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After the FTX bankruptcy, new facts about the erstwhile second largest cryptocurrency exchange emerge almost every day. Yesterday, Bloomberg reported that FTX used its native token FTT to win the Blockfolio deal. The deal allowed FTX a 52% stake in the platform.
Bloomberg reported, “FTX paid roughly $84 million in 2020 to take a majority stake in Blockfolio, in what was then among the largest crypto acquisitions. About 94% was paid in FTT tokens, a cryptocurrency that FTX created.”
FTX, the bankrupt cryptocurrency exchange, used a token it invented to fund its takeover of trading platform Blockfolio https://t.co/QZQTNmH0n5
On November 11, the biggest collapse happened in the history of cryptocurrency. FTX, once the world’s second-largest crypto exchange platform, valued at $32 billion (USD) at its peak, now owes millions of frustrated customers money.
On December 15, the shareholder rights litigation firm Schall Law firm announced that the firm would start investigating FTT investors who claim against FTX for violating the securities laws. The law firm requested all FTT investors to provide information on their FTT transactions. More than 1 million investors lost their savings with FTX’s sudden collapse.
The Former FTX CEO Released On Bail
On December 13, 2023, the US attorney general said that the former FTX CEO was arrested in the Bahamas. United States prosecutor Damian Williams said, “at the request of the US government, based on a sealed indictment filed by the United States Attorney’s Office for the Southern District of New York.” A few hours ago, he was released on a $250 million bond package while he had to await trial in the US for committing criminal fraud related to the FTX downfall.
On December 21, Damian Williams, American attorney, said that former FTX CTO Gary Wang and former Alameda Research CEO Caroline Ellison pleaded guilty to misleading FTX investors.
“United States Attorney announces extradition of FTX founder Samuel Bankman-Fried to the United States and guilty pleas of former CEO of Alameda Research and former Chief Technology Officer of FTX,” US Attorney SDNY tweeted.
The United States Securities and Exchange Commission (SEC) labeled FTX native token FTT as a “security.” The SEC wrote in its complaint that “The large allocation of tokens to FTX incentivized the FTX management team to take steps to attract more users onto the trading platform and, therefore increased demand for, and increase the trading price of, the FTT token.”
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