Autor Cointelegraph By Jeffrey Albus

FTX owes over $3 billion to its 50 biggest creditors: Bankruptcy filing

FTX owes over $3 billion to its 50 biggest creditors: Bankruptcy filing

Uverejnil používateľ | nov 20, 2022 |

According to a court filing on Nov. 20, FTX Trading LTD owes its top 50 creditors over $3 billion USD. The document, which was submitted through the United States bankruptcy court for the district of Delaware, was filed as part of the company’s Chapter 11 bankruptcy proceedings.FTX discloses its top 50 creditors are owed $3.1 billion. The largest creditor is owed $226 million.All names were redacted. pic.twitter.com/JGeddvMB7w— Tom Dunleavy (@dunleavy89) November 20, 2022The filing indicated that FTX owes the top individual alone in excess of $226 million USD, with all others owed sums approximately ranging between $21 million and $203 million. The creditors’ identities are unknown, and their locations undisclosed. The document explained:“The Top 50 List is based on the Debtors’ currently available creditor information, including customer information that was able to be viewed but is not otherwise accessible at this time. The Debtors’ investigation continues regarding amounts listed, including payments that may have been made but are not yet reflected on the Debtors’ books and records. The Debtors are also working to obtain full access to customer data.”Following its rapid collapse, FTX filed for Chapter 11 bankruptcy on Nov. 11. The company announced at that time that it had hired a new CEO, John J. Ray III, to oversee the proceedings, and that the company’s former CEO Sam Bankman-Fried had resigned from his position.Ray stated at the time, “The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders. […] The FTX Group has valuable assets that can only be effectively administered in an organized, joint process.”The filings following that initial announcement have since speculated that FTX may have over 1 million creditors total.

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FTX funds on the move as thief converts thousands of ETH into Bitcoin

FTX funds on the move as thief converts thousands of ETH into Bitcoin

Uverejnil používateľ | nov 20, 2022 |

According to blockchain analysis company Chainalysis, funds stolen from the FTX crypto exchange are now being converted from ETH into Bitcoin. On Nov. 20, Chainalysis took to Twitter to encourage exchanges to freeze these coins, should the thief attempt to convert them into fiat or further obfuscate the assets through other means.1/ Funds stolen from FTX are on the move and exchanges should be on high alert to freeze them if the hacker attempts to cash out— Chainalysis (@chainalysis) November 20, 2022Amid the controversial collapse and bankruptcy of FTX, news broke that an unknown actor had stolen 228,523 ETH from the exchange. The ownership of these coins, worth a whopping $268,057,479 USD at time of publication, currently rank the thief as one of the largest owners of ETH in the world.Update: FTX Hacker is now actively dumping ETH on-chainHe has dumped about $15 million ETH in the past 30 minutes and just prepped a fresh batch of $12 millionStill has $270m ETH in main walletHe’s selling ETH to wBTC to renBTC through aggregators like 1inch https://t.co/mEd8UHFCO0— kamikaz ΞTH (@kamikaz_ETH) November 20, 2022

Though initial reports suggested that all of the funds in question might be in the custody of securities regulators in the Bahamas, Chainalysis poured cold water on this theory however, stating:“Reports that the funds stolen from FTX were actually sent to the Securities Commission of The Bahamas are incorrect. Some funds were stolen, and other funds were sent to the regulators.”At time of publication, approximately 31,000 ETH had been converted into wrapped BTC. The thief then sent the coins crosschain to a Bitcoin mainnet wallet using the Ren Protocol, with the final amount received totalling 2444.55 BTC.LIVE: FTX Drainer (Aka Bahamas Gov?) Liquidating ETHAddy #1 – 0x59Addy #2 – 0x86Flow So Far- Move $ETH from #1 to #2 – Swap $ETH for $renBTC- Send it to NULL AddyUpdate- Sold 31k $ETH for 2.2k $renBTC- Sending all $renBTC to NULL Address (ETH Genesis Address)1/n pic.twitter.com/WfkXGsUDRq— Garlam (@GarlamWON) November 20, 2022

It’s been a tough few weeks for those affected by the collapse of FTX and its associated companies. Earlier today, a press release indicated that FTX debtors are in talks with finserv firm Perella Weinberg Partners with regard to various reorganization attempts. The engagement is subject to the bankruptcy court’s approval, however.Meanwhile, the company’s founder Sam Bankman-Fried allegedly remains “under supervision” in the Bahamas, though some fear he may attempt to flee to Dubai if given the opportunity. It is unclear how this situation would play out ultimately, given that the UAE and the USA have an agreement on evidence sharing, judicial cooperation and assistance in criminal investigations and prosecutions.

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Nickel Digital, Metaplex, and others continue to feel the impact of FTX collapse

Nickel Digital, Metaplex, and others continue to feel the impact of FTX collapse

Uverejnil používateľ | nov 18, 2022 |

Nickel Digital Asset Management is not the only company feeling the effects of FTX’s collapse and bankruptcy. NFT protocol Metaplex also laid off, “several members of the Metaplex Studios team” due to the “indirect impact” from the collapse of crypto exchange FTX. The co-founder and CEO of Metaplex Studios Stephen Hess shared in a thread on Twitter that:“While our treasury wasn’t directly impacted by the collapse of FTX and our fundamentals remain strong, the indirect impact on the market is significant and requires that we take a more conservative approach moving forward.”(3/7) While our treasury wasn’t directly impacted by the collapse of FTX and our fundamentals remain strong, the indirect impact on the market is significant and requires that we take a more conservative approach moving forward.— stephen.sol (@meta_hess) November 17, 2022The Ontario Teachers’ Pension Plan has also had to swallow some losses. According to an announcement made by the Canadian-based teachers’ pension fund, it invested $75 million into FTX International and its US entity (FTX.US). The Ontario Teachers’ Pension Plan shared that the investment “represented less than 0.05%” of its total net assets and “equated to ownership of 0.4% and 0.5% of FTX International and FTX.US, respectively.” Although disappointed by its losses, the pension plan asserts that “the financial loss from this investment will have limited impact on the Plan, given its size relative to our total net assets and our strong financial position.”Related: Crypto Biz: FTX fallout leaves blood in its wakeOn Nov 18, Cointelegraph reported that Genesis Block, a frontrunner for providing cryptocurrency retail services in Hong Kong, separate from the institutional cryptocurrency trading services Genesis, will begin closing down its over-the-counter (OTC) online trading portal starting Dec. 10.London-based crypto investment firm Nickel Digital Asset Management reported on Nov. 18 that it has around $12 million of its funds’ stuck on FTX. According to founder and chief investment officer Michael Hall, the company has been unable to withdraw funds, which allegedly account for an estimated 6% of its $200 million in assets under management.

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BlockFi denies rumors that majority of its assets were held on FTX

BlockFi denies rumors that majority of its assets were held on FTX

Uverejnil používateľ | nov 14, 2022 |

Crypto lender BlockFi issued an official notice to its clients on Nov. 14 denying rumors that the majority of its assets were on FTX prior to the exchange’s collapse. According to an update shared by BlockFi, although a majority of its assets were not on FTX, it still has “significant exposure to FTX and associated corporate entities that encompasses obligations owed to us by Alameda, assets held at FTX.com, and undrawn amounts from our credit line with FTX US.” Despite its exposure, BlockFi assured clients that it has “the necessary liquidity to explore all options” and is currently consulting with experts and advisers on how to navigate its next steps. According to the crypto lender, it is still working on “recovering all obligations owed to BlockFi” but expects that the process may take a while, as FTX is currently working through its bankruptcy process.With regard to its credit card product, BlockFi shared that it will provide direct details “as and when appropriate.” Meanwhile, the platform said it plans to continue its pause on many activities after determining that it could not operate business as usual in the current market climate. BlockFi also cautioned its clients to avoid making any deposits to their BlockFi wallets or interest accounts. Related: Former Huobi-linked entity says it has $18.1 million stuck on FTX On Nov. 11, Cointelegraph reported that BlockFi had halted client withdrawals on its platform as part of a broader limit on platform activity in the wake of FTX’s collapse. The company shared in a Nov. 11 tweet that a “lack of clarity on the status of FTX.com, FTX US, and Alameda” had prevented it from operating normally.BlockFi’s latest update comes only days after BlockFi’s founder and chief operating officer, Flori Marquez, assured users in a Twitter thread that all BlockFi products were fully operational, as it had a $400 million line of credit from FTX US, which is a separate entity from the global entity affected by the liquidity crunch.1) All @BlockFi products are fully operational.— Flori Marquez (@FounderFlori) November 8, 2022

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Moneygram to enable users to buy, sell and hold cryptocurrency via mobile app

Moneygram to enable users to buy, sell and hold cryptocurrency via mobile app

Uverejnil používateľ | nov 1, 2022 |

Global digital peer-to-peer (P2P) payments company MoneyGram has announced on Nov. 1 that users in nearly all U.S. states and the District of Columbia, can buy, sell, and hold cryptocurrency; specifically, Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), via its MoneyGram mobile app. The digital payments company said that it plans to add more digital currencies to its app in 2023, as global regulations allow. Alex Holmes, Chairman and CEO of MoneyGram, stated:”As consumer interest in digital currencies continues to accelerate, we are uniquely positioned to meet that demand and bridge the gap between blockchain and traditional financial services thanks to our global network, leading compliance solutions, and strong culture of fintech innovation.”The rollout of this latest crypto-related initiative is a part of the company’s vision to increase adoption by bringing “real-world cryptocurrency and blockchain use cases to life.” Moneygram shared that this crypto addition to its app was made possible through its partnership with licensed crypto exchange and API-driven crypto-as-a-service provider, Coinme. Related: Paypal’s crypto ‘super app’ set to roll out soonDespite being in a bear market with no clear end in sight, some companies appear to be laying t foundations to expand into the crypto world. On Oct 25, Cointelegraph reported that Western Union filed three trademarks that covered managing digital wallets, exchanging digital assets and commodities derivatives, issuing tokens of value, and brokerage and insurance services. Also in October, the mobile payment processing app, Cash App, added support for transactions via the Bitcoin Lightning Network. The new feature is set to allow Cash App users to send and receive Bitcoin(BTC) on the faster, more efficient layer-2 protocol.

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