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FTX Sam Bankman-Fried Live Updates: BitGo Has Recovered $740 M From The Failed Cryptocurrency Exchange FTX So Far

FTX Sam Bankman-Fried Live Updates and Latest News: 

Samuel Bankman-Fried, popularly known as SBF is the co-founder and former CEO of the Bahamas-based exchange FTX. FTX was one of the leading exchanges in the Crypto world. Its native token FTT started facing a crisis in mid-2022. It filed for bankruptcy in the United States in November, 2022. 

At the peak of his life, his net worth was estimated to be $26 billion. In the month of October, this year he estimated wealth was at $10.5 billion. Amid the FTX crisis his wealth dropped by 94% in a day bringing him down to $991.5 million. 

He donated huge sums of money to Democratic Party candidates in the U.S. 

More than $740 million recovered so far from the crashed FTX

The company contracted to recover the assets of FTX, BITGO has said it has recovered more than $740 million. Although this is just a fractions of assets from the potential billion dollars that the company owned. On Wednesday, BitGo filed this in the document of court proceedings.

Within hours after FTX filed for bankruptcy on November 11 of this year, BitGo was hired to look into it. The amount is from November 16th and the company estimates that it would be worth $1 billion by now. The recovered amount is locked in a ‘cold storage’ now, which means it’s not connected to the internet. 

Bankman-Fried, the CEO and Co-founder of FTX was looking to get $8 billion from new investors to recover his balance sheet. 

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Sam Bankman-Fried to give first public appearance after collapse of FTX

SBF is all set to speak at the New York Times DealBook Summit and he will be speaking to NYT’s Andrew Ross Sorkin. Bankman-Fried tweeted and confirmed about his presence. This would be the first appearance of him at any public event after the collapse of his company, FTX. He involved only in long twitter threads and direct messaging on the platform to reporters. This also created trouble for him as the laewyers for FTX wrote in the documents. “There are a lot of important questions to be asked and answered, nothing is off limits,” Sorkin tweeted. 

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The takeover announcement by BINANCE and the mind-change

After a cavity in the price of FTT which fell to $6, CZ the founder and CEO of Binance announced that they will be buying FTX completely. However, after a report from Bloomberg suggesting that FTX is under investigation by U.S Federal agencies, Binance alters its decision. A spokesperson reveals the mismanagement of funds and investigation has impacted Binance’s settlement. Next day, there is an announcement of Alameda research shutting down and FTX’s assets are sealed. 

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US Senates call for action against Sam Bankman-Fried

Senates Elizabeth Warren and Sheldon Whitehouse have written a letter to the Department of Justice for a proper investigation against Bankman-Fried and the other senior officials at FTX. Bankman-Fried applied “fraudulent tactics” as they claimed. 

On the day when FTX filed for bankruptcy, Bankman-Fried claimed through a tweet that they have enough money to cover up for all the client’s holdings and they do not invest in the client’s assets. However, later Bankman-Fried admitted that his other company, Alameda Research has approximately $10 billion of FTX. The senators wrote the co-founder, also the former CEO wanted to enrich himself by using people’s money. 

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Sam Bankman-Fried issues an apology in a memo to employees

SBF issued a memo to FTX’s current and formal employees in which he says sorry multiple times. From the memo, it’s clear that Sam Bankman-Fried has sent the memo to express his apology and his regret for resigning. He further mentions that his employees were his family and communicating with them about what was happening was his responsibility. He explains in the memo, what led to the situation of collapsing the company. 

This memo is his first detailed explanation about what happened and the lengthiest apology he has ever issued. 

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Expensive purchase surrounding FTX

The official property records show the parents of Sam Bankman-Fried and senior executives at FTX have bought property worth $121 million in the past 2 years across the Bahamas. This purchase consists of expensive homes having private beaches, condominiums in luxury resorts, etc. As claimed, these purchases were made by FTX to provide residence to its key personnel.

One other document shows his parents sign on a property facing the beach in Old Fort Bay, which was home to a British colonial fort in the 1700s. 

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About Author
Shourya is a crypto fanatic who has developed interest in Business Journalism in the past few years. Currently, working as a writer with Coingape, Shourya is also an avid reader. Apart from writing, you can find her attending poetry shows, exploring cafes and watching cricket. As she says, "dogs are my home," her first rescue of a dog was at the age of 7! She has constantly been speaking up for mental health and the rainbow pride.

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