FTXs – Coin Network News https://coinnetworknews.com If it's coin, it's news. Tue, 09 May 2023 03:34:35 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 FTX’s Sam Bankman-Fried Moves to Dismiss Most Criminal Charges Against Him https://coinnetworknews.com/ftxs-sam-bankman-fried-moves-to-dismiss-most-criminal-charges-against-him/ https://coinnetworknews.com/ftxs-sam-bankman-fried-moves-to-dismiss-most-criminal-charges-against-him/#respond Tue, 09 May 2023 03:34:35 +0000 https://coinnetworknews.com/ftxs-sam-bankman-fried-moves-to-dismiss-most-criminal-charges-against-him/

Bankman-Fried, who is set to go to trial this upcoming fall, faces over a dozen different charges ranging from wire, securities and commodities fraud allegations to bribery claims brought across multiple superseding indictments tied to his conduct as the former CEO of the Bahamas-based crypto exchange. FTX collapsed dramatically last November, filing for bankruptcy alongside nearly 100 related firms and subsidiaries.

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What You Can Learn From Taylor Swift Turning Down FTX’s $100M Endorsement Deal https://coinnetworknews.com/what-you-can-learn-from-taylor-swift-turning-down-ftxs-100m-endorsement-deal/ https://coinnetworknews.com/what-you-can-learn-from-taylor-swift-turning-down-ftxs-100m-endorsement-deal/#respond Fri, 21 Apr 2023 17:07:28 +0000 https://coinnetworknews.com/what-you-can-learn-from-taylor-swift-turning-down-ftxs-100m-endorsement-deal/

A truly canny investor won’t be entirely focused on the content of the answers to hard questions, but also on the way a question is addressed. Whether you’re able to do it face-to-face as Swift reportedly did or by turning a sharp eye to a company’s public communications, that’s a basic and crucial evaluation tool in business and investing at any level.

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Taylor Swift Rejected Crypto Exchange FTX’s Sponsorship Offer Over Unregistered Securities Concerns – Featured Bitcoin News https://coinnetworknews.com/taylor-swift-rejected-crypto-exchange-ftxs-sponsorship-offer-over-unregistered-securities-concerns-featured-bitcoin-news/ https://coinnetworknews.com/taylor-swift-rejected-crypto-exchange-ftxs-sponsorship-offer-over-unregistered-securities-concerns-featured-bitcoin-news/#respond Thu, 20 Apr 2023 00:07:20 +0000 https://coinnetworknews.com/taylor-swift-rejected-crypto-exchange-ftxs-sponsorship-offer-over-unregistered-securities-concerns-featured-bitcoin-news/

Taylor Swift, a pop icon and 12-time Grammy Award winner, reportedly turned down a $100 million sponsorship offer from the now-bankrupt cryptocurrency exchange FTX due to concerns about unregistered securities. A number of FTX celebrity endorsers are currently facing a class action lawsuit, including Shaquille O’Neal (Shaq), Tom Brady, and Larry David.

How Taylor Swift Avoided Partnering With FTX

Taylor Swift, a famous singer-songwriter who has won 12 Grammy Awards from 46 nominations, reportedly did due diligence on now-bankrupt cryptocurrency exchange FTX and turned down a sponsorship proposal from former FTX CEO Sam Bankman-Fried. FTX filed for Chapter 11 bankruptcy in November of last year.

Adam Moskowitz, one of the attorneys leading a $5 million class-action lawsuit against 16 celebrity endorsers of FTX revealed during an episode of the Block’s Scoop podcast that Swift took the step of consulting with her lawyer when approached by SBF, in contrast to other celebrities who invested in FTX.

“The one person I found that [talked to their lawyers] was Taylor Swift,” Moskowitz shared, adding:

In our discovery, Taylor Swift actually asked them: ‘Can you tell me that these are not unregistered securities?’

Bankman-Fried, who is facing multiple fraud charges in the U.S., reportedly lobbied aggressively for a partnership with Swift. The partnership would have cost the bankrupt crypto company more than $100 million over three years.

Describing FTX as a “pyramid scheme,” Moskowitz, along with former Weinstein lawyer David Boies, filed a class-action lawsuit in Florida alleging that the crypto exchange’s celebrity endorsers promoted a “Ponzi scheme,” which impacted “thousands, if not millions, of consumers nationwide.” Shaquille O’Neal (also known as Shaq), Tom Brady, and Larry David are among the FTX celebrity promoters who are facing a class-action lawsuit filed by Moskowitz for endorsing sales of unregistered securities.

Commenting on how Swift avoided involvement with FTX, Tesla and Twitter CEO Elon Musk, who also turned down an offer from Bankman-Fried when the former FTX executive wanted to invest in Twitter, tweeted Wednesday:

I’m not surprised. Taylor is smart and her father is a well-regarded investment banker.

Scott Kingsley Swift, Taylor’s father, founded the Swift Group, a wealth management and financial advisory group that is part of Merrill Lynch, a Bank of America company. Taylor has expressed her admiration for her father’s passion for his work on several occasions. Even at the young age of eight, when her peers aspired to become astronauts or ballerinas, Taylor wanted to follow in her father’s footsteps and become a financial adviser.

What do you think about pop icon Taylor Swift being concerned about unregistered securities when approached by the disgraced FTX co-founder Sam Bankman-Fried? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons, lev radin

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FTX’s Bankruptcy Lawyers: ‘The Dumpster Fire Is Out’ https://coinnetworknews.com/ftxs-bankruptcy-lawyers-the-dumpster-fire-is-out/ https://coinnetworknews.com/ftxs-bankruptcy-lawyers-the-dumpster-fire-is-out/#respond Wed, 12 Apr 2023 20:38:21 +0000 https://coinnetworknews.com/ftxs-bankruptcy-lawyers-the-dumpster-fire-is-out/
Five months after the spectacular implosion of FTX, the Bahamas-based exchange’s new legal team has a message for both the U.S. bankruptcy court and creditors alike: “The situation has been stabilized and the dumpster fire is out.”

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FTX’s bankruptcy lawyers and advisors pocket $32.5M in February https://coinnetworknews.com/ftxs-bankruptcy-lawyers-and-advisors-pocket-32-5m-in-february/ https://coinnetworknews.com/ftxs-bankruptcy-lawyers-and-advisors-pocket-32-5m-in-february/#respond Tue, 11 Apr 2023 05:30:28 +0000 https://coinnetworknews.com/ftxs-bankruptcy-lawyers-and-advisors-pocket-32-5m-in-february/

February’s round of legal expenses for bankrupt crypto exchange FTX has been published and it remains a scary figure for debtors.

A series of court filings from April 4 to April 10 detailed the monthly fee statements for February of the law firms involved with FTX’s bankruptcy proceedings which come to a combined total of around $32.5 million.

The figure didn’t include the recompense for restructuring chief and CEO John J. Ray III who pocketed $305,000 in February according to a March court filing.

Ray’s remuneration for March came in at a similar figure, with an April 10 filing showing his total fees and expenses were $329,173.

The FTX chief billed at $1,300 per hour and reported working 255.9 hours for the period of Mar. 1 to Mar. 31. This makes his fees a whopping $327,470, with the remaining $1,703 for airfares, lodging, transport, meals, and other expenses.

John J Ray III’s expenses and hourly billings for the month of March. Source: Kroll

The law firm Quinn Emanuel Urquhart and Sullivan sought a total of over $2.7 million in reimbursements for February. Partners at the firm billed between $1,246 and $1,917 per hour and associates billed between $747 and $1,183 per hour. The total number of hours billed for the firm was nearly 2,610.

A 167-page fee statement from Quinn Emanuel Urquhart & Sullivan outlined that its largest billing was for “investigation.” Source: Kroll

April 4 filings for the law firm Alvarez and Marsal and forensic investigation consultant Alix Partners detailed their February fee statements totaled over $11.9 million and around $3.6 million respectively.

The largest amount sought was from law firm Sullivan and Cromwell which billed a total of over $13.4 million for work carried out for FTX in February by their burgeoning team of lawyers and associates.

Sullivan and Cromwell’s employees collectively spent over 12,000 hours working on FTX in February. Source: Kroll

Meanwhile, on the lower end of the scale, investment banking firm Perella Weinberg Partners billed $77,891 while bankruptcy co-council Landis Rath and Cobb invoiced $582,604 for February.

Related: FTX financial controls were a ‘hodgepodge’ of apps, says court filings

Advisors and lawyers for the bankrupt exchange billed a similar amount in January, with FTX shelling out $34.18 million for their combined services in January according to earlier court documents.

The fees, reimbursements, and expenses that FTX has forked out to its phalanx of lawyers, associates, paralegals, accountants, investigators, directors, and executives remain tough to swallow for customers still waiting for recompense.

The bankruptcy is far from over and it’s reported that Sullivan and Cromwell alone will reap hundreds of millions of dollars before the firm’s bankruptcy investigation wraps up.

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