Defunct cryptocurrency exchange FTX has been facing significant financial challenges as it continues to incur astronomical legal and advisory fees, according to recent compensation filings. Between August and October, the exchange burned through approximately $53,000 every hour, accumulating over $118 million in fees during that period. This staggering amount translates to roughly $1.3 million per day. […]
Bankrupt crypto exchange FTX has requested the bankruptcy court in Delaware allow it to sell certain key trust fund assets valued at around $744 million. The proposed sale includes assets from crypto asset manager Grayscale Investments and custody service provider Bitwise. In a court filing on November 3, FTX debtors asked the court for permission […]
The Department of Justice asserts that the lack of tailored crypto regulation is irrelevant to pressing criminal charges against FTX founder Sam Bankman-Fried for alleged fraud and misappropriation. In a new court filing, the DOJ contends that the current legal framework sufficiently prohibits theft and misuse of customer assets, regardless of whether the victims are […]
Renowned biographer Michael Lewis has unveiled mismanagement allegations against crypto tycoon Sam Bankman-Fried, who is currently facing fraud charges. Lewis, known for chronicling Wall Street’s past misdeeds, exposed a series of financial discrepancies within Bankman-Fried’s empire, casting a shadow of doubt on the cryptocurrency industry. Sam Bankman-Fried’s Billion-Dollar Rounding Error The Department of Justice has […]