Can Stablecoins Get Past Their Instability?
Moody's Head of DeFi Rajeev Bamra considers the role stablecoins play cryptocurrency markets, and the risks posed by "depegging" events.
FTX Creditors Alliance: Recommends FTX to rehire marketing department
According to TechFlow news from DeepChain, the FTX 2.0 Coalition, a group of FTX creditors, tweeted that "In fact, FTX is a great brand. Without this brand, a related legacy token would not have reached a market capitalization of $2 billion and a significant trading volume today. We suggest rehiring the marketing department."
FTX bankruptcy advisor sues Bybit to recover $953 million in assets
Bankruptcy trustee of FTX has filed a lawsuit against cryptocurrency trading platform Bybit Fintech Ltd and its two subsidiaries in a Delaware court, seeking to recover approximately $953 million worth of cash and cryptocurrency assets that were withdrawn from the platform before the FTX collapse. The lawsuit alleges that Bybit's investment department, Mirana Corp., had special VIP privileges that most FTX customers did not have and used these privileges to transfer most of its assets from the FTX platform during the FTX collapse. While FTX customers were waiting in line for withdrawals, Mirana pressured FTX employees to fulfill its withdrawal requests. The other subsidiary company named in the lawsuit is Time Research Ltd.
Crypto lending firm Hodlnaut to be liquidated by judicial managers
Hodlnaut, a crypto lending firm based in Singapore, is set to be liquidated by its judicial managers, according to a document from EY. The firm had attempted to avoid liquidation but was met with resistance from creditors. Hodlnaut held assets worth over $13 million in the now-bankrupt FTX exchange and lost $189.7 million in the failed DeFi platform Anchor Protocol. The company had previously informed its users of a pending investigation by the Singapore police.
SEC Chair Gary Gensler to Allow FTX Reopening But Under This Condition
The SEC chair said that if Tom Farley or other FTX acquiring party is willing to reopen the exchange, they must follow securities law.
Watcher.Guru: US SEC Chairman Says FTX May Relaunch Under New Leadership
According to Watcher.Guru, Gary Gensler, the chairman of the US SEC, said that FTX cryptocurrency exchange may restart under new leadership.
WSJ: Former NYSE CEO in talks to restart FTX
Former New York Stock Exchange President Tom Farley's company is one of three companies bidding for the remaining assets of FTX, and FTX's auction has entered its final stage.
According to sources, Bullish, a cryptocurrency trading platform operated by Farley, financial technology startup Figure Technologies, and cryptocurrency venture capital firm Proof Group are competing to acquire FTX. The winning bidder will be able to restart the trading platform after it plans to exit bankruptcy proceedings next year. (Wall Street Journal)
The judge in the FTX case explained the rejection of SBF's defense motion: the witness testimony was slightly different from the testimony previously provided to the FBI
Judge Lewis Kaplan in the FTX case issued an explanation for rejecting SBF's defense motion. The explanation stated that SBF's defense motion was rejected because Gary Wang and Nishad Singh's testimony on the witness stand was slightly different from their testimony provided to the FBI in 2022, and therefore some FBI officials will be required to testify in the future.
FTX and Alameda moved 7 assets worth $38.5 million to the exchange about 6 hours ago
According to Spot On Chain monitoring by Odaily Star Planet Daily, FTX and Alameda transferred seven assets worth $38.5 million to the exchange about 6 hours ago, including 750,000 SOL coins (worth about $31.2 million), 325,501 ENS coins (worth about $2.76 million), 10.1 million GMT coins (worth about $2.22 million), 642,702 LDO coins (worth about $1.26 million), 288,211 APE coins (worth about $410,000), 127,407 BADGER coins (worth about $365,000), and 555,342 BNT coins (worth about $323,000). Overall, as of November 8th, FTX and Alameda have transferred 36 assets worth $350 million to the exchange.
Bankrupt Crypto Exchange FTX Seeks Court Approval to Sell $744 Million in Assets
FTX, a bankrupt crypto exchange, has requested permission from a judge to sell off its Grayscale and Bitwise assets, worth a total of $744 million, through an investment adviser. The move is aimed at protecting the company against potential downward price swings in the trust assets, maximizing the value of the debtors' estates, and allowing for forthcoming dollarized distributions to creditors. The trust assets include holdings of five different Grayscale Trusts valued at $691 million and holdings of a Bitwise-managed trust valued at $53 million. FTX filed for bankruptcy in November 2022 following accusations of mismanagement of funds by its CEO, Sam Bankman-Fried.
