Sam Bankman-Fried is asking the court docket to prioritize reimbursing his authorized charges
Sam Bankman-Fried (SBF) tries to make use of FTX’s firm insurance coverage to cowl his authorized prices, in keeping with a March 15 court docket submitting. In accordance with the appliance, the insurance policies give precedence for fee to insured people equivalent to Bankman-Fried. The transfer would put the previous CEO on the prime of the FTX payout checklist. One other headline reveals that Bankman-Fried’s innermost circle obtained $3.2 billion in funds and loans from FTX linked gadgets. The quantities exclude over $240 million spent on the acquisition of luxurious properties within the Bahamas, political and charitable donations, and important transfers to non-FTX subsidiaries. In one other heading, FTX debtors reported $11.6 billion in receivables and $4.8 billion in propertywhich implies there’s a $6.8 billion gap within the inventory trade’s stability sheet.
Signature Financial institution (NASDAQ: ) shut down by New York regulators for not offering information
Crypto-friendly Signature Financial institution was official was shut down and brought over by the New York Division of Monetary Providers on March 12 for failing to supply constant and dependable information. The financial institution has been is being investigated by two US governments physique over whether or not it took enough steps to watch and detect potential cash laundering by its purchasers. Former member of the US Home of Representatives Barney Frank urged that regulators in New York closed Signature as a part of an obvious present of drive in opposition to the crypto market.
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