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BUSINESS

EXCLUSIVE Bankman-Fried’s FTX, parents bought Bahamas property worth $121 mln

FTX unit bought 7 condos in high-end resort for “key personnel” Bankman-Fried’s parents named owners of $16.4 mln vacation home Bankman and Fried tell Reuters: Seeking to return deed to FTX NEW PROVIDENCE, Bahamas, Nov 22 (Reuters) – Sam Bankman-Fried’s FTX, his parents and senior executives of the failed cryptocurrency exchange bought at least 19 […]

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BUSINESS

EXCLUSIVE How FTX bought its way to become the ‘most regulated’ crypto exchange

FTX bought a 10% stake in IEX with an option to acquire 100% FTX spent $2 billion on ‘acquisitions for regulatory purposes’ Documents show FTX saw its regulatory status as a way of luring new capital from major investors Nov 18 (Reuters) – Before it collapsed this month, FTX stood apart from many rivals in […]

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BUSINESS

Sam Bankman-Fried’s sudden turn from white knight to washout

Nov 11 (Reuters) – Sam Bankman-Fried earned a reputation as savior of the crypto industry when he bailed out two platforms earlier this year. But when FTX, the exchange he co-founded and led until Friday, needed a lifeline, none was forthcoming. Until this week, the 30-year-old American was seen as a darling in digital assets […]

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BUSINESS

EXCLUSIVE At least $1 billion of client funds missing at failed crypto firm FTX – sources

FTX founder Bankman-Fried secretly moved $10 billion in funds to trading firm Alameda – sources Bankman-Fried showed spreadsheets to colleagues that revealed shift in funds to Alameda – sources Spreadsheets indicated between $1 billion and $2 billion in client money is unaccounted for – sources Executives set up book-keeping “back door” that thwarted red flags […]

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BUSINESS

FTX’s Bankman-Fried scrambles for funds after Binance deal collapse

HONG KONG/SINGAPORE/NEW YORK, Nov 10 (Reuters) – FTX Chief Executive Sam Bankman-Fried on Thursday launched an urgent push to raise funds to save his firm as the crypto exchange looks to plug a reported $8 billion hole in its finances, according to tweets and a memo to employees. Bankman-Fried said he was in talks with […]

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BUSINESS

Exclusive: Behind FTX’s fall, battling billionaires and a failed bid to save crypto

Nov 10 (Reuters) – (This story contains language some readers may find offensive in paragraph 2) On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message. “I’m sorry,” he told them. “I fucked up.” The reason for the mea culpa: His announcement half an hour earlier that […]

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BUSINESS

Foxconn to become biggest shareholder in Lordstown Motors with up to $170 mln investment

Nov 8 (Reuters) – Lordstown Motors Corp (RIDE.O) has agreed a deal under which a Foxconn (2317.TW) affiliate will invest up to $170 million in the electric vehicle (EV) maker, making the Taiwanese contract manufacturer its biggest shareholder with a near 20% stake. Foxconn Ventures Pte Ltd will purchase 12.9 million shares on or after […]

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Latest-News

UK watchdog clears London Stock Exchange’s takeover of Quantile

LONDON, Oct 26 (Reuters) – Britain’s competition watchdog said on Wednesday it had cleared London Stock Exchange Group’s (LSEG.L) (LSEG) takeover of Quantile Group after an in-depth investigation. The Competition and Markets Authority (CMA) concluded that the deal did not raise substantial competition concerns in Britain. LSEG agreed to buy Quantile last year for up […]

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BUSINESS

Nasdaq halts IPOs of small Chinese companies as it probes stock rallies

NEW YORK, Oct 22 (Reuters) – Nasdaq Inc (NDAQ.O) has put the brakes on initial public offering (IPO) preparations of at least four small Chinese companies while it investigates short-lived stock rallies of such firms following their debuts, according to lawyers and bankers who work on such stock launches. The stock exchange operator’s actions come […]

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Latest-News

Column: London Metal Exchange Week: cocktails, canapés and crises

LONDON, Oct 21 (Reuters) – It’s not the first time the 145-year-old London Metal Exchange (LME) has found itself in crisis. There was the Tin Crisis of 1986, the Nickel Crisis of 1988 and what at the time was dubbed “The Sumitomo Scandal” but could now better be described as The 1996 Copper Crisis. This […]

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