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Former FTX, Alameda Research Employees Secure $17M for Backpack Crypto Exchange

A group of former FTX and Alameda Research employees have raised $17 million to develop Backpack, a new crypto exchange. With a Series A round valuing the startup at $120 million, Backpack aims to fill the void left by the collapse of previous industry giants. Led by experienced figures from FTX and Alameda Research, the project signals a new chapter in the crypto exchange landscape.

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New York Law Firm Set to Become Binance Compliance After US Settlement

New York law firm Sullivan & Cromwell, renowned for its involvement in FTX’s bankruptcy case, is poised to undertake a pivotal role as Binance’s independent monitor. Following Binance Holdings Ltd.’s substantial multibillion-dollar settlement with the US government, Sullivan & Cromwell emerges as the leading contender for overseeing Binance’s compliance with its plea agreement.

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The globe and digital currencies stamped "SALE"

Bankrupt FTX Plans Fire Sale for Subsidiary DCI Amid Financial Struggles

Court filings from the FTX Debtors estate explain that DCI never became fully integrated into the FTX ecosystem before the bankruptcy proceedings. This, coupled with the uncertain future of FTX.US, has rendered DCI largely valueless to the estate, prompting the fire sale.

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FTX Seeks Court Approval to Sell $1.4 Billion Anthropic Stake

Bankrupt crypto exchange FTX seeks court approval to offload its $1.4 billion stake in AI firm Anthropic, raising funds for creditors while navigating the complexities of its financial restructuring.

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FTX is Selling Off Crypto And Accumulating Cash

Amidst ongoing market turbulence, FTX appears to be playing it safe. The beleaguered crypto exchange is reportedly unloading digital assets and stockpiling cash, nearly doubling its reserves to $4.4 billion by the end of 2023. This aggressive cash grab raises questions about FTX’s long-term strategy and the future of the wider crypto market.

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FTX Creditors Cry Foul Over “Disastrously Low” Asset Valuations

Tensions flared in the FTX bankruptcy saga as creditors vehemently challenged the exchange’s proposed method for valuing customers’ digital assets. A December 27 court filing revealed FTX seeking approval to base claims on frozen prices from November 11, 2022, the day of its collapse. This translates to estimates of $16,871 for Bitcoin, just half its current value, and similarly underwhelming figures for Ethereum, Solana, and Avalanche.

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