquidation of loans secured by the FTX Token (FTT). The team had discovered that a significant portion of Alameda's balance sheet consisted of unlocked FTT tokens, which raised concerns about potential vulnerabilities. Prince, however, dismissed these worries and encouraged the team to accept Alameda's borrowing size. #FTX
Escalation of Concerns:
Conversations regarding the risks associated with lending to Alameda continued through offline meetings and Slack discussions until January 2022. However, it appears that BlockFi's management disregarded these concerns and maintained its ties with Alameda. In November 2022, when BlockFi filed for Chapter 11 bankruptcy, it acknowledged its substantial exposure to FTX and its associated entities. The relationship between BlockFi and FTX US deepened during the crypto winter in July 2022 when FTX US received a $400 million credit line from BlockFi, further strengthening their financial ties. #Alameda
Continued Lending and Collateralization:
Despite recalling its loans from Alameda in June 2022 and Alameda repaying most of its outstanding balance, BlockFi decided to provide Alameda with additional loans totaling nearly $900 million between July and September 2022. These loans were primarily collateralized using FTT tokens, further increasing BlockFi's exposure to FTX and its associated risks.
BlockFi's Bankruptcy Filing and Response:
BlockFi's bankruptcy filing cited its exposure to FTX as one of the primary reasons for its financial troubles. The collateralized loan practice based on FTT tokens resulted in losses for various firms when the token's price plummeted from over $25 to under $2 during the Chapter 11 filing, creating significant liquidity issues. In response to the report highlighting its questionable practices, BlockFi issued a statement expressing its disagreement and filed a separate court document alleging that the committee behind the report had selectively chosen statements out of context and failed to deliver an objective analysis. #AlamedaResearch
In Summary:
BlockFi's bankruptcy filing has shed light on its risky lending practices and excessive exposure to FTX. Disregarding the recommendations of its risk management team and continuing to extend substantial loans to Alameda Research despite known risks have raised concerns about the company's decision-making. While the downfall of Alameda/FTX may have contributed to BlockFi's demise, the filing underscores that BlockFi's problems were rooted in its own business practices and decisions preceding Alameda/FTX's bankruptcy filing.
🚨 **Crypto Scandal Unfolds** 🚨
Ex-FTX engineering head, Nishad Singh, has made shocking revelations to CoinDesk about FTX's financial status. Claiming that FTX founder, Sam Bankman Fried (SBF), acknowledged an $8 billion discrepancy in the company's finances months before filing for bankruptcy. Singh alleges the gap stemmed from misusing user deposits for various purposes via Alameda Research. He also confessed, "I admit to participating in the crimes of FTX and Alameda Research executives. I defrauded my customers and investors." Singh disclosed his hefty monthly salary and bonuses while mentioning involvement of other top FTX execs in the scandal.
Investors, always exercise caution and stay informed!
#CoinDesk #FTX #CryptoScandal #AlamedaResearch #CryptoNews
Ex-FTX engineering head, Nishad Singh, has made shocking revelations to CoinDesk about FTX's financial status. Claiming that FTX founder, Sam Bankman Fried (SBF), acknowledged an $8 billion discrepancy in the company's finances months before filing for bankruptcy. Singh alleges the gap stemmed from misusing user deposits for various purposes via Alameda Research. He also confessed, "I admit to participating in the crimes of FTX and Alameda Research executives. I defrauded my customers and investors." Singh disclosed his hefty monthly salary and bonuses while mentioning involvement of other top FTX execs in the scandal.
Investors, always exercise caution and stay informed!
#CoinDesk #FTX #CryptoScandal #AlamedaResearch #CryptoNews
Significant Asset Transfers by FTX and Alameda Research
In recent developments, FTX and Alameda Research have made substantial transfers of assets to multiple prominent exchanges, raising questions about their strategic moves in the crypto space. Over the past 7 hours, these transfers have amounted to approximately $46 million across nine different assets.
Recent Transfers (Past 7 Hours):
- 500,000 SOL ($21.6 million)
- 14 million MATIC ($9.3 million)
- 2,784 ETH ($5.15 million)
- 810,000 MASK ($2.51 million)
- 2.1 million SUSHI ($2.37 million)
- 7.67 million BAT ($1.64 million)
- 71.6 million GALA ($1.4 million)
- 650,000 LDO ($1.22 million)
- 4.47 million C98 ($842,000)
These transfers indicate a significant movement of funds across various assets, which may have various implications in the crypto market.
Cumulative Transfers (Since October 26):
- Since October 26, FTX and Alameda Research have collectively moved assets worth around $170 million across 30 different assets.
This substantial figure raises questions about the motivations and strategies behind these transfers. It will be interesting to observe how these actions might influence the crypto market in the coming days.
#sbf #ftx #AlamedaResearch
In recent developments, FTX and Alameda Research have made substantial transfers of assets to multiple prominent exchanges, raising questions about their strategic moves in the crypto space. Over the past 7 hours, these transfers have amounted to approximately $46 million across nine different assets.
Recent Transfers (Past 7 Hours):
- 500,000 SOL ($21.6 million)
- 14 million MATIC ($9.3 million)
- 2,784 ETH ($5.15 million)
- 810,000 MASK ($2.51 million)
- 2.1 million SUSHI ($2.37 million)
- 7.67 million BAT ($1.64 million)
- 71.6 million GALA ($1.4 million)
- 650,000 LDO ($1.22 million)
- 4.47 million C98 ($842,000)
These transfers indicate a significant movement of funds across various assets, which may have various implications in the crypto market.
Cumulative Transfers (Since October 26):
- Since October 26, FTX and Alameda Research have collectively moved assets worth around $170 million across 30 different assets.
This substantial figure raises questions about the motivations and strategies behind these transfers. It will be interesting to observe how these actions might influence the crypto market in the coming days.
#sbf #ftx #AlamedaResearch
In my 10+ years of #Crypto experience, I have made so many mistakes that have cost me a lot of money
Here are the 7 most common mistakes that 99% of investors make that prevent them from accumulating great wealth.
Before starting, Follow us & Like this thread, for future reference!
1. Overestimating your Alpha
Sometimes we overestimate our alpha and just keep investing more and more.
Even if the project performs well, what's the benefit for you if you have not booked any profit?
2. Thinking you are early
If you really know whether you are early or not, then
-Follow on chain movement.
-Research about the project even before tokens are available.
3. A big VC invested
If you think that any project is backed by some big VCs, then it will not fail.
►Always remember that they are humans and can make mistakes too.
Ex- #3AC , #AlamedaResearch
4. Anonymous Founders
There are many projects that went to zero with anonymous founders.
It doesn't mean that if any project has a founder who is known publicly, that project won't fail.
But at least you can get to know about their background.
5. The project is audited.
Third-party firms review the code and give it a thumbs up.
But still, bad actors can exploit the code and drain the money from the project.
So don't just invest blindly in a project on that basis.
6. Dunning-Kruger Effect
We often think we are geniuses in a bull market and start to leverage more.
Remember, when people start to flex their #BTC and crypto gains, it's probably a top signal, and we need to exit the market.
7. No control over emotions
The market always transfers wealth from the impatient to the patient.
People often make investment decisions when they're emotionally unstable, which often results in huge losses.
Learn new things every day and do research on the way markets work.
Focus on making money, as the goal should be to be rich, not to look rich.
Meditate regularly to have better control over your emotions.
If you lost a trade, don't panic; sit back and analyze your trades rather than going #100x to make it all back in one trade.
And finally, don't be so harsh on yourself if you are not getting what you want. Remember, good things take time; great things take a little longer.
If you liked this thread:
1. Follow us for more such threads.
2. RT the first message to share this thread with your friends.
Before starting, Follow us & Like this thread, for future reference!
1. Overestimating your Alpha
Sometimes we overestimate our alpha and just keep investing more and more.
Even if the project performs well, what's the benefit for you if you have not booked any profit?
2. Thinking you are early
If you really know whether you are early or not, then
-Follow on chain movement.
-Research about the project even before tokens are available.
3. A big VC invested
If you think that any project is backed by some big VCs, then it will not fail.
►Always remember that they are humans and can make mistakes too.
Ex- #3AC , #AlamedaResearch
4. Anonymous Founders
There are many projects that went to zero with anonymous founders.
It doesn't mean that if any project has a founder who is known publicly, that project won't fail.
But at least you can get to know about their background.
5. The project is audited.
Third-party firms review the code and give it a thumbs up.
But still, bad actors can exploit the code and drain the money from the project.
So don't just invest blindly in a project on that basis.
6. Dunning-Kruger Effect
We often think we are geniuses in a bull market and start to leverage more.
Remember, when people start to flex their #BTC and crypto gains, it's probably a top signal, and we need to exit the market.
7. No control over emotions
The market always transfers wealth from the impatient to the patient.
People often make investment decisions when they're emotionally unstable, which often results in huge losses.
Learn new things every day and do research on the way markets work.
Focus on making money, as the goal should be to be rich, not to look rich.
Meditate regularly to have better control over your emotions.
If you lost a trade, don't panic; sit back and analyze your trades rather than going #100x to make it all back in one trade.
And finally, don't be so harsh on yourself if you are not getting what you want. Remember, good things take time; great things take a little longer.
If you liked this thread:
1. Follow us for more such threads.
2. RT the first message to share this thread with your friends.
#FTX Concealed Losses Months Before Bankruptcy
According to the report, FTX's top management knew about an $8.9 billion shortfall in customer assets as early as August 2022. FTX filed for Chapter 11 status on November 11, 2022.
It implicates FTX's top executives, as well as #CarolineEllison , the former head of #AlamedaResearch and girlfriend of Sam Bankman-Fried.
The report states that, by August 2022, FTX's top executives and Ellison estimated that the exchange owed customers more than $8 billion in fiat currency. And it did not have that sum on hand. Their actions, in the face of this knowledge, were not exemplary.
According to the report, FTX's top management knew about an $8.9 billion shortfall in customer assets as early as August 2022. FTX filed for Chapter 11 status on November 11, 2022.
It implicates FTX's top executives, as well as #CarolineEllison , the former head of #AlamedaResearch and girlfriend of Sam Bankman-Fried.
The report states that, by August 2022, FTX's top executives and Ellison estimated that the exchange owed customers more than $8 billion in fiat currency. And it did not have that sum on hand. Their actions, in the face of this knowledge, were not exemplary.
**Just In: 🔔**
Cointelegraph cites Nansen Report on FTX and Alameda Research findings:
- $4.1 billion in FTT and $388 million in dollars traded on FTX before its collapse from September 28 to November 1.
- FTX held 280 million (80%) of the 350 million FTT in circulation, most tied to a three-year vesting contract, benefiting Alameda.
- Both companies controlled around 90% of FTT's distribution volume, potentially supporting each other's balance sheets.
- Alameda likely sold FTT via OTC trading and as loan collateral to cryptocurrency lending firms.
#Cryptocurrency #FTX #AlamedaResearch**Just In: 🔔**
Cointelegraph cites Nansen Report on FTX and Alameda Research findings:
- $4.1 billion in FTT and $388 million in dollars traded on FTX before its collapse from September 28 to November 1.
- FTX held 280 million (80%) of the 350 million FTT in circulation, most tied to a three-year vesting contract, benefiting Alameda.
- Both companies controlled around 90% of FTT's distribution volume, potentially supporting each other's balance sheets.
- Alameda likely sold FTT via OTC trading and as loan collateral to cryptocurrency lending firms.
#Cryptocurrency #FTX #AlamedaResearch
Cointelegraph cites Nansen Report on FTX and Alameda Research findings:
- $4.1 billion in FTT and $388 million in dollars traded on FTX before its collapse from September 28 to November 1.
- FTX held 280 million (80%) of the 350 million FTT in circulation, most tied to a three-year vesting contract, benefiting Alameda.
- Both companies controlled around 90% of FTT's distribution volume, potentially supporting each other's balance sheets.
- Alameda likely sold FTT via OTC trading and as loan collateral to cryptocurrency lending firms.
#Cryptocurrency #FTX #AlamedaResearch**Just In: 🔔**
Cointelegraph cites Nansen Report on FTX and Alameda Research findings:
- $4.1 billion in FTT and $388 million in dollars traded on FTX before its collapse from September 28 to November 1.
- FTX held 280 million (80%) of the 350 million FTT in circulation, most tied to a three-year vesting contract, benefiting Alameda.
- Both companies controlled around 90% of FTT's distribution volume, potentially supporting each other's balance sheets.
- Alameda likely sold FTT via OTC trading and as loan collateral to cryptocurrency lending firms.
#Cryptocurrency #FTX #AlamedaResearch
🚨 FTX and BlockFi reach a landmark $900M settlement to resolve disputes and litigation.
#BlockFi to get $185.2M for customer claims + a $689.3M claim against Alameda Research. The deal includes a $250M secured claim, boosting hopes for customer reimbursements.
#ftx #cryptonews #AlamedaResearch
#BlockFi to get $185.2M for customer claims + a $689.3M claim against Alameda Research. The deal includes a $250M secured claim, boosting hopes for customer reimbursements.
#ftx #cryptonews #AlamedaResearch
BALD Coin Drama: Bankman-Fried Involved?
Is crypto heavyweight Sam Bankman-Fried involved in a new meme coin scandal?
On-chain data suggests a connection between Alameda Research, Bankman-Fried's company, and the deployer wallet of the short-lived, heavily hyped #memecoins - Bald (#BALD ).
The hype led to a 4,000,000% price increase and attracted over $68 million from traders. 🚀💸
Rise and Fall of BALD: Meme Coin Roller Coaster 🎢💔
Over one weekend, BALD’s market cap skyrocketed to $85 million, thanks to traders who flocked to Coinbase’s new layer-2 blockchain Base. But the ride was short. BALD deployers suddenly pulled millions in liquidity from the token's trading pairs, leaving holders high and dry and causing prices to crash as much as 90%. All this drama occurred before Base blockchain's official public launch. 😲💥
Connections Is Bankman-Fried Involved? 😏🎩
Blockchain detectives discovered potential ties between #AlamedaResearch and BALD’s deployer contract. Wintermute's head of research, Igor Igamberdiev, connected another wallet address to Alameda, stating that its owner demonstrated significant technical expertise and was a smart DeFi user. 📈💼
On-chain data suggests that an Alameda-controlled wallet interacted with the wallet used as a contract deployer. But, it's unlikely that Bankman-Fried is the puppet master here.
Why? Bankman-Fried's internet access is currently heavily controlled due to his bail conditions, restricted to a selection of news, sports, and educational websites, making his involvement unlikely. His parents also agreed to install monitoring software to limit his internet access further, and he's limited to using a flip phone. 📵🔐
Reminder👇
While the dust settles on the BALD scandal, this case serves as a reminder to the crypto community about the inherent risks and volatility of the meme coin market. It's essential always to do your due diligence before jumping on the hype train. 🚂💔
Hit that "like" button, drop your answer, and don't forget to share it with your friends! 👍📝📤
$DOGE $SHIB $PEPE
On-chain data suggests a connection between Alameda Research, Bankman-Fried's company, and the deployer wallet of the short-lived, heavily hyped #memecoins - Bald (#BALD ).
The hype led to a 4,000,000% price increase and attracted over $68 million from traders. 🚀💸
Rise and Fall of BALD: Meme Coin Roller Coaster 🎢💔
Over one weekend, BALD’s market cap skyrocketed to $85 million, thanks to traders who flocked to Coinbase’s new layer-2 blockchain Base. But the ride was short. BALD deployers suddenly pulled millions in liquidity from the token's trading pairs, leaving holders high and dry and causing prices to crash as much as 90%. All this drama occurred before Base blockchain's official public launch. 😲💥
Connections Is Bankman-Fried Involved? 😏🎩
Blockchain detectives discovered potential ties between #AlamedaResearch and BALD’s deployer contract. Wintermute's head of research, Igor Igamberdiev, connected another wallet address to Alameda, stating that its owner demonstrated significant technical expertise and was a smart DeFi user. 📈💼
On-chain data suggests that an Alameda-controlled wallet interacted with the wallet used as a contract deployer. But, it's unlikely that Bankman-Fried is the puppet master here.
Why? Bankman-Fried's internet access is currently heavily controlled due to his bail conditions, restricted to a selection of news, sports, and educational websites, making his involvement unlikely. His parents also agreed to install monitoring software to limit his internet access further, and he's limited to using a flip phone. 📵🔐
Reminder👇
While the dust settles on the BALD scandal, this case serves as a reminder to the crypto community about the inherent risks and volatility of the meme coin market. It's essential always to do your due diligence before jumping on the hype train. 🚂💔
Hit that "like" button, drop your answer, and don't forget to share it with your friends! 👍📝📤
$DOGE $SHIB $PEPE
FTX and Alameda Research have deposited around $591M worth of 74 tokens to exchanges since October 24.❗
#ftx #AlamedaResearch
#ftx #AlamedaResearch
**Breaking news:** 🔍 Caroline Ellison, former CEO of Alameda Research, testified in the trial of Sam Bankman-Fried (SBF) on fraud charges, stating that Alameda was an FTX customer and expressing concerns about using company funds. She revealed that she had raised the issue with SBF and inquired about audits, to which he assured her not to worry because auditors wouldn't check the contents. Ellison also mentioned that a substantial amount of FTX funds, ranging from $10 to $20 billion, were deposited in Alameda. Stay tuned for further developments in this case! ⚖️💼 #SBF #AlamedaResearch #FraudTrial
**Breaking news:** 🔍 Caroline Ellison, former CEO of Alameda Research, testified in the SBF fraud trial, revealing that Binance was considered a competitor worth $200 million, and SBF aimed to repurchase FTX stock in mid-2021 through credit with the source of funds being Genesis. Ellison also mentioned that SBF had ambitions to become President of the United States. This trial continues to unveil intriguing insights into the cryptocurrency industry. Stay tuned for more revelations! 🕵️♂️💼 #SBF #AlamedaResearch #FraudTrial
📰 **Cointelegraph reports on Nansen Report findings** 📊
💰 Alameda Research traded $4.1 billion FTT & $388 million USD on FTX before its collapse.
🤝 Alameda held 80% of the 350 million FTT in circulation, primarily tied to a 3-year vesting contract, benefiting Alameda.
🔄 Alameda likely sold FTT via OTC and as loan collateral.
#Cryptocurrency #FTX #AlamedaResearch #CryptoNews
💰 Alameda Research traded $4.1 billion FTT & $388 million USD on FTX before its collapse.
🤝 Alameda held 80% of the 350 million FTT in circulation, primarily tied to a 3-year vesting contract, benefiting Alameda.
🔄 Alameda likely sold FTT via OTC and as loan collateral.
#Cryptocurrency #FTX #AlamedaResearch #CryptoNews
FTX Trading To Receive All Of Ren Protocol’s Pegged Assets
Ren Protocol, one of the most popular decentralized finance (DeFi) protocols, has announced that all of its assets and shares will be transferred to cold wallets controlled by FTX Trading, a beleaguered crypto company. This decision was made in advance of possible shutdowns of infrastructure and systems, according to a tweet from Ren on April 12.
FTX had previously directed the protocol to transfer all assets to debtor wallets for safeguarding, and Ren claims that these assets will be held on separate, segregated cryptocurrency wallets that are different from those used for other debtors. Ren Protocol allowed users to transfer tokens such as bitcoin (BTC), ether (ETH), and dogecoin (DOGE) among different blockchains, becoming one of the most popular DeFi protocols during the 2021 bull run.
The protocol was acquired by Alameda Research, the trading company controlled by alleged fraudster Sam Bankman-Fried, in February 2022. This acquisition marked the beginning of the end for Ren. In November of the same year, Ren Protocol stated that it was impacted by FTX Group’s Chapter 11 proceedings and had no funding to last beyond 2022 for the previous version of its service.
At the time, Ren said that it would try to “secure additional funding” to ensure the development and release of ‘Ren 2.0,’ which would remain completely independent of any ties to FTX. However, it appears that this was not possible, and the decision to transfer all assets and shares to FTX’s cold wallets was made instead.
The move has been met with mixed reactions from the crypto community, with some expressing concerns over the security of their assets and others questioning FTX’s ability to manage such a large amount of assets. Ren Protocol has assured its users that the assets will be held in separate, segregated wallets to ensure their safety.
As of now, it remains to be seen what will happen to Ren Protocol and its users. The transfer of assets to FTX’s cold wallets is a significant development, and it remains to be seen how this will impact the DeFi space as a whole.
#Ren #RenBTC #FTX #AlamedaResearch #azcoinnews
This article was republished from azcoinnews.com
FTX had previously directed the protocol to transfer all assets to debtor wallets for safeguarding, and Ren claims that these assets will be held on separate, segregated cryptocurrency wallets that are different from those used for other debtors. Ren Protocol allowed users to transfer tokens such as bitcoin (BTC), ether (ETH), and dogecoin (DOGE) among different blockchains, becoming one of the most popular DeFi protocols during the 2021 bull run.
The protocol was acquired by Alameda Research, the trading company controlled by alleged fraudster Sam Bankman-Fried, in February 2022. This acquisition marked the beginning of the end for Ren. In November of the same year, Ren Protocol stated that it was impacted by FTX Group’s Chapter 11 proceedings and had no funding to last beyond 2022 for the previous version of its service.
At the time, Ren said that it would try to “secure additional funding” to ensure the development and release of ‘Ren 2.0,’ which would remain completely independent of any ties to FTX. However, it appears that this was not possible, and the decision to transfer all assets and shares to FTX’s cold wallets was made instead.
The move has been met with mixed reactions from the crypto community, with some expressing concerns over the security of their assets and others questioning FTX’s ability to manage such a large amount of assets. Ren Protocol has assured its users that the assets will be held in separate, segregated wallets to ensure their safety.
As of now, it remains to be seen what will happen to Ren Protocol and its users. The transfer of assets to FTX’s cold wallets is a significant development, and it remains to be seen how this will impact the DeFi space as a whole.
#Ren #RenBTC #FTX #AlamedaResearch #azcoinnews
This article was republished from azcoinnews.com
🚨 **Breaking News:** Alameda Research Labeling Address Deposits 186 WBTC (Worth $8.58 Million) to Binance, According to Pecshield Data! 💰💼🚀 #CryptoNews #AlamedaResearch #binancerewards
**Breaking news:** 🚀 FTX/Alameda Research estimated address deposits 4.8 million USDT into Kraken. 💰📈 #FTX #AlamedaResearch #USDT #Kraken
Alameda Research executed a transfer of 2.5K $ETH (equivalent to $8.55M) to Coinbase through an intermediary wallet with the address 0xcef approximately 13 hours ago.
Following this transaction, there has been a noticeable downward trend in the price of ETH.
Main Address:
0xf02e86d9e0efd57ad034faf52201b79917fe0713 (Alameda Research)
Middle Wallet:
0xcef8b4c5351b54235ef25abfe528575922de4003
#AlamedaResearch
Following this transaction, there has been a noticeable downward trend in the price of ETH.
Main Address:
0xf02e86d9e0efd57ad034faf52201b79917fe0713 (Alameda Research)
Middle Wallet:
0xcef8b4c5351b54235ef25abfe528575922de4003
#AlamedaResearch
