The lawsuit alleged that former FTX CEO Sam Bankman-Fried directed investments in shares of a crypto mining company in Kazakhstan — funds the exchange’s trust now wants returned. The entity responsible for handling cryptocurrency exchange FTX’s bankruptcy filed a lawsuit seeking to recover more than $1 billion in funds sent by its former CEO, Sam “SBF” Bankman-Fried. In a Monday filing in the US Bankruptcy Court for the District of Delaware, the FTX Recovery Trust filed a complaint against crypto mining company Genesis Digital Assets (GDA), its affiliates and two of its co-founders as part of its efforts to recover $1.15 billion of “commingled and misappropriated funds.” According to the filing, the funds were directly tied to Bankman-Fried’s “fraud on customers and other creditors” at FTX in 2021 and 2022. Read more
A rotation to Aster, US macroeconomic concerns and broad crypto market sell-off take a toll on SOL price. Will TradFi accumulation keep Solana price above $200? Key takeaways: SOL’s funding rates show cautious sentiment, yet historical patterns highlight potential short-term price gains. Declining network usage and competition weigh on SOL, though treasury strategies and fundamentals remain supportive. Read more
Tether is reportedly eyeing up to a $500 billion valuation, which would rank the stablecoin issuer among the world’s most valuable companies. Stablecoin giant Tether Holdings is reportedly exploring a fundraising round of up to $20 billion that would value the company at about $500 billion — putting it in the ranks of the world’s most valuable private entities. Bloomberg, citing people familiar with the matter, said Tether is considering raising between $15 billion and $20 billion in exchange for about a 3% stake through a private placement, with Cantor Fitzgerald acting as lead adviser. One source reportedly cautioned that the final amount could be significantly lower, as discussions remain preliminary. Read more