#Kevin O’Leary FTX bankruptcy
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With some Democrats deciding to re-commit funds from FTX donations towards charity or other party campaigns after the crypto exchange’s bankruptcy, Rep. Maxine Water, D-Calif., told FOX Business she doesn’t "want to get into that" topic.
Waters avoided reporter Hillary Vaughn’s question when asked if Democrats who received campaign cash from FTX should give it back, saying, "Well, I don't want to get into that. As a matter of fact, both sides, Democrats and Republicans, have received donations. So thank you."
The Chairwoman of the House Financial Services Committee, however, did claim that lawmakers will be putting together a hearing to "explore exactly what has taken place" with FTX.
Sam Bankman-Fried, the founder of bankrupt crypto exchange FTX, was a major contributor to Democratic candidates during the midterm election cycle, funneling most of his donations through a little-known political action committee (PAC).
FTX FOUNDER SAM BANKMAN-FRIED HIT WITH CLASS-ACTION LAWSUIT THAT ALSO NAMES BRADY, BUNDCHEN, SHAQ, CURRY
Overall, in 2021 and 2022, Bankman-Fried donated nearly $38 million to various candidates and PACs, mainly giving his cash to Democratic candidates and left-wing groups, according to Federal Election Commission filings (FEC). The majority of his political givings, though, went to the Protect Our Future PAC, a group founded in January that is dedicated to boosting candidates committed to preventing future pandemics.
Bankman-Fried wired an initial $9 million in February to the PAC shortly after it was created, FEC records showed. He then made three additional donations worth $18 million between March and June, increasing his total contribution to Protect Our Future PAC to $27 million.
The Daily Beast reached out to more than 25 lawmakers that received money and reported that some said they'll give the money to charity. Other congressmen said they spent it to boost other Democratic candidates, and some didn’t reply at all.
Names of Democratic candidates that have received political contributions from FTX include Rep. Jesus Garcia, D-Ill., and Reps.-elect Morgan McGarvey of Kentucky, Maxwell Frost of Florida, Sydney Kamlager of California, Jonathan Jackson of Illinois, Nikki Budzinski of Illinois, Jared Moskowitz of Florida and Rob Menendez Jr. of New Jersey.
On Wednesday, Bankman-Fried was hit with a class-action lawsuit filed by investors alleging he and other high-profile celebrities – such as legendary NFL quarterback Tom Brady and NBA star Stephen Curry – violated Florida law and made consumers suffer more than $11 billion in damages.
The lawsuit, which names "Sam Bankman-Fried, Tom Brady, Gisele Bundchen, Stephen Curry, Golden State Warriors, Shaquille O’Neal, Udonis Haslem, David Ortiz, William Trevor Lawrence, Shohei Ohtani, Naomi Osaka, Lawrence Gene David, and Kevin O’Leary," seeks to make them "responsible for the many billions of dollars in damages they caused Plaintiff and the Classes and to force Defendants to make them whole."
The suit describes the well-known celebrities as "all parties who either controlled, promoted, assisted in, and actively participated in FTX Trading and FTX US (collectively, the ‘FTX Entities’), offer and sale of unregistered securities in the form of yield-bearing accounts (YBAs) to residents of the United States."
The lawsuit was filed in Florida because the defendants, it says, "conduct business in Florida, and/or have otherwise intentionally availed themselves of the Florida consumer market through the promotion, marketing, and sale of FTX’s YBAs in Florida, which constitutes committing a tortious act within the state of Florida."
Last week, Bankman-Fried admitted his fault in a tweet: "I'm sorry. That's the biggest thing," the founder wrote. "I f---ed up, and should have done better."
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CZ Takes Jab At Kevin O’Leary and Says Binance Exited FTX in July 2021
Binance's CEO, Changpeng Zhao (CZ), criticized CNBC's Kevin O'Leary for defending FTX founder Sam Bankman-Fried (SBF) despite O'Leary's $15 million loss due to FTX's bankruptcy. CZ revealed that Binance had severed ties with FTX in July 2021 and provided evidence of FTX's subsequent $5 billion investments across various ventures, including sports sponsorships, political donations, and real estate, alongside alleged misuse of customer funds.
CZ implied that O'Leary's continued trust in SBF, despite his association with a major financial scandal, was questionable. Binance had considered assisting FTX before its collapse but ultimately withdrew, emphasizing their thorough research process before investments.
Binance's decision to distance itself from FTX stemmed from concerns over Alameda Research (SBF's firm) in 2021. CZ claimed that SBF reacted negatively, resorting to personal attacks on Binance's team members and threats of retaliation. Subsequently, SBF reportedly invested in media, lawmakers, and celebrity allies like O'Leary to attack CZ and others in the industry.
CZ's statements underscore the rift between Binance and FTX, highlighting the importance of due diligence and caution in the cryptocurrency sector, especially when dealing with controversial figures like SBF.
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It has been almost one year since the FTX crypto exchange filed for bankruptcy and the contagion brought about by its collapse continues to unfold.
So far, the exchange has gone after various companies and institutions in a bid to recover the billions of dollars owed to its creditors and formulate a repayment plan. But this time around, the bankrupt crypto company has turned its attention toward promotional payments paid to celebrities and the like.
FTX Wants $18 Million In Promotional Payments
During its peak back in 2021, the FTX exchange was known for its far-reaching marketing campaigns. Celebrities were not left out as the likes of Tennis star Naomi Osaka and Basketball legend Shaquille O’Neal were also brought on by the exchange for promotional purposes. These deals saw the stars receive millions of dollars in prepayments, and now, the exchange wants it back.
FTX’s intent to claw back these promotional payments was made in a massive August 31 filing with the court. In total, the exchange is looking to clawback approximately $18 million in prepayments made to celebrities, as well as sports teams and arenas.
The largest single prepayment that the exchange is looking to recover is a $3,398,046.99 payment made toward the deal for the naming rights of the Miami Heat Arena. In 2021, FTX shocked the crypto space when it acquired the rights to rename the infamous Miami-Dade arena to the FTX Arena for a $135 million deal spanning five years. However, a year later, the exchange collapsed and the arena stripped the FTX name.
Approximately $18 million made in prepayments for promotions
Other notable payments include $2,348,338.83 made to Canadian businessman Kevin O’Leary, $1,850,000 made to GameStop, a total of 2,564,187 made in two payments to Fortune Media Inc., and $1,989,166.67 made to the Coachella Music Festival, LLC.
The celebrity names that pop in the filing include Naomi Osaka for a total of $308,33.34, ABG Shaq, LLC for $749,999.93, Trevor Lawrence for $205,555.35, and David Ortiz for $270,833.55. The exchange is also seeking $417,150 from the Warriors professional basketball team.
FTT Token Price continues to fall amid exchange's battles | Source: FTTUSDT on Tradingview.com
Crypto Market Braces For Possible Exchange Dumping
Amid the ongoing legal battle to recover FTX funds belonging to Customers, rumors have emerged that the exchange may be getting ready to dump its significant crypto stash. A decision is expected to be made on Wednesday, September 13, regarding FTX’s request to sell its crypto holdings, and if it is granted, then it could see the company offload its $3.4 billion crypto stash on the Market.
The exchange had previously appointed Galaxy Digital to be in charge of selling its crypto holdings, meaning that it expects to be granted leave from the court to do so. With only two days to go, coins such as Solana (SOL) have already begun to decline in anticipation of the exchange selling the over $400 million worth of SOL it holds over time.
FTX also holds a significant amount of bitcoin, Ethereum, Dogecoin, Polygon, Aptos, and its native token, FTT Token. However, it is unlikely that the exchange would be able to dump all of these tokens at once with some being locked under vesting, as long as the court puts a limit on how much can be sold at a time.
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Shark Tank Star Kevin O’Leary Says Most Crypto Tokens Are Worthless — ‘They’ll Eventually Just Go to Zero’
Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says that most crypto tokens are worthless and they will eventually drop to zero in value. He added that he now owns seven cryptocurrencies and he is getting the same volatility he did when he owned 32 crypto tokens prior to the collapse of crypto exchange FTX.
O’Leary: Most Crypto Tokens Are Worthless
Kevin O’Leary shared his view on cryptocurrency investing in an interview with Scott Melker on the Wolf of All Streets podcast, published Tuesday. He said:
10,000 tokens, most of them worthless. They’ll eventually just go to zero because of lack of volatility and lack of volume. They are irrelevant.
According to some data providers, there are currently about 10,000 cryptocurrencies. Coinmarketcap, however, shows a total of 22,476 crypto tokens.
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, also said on several occasions that most crypto tokens will fail. He recently urged investors not to get caught up in the fear of missing out (FOMO).
Portfolio Diversification
O’Leary added that he marked all his crypto investments down to zero when FTX filed for bankruptcy in November last year. The Shark Tank star solely used FTX because he was a spokesperson for the exchange. FTX paid him $15 million to be its spokesperson.
While the FTX bankruptcy case is still going on, Mr. Wonderful said: “In the interim, to bring back our allocation, we simply went into the market and bought new positions in bitcoin, polygon, ethereum, HBAR, just a few — seven positions.”
He explained: “We went back to look at the volatility of our portfolio pre-FTX and now post-FTX. We had 32 positions on pre-FTX collapse, we now have seven and we are getting the exact same volatility with a fraction of the actual number of tickers.” The Shark Tank star continued, “So you don’t need to own everything to be exposed to crypto volatility,” elaborating:
You don’t need any more than seven, you are getting the same volatility.
Following the meltdown of FTX, O’Leary was heavily criticized for his continued support of the disgraced founder Sam Bankman-Fried (SBF). He said he would back SBF again if he had another venture, insisting that the former FTX CEO was a brilliant crypto trader.
Do you agree with Kevin O’Leary that most crypto tokens are worthless? Let us know in the comments section below.
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Bankruptcy Filing Reveals Tom Brady, Kevin O’Leary, and Coinbase Among Major FTX Creditors - Decrypt - https://decrypt.co/118888/bankruptcy-filing-tom-brady-kevin-oleary-coinbase-among-major-ftx-creditors ...
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New Post has been published on https://coinprojects.net/we-can-meet-100-of-withdrawals-says-binances-changpeng-zhao/
We can meet 100% of withdrawals, says Binance's Changpeng Zhao
CZ dismisses concerns over whether Binance could handle a $2.1 billion withdrawal.
The CEO confirmed that the crypto exchange could meet 100% of withdrawals on its platform.
Binance has very solid revenue, CZ added.
Binance can meet withdrawals on its platform
Changpeng Zhao (CZ), the CEO of Binance, told CNBC in a recent interview that the cryptocurrency exchange has what it takes to meet 100% of its withdrawals. Binance is the world’s leading cryptocurrency exchange and has been in the spotlight recently, following the collapse of FTX.
When asked if Binance can withstand a $2.1 billion request on its platform, CZ said;
“People can withdraw 100% of the assets they have on Binance; we will not have an issue on any given day. Binance doesn’t operate on a fractional banking system.”
He added that cryptocurrency businesses should hold user assets 1-to-1, and that is what Binance does.
CNBC quoted the US bankruptcy code, which states that if bankruptcy proceedings can establish that a payment was carried out via proceedings of fraud or that an individual should have reasonably known that a payment was fraudulent, any beneficiary in a two-year lookback window can have their gains clawed back by the trustee.
When asked if Binance is prepared to send that money to them, CZ replied that;
“I think we’ll leave that to the lawyers. I think our legal team is perfectly capable of handling it. “We have very solid revenue.
Kevin O’Leary blames Binance for FTX’s crash
In a recent hearing by the House Finance Committee, Kevin O’Leary accused Binance of intentionally crippling FTX. O’Leary was a former spokesperson for the now-defunct FTX exchange. He said;
“Now, maybe there’s nothing wrong with that – maybe there’s nothing wrong with love and war. But Binance is a massive, unregulated global monopoly now. They put FTX out of business – now, lots of other reasons, I’m sure. But that’s my personal opinion.”
Earlier this week, blockchain analytics provider CryptoQuant revealed that it had verified Binance’s proof of reserve in its recently released audit report after it analysed the recently released proof-of-reserves by Binance.
The report put to bed the FUD storm that has been circulating following the recent surge in withdrawals.
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Binance Directly Caused the FTX Collapse: Kevin O'Leary
Binance Directly Caused the FTX Collapse: Kevin O’Leary
At a US Senate committee hearing on December 14, investor Kevin O’Leary criticized Binance for FTX’s collapse. O’Leary, FTX’s hired spokeswoman, revealed discussions with Sam Bankman-Fried in the weeks before bankruptcy.
O’Leary stated that SBF spent over $3 billion to repurchase Binance’s FTX shares over the previous 24 months.
O’Leary answered Senator Pattrick Toomey’s question about FTX’s…
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Binance 'put FTX out of business' — Kevin O'Leary
Binance ‘put FTX out of business’ — Kevin O’Leary
The collapse of FTX was triggered by Binance, claimed investor Kevin O’Leary on Dec. 14 speaking at the United States Senate committee hearing about the crypto exchange meltdown. O’Leary, who was a paid spokesperson for FTX, provided details about conversations with Sam Bankman-Fried in the days before FTX filed for bankruptcy.
During his testimony, O’Leary said he had questioned SBF regarding…
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Binance 'put FTX out of business' — Kevin O'Leary
Binance ‘put FTX out of business’ — Kevin O’Leary
The collapse of FTX was triggered by Binance, claimed investor Kevin O’Leary on Dec. 14 speaking at the United States Senate committee hearing about the crypto exchange meltdown. O’Leary, who was a paid spokesperson for FTX, provided details about conversations with Sam Bankman-Fried in the days before FTX filed for bankruptcy.
During his testimony, O’Leary said he had questioned SBF regarding…
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New Post has been published on https://primorcoin.com/sam-bankman-fried-says-he-will-testify-before-the-us-house-financial-services-committee-remotely/
Sam Bankman-Fried says he will testify before the US House Financial Services Committee remotely
Continuing his so-called apology tour, Sam Bankman-Fried appeared on a Twitter Space with Unusual Whales and told nearly 60,000 listeners that he intends to testify at the United States House of Representatives Financial Services Committee remotely on Dec. 13. He was previously confirmed to appear in person.
Bankman-Fried, who is allegedly currently located in the Bahamas, missed the deadline to confirm his appearance before the Senate Banking Committee the following day, despite the threat of a subpoena. Despite his frequent public speaking, Bankman-Fried has gone silent on Twitter himself, not posting since Dec. 9, when he indicated his agreement to appear at the House committee hearing.
1) I still do not have access to much of my data — professional or personal. So there is a limit to what I will be able to say, and I won’t be as helpful as I’d like.
But as the committee still thinks it would be useful, I am willing to testify on the 13th. https://t.co/KR34BsNaG1
— SBF (@SBF_FTX) December 9, 2022
John Ray, who has taken over from Bankman-Fried as FTX‘s CEO since the firm’s bankruptcy, is also slated to appear at the House hearings before the full committee. Ray, who oversaw the liquidation of Enron, has expressed his dismay at the management of FTX. Crypto skeptics Hilary Allen and Ben McKenzie are expected to appear at the Senate hearing. Allen is a law professor, and McKenzie, whose full name is Ben McKenzie Schenkkan, is an actor who has spoken out against crypto, bucking the controversial trend of celebrity crypto endorsements. Investor and former FTX spokesperson Kevin O’Leary and Cato Institute director of Financial Regulation Studies Jennifer Schulp are also expected to testify.
U.S. authorities have reportedly threatened to extradite Bankman-Fried from the Bahamas. He reportedly faces criminal charges in that country as well. The U.S. Justice Department has reportedly launched its own investigation into Bankman-Fried for fraud related to money transfers from the United States to the Bahamas carried out days before FTX declared bankruptcy.
Bankman-Fried has reportedly hired former federal prosecutor Mark Cohen for his defense. Cohen is best known for defending socialite Ghislaine Maxwell. Caroline Ellison, former CEO of FTX-linked Alameda Research, will reportedly be represented by former Securities and Exchange Commission Enforcement Director Stephanie Avakian.
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#CryptoExchange#DEFI#DEFINews#NFT#NFTNews#Crypto Exchange#Cryptocurrency Exchange#CryptoPress#decentralized exchange#NFT News
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Sam Bankman-Fried to Binance CEO: You Won, Stop Lying
Sam Bankman-Fried to Binance CEO: You Won, Stop Lying
Binance CEO Changpeng Zhao (CZ) and ex-FTX boss Sam Bankman-Fried (SBF) traded barbs over Twitter on Friday as each contested the true nature of their private business dealings.
During the exchange, Bankman-Fried asked CZ why he would “lie” about their situation, given he had already “won,” post bankruptcy.
CZ’s Story
CZ began with reference to Kevin O’Leary’s latest comments on FTX’s…
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Sam Bankman-Fried to Binance CEO: You Won, Stop Lying
Sam Bankman-Fried to Binance CEO: You Won, Stop Lying
Binance CEO Changpeng Zhao (CZ) and ex-FTX boss Sam Bankman-Fried (SBF) traded barbs over Twitter on Friday as each contested the true nature of their private business dealings.
During the exchange, Bankman-Fried asked CZ why he would “lie” about their situation, given he had already “won,” post bankruptcy.
CZ’s Story
CZ began with reference to Kevin O’Leary’s latest comments on FTX’s…
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Sam Bankman-Fried to Binance CEO: "You Won, Stop Lying"
Sam Bankman-Fried to Binance CEO: “You Won, Stop Lying”
Binance CEO Changpeng Zhao (CZ) and former FTX boss Sam Bankman-Fried (SBF) traded barbs on Twitter on Friday as each disputed the true nature of their private business relationship.
During the exchange, Bankman-Fried asked CZ why he would “lie” about their situation, given that he had already “won” after the bankruptcy.
CZ’s story
CZ began in reference to Kevin O’Leary’s latest comments on the…
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Crypto news, Sam Bankman-Fried to Binance CEO: "You Won, Stop Lying"
Crypto news, Sam Bankman-Fried to Binance CEO: “You Won, Stop Lying”
Binance CEO Changpeng Zhao (CZ) and ex-FTX boss Sam Bankman-Fried (SBF) traded barbs over on Friday as each contested the true nature of their private business dealings.
During the exchange, Bankman-Fried asked CZ why he would “lie” about their situation, given he had already “won,” post bankruptcy.
CZ’s Story
CZ began with reference to Kevin O’Leary’s latest comments on FTX’s fallout.
In his…
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#Crypto #News:
Kevin O'Leary lost the $15M he was paid to be FTX's spokesperson Kevin O’Leary fessed up to making a massive mistake with FTX, and is working to find out where his money went amid the bankruptcy. https://t.co/lc1ZLc1hbp
— BitRss News (@RssBit) Dec 9, 2022
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Kevin O'Leary lost the $15M he was paid to be FTX's spokesperson
Kevin O’Leary lost the $15M he was paid to be FTX’s spokesperson
Kevin O’Leary fessed up to making a massive mistake with FTX, and is working to find out where his money went amid the bankruptcy.
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