#ftx
206 articles found
Latest
Cryptocurrency exchange FTX is facing a significant financial burden, shelling out approximately $53,000 per hour on legal counsel for its ongoing bankruptcy proceedings. From August to October 2023, the exchange's new leadership has already expended over $118 million in legal fees. 
In the US, crypto industry lobbying is on the rise, with expenditures reaching $19 million in just the first three quarters of the year, surpassing the previous year's total. In 2022, the total lobbying budget reached $22 million, with FTX contributing significantly. 
Ross Rheingans-Yoo, an ex-employee of the now-bankrupt crypto exchange FTX's charitable arm, is pursuing legal action to claim the remaining $275,000 of a bonus he asserts was promised by Sam Bankman-Fried upon his recruitment. He has reportedly only received $375,000 for his tenure, which lasted less than a full year. 
Wintermute, an algorithmic trading firm in digital assets, accuses NEAR Foundation and Aurora of failing to uphold their agreement involving the conversion of $11 million worth of the now-defunct USN stablecoin to USDT. These tokens originated from the now-defunct FTX exchange and were acquired by Wintermute in exchange for fiat currency with the assurance of a complete conversion. 
The OTC trades of FTX creditor claims are now valued at over 50 cents per dollar lost. This signals a growing belief in recovering at least half of their assets. This surge follows the disclosure of FTX's substantial stake in the AI company, Anthropic. The potential sale of this stake holds promise for a more successful fund recovery for creditors. 
