Chapter 46Arrest
The Miami Heat cut ties with FTX so fast it was almost as if the basketball team never had any genuine interest in the cryptocurrency business.
Companies that have funds stuck on FTX that seriously compromised them included Galois Capital, Ikigai Capital, Orthogonal Trading, and Multicoin Capital. Multicoin was heavily exposed to the SBF galaxy of token projects. Those investments are worth considerably less than what they were last year.
The New York Times reported on November 11: “FTX's list of investors spans powerful and well‐known investment firms: NEA, IVP, Iconiq Capital, Third Point Ventures, Tiger Global, Altimeter Capital Management, Lux Capital, Mayfield, Insight Partners, Sequoia Capital, SoftBank, Lightspeed Venture Partners, Ribbit Capital, Temasek Holdings, BlackRock and Thoma Bravo.”
BlockFi went into bankruptcy after its lifeline from FTX was broken. Voyager Digital went looking for a new buyer.
The Royal Bahamas Police force with SBF as he is extradited to the United States. Royal Bahamas Police Force/Handout/Reuters
Genesis Trading paused withdrawals and as of mid‐December it has not opened them back up again. Questions are swirling around the health of its parent, the Digital Currency Group, one of the largest and oldest crypto funds out there. Accounts of Genesis troubles appear to be more linked to May's troubles rather than November's, ...
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