FTX | ForkLog - Part 24

ForkLog 14 22.12.2022

Caroline Ellison manipulated the FTT price on orders from Sam Bankman-Fried

Under the direction of FTX founder Sam Bankman-Fried, Caroline Ellison engaged in 'automated buying' of the utility token FTT across various platforms to inflate the asset's price. This is stated in the SEC's complaint against the former head of Alameda Research and co-founder of the exchange Gary Wang.

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ForkLog 9 22.12.2022

SEC classifies FTX utility token as a security

FTX, since its launch, offered and sold the utility token FTT as an investment contract and, therefore, a security. The U.S. Securities and Exchange Commission (SEC) said this in the lawsuit.

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ForkLog 13 22.12.2022

Caroline Ellison and Gary Wang Plead Guilty to FTX Collapse-Related Charges

The former head of Alameda Research Caroline Ellison and FTX co-founder Gary Wang pleaded guilty to charges related to the collapse of Sam Bankman-Fried’s business empire, and agreed to cooperate with the investigation.

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ForkLog 14 21.12.2022

Pantera Capital CEO ties FTX collapse to unregulated status

The collapse of FTX does not signal a failure of blockchain technology or cryptocurrencies, as regulated exchanges continue to operate well. This view was voiced by Pantera Capital CEO Dan Morehead in a letter to investors.

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ForkLog 6 21.12.2022

Media reports: Sam Bankman-Fried agrees to extradition to the United States

FTX founder Sam Bankman-Fried (SBF) has agreed to extradition to the United States, where he faces fraud and money-laundering charges, Bloomberg reports. Acting Bahamas Department of Corrections Commissioner Doan Cleer told the agency that SBF signed the extradition documents on December 20. He said the fight against extradition could take years and that Bankman-Fried probably did not want to stay for four or five years, as Cleer told The Tribune. He added that Bankman-Fried should confirm his decision on December 21 and, then, be transported to the United States on a private flight. The New York Times reports that SBF's lawyers are negotiating bail with prosecutors, potentially under extremely restrictive conditions such as home detention and an electronic bracelet. On December 12 Bahamian authorities arrested Bankman-Fried at the request of the U.S. government; the court denied his $250,000 bail petition, citing flight risk. On December 18 Reuters reported that SBF refused to contest extradition to the United States. U.S. prosecutors charged the former head of the exchange with eight criminal charges, including conspiracy and fraud involving electronic funds. He could face up to 115 years in prison. Bankman-Fried also faced lawsuits from U.S. regulators. The SEC charged him with organizing a fraudulent scheme, deceiving investors and misusing client funds, and the CFTC charged him with violations of the Commodity Exchange Act. Follow ForkLog's Bitcoin news on our Telegram — cryptocurrency news, prices and analytics.

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ForkLog 9 20.12.2022

Auros market maker becomes yet another victim of the FTX crash.

Auros market maker filed for restructuring after the company lost access to $20 million on the FTX platform. This comes from documents filed with the British Virgin Islands bankruptcy court, The Block reports.

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ForkLog 6 20.12.2022

Media: Alameda allocates $400m to hedge fund from SBF’s former colleagues

One of Alameda Research's largest recipients of funding was the Modulo Capital hedge fund. The entity was registered in the same condominium where the former FTX head Sam Bankman-Fried (SBF) resided, CoinDesk reports.

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ForkLog 10 19.12.2022

Insurers curb coverage of crypto firms’ risks after the FTX collapse

Insurance companies are denying cooperation or cutting coverage for clients who interacted with the FTX exchange going through bankruptcy proceedings. Reuters reports.

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ForkLog 8 18.12.2022

Reuters: Sam Bankman-Fried will not contest extradition to the United States

FTX founder Sam Bankman-Fried will not challenge extradition to the United States, where he faces charges of fraud and money laundering. Reuters reports, citing its own sources. On December 12, Bahamian authorities arrested Bankman-Fried at the request of U.S. law enforcement. The U.S. prosecutors charged him with eight criminal counts, including conspiracy and wire fraud.

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ForkLog 8 16.12.2022

Opinion: FTX creditors could recover at most 40% of funds

Creditors of the failed cryptocurrency exchange FTX may recover up to 40% of their funds. This forecast came from the Jefferies Financial Group investment bank, according to The Block.

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ForkLog 10 16.12.2022

Silvergate Bank Faces Class-Action Suit Over FTX and Alameda Research

U.S. resident Joey Gonzalez filed a class-action lawsuit against Silvergate Bank over the alleged role in transferring FTX users' deposits to Alameda Research accounts.

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ForkLog 6 16.12.2022

FTX to unwind LedgerX and other subsidiaries to return funds to creditors

FTX, undergoing bankruptcy proceedings, filed in court a motion to sell a number of entities within the group, including LedgerX (FTX US Derivatives), FTX Japan, FTX Europe and Embed Business.

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