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Bitcoin crosses $30,000, report details FTX pre-collapse drama, Winklevoss twins loan Gemini $100m

Bitcoin crosses $30,000, report details FTX pre-collapse drama, Winklevoss twins loan Gemini $100m
Vishal Gupta, left, has left Coinbase and former FTX US president Brett Harrison, right, is at the centre of new revelations about the collapse.

Bitcoin hits $30,000

Bitcoin cracked $30,000 on Monday night, marking the coin’s highest price seen since June.

The surge follows an 80% rally on the year for BTC, with the asset thriving amidst a wave of bank collapses and restrictive rate hikes placed by the US Federal Reserve.

NOW READ: New token listings plummet as bear market forces projects to wait out the crypto winter

FTX lawyers raked in $30m in February

Bankruptcy lawyers for toppled exchange FTX raked in $30 million in fees in February, according to court filings.

Six firms hired by the exchange disclosed 35,400 hours of work logged in that month, outlining the high legal costs of facilitating such a large bankruptcy.

FTX collapsed in November after it was alleged that much of the company’s balance sheet was propped up on high-risk bets and misappropriation of customer funds.

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Report claims former FTX US CEO quit due to SBF clash

A 45-page report from FTX’s new CEO John J. Ray III allege that former FTX US president Brett Harrison resigned from his post due to threats from Sam Bankman-Fried and other executives during his tenure.

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The report states Harrison spoke out against several corporate practices at FTX, including poor management structure and aggressive interactions, including threats to terminate Harrison if he did not apologise for standing up to Bankman-Fried.

The report goes on to claim that other employees were fired for highlighting issues with FTX sister firm Alameda’s operating practices.

Harrison has since moved on to found the digital asset infrastructure startup architect, which raised $5 million in a January funding round.

Monthly global crypto project raises.

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Winklevoss twins loan struggling Gemini exchange $100m

Billionaire twins Cameron and Tyler Winklevoss lent their struggling crypto exchange Gemini $100 million recently.

They reportedly gave the loan after making a series of failed informal attempts to raise external funding

Gemini suffered badly in the bear market of 2022 due to the collapse of lender Genesis, which saw $900 million in shared customer funds frozen.

The Winklevoss twins reached a settlement with Genesis in February, which involved Gemini posting another $100 million in funds to facilitate liquidations.

Coinbase executive Gupta moves on to greener pastures

Coinbase’s head of exchange and markets Vishal Gupta is leaving the company to pursue a “new project,” according to a Monday report.

The former Goldman Sachs vice president clocked up two and a half years at Coinbase.

He is reportedly making his exit amidst regulatory pressure against the company, including a recent lawsuit warning from the US Securities and Exchange Commission.

Gupta did not elaborate on his new project or the ongoing enforcement actions.

NOW READ: UK crypto projects secured $232m in Q1 as country offers ‘fit-for-purpose regime’

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