Embattled crypto exchange FTX asked for the assistance of a United States bankruptcy judge to prevent crypto lending firm BlockFi from claiming around $450 million worth of Robinhood shares purchased by its former CEO Sam Bankman-Fried. On Nov. 28, BlockFi filed a lawsuit demanding Emergent Fidelity Technologies, Bankman-Fried's holding company, to turn over 56 million Robinhood Markets shares. The stocks were allegedly put up as collateral for BlockFi's loans to crypto trading firm Alameda Research. Both FTX and Alameda filed for bankruptcy before settling the BlockFi loans. However, FTX argued through a filing in a US bankruptcy court that the …
Competition authorities are hitting the books when it comes to emerging technologies like blockchain and AI. On Tuesday, the Department of Justice announced that it would be participating in a new initiative at Stanford University to onboard more advanced technological tools into its fight against monopolies. The DoJ is merely the most vocal addition to Stanford’s Computational Antitrust project. It joins the competition watchdogs of 46 other countries and the U.S.’s Federal Trade Commission. The announcement is part of a broad surge in interest in cutting-edge tech and antitrust law, the culmination of a lot of motion at both academia …
Prosecutors with the United States attorney’s office in the Manhattan district of New York have reportedly begun investigating the fall of crypto exchange FTX. According to a Nov. 14 report from Reuters, a source with knowledge of the investigations said authorities in New York were looking into the collapse of the major crypto exchange following FTX declaring bankruptcy on Nov. 11. The report followed news the state of California’s Department of Financial Protection and Innovation announced it would be investigating the “apparent failure” of FTX. The ongoing saga with FTX may be shifting to the regulatory and legal implications of …
James Bromley, a partner at law firm Sullivan & Cromwell representing debtors in FTX’s bankruptcy case in the District of Delaware, has said that assets at the firm continue to be at risk from cyberattacks. In a livestream of FTX Trading’s bankruptcy proceedings on Nov. 22, Bromley said new FTX CEO John Ray had laid out core objections aimed at getting the firm, remaining employees, and funds through the controversial and public collapse. According to the FTX co-counsel, a core group of employees have continued to work at the exchange to ensure assets were secure and records maintained, but hackers …
The United States House of Representatives finally elected a speaker last week, concluding a four-day, 15-ballot ordeal that left many wondering if political gridlock was now the new normal in the U.S., and if so, what the consequences would be. For example, were the concessions made by Republican Kevin McCarthy to secure his election as speaker ultimately going to make it difficult to achieve any sort of legislative consensus, making it impossible for the U.S. to raise its debt ceiling and fund the government later this year? Not all were optimistic. The House of Representatives will be largely “ungovernable” in …