The fallen cryptocurrency exchange – FTX is on its journey to restart itself under the new leadership of CEO John J Ray III.John stated that he is investigating the plans to restart the exchange which was down since November 2022.Many high officials have been accused of fraudulent activities at FTX.However, the client base still applauds the company’s technology and suggested that the company still has a potential reboot system that may benefit its clients.
John has now established a team to investigate the probability of relaunching FTX.com which is the primary international exchange operated by the company.John also plans to improve security, and customer experience and expand its asset range available on FTX.He also plans to invest heavily in state-of-the-art security measures and hire risk management to continuously monitor and upgrade the system.
In addition to that, new features and tools will be introduced to make the platform more user-friendly and easily access information.Previously John and SBF had disagreements on whether or not FTX should have filed for Chapter 11 bankruptcy in 2022.SBF has criticized John’s approach while dealing with the situation.John stated that SBF’s remarks were “unhelpful and self-serving” In a recent development, the team has located $5 billion in cash and liquid cryptocurrencies.John termed this as a “Herculean effort” to sort the business’s finances.The price of FTX’s native cryptocurrency, FTT, is currently being traded at $2.41, representing an increase of 34% in the past 24 hours and a 68% jump during the last seven days.It remains to be seen whether or not Ray’s plans for FTX will come to fruition, but many in the crypto industry are optimistic about the exchange’s future under his leadership.
Sam Bankman Fried Responds to John’s Statement Sam Bankman Fried – Ex-founder of FTX – has shared his thoughts on the new CEO John J.Ray III’s recent statement about the potential restart of the exchange.
He said that he is happy that John is encouraging the idea of restarting FTX even though he was previously not in terms with it.Sam also stated that he is waiting for John to acknowledge the fact that the FTX US branch is financially stable and can return the money to the customers.Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.
He has also interviewed a few prominent experts within the cryptocurrency space.Back to top button Crypto news Winklevoss vs Silbert: Lawsuit Looms As Earn Program Users Caught In The Crossfire After weeks of uncertainty, Gemini co-founder Cameron Winklevoss has expressed some satisfaction following the filing for bankruptcy protection under Chapter 11 by Genesis Trading, a subsidiary of Digital Currency Group.According to Winklevoss, Genesis will be required to provide documentation on how the situation led to this stage.Notably, Genesis Trading and Gemini cryptocurrency exchange entered into a strategic relationship through the latter’s Earn program in 2021.However, things took a turn for the worse after Genesis Trading incurred heavy losses from the collapse of FTX, Alameda, and Three Arrows Capital (3AC).
As a result, Digital Currency Group made a strategic move to save Genesis Trading by absorbing its billion-dollar loss through a ten-year promissory note.“The good news is that, by seeking the protection of the bankruptcy court, Genesis will be subject to judicial oversight and be required to provide discovery into the machinations that brought us to this point,” Winklevoss said.In his defence, Silbert recently argued that DCG borrowed cash from Genesis Trading like any other firm, which will mature later this year.
“DCG currently owes Genesis Capital (i) $447.5M* in USD and (ii) 4,550 BTC (~$78M), which matures in May 2023,” Silbert noted in a letter to shareholders.Digital Currency Group allegedly used the borrowed cash to buy back its stock from the secondary market and repurchase GBTC.
This has led Winklevoss to believe that Silbert acted in bad faith by using Earn Program users, numbering over 340k customers, to hedge GBTC long positions.In response, Winklevoss has informed Earn Program users that Gemini will be filing a lawsuit against Silbert if he fails to make a fair offer.In addition, both Gemini and Genesis are currently facing a lawsuit filed by the United States Securities and Exchange Commission last week for the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program.“We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,” said SEC Chair Gary Gensler.Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.
He has also interviewed a few prominent experts within the cryptocurrency space.Crypto news Gemini Fights For Its Earn Users; Will They Get Their Money Back? Gemini Earn customers who lost billions owing to its partner firm Genesis are still holding out hope of getting their money back as the crypto lender files for bankruptcy.Cameron Winklevoss, one of the founders of Gemini, has provided an update to the investors, assuring them that the company is still fighting on their behalf.Winklevoss provides reassurance- but is it enough? According to Winklevoss, Genesis’s bankruptcy filing is an essential step toward being able to retrieve the assets owned by Earn users.
The billionaire stated that if Genesis files for bankruptcy, the company will be subject to judicial scrutiny and will be obliged to submit discovery regarding how the company arrived at this position in its financial situation.Despite this, DCG, its founder Barry Silbert, and any other individuals who committed wrongdoing are still subject to accountability.
Cameron said: “We have been preparing to take direct legal action against Barry, DCG, and others who share responsibility for the fraud that has caused harm to the 340,000+ Earn users and others duped by Genesis and its accomplices.” Cameron recommends DCG make a reasonable offer to creditors to avoid a lawsuit from Gemini, which is contemplating direct legal action for the fraud that harmed the Earn users and others.He feels the company has an obligation to Gemini to explain itself, and that the bankruptcy court provides the necessary context for this.
Gemini Plans to Restructure According to Genesis’s bankruptcy filing, Gemini is one of their 100,000 creditors.
The cryptocurrency lender also stated in the petition that it anticipates sufficient funds would be generated through the restructuring process to compensate unsecured creditors, who are at risk of being completely wiped out in bankruptcy proceedings.Was this writing helpful? No Yes Back to top button Crypto news Experts Reveal Shocking Possibility of FTX Making a Massive Comeback The current CEO of FTX, John Ray, recently gave an interview in which he discussed his plans to reboot the platform, citing positive feedback from consumers regarding the quality of FTX’s technology.The former CEO of FTX, Samuel Bankman-Fried, who has faced backlash in the past, has praised Ray’s decision, stating that it is the best option for FTX’s clientele.However, it remains to be seen whether the reboot is even feasible at this point and if it is, whether it will be successful in restoring the platform to its former glory.
Experts Pitch In As such, a number of experts in the field are pessimistic about the prospects of FTX making a comeback.
Liam Hennessy, a partner at Australian law firm Gadens and an expert in digital assets, believes that it would be extremely challenging for FTX to attract new customers or investors due to the company’s damaged reputation and lack of confidence.Binance Australia CEO Leigh Travers told the media outlet Cointelegraph that she expects it to be challenging for FTX to obtain a license again in the new year due to heightened regulation and scrutiny from regulators.Senior law lecturer at RMIT University’s Blockchain Innovation Hub, Aaron Lane, said that while it makes sense for FTX to contemplate resurrecting the exchange business through the Chapter 11 process, which allows the company to present a plan to continue the business and pay back creditors over time if approved by the court, it is uncertain whether a comeback would be successful given the significant damage done to the company’s reputation.It is clear that a significant amount of effort and time would be required to regain trust and rebuild the brand.Was this writing helpful? No Yes Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market.She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
Back to top button Top posts Altcoins1 hour ago Wrapped Bitcoin Project Sees 18% Redemption Of Circulating Supply In 54 Days Statistics show over the course of 54 days, the number of wrapped bitcoin (WBTC) hosted on the Ethereum network has…Bitcoin2 hours ago Bitcoin Short Squeeze May Reach $30,000, Top Crypto Trader Predicts As Bitcoin breaks out of the $21k level, many crypto analysts have begun projecting further rallies for the asset.One…Crime2 hours ago SEC says Mango Markets attacker stole $116M, violated securities laws SEC says Mango Markets attacker stole $116M, violated securities laws Mike Dalton · 1 hour ago · 1 min read…
Bitcoin3 hours ago Bitcoin surpasses $22k as 20k BTC pulled off exchanges Got a story tip? Email [email protected] Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy…Alameda Research4 hours ago FTX Debtors’ List Of Assets Omits Mention Of Large Stash Of NFTs And ENS Names Owned By Alameda This week, FTX debtors issued a press release and a 20-page document noting that bankruptcy administrators had located $5.5 billion…Uncategorized6 hours ago Coindesk Up For Sale? Investors Circle Crypto News Publication Amidst Genesis Bankruptcy According to various reports, investors are reportedly interested in purchasing Coindesk, a cryptocurrency news publication.On Jan.18, Wang Feng,…
Analysis7 hours ago Biggest Movers: SOL Rebounds From Recent Losses, ATOM 5% Higher On Friday Cosmos raced higher for a second straight session, after recently snapping a four-day losing streak.Friday’s move saw the token…architects10 hours ago Former head of FTX.US raises $5M from Coinbase, Circle for a new crypto startup Former head of FTX.US raises $5M from Coinbase, Circle for a new crypto startup Andjela Radmilac · 8 hours ago…Analysis10 hours ago Bitcoin, Ethereum Technical Analysis: BTC Back Above $21,000 Despite Genesis Bankruptcy Bitcoin crept back up to the $21,000 level on Friday, as volatility in the cryptocurrency market remained high.After falling…
Latest News11 hours ago Top 10 Programming Languages For Newbie Coders In 2023 The article presents the top 10 programming languages for newbie Coders to learn in 2023 Earlier the world of computer…Africa11 hours ago Report: Somalia To Fight Inflation And Counterfeiters With New Banknotes According to the deputy governor of the Somalian central bank, Ali Yasin Wardheere, the institution plans to fight inflation and…
Artificial Intelligence12 hours ago Stable Diffusion Creator Stability AI Is Sued By Getty Images Getty Images, a source of stock photos and media assets, declared that it was suing Stability AI Getty Images sues…Cryptocurrency13 hours ago Winklevoss Vs Silbert: Crypto Mogul Publicly Accused The Firm Of Fraud Winklevoss vs Silbert: At issue is $900 million of Gemini client funds that sit frozen inside DCG Winklevoss vs Silbert:…Artificial Intelligence13 hours ago The Chief Of The FBI Says He’s Concerned By China’s AI Program The Chief of The FBI Says that He is Concerned by China’s Artificial Intelligence Program On Thursday FBI Director Christopher…Bitcoin14 hours ago Bitcoin cohorts shrimps and crabs hold over 4 million BTC Definition The Shrimp cohort is a general catch-all for retail-level investors holding re-enters14 hours ago $200m of spot BTC re-enters exchanges on Binance as Genesis news filters through Definition Breakdown of the net flow of coins into/out of exchanges by the USD value of the transactions.
Quick Take…Crypto news14 hours ago Winklevoss vs Silbert: Lawsuit Looms As Earn Program Users Caught In The Crossfire After weeks of uncertainty, Gemini co-founder Cameron Winklevoss has expressed some satisfaction following the filing for bankruptcy protection under Chapter…Trending – 1 billion6 days ago Osprey Vies For Control Of Grayscale’s Bitcoin Trust; Tron’s Justin Sun Offers To Invest Up To $1B On DCG Assets – Bankruptcy4 days ago Defunct Crypto Hedge Fund Three Arrows Capital Founders Seek $25 Million To Start New Exchange Amid Scrutiny – Americans6 days ago Treasury Secretary Yellen Urges Swift Action To Increase Spending Limit, Avert Default On US Obligations – Uncategorized4 days ago Ethereum Validator Count Surpasses 500,000 Ahead Of Upcoming Shanghai Hard Fork – Assets6 days ago Decentralized Exchange Trading Volumes Remain Lackluster In The New Year, Uniswap Leads The Way With Daily Swaps – Centralized Exchanges5 days ago Bankman-Fried’s Lavish Lifestyle Allegedly Revealed, Cuban Warns Of Wash Trade Implosion, Experts Expect Soaring Gold Prices In 2023 — Week In Review – Accusations5 days ago Former President Of FTX US Shares His Experience And Relationship With CEO Sam Bankman-Fried In Detailed Twitter Thread – Decentralized5 days ago Decentralized hiring process leads to unique perspective on transparency in DeFi industry – SlateCast #48 []https://news.btcminingvolt.io/uncategorized/osprey-vies-for-control-of-grayscales-bitcoin-trust-trons-justin-sun-offers-to-invest-up-to-1b-on-dcg-assets/ []https://news.btcminingvolt.io/uncategorized/defunct-crypto-hedge-fund-three-arrows-capital-founders-seek-25-million-to-start-new-exchange-amid-scrutiny/ []https://news.btcminingvolt.io/uncategorized/treasury-secretary-yellen-urges-swift-action-to-increase-spending-limit-avert-default-on-us-obligations/ []https://news.btcminingvolt.io/uncategorized/ethereum-validator-count-surpasses-5 -ahead-of-upcoming-shanghai-hard-fork/ []https://news.btcminingvolt.io/uncategorized/decentralized-exchange-trading-volumes-remain-lackluster-in-the-new-year-uniswap-leads-the-way-with-daily-swaps/ []https://news.btcminingvolt.io/uncategorized/bankman-frieds-lavish-lifestyle-allegedly-revealed-cuban-warns-of-wash-trade-implosion-experts-expect-soaring-gold-prices-in-2023-week-in-review/ []https://news.btcminingvolt.io/uncategorized/former-president-of-ftx-us-shares-his-experience-and-relationship-with-ceo-sam-bankman-fried-in-detailed-twitter-thread/ []https://news.btcminingvolt.io/decentralized/decentralized-hiring-process-leads-to-unique-perspective-on-transparency-in-defi-industry-slatecast-48/.