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Tag: FTX

June 12, 2023

Interesting Opinion On Why The U.S. Prosecutors Will Go Against Crypto Exchange Binance!

The former SEC executive and law John Reed Stark turned to Twitter to explain why he thinks that the U.S. Department of Justice (DOJ) will go against the crypto exchange Binance. He thinks that the U.S. DOJ has either filed or is planning to file a criminal indictment related to Binance. Money laundering entails concealing financial assets to enable their use without detection of the illicit activities that generated them.

May 12, 2023

FTX Bankruptcy Case: U.S. IRS Filed A $44 Billion Tax Claim!

The U.S. Internal Revenue Service (IRS) has lodged approximately $44 billion claims against the bankrupt crypto exchange FTX. Bankruptcy filings reveal that the IRS has submitted 45 claims against various FTX entities. The largest claim amounts to $20.4 billion, followed by a $7.9 billion claim against Alameda Research LLC. Additionally, two claims totaling $9.5 billion have been filed against Alameda Research Holdings Inc.

Bankruptcies

May 1, 2023

First Republic Bail-Out Bidding Still Not Decided!

Sources familiar with the matter have revealed that PNC Financial Services Group, JPMorgan Chase, and Citizens Financial Group were among the banks that submitted their final bids for First Republic Bank in the auction held by U.S. regulators. It was anticipated that the Federal Deposit Insurance Corp (FDIC) would announce a deal on Sunday night and simultaneously declare the seizure of the lender. However, no announcement was available Monday morning European time.

Crypto
SEC

April 19, 2023

Embattled SEC Chair Gary Gensler Defended His Crypto Crackdown Policy!

In a House hearing, Gary Gensler, the U.S. Securities and Exchange Commission (SEC) Chair, defended his agency’s crackdown on crypto markets, saying that he had never seen an industry so routinely break securities laws. Gensler’s approach has been called “regulation by enforcement," which would not be sufficient nor sustainable. His approach would drive innovation overseas and endanger the U.S. competitiveness, one Republican said.

April 2, 2023

FTX EU Enabled Withdrawal For Its Customers

FTX EU LTD, the CySEC-regulated entity for the collapses crypto exchange scheme, has launched a website where its customers can request final balances and withdrawals. The withdrawals will be available only to customers who opened their accounts through FTX.com/eu after March 7, 2022. This process does not apply to customers of other FTX group businesses, FTX said in a press release.

March 23, 2023

Montenegro Interior Minister Announced Arrest Of Terra-Luna Founder Do Kwon!

Do Kwon, the co-founder of the failed TerraUSD stablecoin, has been arrested in Montenegro after months of hiding, Montenegro Interior Minister Filip Adzic said on Twitter. The suspect was detained in the airport of the country’s capital of Podgorica with false documents. In September, South Korean authorities issued a warrant for Kwon’s arrest in September. The U.S. Justice Department is investigating the collapse of TerraUSD, WSJ reports.

Crypto

March 9, 2023

Crypto On Fire: Gemini Denies Rumors About Ended Relationship With JPMorgan!

Banking is becoming more difficult in the U.S. for crypto schemes. After Silvergate announced its voluntary liquidation, CoinDesk reported this morning that U.S. banking giant JPMorgan plans to end its banking relationship with crypto exchange Gemini owned by Winklevoss Twins, Cameron and Tyler. Back in early 2020, JPMorgan took on Gemini and Coinbase as customers. Gemini immediately denied the CoinDesk report on Twitter.

March 3, 2023

FTX Bankruptcy: $8.9 Billion Worth Of Customer Funds Are Missing!

The crypto exchange FTX was the latest of the big crypto bankruptcies in 2022 but certainly the most prominent one. In the last few weeks, the U.S. DoJ, CFTC, and SEC regulators filed criminal charges and fraud complaints against the FTX top executives around Sam Bankman-Fried, Nishad Singh, and Gary Wang. A recent report from the Wall Street Journal pointed out that $8.9 billion worth of customer funds have been unaccounted for and therefore missing.

March 2, 2023

Disgraced Regulators, Embarrassed CFTC Commissioners, And Their FTX Worship!

FTX founder Sam Bankman-Fried (SBF) was the darling of U.S. politicians and regulators until just before the crypto scheme collapsed. FTX was seen as the U.S. answer to the "Chinese" threat posed by Binance. With the criminal and regulatory charges, some regulators are embarrassed, like the CFTC Commissioner Caroline D. Pham or the former CFTC Commissioner Mark Wetjen. CFTC recently filed a fraud lawsuit against FTX and those responsible. Pham took to Twitter to comment.

March 1, 2023

U.S. Prosecutors And Regulators Charge FTX Executive With Fraud!

Nishad Singh, 27, co-founder of collapsed crypto exchange FTX and close confident to founder Sam Bankman-Fried (SBF) pleaded guilty to six criminal counts, including conspiring to commit securities and commodities fraud. Moreover, the U.S. regulators SEC and CFTC announced fraud complaints against Singh. The FTX scheme was founded by Singh along with Samuel Bankman-Fried (SBF) and Gary Wang. U.S. Prosecutors allege that SBF stole billions of dollars of FTX customer funds.

Crypto

February 2, 2023

Interesting Interview: AI-Based Crypto Predictions For The Coming Years!

Over the past few weeks, the crypto segment has rebounded after a disastrous 2022, which saw the implosion of crypto prices due to the collapse of the large crypto schemes Luna/Terra, Three Arrows Capital (3AC), Celsius, Voyager, and FTX. The Bitcoin price has increased by about 50% from $15,800 to $23,800 since November 2022. Is this just a brief flare-up or the beginning of a new cycle? We asked ChatGPT about the prevailing analyst opinion and received the following response.

January 13, 2023

Beleaguered Crypto Bank Silvergate Reduced Workforce By 40%!

Silvergate Bank, a state-chartered bank specializing in providing financial infrastructure to the crypto industry, filed a WARN Act on job cuts that reduced its workforce by 40%, The San Diego Union Tribune reports. To reset its business after a massive run on deposits last quarter, crypto-bank Silvergate has slashed 181 jobs at its local headquarters. The bank was most recently in the spotlight during the collapse of the crypto exchange FTX, for which it handled extensive FIAT transactions.

The Unraveling of Rabidi and the Rise of the SoftSwiss Network: Our Updated Forensic Report

A few months ago, FinTelegram released a first forensic report on the bankruptcy of Rabidi N.V., a Curacao-registered online casino operator with hundreds of millions in revenues — and no traceable assets by the time of its collapse in May 2024. That report already raised serious questions about the opaque structures behind Rabidi’s operations and its successor, Liernin Enterprises Ltd.

DeFi Decoded: Smart Contracts – The Code Behind the DeFi Revolution

Smart contracts are the invisible architects of decentralized finance. These self-executing lines of code run everything from token swaps to lending platforms without middlemen. But while they offer autonomy, they also introduce new risks—bugs, exploits, and irreversible mistakes. In this fourth installment of our FinTelegram DeFi Series, we explain what smart contracts are.

CFTC

Despite New Crypto Friendlyness: No Settlement Between U.S. CFTC And KuCoin?

A planned settlement between the U.S.CFTC and crypto exchange KuCoin is now in limbo due to a reported policy shift within the CFTC. This change is attributed to the Trump administration’s new approach, which deprioritizes enforcement actions against crypto companies. As a result, a CFTC attorney said that it is "unlikely that such authorization will be granted in the near term" regarding the settlement approval.

SEC’s New Era: Paul Atkins Sworn In—Will Crypto Finally Get the Regulatory Clarity It Deserves?

The U.S. Securities and Exchange Commission (SEC) has entered a new chapter with the swearing-in of Paul S. Atkins as its 34th Chairman, a move widely anticipated to mark a dramatic pivot in how the agency approaches crypto and DeFi regulation. For years, the financial industry—especially the burgeoning digital asset sector—has bristled under the SEC’s “Regulation by Enforcement” strategy.

Crypto Mogul Changpeng Zhao – Fallen, Rich, and Rising Again?

As spring 2025 blooms and Easter’s themes of rebirth fill the air, Changpeng Zhao emerges as one of the most controversial figures of startup mythology: a man who fell spectacularly, paid a price—then rose again, wealthier and louder than ever. Once the almighty architect of Binance, CZ now resides in Dubai with a net worth that Forbes estimates at $63 billion.