Най-новото от FTX: Ликвидаторите казват, че фалитът на фирмата е неразрешен

(Bloomberg) — FTX Trading Ltd. and about 100 related companies are beginning a strategic review of global assets as part of the Chapter 11 bankruptcy process.

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It comes after FTX said it fired three senior deputies to former CEO Sam Bankman-Fried, the Wall Street Journal reported.

The collapse of the crypto empire has morphed into a new political battle as Republicans highlight ties between Democrats and their one-time benefactor Bankman-Fried.

Missouri Republican Sen. Josh Hawley on Friday sent a broad request for correspondence between federal agencies and Democrats, including the Biden administration and the House and Senate Democratic campaign committees, regarding FTX and the Alameda Research trading house. Hawley said he was trying to determine whether Bankman-Fried’s more than $37 million in political donations to Democrats may have pressured regulators to be lenient toward the former crypto executive.

Meanwhile, the chairman of a House panel is asking FTX to hand over documents and information by December 1 as part of the investigation into the crypto platform’s collapse.

Key stories and developments:

  • FTX bankruptcy bombshells squeeze crypto lenders behind Bull Run

  • Wall Street Beat: FTX Tutorial on Debt and Token Funding

  • FTX’s point of no return was Ellison’s tweet, Trade Data Show

  • Bankman-Fried’s Island Haven has been gaining attention since the end of FTX

  • FTX Existential Crisis Fix; The TMT Mega-Cap Problem (Podcast)

(Time references are New York unless otherwise noted.)

FTX begins global asset review as part of Chapter 11 (3:18am)

FTX Trading Ltd. and about 100 subsidiaries are beginning a strategic review of global assets as part of the Chapter 11 bankruptcy process.

“Based on our review this past week, we are pleased to learn that many of FTX’s regulated or licensed subsidiaries, in and outside the US, have solvent balance sheets, responsible management and valuable franchises,” FTX Group’s new CEO John J. Ray III said in a statement.

The FTX companies, known as the FTX Debtors, have engaged Perella Weinberg Partners LP as the lead investment bank and have begun preparing certain assets for sale or reorganization, according to the statement.

FTX Japan to develop withdrawal system: Asahi (23:54)

FTX’s Japanese division has begun developing a system that will allow customers to withdraw their funds, the Asahi newspaper reported on Saturday, citing company CEO Seth Melamed.

FTX Fires Sam Bankman-Fried’s Top Deputies, WSJ Reports (10:07 PM)

FTX said it fired three senior deputies to former CEO Sam Bankman-Fried, the Wall Street Journal reported.

FTX co-founder and chief technology officer Gary Wang, engineering director Nishad Singh and Caroline Ellison, who ran Alameda Research, were fired from their positions, the paper said, citing an FTX spokeswoman late Friday. The newspaper did not say whether it had tried to contact the executives for comment.

They left those roles after FTX appointed John J. Ray to oversee the bankruptcy, according to the report. The newspaper previously reported that executives were aware of the decision to send client money to the Alameda trading firm.

Hawley hunts down Democrats’ emails as FTX collapse turns political (16:04)

The collapse of the crypto empire founded by political mega-donor Sam Bankman-Fried has morphed into a new political battle as Republicans highlight ties between Democrats and their onetime benefactor.

Missouri Republican Sen. Josh Hawley on Friday issued a broad request for correspondence between federal agencies and Democrats, saying he was trying to determine whether Bankman-Fried’s more than $37 million in political donations to Democrats may have pressured regulators to be lenient on the former crypto executive.

Short sellers jump on crypto stocks despite high betting costs (14:44)

Short sellers have pounced on crypto-focused stocks as the digital asset space crumbles in the wake of FTX’s public implosion.

Crypto stocks are nearly three times shorter than the average holding, even though short sellers are paying almost eleven times more in funding costs to bet against them, according to data compiled by Igor Dusanivskyi and Matthew Unterman of S3 Partners.

Traders banking on losses in a handful of crypto stocks, including Block Inc., Coinbase Global Inc., MicroStrategy Inc. and five others, added $55 million worth of new shorts in the week through Friday, according to S3 analysis. The total crypto short interest for these eight stocks is more than $4.5 billion.

Silvergate shares fall as FTX Fallout attracts short sellers (13:16)

Shares of Silvergate Capital Corp. collapsed, causing them to lose a quarter of their value this week as investors chastised the bank for its ties to bankrupt FTX.

Shares of the company that held deposits for FTX fell 9.9 percent to $25.14 at 1:03 p.m. in New York. Thursday’s nearly 11% drop triggered a short-selling circuit breaker. Data from S3 Partners shows that short interest in Silvergate is about 11% of shares available for trading.

FTX looks at years of lawsuits to recover billions from customers (13:12)

FTX’s bankruptcy opens the door to possible lawsuits from creditors seeking to reclaim billions of dollars in assets that customers and insiders withdrew before the crypto company’s sudden Chapter 11 filing.

As the company’s advisers struggle to deal with its finances, they will have a set of bankruptcy tools at their disposal that will allow them to try to funnel funds back into the FTX empire to try and pay all creditors, although the effort is likely to take years.

Crypto Fallout Leaves US Retiree Benefits Almost Unscathed (12:35 PM)

Most of the largest US state and local government pension funds have avoided the ongoing fallout from the FTX crypto exchange crash by not investing directly in digital tokens. For pensions that have fallen into the risky asset class, the investments represent only a small part of the pension funds’ portfolio and much of the limited exposure is indirect through crypto-related stocks or other investment products.

Almost all of the top 10 U.S. pension funds by assets said they are not invested in bitcoin or other cryptocurrencies, according to an unofficial Bloomberg survey.

House Panel Seeks Documents in FTX Blowup Probe (11:13am)

The chairman of a House panel is asking FTX to turn over documents and information by Dec. 1 as part of its investigation into the collapse of the once-famous crypto platform.

“FTX customers, former employees and the public deserve answers,” said Rep. Raja Krishnamurthy, chairman of the House Oversight Subcommittee on Economic and Consumer Policy, in a letter Friday to former FTX CEO Sam Bankman-Fried and John J. . Ray III, the new CEO and chief restructuring officer who oversaw the liquidation of Enron Corp.

He asked for details on the circumstances surrounding the crypto firm’s spiral into bankruptcy last week, including an explanation of the company’s liquidity problems, how those problems at the Bahamas-based parent company affected its US division and details of how customer funds were used . The subcommittee is also seeking internal documents and communications.

FTX auditor defends job as new CEO blows up finances (10:57am)

The auditors of FTX Trading Ltd. are defending their jobs even after the collapsed crypto exchange’s new management blasted auditors in a stunning bankruptcy filing.

“We believe that the financial statements of FTX Trading Ltd. as of 12/31/21 are fair and we stand by our audit opinion,” New York-based accounting firm Prager Metis CPAs LLC said in a statement to Bloomberg Tax.

–With help from Stephen Stapczynski.

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