Despite endless media appearances, SBF unlikely to testify on 13th

Former CEO of FTX, Sam Bankman-Fried, has signaled he’s unwilling to testify before the United States Congress until he’s “finished learning and reviewing what happened.” Bankman-Fried was responding to a Dec. 2 tweet from U.S. Representative Maxine Waters inviting him to testify in a scheduled U.S. House Committee on Financial Services hearing on Dec. 13 […]

Crypto trading firm Auros Global misses DeFi payment due to FTX contagion

Crypto trading firm Auros Global appears to be suffering from FTX contagion after missing a principal repayment on a 2,400 Wrapped Ether (wETH) decentralized finance (DeFi) loan. Institutional credit underwriter M11 Credit, which manages liquidity pools on Maple Finance, told its followers in a Nov. 30 Twitter thread that the Auros had missed a principal […]

FTX resumes employee and contractor payments after weeks in limbo

Bankrupt crypto exchange FTX has announced it will be “resuming ordinary” cash payments, salaries and benefits to its remaining employees around the world. The announcement came from new FTX CEO John Ray III on Nov. 28, as the insolvency professional looks to help FTX and its approximated 101 affiliated companies (FTX Debtors) navigate their way […]

Getting funds out of FTX could take years or even decades: Lawyers

While investors are eager to know when they will be able to get their funds back from the now-bankrupt crypto exchange FTX, insolvency lawyers warn it could take “decades.” The crypto exchange, along with 130 affiliates filed for Chapter 11 bankruptcy protection in the United States on Nov. 11. Insolvency lawyer Stephen Earel, partner at […]

Sequoia Capital marks down entire $214M FTX stake to zero

Venture capital firm Sequoia Capital tweeted out a letter sent to its partners on Nov. 10 revealing the firm had marked its $213.5 million investments in FTX and FTX US down to $0, claiming them as a complete loss. The letter said that the crisis facing FTX has “created a solvency risk” but claimed its […]