FTX Unpredictability, Bulls Expensive, Binance Volatile

With the collapse of Bahamas-based cryptocurrency exchange FTX, the crypto winter has turned cold, and regulators are fueling both positive and negative speculation. Binance, on the other hand, has been making acquisitions and firings while facing some allegations.

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FTX is begging for wasted money

Bankrupt Crypto Exchange FTX Is Trying To learn Raise as much money as possible from your previous campaigns, including some donations. As a result, the company has persuaded some of the recipients to return the funds given to FTX.

per a report good Published on December 21, the exchange attempted to warn recipients of such funds with legal action. Some US political organizations affiliated with the Democratic Party agreed to return approximately $10 million in FTX donations as a result.

In February, former FTX CEO Sam Bankman-Fried (SBF) and his brother Gabe Bankman-Fried donated $1.6 million to ProPublica, a nonprofit journalism organization. The funds—a portion of the $5 million donation is intended, among other things, to research COVID-19—may soon return to FTX.

In addition, John J. Ray III, the new CEO of FTX, filed a motion claim Robinhood shares worth $450 million in US court for the District of Delaware. Ray also wants the bankruptcy court to freeze the brokerage’s shares until FTX makes some progress.

jail no jail

got sbf this week exiled Emigrated to the United States from the Bahamas where he was first arrested on criminal charges that led to the downfall of FTX and its sister firm, Alameda Research.

The US Securities and Exchange Commission (SEC) accused SFB of defrauding US customers and improperly using FTX funds to retaliate for Alameda’s losses and expenses.

However, former FTX CEO was issued on December 23 from a New York court after her parents paid $250 million in bail. The settlement allows SBF to remain with his family in Palo Alto while awaiting the next court session. On Christmas Eve, he saw ‘Chill’ in the JFK Airport business lounge on your way to San Francisco.

The bond agreement – ​​also referred to as a “PR bond” and “the largest pretrial bond ever” in history – comes in the form of an SBF that is not deemed to be a danger to others. He should remain under house arrest and be prepared to appear in court when ordered. It is said that his parents may not be required to pay the full bond payment.

As per previous Crypto.News report goodThe court accepted a “PR bond” because his parents and former FTX executives are said to have $300 million worth of property in the Bahamas.

The disgraced FTX boss will face trial on eight criminal charges, including wire fraud, money laundering and election campaign finance violations. If convicted on all eight counts, the SBF could face up to 115 years in prison. Judge Gorenstein has scheduled the next court session in New York for January 3, 2023.

sbf was not alone

In addition, former SBF “associates,” Carolyn Ellison, former CEO of Alameda Research, and Gary Wang, former FTX Chief Technology Officer (CTO), pleaded guilty in US court on Thursday.

Wang, 29, was convicted of four counts, including wire fraud. According to his lawyer, he accepts responsibility for his actions and takes seriously his obligations as a cooperating witness.

Ellison, 28, pleaded guilty to seven criminal charges, while previously being accused of manipulating FTT, FTX’s native utility token. Alameda’s former CEO has already accepted Stealing customers’ money and fooling lenders.

Furthermore, Ellison, who was romantically involved with the former FTX CEO, claims that the bankrupt crypto exchange lent billions of dollars to its sister platform without any collateral.

A Twitter user with the handle “compound248” and over 37,000 followers claimed that Bankman-Fried and Wang Almeida are 100% owners:

“Sam owns 90% of Almeida and Gary owns 10%. Almeida has no clients—all that money is Sam and Gary’s, stolen fair and square.

compound248, Twitter user

Similar to SBF’s agreement, Alison can be released immediately via a plea deal. He must post $250,000 bail – which is only 0.1% of the SBF’s “PR bond” – and cooperate with attorneys by providing all necessary documents and information.

If convicted, he could face up to 110 years in prison on the seven criminal counts.

Binance acquires and fires

Binance, the largest crypto exchange by daily trading volume, acquired Tokocrypto, one of the most prominent trading platforms in Indonesia. As soon as the deal went through, 58% of TocoCrypto’s employees were laid off. Even the firm’s CEO and co-founder Pang Xue Kai stepped down to make room for another interim CEO, Yudhno Rawis.

While Binance laid off more than half of TocoCrypto’s workforce, “the number of layoffs in 2022 is set to reach 9,564, with Crypto.com laying off the most, contributing 24% of the total attrition,” report good,

On the other hand, the total number of people working in the crypto and decentralized finance (DeFi) space has grown exponentially since 2019. The report shows that the total number of crypto-related employment has reached 82,200 as 2022 ends, a 351% increase since 2019’s 18,200.

Apart from Tokocrypto, also Binance acquired Bankrupt lending platform Voyager Digital Ltd. which filed for Chapter 11 bankruptcy protection in July. It aims to “return users to their cryptocurrencies in the fastest possible time.” The acquisition price is locked at the mark of $1.022 billion with $20 million expansion potential.

Binance, on the other hand, has been accused of misleading social media ads from French customers. Binance is facing a lawsuit, like some investors claiming that Being “duped” by the firm’s marketing strategy.


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