FTX sues Hollywood agent as Wintermute added to Celsius Network lawsuit

Welcome to today’s Snapshot!

Lawyers seem to be doing well. We begin with a look at bankrupt crypto exchange FTX, where new management is seeking to claw back $700 million it alleges was misspent in an attempt to buy connections and influence. Then there is Wintermute being added to a 2022 case against bankrupt crypto lender Celsius Network. Still, the JPM Coin went live in Europe and an NFT will honour a Spanish woman soccer star.

These are some stories we’re looking at right now.

FTX sues agent for $700M

Bankrupt crypto exchange FTX’s new management sued Hollywood agent Michael Kives, a former Hillary Clinton aide, and his investment firm K5 for $700 million in funds that disgraced former FTX chief Sam Bankman-Fried allegedly used to buy influence.

The lawsuit alleges that Bankman-Fried authorised transfer of the funds to K5 entities in 2022 through various shell corporations. A K5 spokesperson said the lawsuit was without merit.

Wintermute added to Celsius lawsuit

Wintermute Trading, a cryptocurrency market maker, was accused in a proposed class-action lawsuit of helping bankrupt crypto lender Celsius Network deceive investors.

Celsius creditors amended their July 2022 federal lawsuit in New Jersey to add London-based Wintermute as a defendant. A Wintermute spokesperson “strongly denied” the allegation.

ECB official calls crypto ‘deleterious’

Fabio Panetta, a European Central Bank board member, said the perception of crypto as a “robust store of value” began to dissipate in late 2021 and into 2022, when its total market capitalisation declined by more than $1 trillion.

“Due to their limitations, cryptos have not developed into a form of finance that is innovative and robust, but have instead morphed into one that is deleterious,” Panetta said.

JPM Coin used in Europe

JPMorgan made its first Euro-denominated, corporate blockchain transaction in Europe using its own token, a bank executive said.

Siemens transacted the JPM Coin payment on JPMorgan’s permissioned blockchain. The JPM Coin is available only to institutional clients for settling payments.

FC Barcelona to release NFT

European football club FC Barcelona will partner with World of Women to release an NFT inspired by Spanish woman soccer star Alexia Putellas.

The NFT was created by artist Rhi Madeline and will be auctioned on marketplace OpenSea on June 26 to June 28. The winner will have an opportunity to meet with Putellas and will receive other benefits and enhancements.

What we’re reading from around the web

The super connector who built Sam Bankman-Fried’s celebrity world — New York Times

‘I expect this to move quickly:’ New UK crypto laws could be in place by autumn — DL News

Crypto feeds on AI hype as tech offers new uses for blockchain — Bloomberg