NFT News by Thebittimes.Com

Firms FTX and Alameda transferred $10.8 million in cryptocurrency to the Wintermute, Binance and Coinbase exchanges. According to Spot On Chain, the companies — now under receivership — transferred $10.8 million in eight crypto assets: 10 million StepN (GMT) ($2.58 million), 407,000 Uniswap (UNI) ($2.41 million), 2.23 million Synapse (SYN) ($2.25 million), 8.76 million Fantom (FTM) ($1.18 million), 77.77b Shiba Inu (SHIB) ($644,000), as well as small amounts of Arbitrum (ARB) and Optimism (OP). #FTX and #Alameda moved out $10.8M worth of 8 assets to #Wintermute, #Binance, and #Coinbase in the past 11 hrs: 10M $GMT ($2.58M) 407K $UNI ($2.41M) 5.23M $SYN ($2.25M) 8.76M $KLAY ($1.64M) 3.87M $FTM ($1.18M) 77.77B $SHIB ($644K) and small amounts of $ARB and $OP. Note… https://t.co/UZkn8bmQ89 pic.twitter.com/0jb5ZMHvC7 — Spot On Chain (@spotonchain) December 1, 2023 In total, since Oct. 2023, FTX and Alameda have transferred $551 million worth of 59 tokens. In Nov. 2023, addre...

Bankrupt cryptocurrency exchange FTX has been given the green light to sell around 32 million shares held in various digital asset trusts as part of its efforts to recover funds. According to a Nov. 29 filing in a Delaware bankruptcy court, crypto exchange FTX has received approval to sell approximately $873 million of trust assets, with the proceeds earmarked for repaying creditors affected by the exchange’s downfall in 2022. “The debtors are authorized, but not directed, to execute sales of the trust asset s, in their reasonable business judgment, in accordance with the following sale procedures,” the filing said. Galaxy, a prominent crypto investment firm, has seen its role expanded in assisting FTX with the asset sales, as per the latest court filings. Earlier this year, FTX had appointed Galaxy to manage its extensive digital asset holdings, a decision that now seems pivotal in the ongoing recovery process. You might also like: FTX token rises sharply...

Lawyers for FTX founder Sam Bankman-Fried have filed a new request to temporarily release him from prison to prepare for legal battles. Defense attorney Mark Cohen asked Judge Lewis Kaplan, who is presiding over the case, to grant Bankman-Fried temporary release , stating that it’s necessary to prepare his defense. Lawyers asked the judge to temporarily release the former head of FTX on Oct.2, the day before the start of the trial. “We submit that we are finding it exceedingly difficult as a practical matter to adequately prepare for trial with the restrictions on access currently in place,” Mark Cohen, defense attorney The government provided the defense with 50 witnesses and thousands of materials and exhibits, Cohen said. However, not all of them can adequately represent his client’s interests unless he is able to confer with them and prepare to confront witnesses and evidence outside the courtroom. You might also like: FTX sues SBF’s parents over misapp...

FTX debtors-in-possession have filed a draft plan of reorganization as part of the Chapter 11 process. It has yet to receive approval from any of the appropriate stakeholders, but it does start to lay out how the debtors hope to handle this bankruptcy. The draft plan divides claims against the estate into several different categories, including ‘priority’ and ‘secured’ which are intended to be repaid in full. There are also categories for both ‘dotcom’ customers and ‘US’ customers. Both of these groups are intended to be paid pro rata out of pools of assets from their respective exchanges.   The pools for both US and international customers seem expected to end up short of enough to pay claims fully in cash, and both pools will potentially make an additional “shortfall claim” against the broader “general” pool of assets, in an attempt to make up the funds lost thanks to the alleged misappropriation of assets by...

Also Read: Mike Novogratz Says “Democrats are Shooting Themselves in the Foot” advertisement Big Win For SBF? Sam Bankman-Fried has been charged with campaign finance violations and fraud charges by the US court. He was extradited from the Bahamas after the horrible collapse of FTX. However, the Federal prosecutors now want the campaign finance rules violation to be dropped. As per the court filings, the prosecutors highlighted that they received information from a Bahamas representative. It suggests that the nation’s government did not intend for the FTX founder to commit campaign finance violations. However, FTX’s bankruptcy lawyer asked the donation recipient to return the funds. The dropping of crucial campaign funding charges has been seen as a victory for SBF, who is under house arrest. However, his legal team earlier argued over several faults that happened during the extradition process. Recommended Articles...

Voyager has been making quite a few headlines lately. This was prompted by Alameda, FTX’s sister firm, after it sued Voyager while seeking $445.8 million. A recent court filing shows that the parties involved had reached a temporary agreement on the $445 million lawsuit. Veering back to January 2023, Alameda sued Voyager over loan repayments that the firm had made prior to its bankruptcy filing. Alameda was pursuing the lawsuit with the intent to recoup the aforementioned funds. Any further remuneration that may have included legal fees was also requested. Now, dismissing the same, the filings show that Voyager was allowed to hold onto the $445 million in cash. The court document read, “ Voyager OpCo shall reserve and hold the amount of $445,000,000 in cash of U.S. Dollars on account of the Preference Claims asserted by the FTX Debtors4 and their estates against the Voyager Debtors in the FTX Adversary Proceeding.” However, it should be noted that thi...

Over the last couple of weeks, the community has been sending out pleas urging the court to reveal the bail guarantors of Sam Bankman-Fried . The former FTX chief was released on a $250 million bail after his arrest. Adhering to the increased demand regarding their identities, Judge Lewis Kaplan ordered in favor of the public. However, SBF ’s lawyers weren’t quite happy about it. On Feb. 7, the attorneys for SBF submitted an appeal to stop the last-minute disclosure of the identities of the guarantors. Although the request did not include any anguish against the revelation, it will delay the enforcement of the order until Feb.14. Toward the end of January 2023, United States District Judge Lewis Kaplan approved the appeal put forth by eight media firms. The identities of the other two guarantors were asked to be protected after SBF’s parents garnered threats. The FTX chief’s parents had also signed bonds at $200,000 and $500,000. The Judge, however, we...

Commercial lawyers with a solid knowledge of blockchain and crypto tech will be in particularly high demand. Crypto-versed lawyers will play an increasingly important role in Web3 firms — particularly after the implosion of FTX and the industry braces for regulatory turbulence, two legal academics believe. Boston Law School professor and chief compliance officer at crypto exchange Bitstamp, Thomas Hook, told Cointelegraph that Web3 lawyers will soon become “business differentiators” because they’ll be faced with the tough task of helping firms navigate through legal and regulatory uncertainties. This will ultimately determine how fast firms can take their products and services to market, Hook explained: “Given the lack of clarity in many regulations and the complexity, Web3 companies will continue to need legal and compliance representatives to support them. These types of individuals are becoming business differentiators as they can help or hinder a business to get to market quickly...

The community is hopeful that the assertion by the CFTC will put to bed claims that staked coins are securities according to the Howey Test. The Commodity Futures Trading Commission (CFTC) has again labeled Ether (ETH) as a commodity in a Dec. 13 court filing — in contrast to statements from chief Rostin Behnam on Nov. 30 suggesting that Bitcoin was the sole cryptocurrency that should be viewed as a commodity. According to the CFTC, as per their filing today, ETH is a commodity . This really should put any Security designation to rest. pic.twitter.com/PkHWredNK4 — Hal Press (@NorthRockLP) December 13, 2022 In its lawsuit against Sam Bankman-Fried, FTX, and sister company Alameda Research, the regulator on multiple occasions referred to Ether, Bitcoin (BTC) and Tether (USDT) "among others" as "commodities" under United States law. “Certain digital assets are “commodities,” including bitcoin (BTC), ether (ETH), tether (USDT) and others, as defined under Section 1a...

Disgraced FTX founder Sam Bankman-Fried was arrested on Tuesday by the Bahamas police. SBF could face trial after being extradited to the United States as he faces multiple charges pinned against him. The SEC charged SBF for defrauding investors and carrying out “sophisticated years-long fraud“ . You can read more details about the SEC’s charges against SBF here. Amid all the chaos and uncertainty, FTX ’s native token FTT is taking a hit in the indices since November. Also Read: US Government charges Sam Bankman-Fried with Money Laundering, Fraud Source: Coingecko.com FTX’s FTT Token Down 99% From ATH Source: Tremplin FTX’s FTT token is down 98.4% from its all-time high of $84.18 which it reached in September last year. FTT is down nearly 8% on Tuesday and could slip further to double digits in the next few hours. The token could go down below 99% from its ATH this week after the news of his arrest. Also Read: BNB Falls After ‘Prosecution’ Repo...

The downward momentum instigated by the collapse of the FTX empire seems to be increasingly detrimental. Several platforms were immensely impacted by this and FTX-acquired firm BlockFi was certainly one among them. After filing for Chapter 11 Bankruptcy today, it was revealed that the platform was suing FTX’s former chief Sam Bankman-Fried. The newly bankrupt firm filed a lawsuit, particularly against Emergent Fidelity Technologies. This is reportedly SBF’s holding company and the troubled crypto lender was after his shares in Robinhood that were previously put up as collateral. This collateral was pledged back in early November. SBF managed to amass a 7.6 percent stake in Robinhood in May. He purchased a whopping $648 million through Emergent Fidelity Technologies. JUST IN: BlockFi sues Sam Bankman-Fried to seize his $575 million stake in Robinhood, Financial Times reports. — Watcher.Guru (@WatcherGuru) November 28, 2022 Through this latest lawsuit, B...

An image of the sandals worn by Steve Jobs was minted as a nonfungible token and sold for over $200,000. In this week’s newsletter, read about how the FTX contagion led to the sale of a collection containing high-ticket nonfungible tokens (NFTs). Check out the struggles in onboarding artists to Web3 through NFTs and find out about OpenSea’s decision to finally enforce royalties on all collections within its NFT marketplace. In other news, a tool that allows layer-2 networks to showcase NFTs on social platform s like Twitter was released. And don’t forget this week’s Nifty News featuring Nike’s Dot Swoosh NFT platform .  FTX contagion victim Deepak.eth puts NFT collection up for sale After announcing an eight-figure exposure to FTX exchange, Deepak.eth, the pseudonymous founder of blockchain infrastructure firm Chain, has tweeted that they are selling their NFT collection either to the highest bidder or through a fractional decentralized autonomous organization (DAO) for 80% ownership....

NFT artist Johnathan Schultz believes that the era of NFTs without utility is dwindling, and to survive, it must outgrow the “memeification” of things. Even before the FTX collapse , nonfungible token (NFT) collections have already felt the impact of the crypto winter, with trading volumes going down by 98%. With the FTX debacle, the once burgeoning space seems to have been hit with the final nail to its coffin. However, executives within the industry are optimistic about the space ’s recovery.  With the enormous amount of user funds stuck in the FTX exchange amid its liquidity crisis, users have tried roundabout ways to withdraw their money. One of the alleged methods for withdrawing balances is buying NFTs based in the Bahamas. Many community members criticized the method as it bypasses bankruptcy laws, even mocking NFT utility in the process, painting a negative picture of NFTs. However, Oscar Franklin Tan, an executive at NFT platform Enjin, believes that this is not a fair summ...

According to a Reuters report, Sam Bankman-Fried‘s (SBF) failed exchange FTX, top executives at the exchange, and also his parents purchased properties in the Bahamas worth $121 million. As per the report, a total of 19 properties were purchased over two years. JUST IN: Sam Bankman-Fried's parents purchased 19 properties worth $121 million in the Bahamas over the past two years, Reuters reports. — Watcher.Guru (@WatcherGuru) November 22, 2022 The majority of FTX ’s purchases were high-end beachfront properties. This includes seven condominiums in the resort neighborhood of Albany. As per the report, these cost about $72 million. Additionally, according to the property documents, a unit of FTX purchased these houses to serve as residences for key employees inside the organization. However, there is no confirmation of who stayed at these properties. Another property in Old Fort Bay, with access to the beach, has SBF’s parents as signatories. Both...

The FTX fiasco has taken the crypto industry by storm. Not only have hundreds of users lost their funds, but the incident has also brought a lot of attention to the importance of cold storage and decentralized wallets. The interest in decentralized wallets has consequently led to a surge in the tokens of respective wallets. The biggest gainer among decentralized wallets since the FTX episode is Trust Wallet. According to ICO Analytics, the TWT token (Trust Wallet’s native token) has gained by 98% in seven days as of November 15th. Following @ FTX _Official collapse decentralized wallets are gaining momentum.$twt $math $sfp $xdefi $awc $lime #c98 $front pic.twitter.com/MTv7hPOjah — ICO Analytics #StandWithUkraine 🇺🇦 (@ICO_Analytics) November 15, 2022 As per the data on CoinGecko, TWT has gained by up to 101.6% in the last seven days. In the last 24 hours, the token has rallied by 13.5%. However, it has fallen by 3.8% in the last hour. At press ...

‘Moonvember’ dreams were shattered following the dramatic downfall of the FTX empire. Sam Bankman-Fried instigated a downtrend that pushed the price of Bitcoin to mid $15K. A plethora of other crypto currencies followed suit and lost immensely. Exchange tokens, however, topped this list. With no potential in these assets, major whales decided to dump their holdings. A recent chart by on-chain analytics platform, Santiment pointed out how exchange tokens witnessed the biggest price drops over the last week. Following the FTX crash, whales and sharks holding the FTX Token [FTT] decided to dump 30.9 percent. It should be noted that this was done over the last ten days. At the time of publication, FTT was priced at $1.61 with an 8.45 percent daily drop. Over the last week, the asset dipped to a low of $1.25. Source It seems like these whales and sharks were losing trust in other prominent exchanges as well. The scare around Crypto.com enduring the same fate as FTX ...