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FTX’s Financial Resilience: Recovering $2.1 Billion Through Cryptocurrency Sales Amidst Bankruptcy

by Ouess
written by Ouess

According to Bloomberg’s analysis, FTX, the cryptocurrency exchange platform that has been in bankruptcy since November 2022, managed to recover $2.1 billion between October and December 2023 through the sale of its cryptocurrencies.

FTX Selling Cryptocurrencies to Repay Customers

Based on Bloomberg’s assessment of FTX’s Chapter 11 operating reports, the bankrupt exchange platform recovered $2.1 billion between October and December 2023. In preparation for repaying its clients, FTX and its subsidiaries, including FTX Trading Ltd and Alameda Research, nearly doubled their dollar reserves, increasing from $2.3 billion to $4.4 billion in the last two months of the past year.

On December 8, 2023, FTX disclosed in a court filing that it had recovered $1.8 billion by selling some of its cryptocurrencies. According to Bloomberg, the platform continued these sales, recovering an additional $300 million in December 2023.

FTX’s Solutions for Repaying Creditors

Although the exchange platform’s operations are suspended, FTX continues to incur legal fees of $1.3 million per day. Simultaneously, its liquidators are working to find the best solutions to repay its creditors.

Source : Bloomberg

Since the Securities and Exchange Commission (SEC) approved Bitcoin Spot ETFs, FTX reportedly sold all its shares of GBTC, Grayscale’s Bitcoin ETF, thereby recovering nearly $1 billion through the transaction.

This sale adds to the $5 billion in cash withdrawn from GBTC since the approval of ETFs, a dynamic that significantly contributed to the decline in the price of Bitcoin (BTC).

In November 2023, FTX filed a lawsuit against Bybit, another cryptocurrency exchange platform. Bybit had withdrawn the equivalent of $953 million in cryptocurrencies before FTX filed for Chapter 11 bankruptcy, making the bankruptcy official. This case is still ongoing.

Despite plans to relaunch its services, FTX remains relatively pessimistic, not expecting to fully repay its clients. One of the solutions considered by the liquidators is to reimburse clients at the value of their holdings at the time of the bankruptcy.

This method would allow FTX to repay all its clients, given the significant increase in the value of most cryptocurrencies since the platform’s bankruptcy. However, this solution doesn’t satisfy all clients, whose funds have been locked for over a year, representing a significant financial loss for them.

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Story

Parents of FTX Founder Seek Dismissal of Lawsuit Over Alleged Fund Transfers

by Ouess
written by Ouess

Joseph Bankman and Barbara Fried, parents of Sam Bankman-Fried, are seeking the dismissal of a lawsuit filed by the bankrupt FTX cryptocurrency exchange, which aims to recover funds allegedly fraudulently transferred.

The lawsuit, initiated in September 2023, sought to reclaim “millions of dollars” from Bankman and Fried. Despite their son’s subsequent conviction on charges of defrauding customers and the U.S., Bankman and Fried, both professors at Stanford Law School, argue that there was no fiduciary relationship with FTX.

They contend that even if such a relationship existed, FTX must show “actual knowledge” of actions leading to a breach of fiduciary duty, not merely that the parents “knew or should have known.” The lawsuit did not specify the total amount misappropriated, but detailed line items including Bankman’s salary, property expenses, and donations to Stanford University.

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Celebrity Investments Gone Awry: Tom Brady and Gisele Bündchen’s FTX Bet

by Ouess
written by Ouess

According to the Financial Times, advisors working with Tom Brady and Gisele Bündchen didn’t identify any financial issues with FTX before the celebrity pair invested heavily in the now-bankrupt crypto exchange.

Brady and Bündchen acquired 1.8 million shares, amounting to over $84 million in Sam Bankman-Fried’s crypto venture, after their team found no discrepancies in the financial records, a report on Tuesday stated.

Members of Brady and Bündchen’s team diligently reviewed the documentation and believed it portrayed sound financials, as per an unnamed former FTX employee mentioned in the FT report.

“There was a strong desire for shares. Despite some fear of missing out, everyone consistently reviewed the financials,” the source remarked.

FTX’s bankruptcy filing in November followed reports from CoinDesk, revealing that Alameda Research, its sister trading firm, heavily invested in FTX’s native FTT token. This prompted a solvency crisis when Binance, a rival firm, sold off its FTT holdings, eventually forcing FTX into bankruptcy.

In the subsequent month, founder Bankman-Fried faced arrest in the Bahamas and extradition to the US. Prosecutors alleged that he knowingly utilized at least $4 billion from FTX customers to bolster Alameda’s financial status.

Investors in FTX, including NFL star Brady and supermodel Bündchen, lost their entire investments due to the bankruptcy, causing significant potential losses for both personalities.

Despite their divorce in October following a 13-year marriage, both Brady and Bündchen had endorsed the crypto group.

Brady individually owned 1.1 million shares and served as a prominent brand ambassador, featuring in three FTX commercials.

Bündchen held an additional 700,000 shares, appeared in one of the advertisements, and highlighted the exchange in a Vogue issue in April 2022, discussing topics like “Crypto, Collaboration, And Helping FTX Donate Billions”.

The actual extent of their losses remains undisclosed since FTX operated as a private company. However, Forbes previously estimated Brady’s stake to be worth up to $45 million.

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Inside the Spectacular Rise and Fall of FTX: Lavish Lifestyles and Financial Turmoil

by Ouess
written by Ouess

FTX, a failed cryptocurrency exchange, declared bankruptcy slightly over a year ago in November 2022, unraveling a series of sensational stories about the company’s operations.

The downfall uncovered CEO Sam Bankman-Fried’s covert diversion of customer funds to support Alameda Research, a related firm, leading to his conviction on seven counts of fraud and conspiracy in a Manhattan trial. He now faces a potential 110-year prison sentence.

Once celebrated and a former billionaire in the crypto industry, Bankman-Fried boasted connections across entertainment circles, mingling with luminaries like Anna Wintour, Tom Brady, Gisele Bündchen, and Larry David. He championed the concept of effective altruism, claiming he donated as much of his wealth as feasible to charitable causes.

However, revelations following FTX’s collapse painted a picture of Bankman-Fried’s opulent lifestyle alongside his FTX cohorts:

  1. Bankman-Fried resided in a luxurious $35 million Bahamas penthouse, “Orchid,” FTX’s headquarters, with his close associates. The 12,000-square-foot property boasted breathtaking ocean views, a private spa, and an outdoor pool. The group indulged in board games like Galaxy Trucker, Wingspan, and Chess.
  2. The inner circle, labeled as a gang of young adults in the Bahamas, intermingled romantically, including Bankman-Fried and Alameda Research CEO Caroline Ellison. Despite attempts to conceal their relationship, their involvement became known.
  3. Bankman-Fried splurged thousands of dollars daily on company lunches at Cocoplum, a nearby restaurant. Regular lunch expenses amounted to a whopping $10,000, often accommodating guests alongside FTX staff.
  4. FTX enlisted psychologist Dr. George Lerner, who doubled as a career coach and counselor, providing drugs like Xanax or Adderall. He overly involved himself in the dating lives of the young staff, attempting to ensure a better social experience for them in the Bahamas.
  5. FTX spent $1 million replacing a disputed door in its Hong Kong office due to Feng Shui beliefs, following an argument among employees.
  6. Before declaring bankruptcy, FTX adviser Kumanan Ramanathan safeguarded $500 million of crypto in a USB stick to thwart hackers. However, despite his efforts, about $415 million worth of crypto was still stolen.
  7. Employees at Alameda Research realized FTX’s bankruptcy when a company card was declined while attempting to order dinner, marking the shocking moment of the company’s financial collapse.
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FTX and Alameda Research: Recent Cryptocurrency Transfers and Strategic Moves

by Ouess
written by Ouess

Lookonchain, a blockchain analysis firm, reported a sizable movement of digital assets totaling $22 million between FTX and Alameda Research. The transferred cryptocurrencies encompass IMX, GMT, ETH, UNI, SHIB, BAL, LOOKS, and WOO.

Following their bankruptcy announcement, FTX and Alameda Research have strategically managed the cryptocurrency realm by transferring substantial digital asset sums to prominent exchanges. In October 2023, these entities orchestrated significant transactions, amassing a total value of $551 million across 59 distinct tokens.

Their recent maneuver included a $10.8 million transfer across platforms like Wintermute, Binance, and Coinbase, involving eight tokens: StepN’s GMT, Uniswap’s UNI, Synapse’s SYN, Klaytn’s KLAY, Fantom’s FTM, Shiba Inu’s SHIB, along with smaller portions of Arbitrum’s ARB and Optimism’s OP.

On October 24, FTX and Alameda wallets transferred $10 million to a single wallet address, later redistributed to Binance and Coinbase accounts. Another significant transfer of $24 million in cryptocurrency assets occurred on November 14, 2023, moving through Kraken and OKX exchanges.

With a court-approved strategy, FTX and Alameda have been granted the ability to sell digital assets, initially up to $100 million, potentially rising to $200 million upon special committee approval.

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Crypto transfers involving FTX and Alameda

by Ouess
written by Ouess

FTX and Alameda recently moved $10.8 million across Wintermute, Binance, and Coinbase exchanges while under receivership.

This involved eight different cryptocurrencies, including StepN, Uniswap, Synapse, Fantom, Shiba Inu, and smaller amounts of Arbitrum and Optimism. Since October 2023, these firms have transferred a total of $551 million across 59 tokens.

Earlier in November 2023, addresses linked to the two companies shifted $24 million in crypto assets to Kraken and OKX exchanges. A U.S. court’s approval granted FTX the sale of digital assets to cover creditor claims, setting a weekly liquidation limit at $100 million per position, extendable to $200 million with special committee approval. This move aligns with FTX’s $873 million asset sale to repay creditors.

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Altcoin

FTX Receives Court Approval for $744M Grayscale Asset Sale: Bitcoin Price Impact & Asset Recovery

by Ouess
written by Ouess

Just got the latest scoop from Bloomberg! FTX got the green light from the court to kick off the sale of Grayscale assets worth a whopping $744 million.

So, here’s the breakdown: FTX had a chunk of Grayscale’s stash, including $597 million in Bitcoin (GBTC), $87 million in Ethereum (ETHE), $53 million in BITW holding various cryptos like BTC, ETH, XRP, SOL, ADA, LINK, MATIC, DOT, LTC, and BCH, $3 million in Ethereum Classic (ETCG), $2 million in Litecoin (LTCN), and another $2 million in the Grayscale Digital Large Cap Trust for other top cryptocurrencies.

Initially, the news of selling that massive $597 million Bitcoin product gave BTC a slight dip to $37,600. But overall, FTX’s approval to sell didn’t shake up the BTC price much.

The court docs say FTX will sell off these assets smartly to get the best value without rocking the boat of market prices.

Hey, kudos to the new management at FTX! They’ve recovered about $7 billion worth of assets from their bankruptcy mess, and a whopping $3.4 billion comes from crypto assets alone.

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Gainers

Altcoins uprising: Discover the Top 5 Cryptocurrencies with the Best Growth in the Last 7 Days

by Ouess
written by Ouess

In recent times, the globe of cryptocurrencies has been the topic of boosting attention and interest, recently Altcoins as well.

There has been a visible rise in online look for altcoins and associated projects just recently.

This boost reflects a renewed excitement and inquisitiveness to discover new opportunities in the cryptocurrency market and comprehend the rise of emerging projects.

Altcoins are different cryptocurrencies to Bitcoin that stand for a large range of different electronic symbols and options to significant money.

These digital currencies are called “alternatives” due to their difference from Bitcoin and their varied capability, applications and underlying technology.
The week analyzed, between November 17 and 24, has actually experienced considerable motions in these altcoins, where some have revealed significant growth in their worth, mirroring their own volatility and the transforming characteristics of the cryptocurrency market.


ANALYSIS OF THE 5 CRYPTOCURRENCIES WITH THE BEST GROWTH IN THE LAST 7 DAYS:


Details given by CoinMarketCap exposes substantial motions in cryptocurrencies in the last seven days. These are the 5 currencies that have actually seen the greatest increases in this period:

Blur (BLUR) has become one of one of the most prominent cryptocurrencies during this duration. The BLUR token saw a 103.30% increase in its worth over the week. This rally can be attributed to the revival of the NFTs (Non-Fungible Symbols) market, where BLUR has actually discovered application and seen a rise sought after.

FTX Symbol (FTT) is one more coin that has revealed strong efficiency, with a 32.15% increase in its value in the last seven days. This increase might be related to certain occasions such as the resignation of Binance CEO CZ and the subsequent effects on the marketplace.

Today, Klaytn (KLAY) is being traded at $0.217, indicating an impressive 25% growth in its worth throughout the previous week. The Biconomy exchange system has actually revealed its plan to checklist KLAY tokens for active trading, starting from November 24.

Immutable’s (IMX) value has surged by 26.32% today, thanks to its partnership with Ubisoft’s Strategic Innovation Laboratory. The cooperation aimed at producing web gaming experiences has relatively improved the integrity of IMX tokens.

Synthetix (SNX), rated as the 54th biggest digital money, has observed a surge of 26.23% in its worth over this timeframe. This surge could be attributed to the boosting Complete Value Secured (TVL) and the excellent efficiency it has actually shown throughout the year.

These movements in the cryptocurrency market show the ongoing development and dynamics of the area, where different factors can influence the rates and perception of value of different cryptocurrencies.

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Altcoin

FTT Soars as Binance-USA Agreement Spurs Surge: Is FTX’s Reopening on the Horizon?

by Ouess
written by Ouess

The contract made by Binance, the globe’s largest cryptocurrency exchange, with the United States government relating to the complaints against it and CZ’s resignation as Binance CEO continues to continue to be warm on the schedule.

The cryptocurrency market experienced a quick depression adhering to the agreement and CZ’s separation, however it swiftly restored its footing.

While BTC and altcoins were gradually recuperating, some altcoins distinguished positively from the marketplace with their rise. One of these was FTT, the native token of FTX, which declared bankruptcy in November 2022.

FTT, which has increased by virtually 50% in the last 48 hours, has actually arrived of the checklist of one of the most profitable altcoins with a boost of 21.2% in the last 1 day.

Along with the short-term increase, FTT likewise taped a development surpassing 330% on a monthly basis. While questioning the source of this rise, an FTT blog post originated from Santiment.

Santiment reports that most of the rise in FTT can be credited to the event of funds in the leading 10 large pocketbooks lately, whereas the surge observed in the past 2 days is an outcome of the influence of the information relating to the Binance-USA agreement.

Those who seized the opportunity to advancement in FTT were once again rewarded complying with the news of the agreement between Binance and USA. As a result of this information, FTX’s native token experienced a second rise.

The major resource of the FTT rise was that the top 10 purses collected $12.8 million worth of FTT in 19 days. “It appears that the FTT price is increasing as whales gather.”
Analysts also evaluated the rise of FTT and stated that this rise may be because of the opportunity of FTX being restarted.

The statement of FTX’s possible reopening was met with enthusiasm from both retail and institutional capitalists, resulting in an increase in FTT’s worth.

FTT, which rose to $5.5 on November 10 with the surge it experienced in the last month, continues to be traded at $4.35 at the time of creating.

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Altcoin

FTT Skyrockets 200% in 2 Weeks Despite FTX’s Troubles: What’s Behind the Surge?

by admin
written by admin

FTT, the 5th largest exchange coin by market capitalization, breaks barriers with an unprecedented 200% spike, surpassing $3. Despite challenges tied to its creators’ legal woes, FTT showcases resilient market growth.

In the last fortnight, FTT witnessed a staggering 200.2% surge against the US dollar, overcoming a recent 6.3% dip in the past week. With a 24-hour global trade volume of $230.85 million, FTT secures the 21st spot in daily spot trading, featuring top pairs like USDT, USD, ETH, USDD, and USDC as of November 19, 2023.

FTT, an exchange token born from the now-incarcerated Sam Bankman-Fried and the bankrupt FTX, astonishes as it defies its creators’ legal and financial challenges. Despite its parent company’s turmoil, FTT’s value perplexes many, with a remarkable 200% surge in just two weeks.

A substantial portion of FTT’s available supply rests with the FTX estate and central exchanges. Though 29,221 FTT owners exist, the top 100 control an astonishing 98.83% of the entire supply. This raises questions about the success of a token tied to a convicted fraudster and an insolvent exchange. The answer lies in the prevailing belief that FTX could stage a comeback under new leadership.

Speculation abounds that FTX 2.0 may breathe new life into FTT, with a refreshed purpose or expanded utility. Investors take calculated risks, acquiring FTT at a low cost, banking on success if FTX 2.0 embraces the exchange token.

However, uncertainties loom as the future of FTT remains highly unpredictable. A new FTX team might opt against utilizing the token for various reasons. Despite these risks, speculative ideas fuel FTT’s momentum, driving its value based on potential long-term outcomes.

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