Cryptocurrency

BlockFi and eight of its affiliates has filed for Chapter 11 bankruptcy Code in the US Bankruptcy Court for the District of New Jersey to provide the company with the "opportunity to consummate a comprehensive restructuring transaction that maximises value for all clients and other stakeholders". "With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company," said Mark Renzi of Berkeley Research Group, the Company's financial advisor.

In a letter to FTX employees, accessed by CoinDesk, the former CEO Sam Bankman-Fried apologised to them, saying he is "deeply sorry about what happened". "I didn't mean for any of this to happen, and I would give anything to be able to go back and do things over again. You were my family," he wrote in the letter.

Multicoin said there is a chance the firm will recover some of its funds from FTX, but because these assets are now wrapped up in bankruptcy proceedings, it expects them to be marked below zero, reports CNBC. It's an abrupt reversal for Multicoin, which recently announced its third and largest fund, $430 million.

According to The Wall Street Journal, the beleaguered crypto exchange secured $420 million in October 2021. "Nearly three-quarters of the money, $300 million, went instead to FTX founder Sam Bankman-Fried, who sold some of his personal stake in the company," the report mentioned, citing FTX financial records and sources.

"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," FTX's new CEO, John J. Ray III, wrote in a court filing on Thursday. In the court filing, numerous nefarious findings came out.

According to TechCrunch, Zhao is not the only person with such a grim view of the Indian market. Zhao's comment is noteworthy because no other person of Zhao's stature has publicly expressed a similar opinion, despite the fact that dozens of investors and startup entrepreneurs have privately voiced comparable concerns.

"Honoured to be included on Fortune's 40 Under 40 list this year! Especially amongst all the amazing trailblazers shaping the healthcare industry. A well-deserved recognition of our incredible team at BicycleHealth and their dedication to the care of patients with OUD (Opioid Use Disorder)," Ankit Gupta wrote in a tweet.

"Limiting our services to prevent further risks, the technical team has had to manually proofread and restore the system to ensure maximum accuracy of all users' holdings," AAX said in an official statement on Sunday.

Crypto.com CEO Kris Marszalek said in a tweet that the company was supposed to send 320,000 cryptos to one of its offline wallets, but accidentally sent it to a "whitelisted" address belonging to the corporate account at Gate.io.

Nishad Singh lived with the FTX founder along with 9 others. Singh was in the inner circle of FTX's 30-year-old founder, Sam Bankman-Fried. "Gary Wang (Chief Technology Officer), Nishad and Sam control the code, the exchange's matching engine, and funds," said a person familiar with the matter.