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03 апреля 2023 05:08

🚨 DeFi Cross-Chain Solution Allbridge Exploited For $570,000

BNB Chain pool Cross-chain solutions provider Allbridge has been hacked for $570,000, according to blockchain security firm Peckshield. Peckshield first identified the hack and notified Allbridge about the possible manipulation of its swap-related formula. According to the firm, the hacker manipulated the pool swap price by acting as a liquidity provider and a swapper which enabled them to drain the pool of 282,889 BUSD and 290,868 USDT.

Allbridge confirmed the incident and temporarily shut down the bridge for further investigations. The firm pointed out that the hacker first flashloaned 7.5 million BUSD, swapped two million to BUSD, and deposited five million to the BUSD pool. Then, the attacker changed 500,000 BUSD to USDT and deposited two million USDT to the USDT pool. Another blockchain security firm Certik corroborated reports of the Allbridge exploit. According to the firm, the attacker stole approximately $549,874 by manipulating the liquidity pool’s swap price. Certik detailed how the attacker used these funds to manipulate prices.

Source

@TradeCryptoNow

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01 апреля 2023 05:28

📣 Crypto's 'terrible risk management' has been 'washed away:' Galaxy Digital CEO

Galaxy Digital CEO Mike Novogratz believes most "bad actors" and "terrible risk management practices" in crypto have been swept away. For companies that have managed to survive thus far, the risk going forward is a lack of capital flowing into the space, with institutional adoption still shy following the slump in cryptocurrencies and various bankruptcies in the industry, Novogratz said during a Barclays Crypto & Blockchain Summit fireside chat aired on Thursday.

The company this week disclosed a $1 billion net loss in 2022 and said that it expects to turn a profit in the first quarter of this year. During an investor call on Tuesday, Novogratz said that the banking crisis and the way the U.S. has abused cheap debt have helped prove the whole thesis behind crypto. Thinking back to the weekend that culminated in the shutdown of Signature by regulators, Novogratz said that Galaxy was never in a position of not knowing where to put its money. While Signature and Silvergate were "important counterparties," it had banking relationships with Bank of New York and others. Galaxy had its single largest volume days in customer franchise that weekend.

Source

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30 марта 2023 20:15

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29 марта 2023 06:40

🪙 Ripple CTO Challenges Regulators To Crypto Showdown

Ripple CTO David Schwartz has proposed an unconventional solution to the inconsistent regulatory approaches between the SEC and the CFTC. In a tweet on March 28, Schwartz suggested that the two agencies should “fight out among themselves” to determine which one should regulate the crypto industry. The CTO’s proposal highlights the growing frustration with the regulatory uncertainty.

The CFTC’s recent lawsuit against Binance, one of the world’s largest cryptocurrency exchanges, has further complicated the situation. The CFTC classified Bitcoin, Ethereum and Litecoin as commodities, while the SEC only exempts Bitcoin from being considered a security. This discrepancy has raised questions about the regulatory status of other digital assets further down the crypto spectrum. Adding fuel to the fire, SEC Chairman Gary Gensler recently implied that Ethereum (ETH) and other proof-of-stake (PoS) tokens should be regulated as securities.

Source

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27 марта 2023 05:08

📣 Do Kwon to reportedly appeal against court’s decision to extend detention

A legal representative of Kwon confirmed the appeal against the Montenegrin court’s decision to detain the entrepreneur for 30 days longer than usual. Following his arrest in Montenegro while attempting to fly using fake documents, Terraform Labs co-founder Do Kwon will reportedly appeal the court’s decision to extend detention time for up to 30 days. A legal representative of Kwon confirmed the appeal against the Montenegrin court’s.

The decision was made after Kwon was caught using fake documents at Podgorica airport while trying to fly to Dubai. While Montenegro authorities typically allot detention for up to 72 hours, Kwon’s 30-day extension was approved after prosecutors highlighted the high possibility of an escape. The court considered that Kwon was a foreign national whose identity was not clearly identified. Since the collapse of the Terra ecosystem, Kwon has been suspected of moving between Singapore, Dubai and Serbia by South Korean authorities.On March 23, a few hours after Kwon’s arrest in Montenegro.

Source

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25 марта 2023 07:15

🇷🇸 Do Kwon Built Crypto Firm In Serbia, Money Laundering Investigation In progress

The Serbian Technology Criminal Prosecutor’s Office and the United States Attorney’s Office revealed that Terraform Labs CEO Do Kwon and former Chai Corporation CEO Shin Hyun-seung (Daniel Shin) founded a company involved in the crypto-asset business in Serbia, according to Digital Asset. It is reported that South Korean prosecutors will seek to extradite him to the country.

According to the Serbian High-Tech Criminal Prosecutor’s Office and the United States Federal Prosecutor’s Office, it is known that on March 24, Kwon established a company related to virtual property business in Serbia with the former Chai Corporation CEO Han Chang-joon. It is reported that the Financial Securities Crimes Joint Investigation Team of the Seoul Southern District Prosecutor’s Office (head Dan Seong-han) also discovered this when they visited the Serbian Ministry of Justice at the end of the year. January 2022 to seek cooperation in investigations and extradition.

Source

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23 марта 2023 06:54

📣 Cathie Wood Cuts $13.5 Million Coinbase Shares Before Crypto Market Optimism

On Tuesday, Cathie Wood’s ARK Investment Management sold a $13.5 million investment in the crypto exchange platform Coinbase. On a day when the company’s stock gained more than 12%, ARK sold nearly 160,000 shares. The transaction was completed using the ARK Fintech Innovation ETF ARKF. According to the most recent data accessible on the website, Coinbase is the fund’s largest investment.

ARK purchased Coinbase shares many times during the crypto winter. It will have lost more than 80% of its value by 2022, hitting the lowest point at the end of the year. Cathie Wood opted to keep holding and did not sell any shares at this time. The sale came only twelve days after ARK invested a stunning $20.5 million in the shares utilizing several funds. The purchases were then made via the ARK Innovation ETF ARKK and the ARK Next Generation Internet ETF ARKW. Coinbase made some fascinating comments about its push into Brazil on Tuesday. The company announced that it has made it easier to top up and withdraw money.

Source

@TradeCryptoNow

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21 марта 2023 08:48

​Spiral DAO's team released their first article with details about the project - there's a lot about the technology, the mission and an airdrop section that's really interesting. Take a look at it. This project offers users an innovative approach to farming liquidity with one of the highest APYs on the market, rewards in their tokens, and strong inflation protection.

So what do we do?
1. Make sure you follow the project on Twitter and on Discord. There'll be more info about the project and airdrop soon.
2. Try to get an OG role in Disord (not all have been given out yet). Farming points in Crew3 + QuestN should also get a reward.
3. The auction should be announced soon. The risk-reward ratio is extremely tasty - it's worth taking part.

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20 марта 2023 05:42

📣 Internal war breaks out at DefiLlama as 'rogue' employees reject token plan

A pseudonymous employee of DefiLlama, 0xngmi, forked a version of the blockchain data platform after accusing the company's founders of launching a token without support. "There is an ongoing attempt to launch a token that does not represent us," 0xngmi said on Twitter, while verifying on-chain that their account had not been hacked. "We don't want to be associated with it."

The DeFi platform hinted yesterday at a token airdrop on Twitter after celebrating its aggregator platform hitting $5 billion in volume. The decision to launch the token went against the wishes of most of the team, according to two DefiLlama contributors on Twitter. 0xngmi also added that the person pushing for the token was in control of the website and Twitter account. 0xngmi is a top contributor to DefiLlama’s app on Github. Several other top code contributors to the Github repository have also shared 0xngmi’s message on moving to the new platform, following the push for a token.

Source

@TradeCryptoNow

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18 марта 2023 07:14

📣 FDIC Denies Report Buyers Signature Bank Must Stop Cryptocurrencies Services

The FDIC has officially denied requiring Signature Bank buyers to quit trading crypto-related services. As previously updated, Reuter’s media outlet reported yesterday that the US FDIC is offering Signature Bank for sale on the condition that the buyers will have to waive all crypto-related services. The spokesman of the FDIC has denied this information.

The Signature Bank was seized by the New York Department of Financial Services last weekend and turned over to the FDIC. An NYDFS spokesman said the regulator had lost confidence in the bank’s management after a bank run last Friday and lacked reliable information. The spokesperson also said the FDIC published two joint statements, the Office of the Comptroller of the Currency, and the Federal Reserve, one of which stated that banks were ‘neither prohibited nor encouraged’ from providing services to any industry. A spokesman for the FDIC said it would have the right to take over until all of the bank’s assets.

Source

@TradeCryptoNow

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16 марта 2023 05:53

🪙 MakerDAO voting to limit dai volatility during market emergencies

MakerDAO delegates are voting on a proposal to introduce a debt ceiling breaker for collateral assets used to mint dai — to prevent situations where the protocol's stablecoin is adversely impacted by market turbulence. The emergency vote, if passed, will enable the DAO’s governance to set the debt ceiling for any collateral type to zero.

Debt ceiling in this context refers to the maximum amount of dai tokens that can be minted in exchange for a collateral asset on the Maker protocol. By setting the debt ceiling to zero, MakerDAO will be able to handle situations where the underlying collateral asset is experiencing significant market turbulence. Such a situation happened last week when USDC lost parity with the U.S. dollar amid revelations that issuer Circle held deposits at collapsing Silicon Valley Bank. Since USDC is a major collateral backing for dai, its de-pegging caused dai to also lose its dollar parity temporarily.

Source

@TradeCryptoNow

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14 марта 2023 05:53

🔵 Circle USDC operations will resume when U.S. banks open Monday: CEO Allaire

Circle USDC reserves are "safe and secure" and liquidity operations will resume when U.S. banks open Monday, CEO Jeremy Allaire said on Twitter. Allaire said "100% of USDC reserves are also safe and secure" and that it was transferring the $3.3 billion it had at SVB to BNY Mellon, which will handle settlements. Cryptocurrencies rallied this evening amid the news.

US government and financial regulators take crucial steps to mitigate risks extending from the fractional banking system. 100% of deposits from SVB are secure and will be available at banking open tomorrow," Allaire said. He tweeted after the New York Department of Financial Services announced it had seized Signature Bank, two days after Silicon Valley Bank was seized and the Federal Deposit Insurance Corp. took over as receiver. Federal officials said all customers at both banks would have access to their deposits. "With the closure of Signature bank announced tonight, we will not be able to process minting.

Source

@TradeCryptoNow

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12 марта 2023 06:13

📣 Justin Sun’s Address Transfers 82 Million USDC From Aave V2 To DAI

According to Paidun’s monitoring data, a new transaction on Justin Sun address using USDC was spotted on March 11. According to Paidun’s monitoring data, Justin Sun’s address withdrew 82 million USDC from Aave V2 and converted them all into DAI before extracting 11.6 million USDC from Aave V2. As previously reported by Coincu, the USDC depeg has fallen below $0.95 USD.

Justin has lately completed multiple million-dollar transactions. Not only that, but he moved more than 100 million USDC to the Huobi exchange on the preivous day. Justin Sun stated earlier today that Huobi will bear the whole loss of leveraged positions due to HT market volatility and will invest $100 million USD to establish a liquidity fund. Sun apologizes to HT users for the volatility caused by a small number of user-leveraged clearing houses. To increase the Huobi platform’s multi-currency liquidity, the business intends to invest $100 million.

Source

@TradeCryptoNow

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10 марта 2023 06:43

🪙 Ethereum Founder’s Fund Donates $15M To Fight Airborne Pathogens

The Balvi Filantropic Fund, directed by Ethereum founder Vitalik Buterin, has gifted the University of California San Diego $15 million in USDC, the largest cryptocurrency gift to date to fund open-source research on aerosols. This generous donation has established the Meta-Institute for Airborne Disease in a Changing Climate, or “The Airborne Institute,” at UC San Diego.

The institute plans to develop a standard for sampling and analyzing airborne microbes and pathogens, including viruses, bacteria, fungal spores, and pollutants to achieve its goals. Researchers will set up air samplers in various locations worldwide to measure the distribution of airborne pathogens around the globe. They are currently testing the samplers in Imperial Beach, California, a coastal site heavily impacted by pollution runoff and sewage flowing into the ocean. The team is studying ocean sources of airborne pathogens.

Source

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08 марта 2023 14:06

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02 апреля 2023 05:35

📣 TUSD Stablecoin Daily Trading Volume Surpasses $1B After Binance Boost

Trading with the TrueUSD (TUSD) stablecoin has surged over the week, crypto price tracker CoinGecko’s data shows, a result of crypto exchange Binance’s support for the token, including a zero-fee discount to buy and sell bitcoin (BTC). TUSD’s 24-hour trading volume surpassed $1 billion for most of Thursday and Friday, according to CoinGecko.

The BTC-TUSD pair on Binance alone recorded $713 million in trading volume in the past 24 hours, per Binance’s data. The stablecoin’s recent popularity comes after Binance, the world’s largest crypto exchange by trading volume, picked TUSD as a favored stablecoin trading pair on its platform amid a regulatory crackdown on its namesake Binance USD (BUSD). New York regulators ordered BUSD issuer Paxos, a fintech firm based in the state, to stop minting these tokens. Binance had supported BUSD through a zero-fee trading promotion and by booting rival stablecoins including TUSD.

Source

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31 марта 2023 08:54

🇨🇦 Binance May Be Ready To Give Up Canada While Coinbase Still Holds On

People familiar with the matter, Coinbase, are in discussions with regulators to obtain the appropriate license to continue doing business in Canada, according to Coindesk. Meanwhile, Binance may abandon this market. Meanwhile, another person familiar with the matter, speaking anonymously, said that Binance could leave Canada. But a spokesperson for Binance said the exchange “has yet to develop a clear plan.”

In the wake of the reform of crypto regulations in Canada, many companies providing crypto services have had to consider the issue of going or staying. According to people familiar with the matter, Crypto.com also plans to stay in Canada. Earlier this month, OKEx announced its withdrawal from Canada. Canada had set a March 24 deadline for companies to commit to tightening rules around cryptocurrencies in the country, which suffered a famous exchange explosion a few years ago when QuadrigaCX was hit bankrupt. Blockchain.com and Deribit also said they would be pulling out of the Canadian market, and Kraken is expected to release a statement on the matter soon.

Source

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30 марта 2023 05:30

🟠 Binance’s Whopping $64B On-Chain Balance Revealed By Nansen Data

Binance’s on-chain balance remains high at $64 billion. This is a reassuring display of asset backing and strength, which may cushion outflows from the exchange. Binance’s largest holdings are USDT, BTC, ETH, BUSD, and BNB, which make up roughly 81% of the crypto exchange’s total balance at press time. This is a promising sign for the platform’s stability, as it shows that the majority of its assets are in reliable and established cryptocurrencies.

Binance’s on-chain portfolio shows the amount of capital people hold on the world’s largest exchange by transaction volume. This is a positive sign for the platform’s stability and suggests that investors and traders still have confidence in Binance’s ability to weather regulatory challenges. While BNB has seen over $600 million in customer token outflows, this figure is still relatively lower than when BUSD-issued Paxos was sued by the U.S. Securities and Exchange Commission earlier this year. This suggests that the market has not completely lost faith in BNB, despite the recent allegations and charges against the platform.

Source

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28 марта 2023 06:05

💰 Celsius Customers’ New Bar Date Is Scheduled For April 28

After the Customer Contract Decision, Celsius just stated that it is changing its scheduling after months of litigation. This change allows you to provide proof of claim within the specified time range. The new deadline, dubbed the Bar Date, is scheduled for April 28, 2023. According to the Celsius Unsecured Creditors Committee (UCC), Judge Glenn said in the recent customer claim ruling.

The court has issued a Bar Date Order, which establishes deadlines for filing proofs of claim, accepting procedures and notifications, and providing relevant remedies. Another court order has extended the Bar Dates, and the Debtors have updated their Schedules and Statements to reflect that only Celsius Network LLC is responsible for contract claims related to the Earn, Custody, and Withhold programs, and only Celsius Lending is responsible for contract claims related to the Borrow program. Celsius previously disclosed that it had struck an agreement with the Custody Ad Hoc Committee and the UCC on a Settlement that would restore most digital assets.

Source

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26 марта 2023 05:30

✈️ Telegram Integrates Tether (USDT) Payments on Tron Network

Users will now be able to send TRC20 to their contacts on Telegram. Telegram has added a new feature enabling users to send each other the world’s largest stablecoin, tether (USDT). According to an update on March 22nd, USDT-TRON – TRC20 – has been added to the popular messaging app’s wallet function, thereby expanding its payment capabilities for buying and selling crypto.

USDT is the third crypto-asset joining Bitcoin and The Open Network token as assets supported by the Wallet bot (TON). With the new integration, Telegram is competing against other social media platforms, such as Twitter, which already added support for tips in Bitcoin and Ethereum in 2021, in addition to its partnership with Stripe to add payment features via the USDC stablecoin.Telegram’s tryst with crypto dates back to 2018, when it launched its Telegram Open Network (TON), which was initially designed to be a proof-of-stake (PoS) blockchain platform with a native token with the aim to generate payments on its chat app. The launch, however, was not smooth.

Source

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24 марта 2023 05:49

🔴 Avalanche Blockchain’s X And C Networks Back Online After Brief Disruption

Avalanche’s AVAX token fell slightly in value after nodes on the protocol’s X and C chains went offline due to bugs in new software that had been pushed out. Avalanche is a blockchain that distinguishes itself from others using the C-chain, X-chain, and P-chain. The C-chain, home to Avalanche’s DeFi community, hosts smart contracts and can be used with MetaMask.

Although the C-chain has recovered after an hour-long outage, X-chain nodes are still offline, degrading the network quality and making the chain virtually unusable. According to on-chain data, the X-chain can only process a handful of transactions at this time, with only a few transactions processed per hour. This is a significant issue that must be resolved as soon as possible to ensure the chain can return to full functionality. The X-chain is the exchange chain responsible for sending funds back and forth, while the P-chain is the platform chain used for staking AVAX and serving as a validator.

Source

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22 марта 2023 07:04

🪙 FTX Sues Its Bahamian Affiliate For Appropriating Assets To Scam Customers

Management of the insolvent cryptocurrency exchange FTX has filed a lawsuit against the liquidators of its Bahamas branch, accusing them of wrongfully claiming control of the company’s assets. On Sunday, FTX, headed by new CEO John Ray, petitioned a Delaware bankruptcy court to determine that FTX Digital Markets had no ownership interest in FTX.com’s cryptocurrency, intellectual property, and client connections.

The company filed for chapter 11 bankruptcy protection in November, citing disagreements with the Bahamas liquidators over control of the company’s operations and an undisclosed quantity of digital currency. Since the crypto juggernaut filed for bankruptcy protection in November, the FTX debtors have often clashed with the team of attorneys, known as joint provisional liquidators under Bahamian law, entrusted with winding down its Bahamian affiliate. The Bahamas entity still owns assets worth hundreds of millions of dollars. In January, the liquidators and the corporation agreed to exchange information and protect.

Source

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21 марта 2023 06:11

🪙 EOS Network Ventures Has Committed $20 Million To The EOS EVM and GameFi Projects

On March 20th, Yves La Rose, creator and CEO of the EOS Network Foundation, tweeted: “EOS Network Ventures (ENV) formally pledged to invest $20 million directly in the EOS EVM and GameFi projects. EOS EVM will be released on March 14th, and it will push the boundaries of what is possible with the EVM. We anticipate an inflow of developers eager to take advantage of these financing possibilities with $20 million for the EVM project.”

EOS Network Ventures, a blockchain-focused investment business, has invested a considerable amount of $20 million in potential EOS EVM and GameFi projects. This move by the Network Ventures reflects a rising interest in the possibilities of decentralized finance (DeFi), as well as the growing popularity of non-fungible tokens (NFTs) in the gaming sector. The investments, which will be spread across a number of initiatives, are intended to spur innovation and growth in the ecosystem, creating exciting chances for developers and investors alike to explore new frontiers in the fast growing world of blockchain technology.

Source

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19 марта 2023 06:27

🇺🇸 US Crypto Development Falls Behind, Says BlackRock CEO

BlackRock CEO Larry Fink has released his annual letter to investors, covering a range of topics from digital assets to broader trends in investing and market research. In the 9,000-word document, Fink discusses the most urgent and rapidly changing developments in both crypto and traditional finance. Fink highlights the challenging market environment of 2022.

Fink predicts that inflation will remain elevated and the Federal Reserve will stay focused on fighting it, resulting in continued rate hikes. He believes that the banking crisis will place greater importance on the role of capital markets as banks become more constrained in their lending. Fink anticipates that banks will turn to the capital markets for financing as their clients awaken to asset-liability mismatches. He also notes the ongoing regulatory sector issues, with opinions diverging across regions, particularly in the US and Europe. BlackRock offers over 1,300 ETFs, more than any other firm.

Source

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17 марта 2023 05:10

💰 SHIB 10% Off Between FUD Shibarium Detected Copy Code

Shiba Inu disappointed many users when Layer-2 Shibarium was discovered to have copied the code of a project called Rinia. Even the chainID has yet to be changed. Although the development team denied it, SHIB price still decreased by nearly 10%. After days of anticipation, Shiba Inu has opened up about its layer 2 Shibarium coming out this week.

Shibarium will help increase the use of tokens in the Shiba Inu ecosystem, including SHIB, BONE, and LEASH. Specifically, BONE will become a transaction fee payment token on layer-2 and also reward validators. However, the excitement of the project community did not last long when a user shared on Discord the discovery that Shibarium’s code was copied from another project called Rinia. Even the dev team was so careless that they didn’t even change the chainID. Developers and other prominent members of the community were quick to address concerns by denying them.

Source

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15 марта 2023 06:31

⚪️ Huobi Announced The Withdrawal Of Cash From Signature And Silvergate Banks

Huobi Global announced on Tuesday that it has removed all money from the insolvent New York-based Signature Bank and Silvergate Capital Corp, while exchange clients’ accounts were unaffected. On Tuesday, March 14, the crypto exchange Huobi Global announced that it has removed all cash from the insolvent New York-based Signature Bank and Silvergate Capital Corp.

According to Justin Sun, founder of Huobi Consultancy and Tron, the bank collapses had no impact on their businesses. Notwithstanding recent market volatility, the firm is dedicated to its long-term objective of developing a more safe, accessible, and user-friendly financial system. Huobi is well-positioned to execute on this goal and impact the future of finance by utilizing its experience in blockchain technology and digital asset management. “Huobi formerly had a bank account with Silvergate, but all assets were moved out some time ago and there is presently no financial cooperation,” a Huobi representative stated.

Source

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13 марта 2023 06:24

🔵 Circle says outstanding USDC transactions won’t process until Monday

USDC transactions through Signature Bank's Signet network won't process until Monday, according to a note sent by Circle to trading firms. Circle, which founded USDC in 2018 with Coinbase, revealed Friday that $3.3 billion of its reserves behind its flagship stablecoin were stuck with the failed Silicon Valley Bank.

The note confirms transactions on Signet—which traders used to move funds over the weekend— “will be processed on Monday when banking resumes during normal working hours.” The Signet system, designed to enable real-time payments for commercial clients, is active but is “reaching a capacity threshold which is causing the temporary delay,” according to the note sent by Circle and reviewed by The Block. The delay may explain why the premiums witnessed on exchanges like Coinbase following the flight from USDC are not being arbitraged away as their order books merge USD with USDC.

Source

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11 марта 2023 06:12

🇺🇸 US DoJ appeals billion-dollar Binance.US acquisition of Voyager assets

The U.S. Department of Justice's Trustee Office filed an appeal against Binance.US' acquisition of bankrupt crypto lender Voyager Digital's assets roughly one day after New York bankruptcy judge Michael Wiles approved it. Though New York's bankruptcy court signed off on Binance.US' plan to purchase Voyager's distressed assets.

The DoJ's appeal follows similar opposition from other regulators — including the Securities and Exchange Commission, which filed an objection to the deal last month, citing a potential violation of federal securities laws through the unregistered operation of a securities exchange. Things have to be done," Judge Wiles said during the hearing. "We have creditors who are waiting and who in the midst of all of this uncertainty have no access to property in which they’ve invested, in some cases, their life savings, so we have to take some kind of action,” he added.

Source

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09 марта 2023 05:15

⚡️ Block solicits feedback for bitcoin 'mining development kit'

Jack Dorsey's Block is soliciting developer feedback for what it calls a bitcoin "mining development kit," which it says could unleash further innovation in the Bitcoin mining space and increase innovation, with a goal to reduce energy consumption. The mining development kit, as so far envisioned in a blog post, would be comprised of four parts.

The intention behind the [mining development kit] is to provide developers with a suite of tools to help unlock creativity and innovation in bitcoin mining hardware," the company said in its blog post. "We anticipate the [kit] being useful development projects focused on integrating bitcoin mining into various novel use cases — such as heating solutions, off-grid mining, home mining or intermittent power applications — as well as optimization of bitcoin mining hardware for traditional commercial mining operations.

Source

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08 марта 2023 07:12

💰 FTX Bankruptcy Specialists Collected $38M In Fees In January

According to CoinDesk, according to court filings, FTX bankruptcy specialists raised a total of $38 million in January, including a team of attorneys, investment bankers, consultants, and advisors. financial matters. Bankruptcy managers hired Sullivan & Cromwell LLP as legal counsel. They also hired the law firm of Quinn Emmanuel Urquhart & Sullivan and Landis Rath.

Meanwhile, financial services firm Alvarez & Marsal and Perella Weinberg Partners were hired to sort through FTX’s accounting records and determine which assets could be sold. Sullivan & Cromwell’s fees for January were $16.8 million, while Quinn Emanuel Urquhart & Sullivan’s fees were $1.4 million and Landis Rath & Cobb’s fees were $663,995, according to court documents . The three law firms have more than 180 attorneys working on the case and more than 50 non-attorney staff (such as paralegals).In early February, Sullivan & Cromwell filed a $7.5 million bill for the first 19 days of business bankruptcy after FTX filed in November.

Source

@TradeCryptoNow