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The U.S. attorney for the Southern District of New York (SDNY), Damian Williams, and the Department of Justice (DOJ) are requesting “proposed modifications” to the bail conditions of former FTX CEO, Sam Bankman-Fried. The SDNY prosecutor is asking the court to prohibit Bankman-Fried from using a smartphone with an internet connection. Instead, the disgraced FTX … Read more
The proposal restricts Sam Bankman-Fried communication to a flip phone or other non-smartphone device with no internet access. Go to Source Powered by WPeMatico
The bank is discontinuing its crypto payment network, claiming the termination is a risk-based decision. Go to Source Powered by WPeMatico
On March 2, 2023, FTX debtors released their second stakeholder presentation, which contains a preliminary analysis of the now-defunct cryptocurrency exchange’s shortfalls. The latest presentation reveals a significant shortfall, as approximately $2.2 billion of the company’s total assets were found in FTX-related addresses, but only $694 million is considered “Category A Assets,” or liquid cryptocurrencies … Read more
The total crypto market cap slipped below $1.025 trillion as concerns over Silvergate Bank’s solvency triggered a sharp sell-off in BTC, ETH and altcoins. Go to Source Powered by WPeMatico
FTX and FTX US together have billions in deficits in their exchange wallets and fiat accounts, uncovered in a “huge effort” according to the exchange’s CEO. Go to Source Powered by WPeMatico
On March 2, 2023, the cryptocurrency exchange Coinbase announced that, in light of recent developments, the company is “no longer accepting or initiating payments to or from Silvergate Bank.” The news follows the crypto bank’s delay of its annual 10-K filing with the U.S. Securities and Exchange Commission (SEC) and JPMorgan’s downgrade of the company’s … Read more
Singh’s former colleagues Ellison and Wang consented to stays in their CFTC cases; Singh has agreed to submit a consent order proposal in the CFTC case. Go to Source Powered by WPeMatico
Despite Hodlnaut creditors insisting on the firm’s liquidation, the founders keep trying to save the business and sell it to potential investors. Go to Source Powered by WPeMatico
Roughly 11 days ago, it was reported that Nishad Singh, the former director of engineering at FTX, was working with federal prosecutors to arrange a plea deal. On Tuesday, Singh pleaded guilty to criminal charges and stated, “I am unbelievably sorry for my role in all of this.” Singh Cooperating With Authorities in FTX Investigation; … Read more