Legal
U.K. Reportedly Preparing to Limit Crypto Services From Abroad
  • Unnamed sourced told the Financial Times that the U.K. Treasury was preparing new rules that would give the FCA broader powers over the crypto market.
  • The regulations will allow the FCA to monitor and limit operations and advertising of crypto companies, as well as restrict crypto sales in the U.K. from foreign companies.
a day ago
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Circle Cancels Plans for SPAC Merger With Concord
  • Stablecoin issuer Circle and special purpose acquisition company (SPAC) Concord Acquisition have mutually ended their merger agreement.
  • The deal, which valued Circle at $9 billion, would have allowed the USDC issuer to become a publicly traded company.
December 5, 2022, 5:47 PM
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Sam Bankman-Fried Unlikely to Testify Before Congress in December
  • The former CEO of FTX was invited by Congresswoman Maxine Waters to participate in a 13 December Congress hearing regarding the collapse of the exchange.
  • SBF said he was willing to testify before Congress, but only after he has “finished learning and reviewing what happened”, which will likely be next year.
December 5, 2022, 11:36 AM
Sam Bankman-Fried, co-founder and CEO of FTX

Sam Bankman-Fried, former CEO of FTX, speaking at the Binance Blockchain Week, Singapore, 19 January, 2019. Binance

FTX’s LedgerX to Provide $175M for Bankruptcy Proceedings
  • LedgerX, one of the few affiliated companies to remain solvent after the collapse of FTX, will provide $175 million towards FTX Group’s bankruptcy proceedings.
  • The money will come out of a $250 million fund the company had set aside to get regulatory approval to settle crypto derivatives without intermediaries.
November 30, 2022, 4:19 PM
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Nov 28, 2022
BlockFi Files for Bankruptcy Following FTX Collapse
  • BlockFi’s Chapter 11 filing revealed that it had $257 million in cash on hand, more than 100,000 creditors, and between $1 billion and $10 billion in both assets and liabilities.
  • The company’s largest creditors include FTX.US, which has a $275 million unsecured claim, and the Securities and Exchange Commission with a $30 million claim

BlockFi CEO Zac Prince. CoinDesk

Nov 24, 2022
Hodlnaut Under Fraud Investigation in Singapore
  • The police’s commercial affairs department is investigating Hodlnaut and its directors for possible cheating and fraud.
  • Singapore police received numerous reports between August and November this year about false representations relating to the company’s exposure to a “certain digital token”.
Nov 23, 2022
Mining Giant Core Scientific to Deplete Cash Resources by End of 2022
  • Bitcoin miner Core Scientific said in a SEC filing that it would require additional liquidity in order to continue operations past November 2023.
  • The company, however, expressed doubts in its ability to raise funds through financing or capital markets due to “uncertainties and current market conditions”.
Nov 22, 2022
Genesis Could File for Bankruptcy Without Funding
  • Bloomberg sources have said that Genesis warned investors it could possibly file for bankruptcy if it fails to cover a $1 billion shortfall caused by the collapse of FTX.
  • Crypto exchange Gemini, whose Earn program was affected by Genesis’ withdrawal suspension, noted it continues to work with the company to fulfil its obligation to Earn users.
Nov 21, 2022
FTX Owes Over $3B to Top 50 Creditors, Liquid Pauses All Trading
  • New bankruptcy court filings revealed that FTX owed its top 50 creditors around $3 billion, with sums ranging from $21 million and $226 million.
  • Japanese crypto exchange Liquid, which was acquired by FTX in May, suspended all trading on its platform only five days after pausing crypto and fiat withdrawals.
Nov 18, 2022
Bahamas Regulator Ordered FTX to Transfer Assets on 12 November
  • The SCB announced that it had ordered FTX Digital Markets to transfer its assets to a wallet owned by the commission on 12 November, which could shed some light on recent suspicious transactions.
  • A bankruptcy filing from Thursday revealed that Alameda Research had give out $4.1 billion in loans to related parties, with Sam Bankman-Fried personally receiving $1 billion.
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