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The native token of the FTX cryptocurrency exchange, FTT, is up more than 24% over the past 24 hours. According to CoinMarketCap, in just 24 hours the FTT token has risen by 24.5%, reaching $3.45 at the time of writing. The coin’s market capitalization also increased to $1.13 billion, with trading volumes over the past 24 hours increasing by 133% to $96 million. Source: CoinMarketCap Notably, the sharp rise came amid news that dozens of FTX clients have asked a U.S. bankruptcy judge to stop the collapsed cryptocurrency exchange from using 2022 prices to value their cryptocurrency deposits. My lawyers Moskowitz and Boies that represent FTX creditors in MDL filed an objection to Debtors motion to estimate claims at petition Fighting for FTX creditors to maximise recovery for FTX creditors We may commence our adversary proceeding for property rights as unresolved pic.twitter.com/kBx8KWyScU — Sunil (FTX Creditor Champion) (@sunil_trades) January 12, 2024 They argue t...

Bankrupt crypto exchange FTX has asked a US court if it can sell its portfolio of luxury real estate in the Bahamas, including Sam Bankman-Fried’s $40 million penthouse, as the firm seeks to liquidate assets and pay back investors. Orchid Penthouse housed the former CEO and his inner circle, many of whom went on to testify against Bankman-Fried in court. According to Nishad Singh’s testimony, no expense was spared for the headquarters because “Sam’s a fan of the views.” During their hayday, FTX and Alameda Research execs would live, work, and date under one roof. The over-12,000 square foot apartment’s marble surfaces were littered with cables, computer rigs, and pharmaceuticals, while its fridges were stocked with microwave meals flown in from the US. Sam Bankman-Fried’s most famous photo was even taken on Orchid Penthouse’s lush grounds. Photos of the FTX office/home at Orchid Penthouse, featuring stunning views and a Harry Pot...

Binance recently moved approximately $3.9 billion in tether (USDT) from its ‘Binance-Cold 2’ wallet on Tron to its ‘Binance 3’ hot wallet. $300 million of these were then sent to ‘Binance-Hot 7,’ leaving approximately $3.6 billion in ‘Binance 3.’  ChainArgos, a blockchain analytics firm, noted that this is one of the largest tether transactions on Tron to ever occur. Binance ’s “proof-of-reserves” for November 1 claimed that Binance held $18.1 billion in USDT and that it owed its customers $15.3 billion . This is a significant increase from the end of last year when Binance claimed to hold $13.9 billion in USDT against the $13.5 billion it owed customers. Coincidentally, Binance -owned CoinMarketCap shows that the market cap for USDT has increased by $3.6 billion over the last month, nearly the same amount as in ‘ Binance 3.’  Binance’s stablecoin BUSD hasn’t always been 1:1 backed, report Read more: ...

Attorneys for the government and defense delivered their closing arguments in United States v Sam Bankman-Fried, the trial over FTX’s multi-billion dollar collapse where prosecutors allege that the founder built his crypto empire atop a “pyramid of lies”. The jury will receive the case for deliberation on Nov. 2, said Senior District Judge Lewis A. Kaplan who presides over the case. Trial bystanders postulated that a verdict could be announced sooner rather than later. Assistant United States Attorney (AUSA) Nicholas Roos summarized the government’s case into direct points – the defendant Bankman-Fried deceived and defrauded thousands of FTX customers who deposited billions in the defunct crypto exchange, said InnerCityPress. Bankman-Fried allegedly set up FTX as a feeder entity for Alameda long before Ellison joined as head of trading and was later appointed sole CEO after Sam Trabucco resigned.  The prosecutor pointed to Bankman-Fried’s evasive responses on the stand a...

Binance announced, with a great deal of fanfare, the sale of its Russian business unit to newly-setup exchange CommEX. And as part of this announcement, it highlighted that “operating in Russia is not compatible with Binance’s compliance strategy.” However, a more thorough Analysis seemed to suggest that CommEX was a white-label exchange that relied on Binance Cloud offerings and was likely even sharing liquidity with the existing Binance exchange. This raised serious questions about whether or not Binance had lived up to its stated intention to “fully exit Russia.” The Context: Binance woes in Russia disappear How to fake-leave a jurisdiction 101 by @BennettTomlin Subscribe and read https://t.co/Ms1nlLjHG8 pic.twitter.com/9V9kcmibI9 — Protos (@Protos) September 28, 2023 CommEX appears to be only one of the firms relying on Binance technology or liquidity to serve the Russian market. Nominex, the creator of “entertrading” ...

The defense team of Sam Bankman-Fried, the founder of FTX, has raised concerns over the U.S. Department of Justice’s (DOJ) proposed juror questions in a late Friday filing. They argue that some of these questions could potentially bias jurors or predispose them to view Bankman-Fried as guilty before the trial begins. Attorney Mark Cohen, representing the defense, criticized the government’s proposed voir dire, asserting that it discourages full disclosure from potential jurors and fails to uncover potential biases adequately. Cohen noted that omitting the word “allegedly” when describing the crimes Bankman-Fried is accused of could improperly suggest guilt. He also highlighted that certain questions may not reveal if jurors have preconceived notions about the case, such as a predisposition to agree with prosecutors due to their federal government affiliation or financial losses in cryptocurrency. Furthermore, Cohen objected to a question that sought irrelevant ...

Sam Bankman-Fried’s lawyers made a third attempt to secure his temporary release from prison, but a New York court denied their request just days before his trial begins in October. District Court Judge Lewis Kaplan ruled that Bankman-Fried must stay at the Brooklyn Metropolitan Detention Center (MDC) since his defense attorneys were unable to provide sufficient reasons for his release. With the trial slated to start Oct. 3, SBF lawyers argued that his release would be crucial in preparing an adequate defense against seven criminal charges including wire fraud. Judge Kaplan found the bid for Bankman-Fried’s release insufficient, siding with government prosecutors who wrote that the court already approved several considerations for SBF that are not accorded to most individuals facing federal prosecution. The fallen crypto tycoon is reportedly allowed to review documents on an air-gapped laptop and meet with his lawyers frequently in jail. Docketed: Sam Bankman-Fried will NO...

Bankrupt FTX exchange has accused Sam Bankman-Fried’s parents of improperly diverting million s through alleged manipulation. The complaint filed on Sept. 18 accuses Joseph Bankman and Barbara Fried, both professors at Stanford Law School, of exploiting their positions within the company to amass wealth illicitly, actions that allegedly played a significant role in the company’s downfall. The plaintiffs claim that contrary to SBF’s earlier statements, his parents were deeply involved in the business operations since its inception. SBF’s parents alleged misuse of authority The lawsuit documents reveal that Joseph Bankman held significant sway in the decision-making processes at FTX, functioning as a “de facto officer.” His involvement supposedly included a stint in executive roles within the company’s management team. Meanwhile, Barbara Fried, who co-founded the political action committee Mind the Gap (MTG), is accused of being a major in...

Following the collapse of FTX, the company has decided to rebrand and exit the crypto space. Moonstone Bank, a rural Washington state bank that received an estimated $11.5 million investment from FTX’s sister company, Alameda Research, has announced today that it will be exiting the crypto space and returning to its "original mission" as a community bank.  In a statement released by the bank — now known as Farmington State Bank — on Jan. 19, it cited that the change in strategy comes as a result of “recent events in the crypto assets industry and the changing regulatory environment surrounding crypto asset businesses.”  As part of the bank’s initiative to "return to its roots," it shared that said it will no longer use the name Moonstone Bank and will be rebranding and adopting the well-known Farmington State Bank name, which has been a part of the local community for 135 years. According to the bank, the change is estimated to take effect in the coming weeks...