The Cypriot regulator initially suspended the license of the crypto exchange on 11 November 2022 following its collapse and extended the suspension once in December 2022 until March 2023. CySEC noted that during the suspension, the exchange is not permitted to offer or carry out investment services in the country or enter into any business…
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The accounts in question were unfrozen around the time of the payment and reportedly tens of millions of dollars-worth of cryptocurrencies were used to fund Alameda’s additional trading activity. Bankman-Fried already pleaded not guilty to eight counts of criminal charges and he hasn’t been yet arraigned on five others. FTX and Alameda collapsed in November…
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According to the court filings, between May 2019 and November 2022, FTX’s customer assets were not separated from the company’s as represented to the customers. Furthermore, they were “routinely held by FTX’s sister digital asset trading company, Alameda” and misappropriated for “luxury real estate purchases, political contributions, and high-risk, liquid digital asset industry investments.” The…
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The parent company FTX stopped its operations in November last year after a public collapse and filed for bankruptcy along with 134 subsidiaries. Its Japanese arm’s business was suspended and was supposed to resume withdrawals in December. The exchange pointed out that there might be delays in the processing of the withdrawals due to the…
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Court filings reveal around 117 interested parties have lined up for FTX’s subsidiaries. The collapsed crypto exchange’s lawyers sought after the sale of the assets earlier in December citing loss of value. Cypriot regulator CySEC suspended the FTX Europe's license and FTX Japan’s operations were suspended. It recently came to light that FTX’s liquidators have…
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Meanwhile, former CEO of Alameda Research, Caroline Ellison, and former CTO of FTX Trading Ltd., Zixiao (Gary) Wang, have already pleaded guilty to defrauding investors. Bankman-Fried was arrested in the Bahamas where he lived and FTX was based in December. He was then extradited to the United States to face trial. He has been released…
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FTX later challenged the regulator’s calculations, saying its digital assets seized in November were worth just $296 million. SCB said that these challenges were based on “incomplete information.” The regulator responded: The US Debtors’ continued lack of diligence when making public statements concerning the Commission is disappointing, and reflects a cavalier attitude towards the truth…
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FTX filed for bankruptcy in November following the quick collapse of the exchange after a liquidity crisis and a failed bailout by Binance. Bankman-Fried stepped down as a CEO after the string of events. The founder of the exchange was accused of "fraud of epic proportions" and is facing criminal charges for defrauding investors. Additionally,…
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The Cypriot regulator initially suspended the license of the crypto exchange on 11 November 2022 following its collapse. This came only two months after FTX obtained approval from the Cyprus financial market regulator allowing it to offer company products and services to European clients. CySEC noted that during the suspension, the exchange is not permitted…
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The prosecutors on the case have said they will not oppose bail if the defendants submit their travel documents and fulfil other conditions. In separate actions, the US Securities and Exchange Commission (SEC) has also charged Ellison and Gary Wang for their roles in a multiyear scheme to defraud equity investors of the crypto trading…
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