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Polaris Ventures, a charity founded by former FTX and Alameda chief of staff Ruairi Donnelly, reportedly sought to receive roughly $150 million from the bankrupt exchange's employee token sales.
Many think the latest money transfer is part of the bankruptcy process, with officials liquidating funds to repay creditors.
Alameda Research, the cryptocurrency trading firm that filed for bankruptcy in November, continues to record active transactions, with a $2 million withdrawal recently being recorded by the crypto analytics platform Arkham Intelligence.
Alameda linked wallet bought 1 million FTT worth $2.3 million before opening a loan position on the decentralized crypto lending platform Abracadabra.
After a whopping $13 million worth of assets was transferred to the consolidation wallet of Alameda Research, a new development suggests that there was a $2 million withdrawal by an Alameda-linked address labeled “brokenfish.eth”.
Investors should stay away from these risky digital coins and tokens that continue to be volatile and could put capital at risk.
Both Bitcoin and Ethereum look like good long-term investment plays.
The SkyBridge Capital founder said he got "burned by Sam" after putting millions into the FTT token following a big investment by FTX.
Bankrupt and beaten-up issuers haven't stopped the rise of their “zombie tokens”
FTX Token (FTT), the native cryptocurrency of the collapsed FTX crypto exchange, is recording significant gains in 2023 despite the troubles surrounding the trading platform.
Despite total collapse of FTX exchange, FTT token has never quite reached zero
Price takers have been placing large market buy orders at the same pace as market sell orders, data from Kaiko Research show. However, overall liquidity remains thin, implying a high risk of sudden price crash.
In a best-case scenario, crypto layoffs could spur another round of innovation for the industry.
As FTX mulls a return to operations, its FTT token stash is growing more valuable. This, as the CEO tasked with steering the collapsed cryptocurrency exchange through its bankruptcy, John J.
In reaction to the relieving comment by the new FTX boss to reboot the exchange, the FTT token jumped 32% to $2.37.
Despite the bankruptcy, FTT has risen 32% in 24 hours
FTX's native token FTT (CRYPTO: FTT) soared over 24% in the past 24 hours, after the company's new CEO John J. Ray III, said that he was exploring ways to revive the defunct exchange that was formerly run by Sam Bankman-Fried.
The value of FTX's controversial FTT token increased by more than 33% after the newly appointed chief executive officer of the insolvent company, John J. Ray III, stated that he is investigating the prospect of relaunching the crypto exchange.
FTX CEO John Ray III has revealed that restarting the FTX exchange is on the table. Sam Bankman-Fried has welcomed the possibility of reviving the exchange.
Traders doing trader things with FTT.
Alameda Research's heavy reliance on FTT as an asset was a key catalyst in the collapse of Bankman-Fried's empire.
Two days ago, bankruptcy administrators and FTX debtors published an update for unsecured creditors claiming the discovery of $5.5 billion in liquid assets. Roughly $3.5 billion of these funds are cryptocurrency assets, with 11 different digital currencies classified as “liquid assets.
"The Hash" hosts discuss today's top headlines, including new FTX CEO John J. Ray III telling the Wall Street Journal the company is exploring the possibility of restarting the bankrupt crypto exchange.
FTT is up 30% following FTX's new CEO's comments on the future of the crypto exchange.
