In a recent financial statement filing with the U.S. Bankruptcy Court, it has been revealed that Alameda Research paid or loaned $3.2 billion to FTX founders and executives.

Finance Times reported on the 16th that among the recipients, Sam Bankman-Fried received $2.2 billion, Nishad Singh received $587 million, Gary Wang received $246 million, and Caroline Ellison received approximately $6 million. It’s important to note that this money doesn’t include the $240 million used to purchase a luxury resort in the Bahamas, political contributions or donations made directly by FTX management, or assets transferred to subsidiaries in the Bahamas and elsewhere.

The revelation has raised eyebrows and left many wondering about the reasons behind the transfer of such a large sum of money. FTX creditors are investigating the matter and are looking into the recipients and the reasons for the transfer of the funds.

It’s worth mentioning that some of the real estate purchased with the transferred assets is already under the control of FTX creditors or government authorities working with them. However, the amount and timing of final recovery are currently unknown.

Following the Chapter 11 bankruptcy filings in November, FTX’s newly appointed chief executive, John Ray, has been actively searching for the whereabouts of cryptocurrency and other assets that can be used to reimburse the millions of customers affected by FTX’s collapse.

The news is significant and could have implications for the cryptocurrency market, as FTX is a major player in the industry. Investors and stakeholders are closely watching developments in this story, and any further revelations could have a significant impact on FTX’s reputation and future prospects.

As a reporter, it’s important to keep an eye on this developing story and provide regular updates as more information becomes available. The cryptocurrency market is rapidly evolving, and stories like this remind us of the need for transparency and accountability in the industry.

#FTX #FTXcollapse #FTXUpdate #FTXScandal #Binance

This article was republished from azcoinnews.com

FTX Europe, the European subsidiary of bankrupt cryptocurrency exchange FTX, has opened a new website to enable its former customers to withdraw their remaining funds from the platform. The new domain name, https://ftxeurope.eu/, has been approved by the Cyprus Securities and Exchange Commission (CySE) and will offer no products or services apart from balance withdrawal.

According to a report by Finance Magnates, FTX Europe confirmed that the new website would be used solely for the purpose of allowing FTX EU LTD clients to claim their FIAT balances. Customers are required to log in to their FTX EU account through the new domain to see their balance and request a withdrawal.

As of now, the original domain www.ftx.com/eu remains unresponsive. However, Finance Magnates checked CySEC’s public register and confirmed that https://ftxeurope.eu is an approved domain owned by FTX EU.

@azcoinnews

The move by FTX Europe to create a new website for balance withdrawals comes in the wake of the parent company’s bankruptcy. The bankruptcy filing of FTX, a popular cryptocurrency exchange, was announced in December 2021, after the company was hit with a $100 million lawsuit from a former client.

The new domain approval from CySE is seen as a positive development for FTX Europe’s customers, as it allows them to withdraw their funds from the platform despite the parent company’s financial troubles. FTX Europe’s initiative to create a new website for withdrawal requests shows its commitment to its customers and the financial regulations set forth by the regulatory bodies.

In conclusion, the new domain, https://ftxeurope.eu/, approved by CySE for balance withdrawal from FTX Europe, offers relief for former customers of the bankrupt cryptocurrency exchange. FTX Europe’s move to create a new website for withdrawal requests demonstrates the company’s willingness to adhere to regulatory guidelines and fulfill its obligations to its customers.

#FTXEU #FTXEuro #FTX #FTXUpdate #azcoinnews

This article was republished from azcoinnews.com

Once a prominent player in the field of cryptocurrency exchanges, FTX's sudden downfall has sent shockwaves throughout the digital asset community. The series of unfortunate events surrounding FTX unfolded within a 10-day period in November 2022, drastically altering its economic landscape.

The Start of the Downfall

The grim fate of was initially unveiled by CoinDesk's scoop on November 2, marking the commencement of a string of escalating events. The critical revelation centered around Alameda, embarking on a trajectory that led to FTX's inevitable collapse.

Leadership's Part in the Crisis

FTX's downfall took a stark turn when Sam Bankman-Fried, its chief executive, abruptly resigned on November 11. Soon after, FTX and its associated companies filed for Chapter 11 bankruptcy marking a defining timemark in the downward spiral. Bankman-Fried's exit further intensified the crisis, leaving the market and its investors in uncertainty.

Hacking: The Final Blow

FTX's situation significantly worsened when it reported around $415m (£338m) worth of crypto assets were stolen by hackers, with about $323m hacked directly from its platform. The hacking incident, reported on January 18, 2023, not only exemplified its technical vulnerabilities but also laid bare the security risks confronting cryptocurrency exchanges.

Toward an Uncertain Future

Following the dramatic events, Sam Bankman-Fried was indicted, with images emerging of him exiting the United States Court in New York City. The founder's legal predicaments added a new dimension to FTX's already troublesome saga, leaving its future hanging in the balance.

The collapse of FTX stands as a stark cautionary tale in the world of cryptocurrency exchanges. The swift and unexpected downfall underscores the inherent risks surrounding digital assets, particularly highlighting the crucial role effective leadership and robust security systems play. As stakeholders navigate the aftermath of the crisis, FTX's story will undoubtedly continue to shape discussions about risk, regulation, and resilience in the evolving world of cryptocurrency.

#FTXcollapse #FTXUpdate

The Ongoing Asset Recovery by FTX and Alameda Research
Wallets linked to the now-defunct crypto trading firms FTX and Alameda Research have been actively moving substantial amounts of cryptocurrencies to various accounts in major exchanges like Binance, Coinbase, and Wintermute. Blockchain analysis firm Spot On Chain reported these movements, highlighting the scale and diversity of assets being transferred.

Details of the Recent Cryptocurrency Transfers
The most recent transfer involved $10.8 million spread across eight different cryptocurrencies. The breakdown of this transfer includes $2.58 million in StepN (GMT), $2.41 million in Uniswap (UNI), $2.25 million in Synapse (SYN), $1.64 million in Klaytn (KLAY), $1.18 million in Fantom (FTM), and $644,000 in Shiba Inu (SHIB), along with smaller amounts of Arbitrum (ARB) and Optimism (OP). This movement reflects the ongoing efforts by FTX and Alameda Research to manage their assets amid the fallout of their operations.
Tracing the Timeline of Transfers
The process of transferring these funds began in earnest on October 24, when FTX and Alameda wallets moved $10 million to a single wallet address. This was subsequently redistributed to accounts at Binance and Coinbase. A similar transaction took place on November 1, involving $13.1 million transferred to the same exchanges.
Substantial Movements Since March 2023
The movement of funds dates back to March 2023, when FTX and Alameda initiated the asset recovery process for their investors. At that time, three wallets associated with the firms moved $145 million in stablecoins to various platforms, including Coinbase, Binance, and Kraken. Of this amount, $69.64 million in Tether (USDT) and 75.94 million USD Coin (USDC) were transferred to custodial wallets on these exchanges.
Assessing the Financial State of FTX and Alameda Research
Despite having recovered over $5 billion in cash and liquid cryptocurrencies, the liabilities of the troubled cryptocurrency exchange exceeded $8.8 billion. This ongoing asset movement is part of a broader effort to manage the fallout of their operational crisis and fulfill obligations to stakeholders.
In summary, FTX and Alameda Research’s recent transfer of $10.8 million in various cryptocurrencies to major exchanges represents a continued effort in their asset recovery process. This activity, part of a larger series of transfers totaling $551 million since October 24, highlights the intricate process of managing and redistributing assets following the collapse of major players in the cryptocurrency industry.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#FTXUpdate #AlamedaResearch $FTT