Analysis Daily TheBitTimes.com

Caroline Ellison, on day six of United States v Bankman-Fried, testified that FTX’s founder continued to lie to the public while liquidity and assets dried up behind the scenes. The second week of Bankman-Fried’s fraud for fraud allegations set headlines ablaze as former Alameda Research boss Caroline Ellison accounts of “Sam coins” and FTT’s importance in FTX’s financial operations.  FTT was not to fall below $1, Ellison said quoting Sam and discussing the token was a taboo outside of the inner circle which included Ellison herself, Gary Wang (CTO, Alameda/FTX), Nishan Singh (chief engineer, FTX/Alameda), and the FTX founder. Ellison’s testimony also threw aspersions on Alameda as a market maker for SBF’s exchange, saying that the hedge fund only needed a maximum credit line of around $200 million for this role, according to InnerCityPress. OK – now SBF trial continues with Caroline Ellison still on direct, after she got into wrong car, Inner City Press covers the case htt...

Fresh blockchain data reveals over $17 million worth of ether tied to last year’s FTX hack changing hands in recent days. An address linked to the November 2022 exploit of the now-bankrupt exchange transferred chunks of ether across five wallets beginning September 30th. Also read: Ethereum Founder Vitalik Buterin Discusses ETH Staking Changes Analytics provider Spot On Chain tracked over 10,250 ether connected to the breach moving last week. The transfers marked the first activity from the dormant wallets in months since the hack originally drained $27 million in ether from FTX following its collapse. 🚨 FTX Exploiter 0x3e9 has transferred out a total of 10,250 $ ETH ($17.1M) via 5 addresses over the past 24 hours: – sent 7,749 $ ETH ($13M) to the Thorchain router and Railgun contract – swapped 2,500 $ ETH ($4.19M) to 153.4 $tBTC at $27,281 on avg Notably, the address has been… https://t.co/xzmDz8Vmma pic.twitter.com/4Ykp0zih6G — S...

The bankruptcy court has approved the FTX debtors-in-possession guidelines for the liquidation of digital assets. This approval doesn’t mean that the estate will start selling assets soon, but it does discuss how it would sell these assets. The plan details a ‘weekly limit’ of $50 million in sales in the first week and up to $100 million per week if it asks for permission to increase it, and it can permanently increase it to $200 million per week with permission of the court. The plan further details how if it needs to begin selling bitcoin, ether, or insider-affiliated tokens, it needs to provide 10 days notice to the committees and trustees before commencing. This provides credit committees and the trustee with an opportunity to object to the sales if it feels they aren’t appropriate.  The debtors are also able to purchase derivatives like calls and puts in order to help hedge the price impact of sales of bitcoin and ether or other approved assets. Jose...

The suit claims “shadowy entities” set up by Fenwick & West were allegedly used by FTX and former top executives to misappropriate customer funds. FTX’s former primary counsel Fenwick & West LLP has been hit with a class action suit claiming it aided the crypto exchange’s alleged multi-billion dollar fraud. An Aug. 7 filing by a group of FTX customers in a California District Court alleged the law firm set up several “shadowy entities” allowing FTX co-founder Sam Bankman-Fried and other executives to adopt “creative but illegal strategies” to perpetuate fraud. The suit claims Fenwick & West provided services to FTX that “went well beyond those a law firm should and usually does provide” such as structuring acquisitions by FTX US in ways that circumvented regulatory scrutiny and supplying staff to execute strategies the law firm proposed. The “shadowy entities” were named as North Dimension and North Wireless Dimension which the suit alleged siphoned misappropriated FTX cus...

Senators Cynthia Lummis and Kirsten Gillibrand are reviving their proposed Responsible Financial Innovation Act to address ongoing discussions on cryptocurrency regulations. After much anticipation, Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) are set to revisit their crypto currency law, the Responsible Financial Innovation Act, next week, according to Fortune. This bill was brought into the spotlight amid the ongoing congressional discussion about the regulatory future of digital currencies. Previous legislative endeavors in both the House and Senate were halted by the November collapse of FTX, which had a significant impact due to its founder, Sam Bankman-Fried, being a well-known figure in D.C. In the present legislative session, a variety of bills have been put forth, yet the proposal by Lummis and Gillibrand is by far the most comprehensive. Their bill tackles vital issues such as the structure of the market, the oversight of stablecoins, and tax concerns. L...

The last few months of 2022 were filled with news of the FTX and its collapse. However, FTX seems to not go away from the headlines, as there are new updates and news about the exchange that surface almost every day. In one of his first public interviews, the new CEO of FTX , John Ray III, conveyed his belief in reviving the exchange. Following the news, Sam Bankman Fried himself took to his Twitter account to address the same. He also stated that he’s waiting for Ray to finally admit that “ FTX US is solvent” and “give customers their funds back.” Read more: Order Against Bitzlato Reveals Binance as a Counterparty I'm glad Mr. Ray is finally paying lip service to turning the exchange back on after months of squashing such efforts! I'm still waiting for him to finally admit FTX US is solvent and give customers their money back…https://t.co/XjcyYFsoU0https://t.co/SdvMIMXQ5K — SBF (@SBF_FTX) January 19, 2023 As soon as the...

After the collapse of Terra in May, several firms have been gravely affected by the ripples of Terra’s fall. Crypto lending platforms including Celsius Network, Voyager, and Three Arrows Capital (3AC) filed for bankruptcy in 2022, demonstrating the struggles of crypto firms struggling to stay afloat. 3AC was definitely in the headlines as the 3AC founders reportedly went into hiding and rumors of them spending $50 million on a yacht despite billions of debt were floating around. Now, according to the latest revelations that surfaced, 3AC founders Su Zhu and Kyle Davies are looking to raise $25 million for their new crypto exchange, GTX. JUST IN: 3AC founders to raise $25 million for a new #crypto exchange, GTX. — Watcher.Guru (@WatcherGuru) January 16, 2023 Is GTX the next FTX? The name GTX definitely resembles the name FTX . It also cannot be denied that G comes after F in alphabetical order. The news will undoubtedly raise concerns about how stable t...