Benzinga

NOVEMBER 9, 2023

SEC Chair Gary Gensler has expressed that a revived FTX (CRYPTO: FTT ) could operate successfully under new leadership, provided it adheres to the law. Farley, who launched his own digital asset exchange, Bullish , in May, is reportedly one of the final bidders in the bankruptcy auction. Full story available on Benzinga.com

Marketability 98

Marketability 98

Law 360 M&A

FEBRUARY 2, 2024

Defunct cryptocurrency giant FTX has asked Delaware's bankruptcy court for permission to sell a $175 million claim it was granted against Genesis Global through a settlement last year with the also-insolvent virtual assets business.

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Law 360 M&A

FEBRUARY 29, 2024

Parties associated with stock trading platform Embed Financial Technologies told a Delaware bankruptcy judge Thursday that defunct cryptocurrency exchange FTX Trading Ltd. can't claw back $240 million from a prepetition acquisition because the funds used to buy Embed were stolen from FTX customers.

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Technology 40

Law 360 M&A

JANUARY 17, 2024

FTX and the Internal Revenue Service clashed Wednesday before a Delaware bankruptcy judge, each arguing the other should bear the burden of proof in an upcoming battle over the government's claim that the failed cryptocurrency giant owes billions of dollars in taxes.

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Benzinga

NOVEMBER 10, 2022

After going silent for several days during rival Binance's near acquisition of his faltering cryptocurrency platform, FTX chief executive Sam Bankman-Fried took to Twitter Thursday to explain how his liquidity issues came to light. See Also: Troubled FTX Faces SEC Probe And 'Urgently Needs' $8B To Avoid Bankruptcy.

Banking 98

Banking Marketability 98

Essentials of Corporate Finance

NOVEMBER 21, 2022

The recent bankruptcy filing of crypto exchange FTX shows, this volatility can be extreme. As you probably know, bankruptcy occurs when liabilities are greater than assets. However, bankruptcy can result from a finer distinction between liabilities and assets, namely liquidity. In the case of FTX, the company had $8.9

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Audit Board

JANUARY 25, 2023

The stunning collapse of cryptocurrency exchange FTX is shaping up to rival the most iconic corporate scandals in history. When news broke of its bankruptcy filing and the missing billions of dollars, it wasn’t hard to spot the troubling similarities with the WorldCom, Enron, and Madoff scandals. Why does this keep happening?

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Law 360 M&A

MAY 4, 2023

Bankrupt crypto exchange FTX Trading Ltd. got a Delaware bankruptcy court's approval Thursday to sell its LedgerX LLC derivatives platform and clearinghouse business to a subsidiary of global trading company Miami International Holdings Inc. after no one raised objections to the $35 million cash sale.

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Financial Times M&A

NOVEMBER 22, 2022

Plus, the FTX bankruptcy hearing kicks off in a messy fashion and Société Générale’s next boss ploughs ahead with a new strategy

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Law 360 M&A

NOVEMBER 14, 2022

The future of bankrupt cryptocurrency platform Voyager Digital Holdings' Chapter 11 case has grown murkier since the commencement of bankruptcy proceedings by potential buyer FTX and the filing of a $220 million adversary suit over the validity of intercompany claims Friday.

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Law 360 M&A

JANUARY 13, 2023

Cryptocurrency debtors put billions of dollars in play this week as Voyager Digital Holdings got the nod for a $1 billion sale of assets and FTX Trading located $5 billion of its own assets. This is the week in bankruptcy. Over at the U.S.

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Essentials of Corporate Finance

JANUARY 11, 2023

The same thing just happened to cryptocurrency exchange FTX, which filed for bankruptcy back in November. FTX attorneys announced that the company had found $5 billion in cash, liquid cryptocurrency, and other liquid investments! We are sure that you were relieved.

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Law 360 M&A

NOVEMBER 17, 2022

Binance is relaunching efforts to buy bankrupt crypto lender Voyager, FTX founder Sam Bankman-Fried is attempting to raise money from investors despite the company's bankruptcy filing, and Forbes Media is looking to sell itself for about $800 million to a consortium of investors.

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Law 360 M&A

JANUARY 11, 2023

Attorneys for bankrupt cryptocurrency exchange FTX Trading Ltd. said in court Wednesday that the company has located about $5 billion in cash and liquid crypto assets since filing for bankruptcy in November.

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Financial Times M&A

DECEMBER 5, 2022

Collapse of tie-up follows FTX bankruptcy and other crises in the sector

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Benzinga

NOVEMBER 14, 2022

After FTX Bankruptcy, Visa Breaks Debit Card Tie-Up With Sam Bankman-Fried's Crypto Exchange. Visa Inc (NYSE: V ) has reportedly suspended its month-long partnership with the collapsed cryptocurrency exchange FTX (FTT/USD).

Private Equity Firm 98

Private Equity Firm Banking Marketability Equity 98

Law 360 M&A

DECEMBER 2, 2022

Rising interest rates forced a reverse mortgage lender into Chapter 11, cryptocurrency platform BockFi succumbed to the downfall of exchange FTX Trading, and FTX itself faced calls for an examination of its collapse. This is the week in bankruptcy.

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Audit Board

APRIL 2, 2023

Case in point: the FTX collapse, in which at least $1 billion in client funds have been lost due to poor (and arguably criminal) governance, hidden from view by a lack of transparency and accountability. But, truthfully, FTX is just the tip of the iceberg. Just look at Celsius , which declared bankruptcy in July.

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Banking Start-ups Marketability Compliance 52

Law 360 M&A

NOVEMBER 15, 2022

Cryptocurrency platform Voyager Digital Holdings told a New York bankruptcy judge Tuesday that it is still waiting for confirmation that its $1.42 billion sale to now-bankrupt FTX is off but that it has resumed talks with the parties FTX outbid.

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Law 360 M&A

DECEMBER 9, 2022

The spillover risks of cryptocurrency exchange FTX's bankruptcy extend widely, as it was the exchange side of at least 130 interrelated businesses that were never subject to outside auditing, so companies should think about where FTX's web may have touched them without their knowing it, says Christopher Ott at Loeb & Loeb.

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Law 360 M&A

NOVEMBER 18, 2022

The tangled collapse of cryptocurrency exchange FTX has dominated bankruptcy headlines, but the week also saw a Texas electric utility win approval for its multibillion-dollar restructuring plan and court approval for the cancellation of $6 billion in student debt. This is the week in bankruptcy.

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Reynolds Holding

OCTOBER 23, 2022

In the wake of the industry’s recent significant bankruptcy filings, crypto watchers are focusing for the first time on which crypto-entities are eligible for chapter 11 relief [1] under the U.S. dollars as of the date of the bankruptcy filing. The sale to FTX US will be consummated through Voyager’s chapter 11 plan.

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Equity Fair Market Value Marketability 58

Law 360 M&A

DECEMBER 22, 2022

billion settlement trust in an appellate briefing, cryptocurrency exchange FTX said it will begin seeking clawback of prepetition distributions, and cosmetics giant Revlon Inc. This is the week in bankruptcy. Insurers who didn't sign on to the Chapter 11 plan of the Boy Scouts of America slammed the $2.5

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Law 360 M&A

NOVEMBER 15, 2022

Amid the spectacular implosion of cryptocurrency marketplace FTX, the company's U.S.

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Benzinga

JANUARY 5, 2023

Department of Justice is working to seize $465 million worth of Robinhood Markets Inc (NASDAQ: HOOD ) shares associated with Sam Bankman-Fried , the founder of the collapsed FTX cryptocurrency exchange. The prosecutors are not considering the 56 million Robinhood shares to be a part of the bankruptcy estate, U.S.

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Marketability Technology 98

Reynolds Holding

APRIL 30, 2023

Yet this anti-government tilt is a problem where chapter 11, or bankruptcy generally, is concerned. Bankruptcy is all about government. The automatic stay, the bankruptcy “estate,” the power to impose a plan on dissenting creditors – key features of corporate bankruptcy – all flow from Congress’ powers under the Bankruptcy Clause.

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Banking 59

Audit Board

DECEMBER 12, 2022

New Chief Calls FTX’s Corporate Control a ‘Complete Failure’. The ink is still wet on this one, but FTX may yet rival the most iconic corporate scandals in history. The FTX debacle is a seismic event reminding us that culture and governance still matter, and that unheard problems only get worse. .

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Compliance Marketability Technology 52

Reynolds Holding

APRIL 18, 2024

Most recently, we’ve seen these storms ravage investors in the crypto markets with the spectacular collapses of FTX and Terraform, among others. 2] In re: FTX Trading Ltd , No. 4] See, e.g., Reuters, Crypto’s string of bankruptcies, (Jan. Zixiao (“Gary”) Wang , No. 22-cv-10794-PKC (S.D.N.Y. 23, 2022), Dkt. Nishad Singh , No.

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Compliance Technology Start-ups Marketability 45

Audit Board

MAY 31, 2023

Take for example the FTX collapse — when a new CEO took over during bankruptcy, he said the company had a “striking lack of financial records, internal communications, or even a clear idea of who worked there.” An internal audit function and well-controlled processes may have helped avoid that outcome.

Start-ups 52

Start-ups Compliance 52

Reynolds Holding

NOVEMBER 29, 2022

FTX [1] is a Bahamas-based cryptocurrency exchange founded in 2019 that, at its peak in 2021, had over 1 million users, making it the world’s third largest crypto exchange by volume. Since November 11, 2022, though, FTX has been in bankruptcy, having borrowed extensively and used the assets of its clients in a likely and spectacular fraud.

Marketability 137

Marketability Banking Start-ups Finance 137

Reynolds Holding

DECEMBER 20, 2022

Attorney’s Office (“SDNY”) moved with unusual quickness to indict SBF – indeed, only a month after the collapse of FTX.com (“FTX”) in November. SBF owned both FTX and Alameda Research, which his indictment repeatedly describes as his “proprietary crypto hedge fund.” Why such speed?

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Banking Marketability 111

Reynolds Holding

NOVEMBER 14, 2023

Fraud In fiscal year 2023, the Division’s investigations resulted in litigated charges alleging massive crypto frauds, including charges against Terraform Labs and its founder Do Kwon ; Richard Heart and three entities that he controls, Hex, PulseChain, and PulseX ; FTX CEO Samuel Bankman-Fried , and other FTX executives.

Marketability 45

Marketability Finance Private Equity Firm Compliance 45

Reynolds Holding

MAY 16, 2024

An interaction among commercial law, bankruptcy law, and statistical properties governing derivatives portfolios makes it cheaper to trade with a pre-existing counterparty than a new counterparty. A combination of commercial and bankruptcy law permits netting between two parties but not among three or more. percent, or $1.9

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Market Risk Marketability Banking Equity 59

Brian DeChesare

JANUARY 4, 2023

Meanwhile, disasters kept emerging in the riskiest parts of the market, such as crypto (see: FTX , Celsius, etc.), The article about the FTX bankruptcy summarizes my views on crypto, and I don’t have much to add here. SPACs , and growth/speculative stocks. This year was so bad that it’s pointless to talk about “performance.”.

Marketability 91

Marketability Start-ups Treasury Dividends 91

Reynolds Holding

FEBRUARY 1, 2023

We saw this, for example, in the 2008 financial crisis, and have many recent examples of the continued phenomenon with companies such as FTX, Theranos, and WeWork. 25] Bankruptcy filings indicate that FTX didn’t even maintain an accurate list of its bank accounts or account signatories. [26] billion in a single offering). [24]

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Marketability Corporate Finance Compliance Equity 58

Reynolds Holding

MARCH 27, 2023

In just three years, crypto conglomerate FTX Group went from start-up to a $40 billion global phenomenon to a company in “free-fall” Chapter 11. The debacle has been most brutal for millions of FTX customers, who are living through the Web 3.0-iteration FTX: Are You In ? iteration of Depression-era bank failures.

Start-ups 121

Start-ups Banking Marketability 121

Reynolds Holding

JUNE 13, 2023

After a cascade of bankruptcies – including FTX’s implosion – millions of defrauded customers, and trillions of dollars in value destruction, many are wondering whether the sector has a future. Crypto is at a crossroads.

Marketability 64

Marketability Equity Banking Technology 64