FTX Officials Verify $600M Hack, Warn Users Off Website

In a statement on the platform’s official Telegram page, FTX’s Telegram admins revealed the platform has been the victim of a hack.  PeckShield Tracks the Hack in Real Time In the closing hours of Friday, several wallets linked to FTX exchange began to suspiciously move assets worth millions of dollars, without any prior notice. This morning, FTX raised the alarm of a breach via its official telegram page. [caption id="" align="aligncenter" width="695"] An alarm was first raised by the FTX…

FTX US Seemingly Freezes Withdrawals Following Bankruptcy Filing

On-chain data indicates that FTX US – which filed for bankruptcy alongside FTX on Friday – has frozen customer withdrawals.  According to Etherscan – an Ethereum block explorer – the FTX US wallet hasn’t processed an outbound transaction since 05:20:11 PM UTC on Friday. Trading on the exchange is still live. However, a notice on the site states that trading may be “halted” within a few days, and that withdrawals “are and will remain open.” FTX, the world’s second-largest crypto…

It’s Official: FTX, FTX US, and Alameda File for Chapter 11 Bankruptcy

After a week-long liquidity crisis followed by a withdrawal freeze, FTX has officially filed for Chapter 11 bankruptcy. Meanwhile, its high-profile leader and former multi-billionaire – Sam Bankman-Fried (SBF) – has resigned as CEO. In a press release on Friday, FTX announced that it has commenced Chapter 11 proceedings in the United States alongside over 130 affiliated companies.  One of those companies is Alameda Research – a trading desk SBF previously launched. Many believe it deeply intertwines with FTX.  FTX’s…

No Funds From Tether as FTX Faces $9B Liquidity Crisis

In a tweet on Thursday, Tether CTO Paolo Ardoino revealed that the stablecoin issuer has no intentions of an FTX bailout.  SBF Seeks Funds From Various Sources Sam Bankman Fried-led crypto exchange FTX is grappling to stay above water as fears of insolvency push an ongoing bank run. The platform’s Tuesday controversy regarding a Binance acquisition further worsened the situation. Now SBF is on the hunt for rescue funds scaling $9 billion and he is looking to both investors and…

Ex-Kraken Chief Calls Out Sam Bankman-Fried for “Sociopathic” Behavior

Former Kraken CEO Jesse Powell is indignant over FTX CEO Sam Bankman-Fried (SBF)’s behavior preceding the fallout of the latter’s company. In a Twitter thread on Thursday, Powell blasted the young billionaire for recklessly tarnishing the crypto industry’s reputation.  Powell Calls Out SBF The Kraken co-founder, known as a long-time crypto veteran and believer, called this week’s events a “massive setback” for the industry.   Noting that the crypto industry is the frequent target of con artists, he said the community…

Checkmate: Binance Moves to Acquire FTX

Binance has announced it is set to acquire its rising rival, FTX. Binance CEO, Changpeng Zhao made this known in a tweet. “This afternoon, FTX asked for our help. There is a significant liquidity crunch,” the tweet began. FTX CEO, Sam Bankman-Fried also confirmed the news that has left the crypto community shocked. https://twitter.com/cz_binance/status/1590013613586411520?s=20&t=Qewt2lazmWepw5Il0h71ag FTX’s solvency has been in doubt since reports emerged that Alameda, FTX’s sister firm, only held FTT on its balance sheet. Following the report, Binance stated…

FTX Deal May Grant Voyager Customers 72% of Frozen Assets

A potential agreement with FTX.US may see ex-clients of failed crypto broker Voyage Digital regain up to 72% of their frozen cryptocurrency. In the past 24 hours, news of the bankruptcy payout plan emerged via court documents.  FTX Deal Still Under Question According to the court files, Voyager’s former customers may be able to recover more than 70% of the original value of their accounts. FTX.US’s tentative acquisition of the lender’s assets could see the US-regulated exchange fully pay out…

Texas Watchdog Launches Probe into FTX Over Unregistered Securities

Per an Oct 14 court filing, the Texas State Securities Board (TSSB) has commenced an investigation into the crypto exchange FTX. The probe aims to address possible securities violations and extends to the US division FTX.US and CEO Sam Bankman-Fried. Joseph Rotunda, the regulator’s Director of Enforcement, submitted the complaint to the bankruptcy court in charge of FTX’s acquisition of Voyager Digital’s assets. Illegal Access to FTX’s Yield Program Joseph Rotunda has accused the crypto exchange of breaching state policy…

FTX US Receives Cease and Desist Order From FDIC

FTX US – one of the United States’ leading cryptocurrency exchanges – has received a cease and desist order from the Federal Deposit Insurance Corporation (FDIC). The regulator has accused the exchange of making false and misleading claims about its customers’ FDIC coverage.  In the letter issued on Thursday, the FDIC took issue with claims made by FTX US President Brett Harrison on Twitter.  Harrison claimed that when employers make direct deposits to FTX US, they are stored in FDIC-insured…

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