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Fried

Sam Houston State University

Indictment

Proof of State is the Wednesday edition of Fortune Crypto where Leo Schwartz delivers insider insights on policy and regulation. Sam Bankman-Fried isn’t going away. Physically, he’s likely going to prison, but his specter will haunt the crypto industry for years to come.

https://www.bing.com/th?id=OVFT.DmAwBuyuJDZLzB7yoX3y0C&pid=News

The Sam Bankman-Fried trial is an indictment of the crypto industry

https://www.bing.com/th?id=ODF.fJDJ4f2BFbmOkQx_rnDw3Q&pid=news

YAHOO!Finance

Reuters

Representations of cryptocurrencies are seen in front of displayed FTX logo in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/Illustration

https://www.bing.com/th?id=OVFT.hD5Mr6vwoLJ-aFpUvypQXy&pid=News

Crypto's string of bankruptcies – Reuters

Inferse

Mint

Circle

Investor

USDC issuer said that retail users can no longer mint the stablecoin from Circle—they'll need to buy tokens from exchanges or brokerages.

https://www.bing.com/th?id=OVFT.KqxgsCOSRHlvqpFb_NMkEy&pid=News

Retail Investors Can No Longer Mint USDC Directly Through Circle

decrypt

The Founder

In a move that's been called a Hail Mary, Sam Bankman-Fried is testifying in his own defense in his fraud trial. But mostly he seems to be dodging questions.

https://www.bing.com/th?id=OVFT.vam8fsC4spYutFAnN4rIFi&pid=News

Inc.

Failure

SBF Speaks: The Founder of Failed Crypto Exchange FTX Claims to Recall Very Little on the Stand

https://www.bing.com/th?id=ODF.d2sNjsZFyRqPfTHuti8I3g&pid=news

Seward

On Tuesday, crypto lender BlockFi came out of bankruptcy, stating that it will slow down functions and start returning crypto assets to customers nearly a year after it was damaged by the turmoil in the cryptocurrency industry amid the collapse of FTX.

Prison Reform, BlockFinale, Safety Dance, and Hello and Goodbye

JD Supra

Canada

Fallen crypto lending firm BlockFi announced on Tuesday that it has “emerged” from bankruptcy, making its bankruptcy recovery plan effective as of October 24. Emergence is when a firm that previously entered bankruptcy successfully reorganizes its balance sheet so that its ready to repay its creditors.

https://www.bing.com/th?id=OVFT.K37ErZdIIDEkHWC-frA3tS&pid=News

F|T: The FinTech Times – Is open banking in Canada dead?

https://www.bing.com/th?id=ODF.J-q0Tpi0EDqnpWKODefPIQ&pid=news

BetaKit

Tron: Legacy

Cryptocurrency

Bitcoin

The crypto market valuation, that spiked by 0.03 percent in the last 24 hours, now stands on the mark of $1.27 trillion (roughly Rs. 1,05,73,111 crore), as per CoinMarketCap.

https://www.bing.com/th?id=OVFT.4DPle-K69qEdC2a07Ug1SS&pid=News

Crypto Price Today: Bitcoin Holds Ground Above $34,000, Stablecoins Tumble Alongside Tron, Leo

https://www.bing.com/th?id=ODF.wbm6LiRuWWxHMVMYNLMfiw&pid=news

gadgets360

The Motley Fool

Rising

The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer. The Motley Fool reaches millions

https://www.bing.com/th?id=OVFT.m0GuWnqKKWiR9QhNEZCTRi&pid=News

Why Bitcoin, Ethereum, and Dogecoin Are Rising Today – The Motley Fool

SBF testified a second time before the jury, and Solana came up as a discussion and how Alameda Research finances intermingled with the purchase.

Exchange-traded fund

Cash

Coin

SBF bought Solana at $0.20 using Alameda’s profits

cryptopolitan

A year after filing for bankruptcy, companies such as FTX and BlockFi are beginning to return their customers’ funds.

https://www.bing.com/th?id=OVFT.KvBnPRozyX1nvCUFJJHo6S&pid=News

Crypto Biz: BlockFi emerges from bankruptcy, Worldcoin halts USDC payments and more

https://www.bing.com/th?id=ODF.KlSntIYhxrABbaYBAsfZ8Q&pid=news

CoinTelegraph

Get the most recent info and news about BlockFi on HackerNoon, where 10k+ technologists publish stories for 4M+ monthly readers.

We provide the wealth management products crypto investors need, all powered by blockchain technology. Currently, we service clients worldwide and in all U.S. states, with USD loans backed by crypto, interest earning accounts, and trading. 

Learn more about our products, company, and team at BlockFi.com.

BlockFi

FTX + SBF Chapter 11 (Bankruptcy) Court Filing by John J. Ray III, Nov 17, 2022 is part of . You can jump to any chapter in this filing . This is part 6 of 20. HackerNoon’s Legal PDF Series here I- THE PREPETITION DEBTORS A. The Dotcom Silo 33. The Dotcom Silo includes FTX.com, the trade name for the business conducted by the parent company in the Dotcom Silo, FTX Trading Ltd., which is organized in Antigua. FTX.com is a digital asset trading platform and exchange. It was founded by Messrs. Bankman-Fried, Wang and Singh and commenced operations in May 2019. The Dotcom Silo also holds certain marketplace licenses and registrations in certain non-U.S. jurisdictions, including the European Union and Japan. The FTX.com platform is not available to U.S. users. 34. In addition to its core digital asset exchange, the Dotcom Silo offered an off-exchange portal that enabled users to connect and request quotes for spot digital assets and trade directly. The portal enabled users to lend their digital assets to other users for spot trading and matched users wanting to borrow with those willing to lend. 35. The FTX.com platform grew quickly since its launch to become one of the largest cryptocurrency exchanges in the world. Mr. Bankman-Fried claimed that, by the end of 2021, around $15 billion of assets were on the platform, which according to him handled approximately 10% of global volume for crypto trading at the time. Mr. Bankman-Fried also claimed that FTX.com, as of July 2022, had “millions” of registered users. These figures have not been verified by my team. 36. The Dotcom Silo’s unaudited consolidated balance sheet as of September 30, 2022 is the latest balance sheet that was provided to me with respect to the Dotcom Silo. It shows total assets of $2.25 billion as of September 30, 2022. Because such balance sheet was produced while the Debtors were controlled by Mr. Bankman-Fried, I do not have confidence in it, and the information therein may not be correct as of the date stated. 37. The chart below summarizes certain information regarding the Dotcom Silo’s consolidated assets as reflected in the September 30, 2022 balance sheet: (1) Amounts shown in thousands of U.S. Dollars.
(2) The balance sheet for non-Debtor FTX Digital Markets Ltd. is consolidated to Debtor FTX Trading Ltd.’s
balance sheet. The September 30, 2022 Balance Sheet of non-Debtor FTX Digital Markets Ltd. reflects an
asset position of $149,336, as follows: Cash and Cash Equivalents ($82,564), Restricted Cash ($10,000),
U.S. Dollar Denominated Stablecoins ($63), Related Party Receivables ($45,944), Prepaid Expenses and
Other Current Assets ($4,922), Property and Equipment, Net ($5,565) and Other Non-Current Assets
($278) (amounts in thousands of U.S. Dollars).
(3) Non-debtor FTX Digital Markets Ltd. has a net intercompany accounts payable of $30 million due to
entities controlled by Debtor FTX Trading Ltd.
(4) In the above table, assets shown reflect the elimination of intercompany entries within and between the
WRS Silo and Dotcom Silo.
(5) Customer custodial fund assets are comprised of fiat customer deposit balances. Balances of customer
crypto assets deposited are not presented.
(6) Loans Receivable of $250 million at FTX US consists of a loan to BlockFi Inc. of $250 million in FTT
tokens.
(7) Intangible assets (in the amount of $343 million) are not reflected above. These consist of values
attributable to customer relationships and trade names.
(8) Goodwill balance (in the amount of $359 million) is not reflected above. 38. To my knowledge, the Dotcom Silo Debtors do not have any long-term or funded debt. The Dotcom Silo Debtors may have significant liabilities to customers through the FTX.com platform. However, such liabilities are not reflected in the financial statements prepared by these companies while they were under the control of Mr. Bankman-Fried. The chart below summarizes certain information regarding the Dotcom Silo’s consolidated liabilities as reflected in the September 30, 2022 balance sheet: (1) Amounts shown in thousands of U.S. Dollars.
(2) In the above table, liabilities shown reflect the elimination of intercompany entries within and between the
WRS Silo and Dotcom Silo.
(3) The balance sheet for non-Debtor FTX Digital Markets Ltd. is consolidated to Debtor FTX Trading Ltd.’s
balance sheet. The September 30, 2022 Balance Sheet of non-Debtor FTX Digital Markets Ltd. reflects
total liabilities in the amount of $1,278, as follows: Accounts Payable and Accrued Expenses ($1,259),
Accounts Payable, Related Party ($19) (amounts in thousands of U.S. Dollars).
(4) Customer custodial fund liabilities are comprised of fiat customer deposit balances. Balances of customer
crypto assets deposited were not recorded as assets on the balance sheet and are not presented. 39. The Debtors in the Dotcom Silo are organized in jurisdictions around the world, with the parent company FTX Trading Ltd. organized in Antigua. The Debtors in the Dotcom Silo also own 100% of the equity interests in over a dozen non-Debtor companies. Continue Reading Here

FTX handled $15 billion USD in assets, or '~10% of global volume for crypto trading', claimed SBF 

FTX manejó $ 15 mil millones de dólares en activos, o '~ 10% del volumen global para el comercio de criptomonedas', afirmó SBF

FTX a géré 15 milliards de dollars d'actifs, soit "~ 10% du volume mondial pour le trading de crypto", a déclaré SBF

एसबीएफ ने दावा किया कि एफटीएक्स ने संपत्ति में $15 बिलियन अमरीकी डालर या 'क्रिप्टो ट्रेडिंग के लिए वैश्विक मात्रा का ~10%' संभाला

FTX は 150 億ドルの資産を処理しました。これは「世界の仮想通貨取引量の約 10%」にあたると SBF は主張しています。

A FTX movimentou US$ 15 bilhões em ativos, ou '~ 10% do volume global para negociação de criptomoedas', afirmou a SBF

FTX đã xử lý 15 tỷ USD tài sản hoặc '~10% khối lượng giao dịch tiền điện tử toàn cầu', SBF tuyên bố

SBF 称，FTX 处理了 150 亿美元的资产，或“约占全球加密货币交易量的 10%”

FTX + SBF Chapter 11 (Bankruptcy) Court Filing by John J. Ray III, Nov 17, 2022 is part of . You can jump to any part in this filing . This is part 3 of 20. HackerNoon’s Legal PDF Series here I- THE PREPETITION DEBTORS B - The WRS* Silo 12. The WRS Silo includes FTX US, an exchange for spot trading in digital assets and tokens. FTX US was founded in January 2020. FTX US is available to U.S. users and, according to statements by Mr. Bankman-Fried, had approximately one million users as of August 2022. FTX US’s spot exchange is registered with the Department of the Treasury (via the Financial Crimes Enforcement Network) as a money services business and holds a series of state money transmission licenses in the United States. 13. The WRS Silo also owns 100% of the equity interests in the LedgerX business, which is operated by non-Debtor LedgerX LLC (d/b/a FTX US Derivatives) (“LedgerX”). LedgerX offers futures, options, and swaps contracts on digital assets and other commodities to both U.S. and non-U.S. persons. LedgerX operates with licenses from the CFTC. Based on the information that I have reviewed at this time, LedgerX is solvent. 14. The WRS Silo also owns 100% of the equity interests in non-Debtor FTX Capital Markets LLC, which is an SEC-registered broker-dealer. Based on the information that I have reviewed at this time, FTX Capital Markets LLC is solvent. 15. The WRS Silo also owns 100% of the equity interests in non-Debtor Embed Financial Technologies Inc., as well as its wholly-owned non-Debtor subsidiary Embed Clearing LLC, which operates as a securities clearing firm and is an SEC-registered brokerdealer. Based on the information that I have reviewed at this time, each of these non-Debtor entities is solvent. 16. The WRS Silo also owns 100% of the equity interests in FTX Value Trust Company, a South Dakota Trust Company, which provides custodial services. Based on the information that I have reviewed at this time, this non-Debtor company is solvent. 17. The WRS Silo also owns 100% of other Debtor and non-Debtor companies operating miscellaneous businesses, such as video game development and a market place for trading non-fungible tokens. Finally, the WRS Silo has made loans and investments, including a loan of FTT tokens to BlockFi Inc. in a principal amount of FTT tokens valued at $250 million as of September 30, 2022. 18. I have been provided with an unaudited consolidated balance sheet for the WRS Silo as of September 30, 2022, which is the latest balance sheet available. The balance sheet shows $1.36 billion in total assets as of that date. However, because this balance sheet was produced while the Debtors were controlled by Mr. Bankman-Fried, I do not have confidence in it, and the information therein may not be correct as of the date stated. 19. The chart below summarizes certain information regarding the WRS Silo’s consolidated assets as reflected in the September 30, 2022 balance sheet: (1) Amounts shown in thousands of U.S. Dollars.
 
 (2) In the above table, assets shown reflect the elimination of intercompany entries within and between the WRS Silo and Dotcom Silo.

 (3) Restricted cash at the WRS Silo is primarily comprised of approximately $250 million in restricted funds at non-Debtor LedgerX.

 (4) Customer custodial fund assets are comprised of fiat customer deposit balances. Balances of customer crypto assets deposited were not recorded as assets on the balance sheet and are not presented.

 (5) Loans receivable of $250 million consists of a loan by Debtor West Realm Shires Inc. to BlockFi Inc. of $250 million in FTT tokens.

 (6) Intangible assets (in the amount of $229 million) are not reflected above. These consist of values attributable to customer relationships and trade names.

 (7) Goodwill balance (in the amount of $135 million) is not reflected above. 20. To my knowledge, the WRS Silo Debtors do not have any long-term or funded debt. The WRS Silo Debtors are expected to have significant liabilities arising from crypto assets deposited by customers through the FTX US platform. However, such liabilities are not reflected in the financial statements prepared while these companies were under the control of Mr. Bankman-Fried. The chart below summarizes certain information regarding the WRS Silo’s consolidated liabilities as reflected in the September 30, 2022 balance sheet: (1) Amounts shown in thousands of U.S. Dollars.

(2) In the above table, liabilities shown reflect the elimination of intercompany entries within and between the WRS Silo and Dotcom Silo.

(3) Customer custodial fund liabilities are comprised of fiat customer deposit balances. Balances of customer crypto assets deposited are not presented. 21. All Debtors and non-Debtors in the WRS Silo are organized in the State of Delaware, other than non-Debtor FTX Vault Trust Company, which is a South Dakota Trust Company. Continue Reading . here (*) WRS stands for West Realm Shires Inc., which includes includes the businesses known as “ ,” “ ,” “ ,” “ ,” and “ ,” among other businesses; (See part 1 of 20, ) FTX US LedgerX FTX US Derivatives FTX US Capital Markets Embed Clearing Corporate Organization and Identification of Four Silos

BlockFi

blockfi.com

751 employees

Since 2017

COMPANY RANKING

BlockFi

EVERGREEN INDEX #106

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BlockFi

BlockFi

blockfi.com

751 employees

Since 2017

COMPANY RANKING

BlockFi

EVERGREEN INDEX #106

Related CompaniesRank

BlockFi Story MentionsComplete List

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BlockFi