CryptoBeaver

The headcount declined by nearly 40% during the same period. An interim financial update revealed that the FTX Group of companies undergoing bankruptcy proceedings held $1.43 billion in cash at the end of last year. The court filing viewed by Bloomberg showed a higher cash balance on 31st December 2022 than a $1.24 billion tally as of 20th November. Its now-defunct sister trading company, Alameda Research, recorded a cash balance of $876.6 million versus $401 million in November.

Reports today allege that Sam Bankman-Fried, the founder and ex-CEO of FTX, plead not guilty to a range of charges. The ex-CEO is facing criminal charges, which include money laundering and wire fraud. Bankman-Fried pleads not guilty

Despite the bear market and declining venture capital investments, here are the top 10 biggest crypto fundraisers this year. The crypto sector experienced significant challenges in the first half of 2022, with the prices of major assets like bitcoin (BTC) and ether (ETH) experiencing a 50%+ drop in value. The situation was further exacerbated by the collapse of the Terra ecosystem in the second quarter, which had a ripple effect on the industry. As a result, major industry players such as Three Arrows Capital, Celsius Network, and Voyager Digital filed for bankruptcy later in the year.

FTX’s new CEO resorted to the help of the US court to claim his rights to Robinhood shares worth around $450 million. However, the company is not the only solicitor. In a document submitted on Dec. 23, FTX requests assistance from the court in its fight to retain control of Robinhood shares. The company’s new CEO, John J. Ray III, filed a motion at the US bankruptcy court for the District of Delaware. 

 Femenia maintained FTX victims could retrieve between 20% and 40% of their investment. The global investment banking firm – Jefferies Group – reportedly determined FTX creditors could retrieve as much as 40% of their lost money. In an interview for The Block, Joseph Femenia – Global Head of Distressed Debt Trading at Jefferies – said there’s light in the tunnel for FTX creditors who could recover between 20% and 40% of their assets. 

 The Kanto Local Finance Bureau will supposedly halt FTX Japan’s activities on March 9, 2023. The Japanese authorities reportedly extended the business suspension order to FTX Japan until March 9, 2023. Initially, the company had to cease all services on December 9.

Binance and FTX’s bosses have two different accounts of their exchange’s business dealings prior to the latter firm’s collapse.  Binance CEO Changpeng Zhao (CZ) and ex-FTX boss Sam Bankman-Fried (SBF) traded barbs over Twitter on Friday as each contested the true nature of their private business dealings. During the exchange, Bankman-Fried asked CZ why he would “lie” about their situation, given he had already “won,” post bankruptcy. CZ’s Story CZ began with reference to Kevin O’Leary’s latest comments on FTX’s fallout.  In his interview with CNBC, the Shark Tank star suggested that FTX spent much of its cash attempting to buy back its equity from Binance due to the latter’s “opque” ownership. He also refrained from accusing Bankman-Fried of fraud, as he has done multiple times since FTX’s bankrupcy. O’Leary was paid $15 million to promote FTX’s brand in August 2021, and was an early investor in the company. CZ believes this has something to do with why he would seemingly run ...

 Aurus has not yet officially confirmed the issue but M11 Credit assured working on a joint statement.  Former FTX CEO Sam Bankman-Fried may have apologized dozen times for the failure of his firm, but there’s no stopping the contagion. Another casualty came in the name of a crypto trading platform – Aurus Global – which is currently facing a “short-term liquidity issue” due to FTX insolvency. Aurus Misses Principle Payment Amount of $3M The algorithmic trading and market-making firm reportedly missed a principal repayment on a 2,400 Wrapped Ether (wETH) decentralized finance loan worth around $3 million. This was revealed by ‘M11 Credit,’ which happens to be an institutional credit underwriter. Its tweet regarding the same read, “Auros is experiencing a short-term liquidity issue as a result of the FTX insolvency. This does not mean the loan is in default. We are working with Auros, who have acted promptly and responsibly. Our top priority is to limit the risk for our lenders...

The FTX hacker appears to have moved some of the stolen bridged assets to OKX.  On-chain sleuth ZackXBT has tracked down some of the mixed Bitcoin funds stolen by the mysterious FTX hacker this month.  The analyst found that $4.1 million worth of Bitcoin (255 BTC) has ended up on OKX, a cryptocurrency exchange.  As explained on Twitter, the hacker initially deposited the stolen funds to CoinMixer – an anonymous Bitcoin mixing service designed to make on-chain Bitcoin transfers harder to track.  The first CoinMixer deposit was made on November 20th after the attacker used Ren Bridge to move assets from Ethereum’s blockchain to Bitcoin’s. As of Tuesday, there is $7 million in ETH remaining on the address.  After examining the deposits, ZackXBT said that the hacker had likely transferred those funds to OKX, after withdrawing from the mixer.  “So far we’ve accounted for at least $4.1m (255 BTC) sent to OKX,” he said.  The analyst further elaborated that 50...

 It almost seemed inevitable following everything that happened with FTX. Another former cryptocurrency giant has filed for Chapter 11 bankruptcy protection in the United States. Thus, BlockFi has followed the example of companies like Celsius and Three Arrows Capital. The cryptocurrency lender’s troubles began as the bear market intensified earlier this year, especially after the Terra collapse. There seemed to be a lifeboat thrown by FTX a few months down the road as the exchange provided a $400 million loan to BlockFi and had the option to purchase the company for up to $240 later on. However, the once SBF-led giant crashed spectacularly earlier this month, which led to a new wave of problems. Some reports emerged claiming that BlockFi was exploring filing for bankruptcy, but company reps refuted them at first. Yet, the crypto lender has indeed filed for Chapter 11 bankruptcy protection in a New Jersey court, as reported by CNBC. The filing reads that BlockFi had over 100,000 cr...

FTX Group, which filed for Chapter 11 bankruptcy protection on Nov. 11, has a combined cash balance of $1.24 billion, according to a new court filing. The latest figures are "substantially higher cash balances than the Debtors were in a position to substantiate as of Wednesday, Nov. 16," it reads. The cash balances are divided among four silos — the Alameda silo, dotcom silo, ventures silo and West Realm Shires (WRS) silo — and include amounts of both their debtor and no-debtor entities. About $751 million is held in debtor entities and the rest, $488 million, is in non-debtor entities, per the filing. FTX Group collapsed amid a sudden liquidity crisis.

Back in January 2021, when Solana was a relatively new blockchain network and Sam Bankman-Fried wasn’t quite the mythical crypto figure he’d soon become, the FTX founder publicly antagonized a trader who was bearish on Solana’s prospects. The tweet became legendary in crypto. But now, following the collapse of FTX and Sam Bankman-Fried's bankruptcy, the tables have turned. On November 11, when Bloomberg estimated SBF’s post-FTX-bankruptcy net worth at just $3, CoinMamba tweeted, “I'll buy everything you have, right now, at $3. Sell me all you want. Then go fuck off.”

  Michael Burry is bullish on gold as the crypto industry continues to suffer from the FTX crash.  Michael Burry, the fund manager and investor who became popular from the “The Big Short” movie, believes gold will shine as investors seek safety from crypto risks due to the catastrophic collapse of Sam Bankman-Fried’s FTX.   Burry is notoriously famous for shorting the U.S. housing market and profiting from the 2008 financial crisis. He also netted millions from investing in GameStop in 2019 before the Reddit frenzy and meme stock season in January 2021.   Big Short Investor: Time for Gold   The fund manager  shared  his thoughts on gold in a tweet that has now been deleted. According to Burry, Gold’s time will come as the crypto market continues to suffer from the contagion caused by FTX’s downfall.   “Long thought that the time for gold would be when crypto scandals merge into contagion,” the fund manager said. Recall that crypto exchange FTX cam...

  Mr. Wonderful would still hire Bankman-Fried on his team if the ex-CEO was relegated to a strict crypto trading role.  The Canadian businessman and Shark Tank star Kevin O’Leary still believes Sam Bankman Fried’s future businesses could be worth investing in, despite losing money on FTX. O’Leary recently outlined the extent of his exposure to the exchange while arguing that there’s a “silver lining” in the company’s collapse.  Mr. Wonderful’s Thoughts on FTX In an  interview  on Tuesday, Mr. Wonderful admitted that FTX was one of his “bad investments” but remains safe due to his diversification of assets. Nevertheless, the investor took a “huge hit.” He said he was a shareholder of FTX and FTX US and held multiple accounts with the exchange that are now frozen.  “I’ve talked to many other institutional investors that use the platform – they also have zero balances,” he added. “Everybody’s talking to their accountants and lawyers, and auditors, and complia...

  Aside from losses resulting from the   FTX   hack, the bankrupt exchange is apparently unable to account for $1 billion to $2 billion of client funds, say people familiar with the matter, and its   balance sheet shows liabilities of $8,859 million   against assets of just $899 million.  FTX balance sheets shown to investors by Sam Bankman-Fried In addition, $10 billion was transferred to sister company Alameda Research and, perhaps most damagingly from a legal perspective, FTX insiders created a “back door” to its accounting systems, according to  Reuters  reports.  A back door to bypass oversight requirements opens the FTX leadership to charges that they were trying to shield their nefarious activities from the rest of the groups employees. These latest explosive findings follow an admission by the exchange that  "unauthorized transactions" had taken place . At least $600 billion lost in hack – and what is balance sheet itemization TR...

  Vitalik Buterin has shared some thoughts on SBF and the way the community has reacted to the whole fiasco so far. The co-founder of Ethereum has shared some thoughts on the FTX fallout and, more precisely, on the reaction toward the former CEO – Sam Bankman-Fried. It appears that the cryptocurrency community is unanimous in its stance against the action of Sam Bankman-Fried, the former CEO of FTX. The overwhelming majority of reactions are entirely negative, with many calling for prison time and the most severe regulatory punishments. Vitalik Buterin, the founder of Ethereum, has also  chipped  in on the matter. He believes that, as a public figure, SBF deserves everything he’s getting. He even said this is healthy in a bid to reaffirm important values for the community. On the other hand, though, “Sam the human being”  deserves support and love, according to Buterin. SBF the public figure deserves what it’s getting and it’s even healthy to have a good dunking sess...

  CZ believes that although the FTX fiasco will have cascading effects, the market will eventually heal itself. Changpeng Zhao (CZ), CEO of the world’s largest cryptocurrency exchange Binance, has expressed his belief in the ability of the crypto market to heal itself once the full impact of FTX’s implosion is felt. Speaking at a conference in Indonesia, CZ  said  that more companies would be affected by FTX’s downfall, considering how big the crypto exchange was.   “With FTX going down, we will see cascading effects. Especially for those close to the FTX ecosystem, they will be negatively affected,” he said, adding that in the end, the “market will heal itself.” CZ: Crypto Crisis Echoes 2008 Crash The Binance CEO likened the current crypto winter to the 2008 global market crash, the most severe financial crisis since the Great Depression. CZ noted that the global economic crisis is “probably an accurate analogy” to the recent happenings, adding that the full impact ...