Saturday, December 10, 2022

CRIMINAL CRYPTO  CAPITALI$M
Bahamian attorneys pursue access to FTX data of international customers


The Bahamian attorneys filed an emergency motion with a Delaware bankruptcy judge requesting access to FTX’s customer database to aid their ongoing investigations.


Authorities across the globe are fighting against time to bring justice to the millions of people impacted by the financial frauds committed by FTX CEO Sam Bankman-Fried. As part of the ongoing investigations, attorneys representing the Securities Commission of the Bahamas seek access to FTX’s database with international customer information.

The Bahamian attorneys filed an emergency motion with a Delaware bankruptcy judge requesting access to FTX’s customer database to aid their ongoing investigations. The motion highlighted previous failed attempts to access the defunct crypto exchange’s database. As a result, the lawyers claimed that FTX employees and counsel prevented authorities from getting critical financial information.

The database in question is reportedly stored on Amazon Web Services (AWS) and Google Cloud Portal databases, which include personal information such as wallet addresses, customer balances, deposit and withdrawal records, trades and accounting data. According to the lawyers, the U.S. bankruptcy proceedings will "suffer no harm or hardship if this relief is granted."

While AWS was used to store customer information, FTX used Google services as an analytics platform for data of users residing outside of the United States. According to the filing sourced by CNBC:
“While the Joint Provisional Liquidators are happy to engage in dialogue with the U.S. Debtors, their refusal to promptly restore access has frustrated the ability of the Joint Provisional Liquidators to carry out their duties under Bahamian law and placed FTX Digital’s assets at risk of dissipation.”

The latest domino effect of FTX fraud was felt by media outlet The Block, which had failed to disclose funding from Alameda Research. The Block CEO Mike McCaffrey stepped down from his position after failing to disclose $27 million loans from FTX's sister firm Alameda Research.

Related: CZ and SBF duke it out on Twitter over failed FTX/Binance deal

On Dec. 7, the new management team of FTX reportedly hired a team of financial forensic investigators to track down the missing customer funds exceeding $450 million in cryptocurrencies.

As previously reported by Cointelegraph, the forensics firm is tasked with conducting “asset-tracing” to identify and recover the missing digital assets and will complement the restructuring work being undertaken by FTX.

KEVIN AIN'T SO WONDERFUL
Binance's Changpeng Zhao Shocked After Seeing Kevin O'Leary's Interview

Fri, 12/09/2022 
Arman Shirinyan

CEO of one of biggest exchanges in world believes celebrity investor doesn't understand what he's talking about

Cover image via www.youtube.com

The CEO of the biggest cryptocurrency exchange on the market was left in shock after hearing an interview by Kevin O'Leary, who has been notably defending and supporting the CEO of the fallen FTX exchange, Sam-Bankman Fried. But after the most recent interview, CZ confidently stated that Mr. Wonderful is aligning with the fraudster.


According to CZ, Binance exited FTX 1.5 years ago in July 2021. Since then, FTX has not been conservative with its investments: the company redistributed around $5.5 billion among hundreds of companies. Some fund managers who had a brief look at FTX's sheets highlighted the "spray and pray" nature of the strategy as no patterns in investment behavior had been discovered.

Alameda and FTX have been investing in a "myriad" of companies from completely different sectors, making the efficiency of those investments questionable, which explains the whole insolvency and illiquid state of the company.

On top of that, highlights CZ, FTX spent money on Miami Stadium, multiple Super Bowls ads, F1 and more, without mentioning luxury real estate, which is a despicable misuse of their own users' funds, even according to the exchange's terms.

But the behavior of SBF was not what surprised the Binance CEO. CZ said that O'Leary ignored the "greatest financial crime in history" and does not seem able to admit what SBF really did, based on an interview with Squawk Box

Per CZ, unlike the celebrity investor, Binance is continuously doing its due diligence even after making an investment that allowed it to safely get out of the Alameda and FTX deal more than 1.5 years ago, far before the implosion and further insolvency of the exchange and Alameda fund.
#Binance

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.Read U.TODAY on
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About the author
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.

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