The trend comes amid increasing regulatory pressure in the US, especially after the implosion of FTX<\/a>. Most banking partners to crypto exchanges are backing off to remain on good terms with the watchdog. For instance, at the start of the year, Signature Bank stopped processing fiat to crypto transactions below $100,000, reducing up to $10 billion worth of deposits.<\/p>\n\n\n\n
Bybit is one of many exchanges that have had to halt its USD transactions over technical challenges and regulatory pressure. Binance announced a similar move last month, suspending bank transfers in USD without specific reasons.<\/p>\n\n\n\n
The trend comes amid increasing regulatory pressure in the US, especially after the implosion of FTX<\/a>. Most banking partners to crypto exchanges are backing off to remain on good terms with the watchdog. For instance, at the start of the year, Signature Bank stopped processing fiat to crypto transactions below $100,000, reducing up to $10 billion worth of deposits.<\/p>\n\n\n\n See Related: <\/em><\/strong>Bitcoin And Ethereum Price Prediction After Silvergate Capital Announced That It\u2019s Experiencing Operational Issues<\/a><\/p>\n","post_title":"Bybit Suspends USD Transactions Via Wire And Bank Transfers Due to \u2018Service Outages From A Partner\u2019","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-suspends-usd-transactions-via-wire-and-bank-transfers-due-to-service-outages-from-a-partner","to_ping":"","pinged":"","post_modified":"2023-03-06 23:46:13","post_modified_gmt":"2023-03-06 12:46:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10266","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank<\/a><\/p>\n\n\n\n Bybit is one of many exchanges that have had to halt its USD transactions over technical challenges and regulatory pressure. Binance announced a similar move last month, suspending bank transfers in USD without specific reasons.<\/p>\n\n\n\n The trend comes amid increasing regulatory pressure in the US, especially after the implosion of FTX<\/a>. Most banking partners to crypto exchanges are backing off to remain on good terms with the watchdog. For instance, at the start of the year, Signature Bank stopped processing fiat to crypto transactions below $100,000, reducing up to $10 billion worth of deposits.<\/p>\n\n\n\n See Related: <\/em><\/strong>Bitcoin And Ethereum Price Prediction After Silvergate Capital Announced That It\u2019s Experiencing Operational Issues<\/a><\/p>\n","post_title":"Bybit Suspends USD Transactions Via Wire And Bank Transfers Due to \u2018Service Outages From A Partner\u2019","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-suspends-usd-transactions-via-wire-and-bank-transfers-due-to-service-outages-from-a-partner","to_ping":"","pinged":"","post_modified":"2023-03-06 23:46:13","post_modified_gmt":"2023-03-06 12:46:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10266","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The Dubai-based exchange has not disclosed the name of the partner experiencing the outage. However, speculations are pointing towards Silvergate, which announced Friday that it was closing its exchange network, an instant settlement banking service used by several cryptocurrency firms. Besides, the bank had to sever ties with major clients, including Coinbase, Circle, Crypto.com, and Kraken, after it announced that it could not meet the deadline for submitting its annual 10-K report and that it was assessing \u2018\u2018its ability to continue as a going concern.\u2019\u2019<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank<\/a><\/p>\n\n\n\n Bybit is one of many exchanges that have had to halt its USD transactions over technical challenges and regulatory pressure. Binance announced a similar move last month, suspending bank transfers in USD without specific reasons.<\/p>\n\n\n\n The trend comes amid increasing regulatory pressure in the US, especially after the implosion of FTX<\/a>. Most banking partners to crypto exchanges are backing off to remain on good terms with the watchdog. For instance, at the start of the year, Signature Bank stopped processing fiat to crypto transactions below $100,000, reducing up to $10 billion worth of deposits.<\/p>\n\n\n\n See Related: <\/em><\/strong>Bitcoin And Ethereum Price Prediction After Silvergate Capital Announced That It\u2019s Experiencing Operational Issues<\/a><\/p>\n","post_title":"Bybit Suspends USD Transactions Via Wire And Bank Transfers Due to \u2018Service Outages From A Partner\u2019","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-suspends-usd-transactions-via-wire-and-bank-transfers-due-to-service-outages-from-a-partner","to_ping":"","pinged":"","post_modified":"2023-03-06 23:46:13","post_modified_gmt":"2023-03-06 12:46:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10266","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The Dubai-based exchange has not disclosed the name of the partner experiencing the outage. However, speculations are pointing towards Silvergate, which announced Friday that it was closing its exchange network, an instant settlement banking service used by several cryptocurrency firms. Besides, the bank had to sever ties with major clients, including Coinbase, Circle, Crypto.com, and Kraken, after it announced that it could not meet the deadline for submitting its annual 10-K report and that it was assessing \u2018\u2018its ability to continue as a going concern.\u2019\u2019<\/em><\/p>\n\n\n\n See Related:<\/em><\/strong> Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank<\/a><\/p>\n\n\n\n Bybit is one of many exchanges that have had to halt its USD transactions over technical challenges and regulatory pressure. Binance announced a similar move last month, suspending bank transfers in USD without specific reasons.<\/p>\n\n\n\n The trend comes amid increasing regulatory pressure in the US, especially after the implosion of FTX<\/a>. Most banking partners to crypto exchanges are backing off to remain on good terms with the watchdog. For instance, at the start of the year, Signature Bank stopped processing fiat to crypto transactions below $100,000, reducing up to $10 billion worth of deposits.<\/p>\n\n\n\n See Related: <\/em><\/strong>Bitcoin And Ethereum Price Prediction After Silvergate Capital Announced That It\u2019s Experiencing Operational Issues<\/a><\/p>\n","post_title":"Bybit Suspends USD Transactions Via Wire And Bank Transfers Due to \u2018Service Outages From A Partner\u2019","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bybit-suspends-usd-transactions-via-wire-and-bank-transfers-due-to-service-outages-from-a-partner","to_ping":"","pinged":"","post_modified":"2023-03-06 23:46:13","post_modified_gmt":"2023-03-06 12:46:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10266","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
\u2018\u2018Withdrawals via Wire Transfers (including SWIFT) will also be suspended on March 10, 2023, 12 AM UTC due to the same end-point processing partner,\u2019\u2019<\/em> the exchange wrote on a blog post<\/a>. \u2018\u2018If you wish to make any withdrawals via these methods, please do so before March 10, 2023, UTC.\u2019\u2019<\/em><\/p>\n\n\n\n Bybit, the fourth largest exchange by trading volumes, is planning to halt US dollar deposits and withdrawals, including those through SWIFT, over what it has termed an outage from an end-point processing partner. The suspension would remain on until further communication.<\/p>\n\n\n\n \u2018\u2018Withdrawals via Wire Transfers (including SWIFT) will also be suspended on March 10, 2023, 12 AM UTC due to the same end-point processing partner,\u2019\u2019<\/em> the exchange wrote on a blog post<\/a>. \u2018\u2018If you wish to make any withdrawals via these methods, please do so before March 10, 2023, UTC.\u2019\u2019<\/em><\/p>\n\n\n\n Bybit, the fourth largest exchange by trading volumes, is planning to halt US dollar deposits and withdrawals, including those through SWIFT, over what it has termed an outage from an end-point processing partner. The suspension would remain on until further communication.<\/p>\n\n\n\n \u2018\u2018Withdrawals via Wire Transfers (including SWIFT) will also be suspended on March 10, 2023, 12 AM UTC due to the same end-point processing partner,\u2019\u2019<\/em> the exchange wrote on a blog post<\/a>. \u2018\u2018If you wish to make any withdrawals via these methods, please do so before March 10, 2023, UTC.\u2019\u2019<\/em><\/p>\n\n\n\n Bybit, the fourth largest exchange by trading volumes, is planning to halt US dollar deposits and withdrawals, including those through SWIFT, over what it has termed an outage from an end-point processing partner. The suspension would remain on until further communication.<\/p>\n\n\n\n \u2018\u2018Withdrawals via Wire Transfers (including SWIFT) will also be suspended on March 10, 2023, 12 AM UTC due to the same end-point processing partner,\u2019\u2019<\/em> the exchange wrote on a blog post<\/a>. \u2018\u2018If you wish to make any withdrawals via these methods, please do so before March 10, 2023, UTC.\u2019\u2019<\/em><\/p>\n\n\n\n Bybit, the fourth largest exchange by trading volumes, is planning to halt US dollar deposits and withdrawals, including those through SWIFT, over what it has termed an outage from an end-point processing partner. The suspension would remain on until further communication.<\/p>\n\n\n\n \u2018\u2018Withdrawals via Wire Transfers (including SWIFT) will also be suspended on March 10, 2023, 12 AM UTC due to the same end-point processing partner,\u2019\u2019<\/em> the exchange wrote on a blog post<\/a>. \u2018\u2018If you wish to make any withdrawals via these methods, please do so before March 10, 2023, UTC.\u2019\u2019<\/em><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10266,"post_author":"13","post_date":"2023-03-06 23:37:10","post_date_gmt":"2023-03-06 12:37:10","post_content":"\n Bybit, the fourth largest exchange by trading volumes, is planning to halt US dollar deposits and withdrawals, including those through SWIFT, over what it has termed an outage from an end-point processing partner. The suspension would remain on until further communication.<\/p>\n\n\n\n \u2018\u2018Withdrawals via Wire Transfers (including SWIFT) will also be suspended on March 10, 2023, 12 AM UTC due to the same end-point processing partner,\u2019\u2019<\/em> the exchange wrote on a blog post<\/a>. \u2018\u2018If you wish to make any withdrawals via these methods, please do so before March 10, 2023, UTC.\u2019\u2019<\/em><\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10266,"post_author":"13","post_date":"2023-03-06 23:37:10","post_date_gmt":"2023-03-06 12:37:10","post_content":"\n Bybit, the fourth largest exchange by trading volumes, is planning to halt US dollar deposits and withdrawals, including those through SWIFT, over what it has termed an outage from an end-point processing partner. The suspension would remain on until further communication.<\/p>\n\n\n\n \u2018\u2018Withdrawals via Wire Transfers (including SWIFT) will also be suspended on March 10, 2023, 12 AM UTC due to the same end-point processing partner,\u2019\u2019<\/em> the exchange wrote on a blog post<\/a>. \u2018\u2018If you wish to make any withdrawals via these methods, please do so before March 10, 2023, UTC.\u2019\u2019<\/em><\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10266,"post_author":"13","post_date":"2023-03-06 23:37:10","post_date_gmt":"2023-03-06 12:37:10","post_content":"\n Bybit, the fourth largest exchange by trading volumes, is planning to halt US dollar deposits and withdrawals, including those through SWIFT, over what it has termed an outage from an end-point processing partner. The suspension would remain on until further communication.<\/p>\n\n\n\n \u2018\u2018Withdrawals via Wire Transfers (including SWIFT) will also be suspended on March 10, 2023, 12 AM UTC due to the same end-point processing partner,\u2019\u2019<\/em> the exchange wrote on a blog post<\/a>. \u2018\u2018If you wish to make any withdrawals via these methods, please do so before March 10, 2023, UTC.\u2019\u2019<\/em><\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10266,"post_author":"13","post_date":"2023-03-06 23:37:10","post_date_gmt":"2023-03-06 12:37:10","post_content":"\n Bybit, the fourth largest exchange by trading volumes, is planning to halt US dollar deposits and withdrawals, including those through SWIFT, over what it has termed an outage from an end-point processing partner. The suspension would remain on until further communication.<\/p>\n\n\n\n \u2018\u2018Withdrawals via Wire Transfers (including SWIFT) will also be suspended on March 10, 2023, 12 AM UTC due to the same end-point processing partner,\u2019\u2019<\/em> the exchange wrote on a blog post<\/a>. \u2018\u2018If you wish to make any withdrawals via these methods, please do so before March 10, 2023, UTC.\u2019\u2019<\/em><\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10266,"post_author":"13","post_date":"2023-03-06 23:37:10","post_date_gmt":"2023-03-06 12:37:10","post_content":"\n Bybit, the fourth largest exchange by trading volumes, is planning to halt US dollar deposits and withdrawals, including those through SWIFT, over what it has termed an outage from an end-point processing partner. The suspension would remain on until further communication.<\/p>\n\n\n\n \u2018\u2018Withdrawals via Wire Transfers (including SWIFT) will also be suspended on March 10, 2023, 12 AM UTC due to the same end-point processing partner,\u2019\u2019<\/em> the exchange wrote on a blog post<\/a>. \u2018\u2018If you wish to make any withdrawals via these methods, please do so before March 10, 2023, UTC.\u2019\u2019<\/em><\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10266,"post_author":"13","post_date":"2023-03-06 23:37:10","post_date_gmt":"2023-03-06 12:37:10","post_content":"\n Bybit, the fourth largest exchange by trading volumes, is planning to halt US dollar deposits and withdrawals, including those through SWIFT, over what it has termed an outage from an end-point processing partner. The suspension would remain on until further communication.<\/p>\n\n\n\n \u2018\u2018Withdrawals via Wire Transfers (including SWIFT) will also be suspended on March 10, 2023, 12 AM UTC due to the same end-point processing partner,\u2019\u2019<\/em> the exchange wrote on a blog post<\/a>. \u2018\u2018If you wish to make any withdrawals via these methods, please do so before March 10, 2023, UTC.\u2019\u2019<\/em><\/p>\n\n\n\n The trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10266,"post_author":"13","post_date":"2023-03-06 23:37:10","post_date_gmt":"2023-03-06 12:37:10","post_content":"\n Bybit, the fourth largest exchange by trading volumes, is planning to halt US dollar deposits and withdrawals, including those through SWIFT, over what it has termed an outage from an end-point processing partner. The suspension would remain on until further communication.<\/p>\n\n\n\n \u2018\u2018Withdrawals via Wire Transfers (including SWIFT) will also be suspended on March 10, 2023, 12 AM UTC due to the same end-point processing partner,\u2019\u2019<\/em> the exchange wrote on a blog post<\/a>. \u2018\u2018If you wish to make any withdrawals via these methods, please do so before March 10, 2023, UTC.\u2019\u2019<\/em><\/p>\n\n\n\n The trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10266,"post_author":"13","post_date":"2023-03-06 23:37:10","post_date_gmt":"2023-03-06 12:37:10","post_content":"\n Bybit, the fourth largest exchange by trading volumes, is planning to halt US dollar deposits and withdrawals, including those through SWIFT, over what it has termed an outage from an end-point processing partner. The suspension would remain on until further communication.<\/p>\n\n\n\n \u2018\u2018Withdrawals via Wire Transfers (including SWIFT) will also be suspended on March 10, 2023, 12 AM UTC due to the same end-point processing partner,\u2019\u2019<\/em> the exchange wrote on a blog post<\/a>. \u2018\u2018If you wish to make any withdrawals via these methods, please do so before March 10, 2023, UTC.\u2019\u2019<\/em><\/p>\n\n\n\n The trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10266,"post_author":"13","post_date":"2023-03-06 23:37:10","post_date_gmt":"2023-03-06 12:37:10","post_content":"\n Bybit, the fourth largest exchange by trading volumes, is planning to halt US dollar deposits and withdrawals, including those through SWIFT, over what it has termed an outage from an end-point processing partner. The suspension would remain on until further communication.<\/p>\n\n\n\n \u2018\u2018Withdrawals via Wire Transfers (including SWIFT) will also be suspended on March 10, 2023, 12 AM UTC due to the same end-point processing partner,\u2019\u2019<\/em> the exchange wrote on a blog post<\/a>. \u2018\u2018If you wish to make any withdrawals via these methods, please do so before March 10, 2023, UTC.\u2019\u2019<\/em><\/p>\n\n\n\n The trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n See Related: <\/em><\/strong>FTX Orders Beneficiaries of Its Political Donations to Return Money \u2013 Estimated at $93 million<\/a><\/p>\n\n\n\n Commenting on the matter, Ray said: \u2018\u2018we will continue to use every tool we can to maximize recoveries for FTX customers and creditors. Our goal is to unlock value that we believe is currently being suppressed by Grayscale\u2019s self-dealing and improper redemption ban. FTX customers and creditors will benefit from additional recoveries, along with other Grayscale Trust Investors that are being harmed by Grayscale\u2019s actions.\u2019\u2019<\/em><\/p>\n","post_title":"FTX\u2019s Alameda Research Sues Grayscale For $9B In Efforts To Recover Lost Funds","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ftxs-alameda-research-sues-grayscale-for-9b-in-efforts-to-recover-lost-funds","to_ping":"","pinged":"","post_modified":"2023-03-07 23:37:21","post_modified_gmt":"2023-03-07 12:37:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10287","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10266,"post_author":"13","post_date":"2023-03-06 23:37:10","post_date_gmt":"2023-03-06 12:37:10","post_content":"\n Bybit, the fourth largest exchange by trading volumes, is planning to halt US dollar deposits and withdrawals, including those through SWIFT, over what it has termed an outage from an end-point processing partner. The suspension would remain on until further communication.<\/p>\n\n\n\n \u2018\u2018Withdrawals via Wire Transfers (including SWIFT) will also be suspended on March 10, 2023, 12 AM UTC due to the same end-point processing partner,\u2019\u2019<\/em> the exchange wrote on a blog post<\/a>. \u2018\u2018If you wish to make any withdrawals via these methods, please do so before March 10, 2023, UTC.\u2019\u2019<\/em><\/p>\n\n\n\n The publicly listed firm has already started to develop the proprietary bitcoin mining semiconductor chips, purpose-built application-specific integrated circuits (ASICs), that would reportedly form the basis for creating the expected suite of developer tools. The announcement ended with a call to action for developers and bitcoin miners to share their thoughts on the project and what they expect it to have via [email protected]<\/a>, adding that further updates would be shared in due time.<\/p>\n","post_title":"Jack Dorsey\u2019s Block Announces DIY Bitcoin \u2018Mining Development Kit\u2019","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"jack-dorseys-block-announces-diy-bitcoin-mining-development-kit","to_ping":"","pinged":"","post_modified":"2023-03-09 00:33:50","post_modified_gmt":"2023-03-08 13:33:50","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10331","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10287,"post_author":"13","post_date":"2023-03-07 23:34:07","post_date_gmt":"2023-03-07 12:34:07","post_content":"\n The trading arm of the failed crypto exchange FTX, Alameda Research, is suing<\/a> asset management company Grayscale Investments in renewed efforts to unlock more than $9 billion for the shareholders of the Grayscale Bitcoin and Ethereum Trusts and $250 million for FTX creditors.<\/p>\n\n\n\n In a complaint filed Monday before the Court of Chancery in the State of Delaware, the FTX debtors, which Alameda is a part of, blame Grayscale for suppressing the value of the trusts' shares by \u2013 blocking redemptions and charging high fees.<\/p>\n\n\n\n \u2018\u2018In the past two years alone, Grayscale has extracted over $1.3 billion in exorbitant management fees in violation of the Trusts\u2019 agreements,\u2019\u2019<\/em> FTX said. As a result, 'The Trusts\u2019 shares are trading approximately at a 50% discount to their Net Asset Value. If that were not the case, the plaintiffs argue, the shares would be at least $550 million, or 90% more than the current value of the FTX Debtors\u2019 shares.<\/p>\n\n\n\n The development is part of new efforts by the FTX CEO overseeing the bankruptcy<\/a>, John J. Ray III, to recover investors' money believed to have been squandered by former CEO<\/a> Sam Bankman-Fried and his top managers through alleged commingling of funds, investing in risky ventures, and funding political parties. The executives now face incriminating charges in the US after their extradition from the Bahamas, where the company was based.<\/p>\n\n\n\n
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Efforts To Recover FTX\u2019s Lost Billions<\/h2>\n\n\n\n
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Efforts To Recover FTX\u2019s Lost Billions<\/h2>\n\n\n\n
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Efforts To Recover FTX\u2019s Lost Billions<\/h2>\n\n\n\n
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Efforts To Recover FTX\u2019s Lost Billions<\/h2>\n\n\n\n
