FTX Debtors Reveal $6.8 Billion Hole in Balance Sheet Amidst Financial Discrepancies and Payments to Insiders
According to a presentation recently submitted by the FTX debtors on March 16, Sam Bankman-Fried’s companies had a $6.8 billion hole in their intercompany balance sheet when they filed for Chapter 11 bankruptcy protection. FTX and its conglomerate of firms have debts of around $11.6 billion, including customer claims and various other liabilities. FTX’s $6.8 […]
Democrats to Return 2.2% of $45.2 Million Donation Made by FTX’s Co-Founder Sam Bankman-Fried
After the disgraced co-founder of FTX, Sam Bankman-Fried (SBF), donated $5.2 million to Joe Biden’s campaign in 2020 and more than $40 million to Democrats leading up to the U.S. midterm election cycle, three major Democratic organizations plan to return 2.2% of the funds, or $1 million, to the now-defunct crypto exchange. Of the total […]
Washington Townhome Tied to Disgraced FTX Co-Founder Listed for $3.28 Million Amid Controversy and Bankruptcy
A Washington, D.C., townhome tied to FTX co-founder Sam Bankman-Fried has been listed on the market for roughly $3.28 million. The property was purchased by Bankman-Fried’s brother’s nonprofit, Guarding Against Pandemics, for the same price it is selling for today. FTX Co-Founder’s Luxury Property Suspected to Have Been Used for Wining and Dining Political Elite […]
FTX Discovers $5.5B in Liquid Assets — Debtors Explore Ways to Maximize Recovery via Potential Sale of Subsidiaries, Real Estate
On Jan. 17, 2023, FTX Trading Ltd. and affiliated debtors updated the public and detailed that the firm’s current administrators have discovered $5.5 billion of liquid assets to date. Top-level executives, including the new FTX CEO and chief restructuring officer, John J. Ray III, met with the bankruptcy case’s committee of unsecured creditors to share […]
FTX warns it will claw back political donations and contributions
The exchange warned those who received payments from FTX or its former executives that it’s looking to recover funds even if they were donated to charity.This post was originally published on this site
US Lawmaker Urges SEC to ‘Take Decisive Action’ to Regulate Crypto Industry — Plans to Examine Options for Federal Legislation
U.S. Congressman Brad Sherman has called on the Securities and Exchange Commission (SEC) to “take decisive action to put an end to the regulatory gray area in which the crypto industry has operated.” He added that he plans to work with his colleagues in Congress in the coming weeks “to examine options for federal legislation.” […]