FTX Sam Bankman-Fried live updates and latest news:
Samuel Bankman-Fried, popularly known as SBF, is the co-founder and former CEO of Bahamas-based exchange FTX. FTX was one of the leading exchanges in the Crypto world. The native token FTT began to face a crisis in mid-2022. It filed for bankruptcy in the United States in November 2022.
At the height of his life, his net worth was estimated at $26 billion. In the month of October this year, he estimated the net worth at $10.5 billion. During the FTX crisis, his net worth dropped 94% in a day, bringing him down to $991.5 million.
He donated huge sums of money to Democratic Party candidates in the US
Elon Musk denies that SBF owns Twitter
A Semafor publication stated that Sam Bankman-Fried has shares in Twitter as a private company. It says that SBF has invested $100 million in the company. However, Elon Musk has denied the claims saying “it’s a lie”. Musk continued, saying “he must have had a stake in the public company, but not as a private company.”
Trump has criticized SBF for having public interest in the company since the collapse of FTX.
More than $740 million has been recovered so far from the crashed FTX
The company has signed a contract to recover FTX’s assets, BitGo has said it recovered more than $740 million. Although this is only a fraction of the assets of the potential billion dollars owned by the company. BitGo filed this Wednesday in its court proceedings document.
Within hours of FTX filing for bankruptcy on November 11 this year, BitGo was hired to investigate. The amount is as of Nov. 16, and the company estimates it would now be worth $1 billion. The recovered amount is now in a ‘cold storage’, which means that it is not connected to the internet.
Bankman-Fried, the CEO and co-founder of FTX, was seeking $8 billion from new investors to restore its balance sheet.
Sam Bankman-Fried gives first public appearance after FTX collapse
SBF is all set to speak at the New York Times DealBook Summit and will speak with NYT’s Andrew Ross Sorkin. Bankman-Fried tweeted and confirmed his presence. This would be his first appearance at a public event after the collapse of his company, FTX. He was only involved in lengthy Twitter threads and direct messages on the platform to reporters. This also caused problems for him, as FTX’s lawyers wrote in the documents. “There are many important questions to be asked and answered, nothing is off limits,” Sorkin tweeted.
The acquisition announcement by Binance and the change in mindset
After a gap in the price of FTT that fell to $6, CZ, the founder and CEO of Binance announced that they will buy FTX outright. However, following a Bloomberg report suggesting that FTX is under investigation by US federal agencies, Binance is amending its decision. A spokesperson reveals mismanagement of funds and research influenced Binance’s settlement. The next day, it is announced that the Alameda investigation will be dropped and FTX’s assets will be sealed.
US Senates call for action against Sam Bankman-Fried
Senates Elizabeth Warren and Sheldon Whitehouse have written to the Justice Department for a proper investigation against Bankman-Fried and the other senior FTX officials. Bankman-Fried employed “fraudulent tactics” as they claimed.
On the day FTX filed for bankruptcy, Bankman-Fried claimed via a tweet that they have enough money to cover all of the client’s assets and that they are not investing in the client’s assets. However, Bankman-Fried later admitted that his other company, Alameda Research, has about $10 billion in FTX. The senators wrote to the co-founder, the former CEO also wanted to enrich himself by using people’s money.
Sam Bankman-Fried apologizes in a memo to employees
SBF has issued a memo to current and formal employees of FTX apologizing several times. It is clear from the memo that Sam Bankman-Fried sent the memo to express his apology and regret for his firing. He goes on to mention that his employees were his family and it was his responsibility to communicate with them about what happened. He explains in the memo what led to the situation of the company collapsing.
This memo is his first detailed explanation of what happened and the longest apology he has ever issued.
Expensive purchase around FTX
Official property records show that Sam Bankman-Fried’s parents and senior executives at FTX have purchased $121 million worth of real estate in the Bahamas in the past 2 years. This purchase consists of expensive homes with private beaches, condominiums in luxury resorts, etc. As alleged, these purchases were made by FTX to accommodate its key personnel.
Another document shows his parents drawing on a site overlooking the beach in Old Fort Bay, where a British colonial fort stood in the 18th century.
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About the author
Shourya is a crypto enthusiast who has developed an interest in corporate journalism in recent years. Shourya currently works as a writer at Coingape and is also an avid reader. Besides writing, you can see her at poetry shows, exploring cafes and watching cricket. As she says, “dogs are my home,” her first dog rescue was at age 7! She has continuously spoken out in favor of mental health and rainbow pride.
This post Recovered $740 Million from Failed Cryptocurrency Exchange FTX
was published first on https://coingape.com/bitgo-has-recovered-740-m-from-the-failed-cryptocurrency-exchange-ftx-so-far/