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<blockquote style="position: relative; padding-left: 55px;"><section><a href="https://hachyderm.io/users/molly0xfff/statuses/113744585236672465">Molly White (molly0xfff@hachyderm.io)'s status on Tuesday, 31-Dec-2024 09:23:58 JST</a><a href="https://hachyderm.io/@molly0xfff" title="molly0xfff@hachyderm.io"><img src="https://gnusocial.jp/avatar/34789-48-20230824095227.webp" width="48" height="48" alt="Molly White" style="position: absolute; left: 0; top: 0;">Molly White</a><div><a href="https://hachyderm.io/@molly0xfff/113744579566126058" rel="in-reply-to">in reply to</a></div></section><article><p>They include a case against Genesis Block, a self-described "grey area" crypto business secretly acquired by FTX, which is now trying to claim over $65 million of FTX money belongs to them in what the bankruptcy estate describes as a "baffling act of hubris".</p><p><a href="https://hachyderm.io/tags/crypto" rel="tag">#crypto</a> <a href="https://hachyderm.io/tags/cryptocurrency" rel="tag">#cryptocurrency</a> <a href="https://hachyderm.io/tags/FTX" rel="tag">#FTX</a></p></article><footer><a rel="bookmark" href="https://gnusocial.jp/conversation/4284613#notice-8375645">In conversation</a><time datetime="2024-12-31T09:23:58+09:00" title="Tuesday, 31-Dec-2024 09:23:58 JST">about 19 days ago</time> <span>from <span><a href="https://hachyderm.io/@molly0xfff/113744585236672465" rel="external" title="Sent from hachyderm.io via ActivityPub">hachyderm.io</a></span></span><a href="https://hachyderm.io/@molly0xfff/113744585236672465">permalink</a><h4>Attachments</h4><ol><li><label><a rel="external" href="https://gnusocial.jp/attachment/3810185">Genesis Block
In early 2020, FTX entities acquired Hong Kong-based Genesis Block, an over-the-counter trading firm and cryptocurrency ATM operator. It served as a crypto on- and off-ramp in Asia, where the company publicly acknowledged they were operating in a “grey area”. “People were literally lining up around the corner with bags of cash at Genesis Block,” a former employee said. “Sometimes they shut the door saying they were out of bitcoin.” The company was a valuable asset for FTX, allowing them to circumvent capital controls and providing business connections in Asia.FTX’s ownership of Genesis Block was kept secret from the public and from regulators. FTX also used Genesis Block to make venture investments and operate various other entities they acquired or created in Singapore, the Philippines, and Mexico, so as to reduce regulatory exposure. (FTX employees helpfully put their reasoning in writing). While FTX was still in Hong Kong, Genesis Block was the nominal employer of several FTX personnel — including Gary Wang and Nishad Singh — in order to circumvent visa requirements.</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/744/580/915/295/737/original/c20f4e147751fd8a.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/744/580/915/295/737/original/c20f4e147751fd8a.png</a></li><li><label><a rel="external" href="https://gnusocial.jp/attachment/3810186">Genesis Block co-founder Clement Ip has rather brazenly claimed he is owed $65.8 million held in an FTX account belonging to his partner’s company, Myth Success. However, FTX debtors say Myth Success was yet another shell company used by FTX to circumvent regulators, acquire companies without publicizing FTX’s involvement, and secretly trade on other platforms, and that it had no business operations of its own. As FTX collapsed, when its executives were desperately searching the couch cushions for money to satisfy withdrawals, Genesis Block and Myth Success acknowledged that the money in Myth Success’s accounts belonged to FTX, and transferred some of it back. However, the debtors allege that “Ip appears to have hoped that the fact of these transfers would be lost in the chaos and disarray of the FTX Group’s implosion”, and described his claim on the assets as “a baffling act of hubris”.</a></label><br><a href="https://media.hachyderm.io/media_attachments/files/113/744/584/325/319/419/original/4188b8476472a342.png" rel="external">https://media.hachyderm.io/media_attachments/files/113/744/584/325/319/419/original/4188b8476472a342.png</a></li></ol></footer></blockquote>

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Molly White (molly0xfff@hachyderm.io)'s status on Tuesday, 31-Dec-2024 09:23:58 JST Molly White
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They include a case against Genesis Block, a self-described "grey area" crypto business secretly acquired by FTX, which is now trying to claim over $65 million of FTX money belongs to them in what the bankruptcy estate describes as a "baffling act of hubris".
#crypto #cryptocurrency #FTX
In conversationabout 19 days ago from hachyderm.iopermalink
Attachments
1. Genesis Block In early 2020, FTX entities acquired Hong Kong-based Genesis Block, an over-the-counter trading firm and cryptocurrency ATM operator. It served as a crypto on- and off-ramp in Asia, where the company publicly acknowledged they were operating in a “grey area”. “People were literally lining up around the corner with bags of cash at Genesis Block,” a former employee said. “Sometimes they shut the door saying they were out of bitcoin.” The company was a valuable asset for FTX, allowing them to circumvent capital controls and providing business connections in Asia. FTX’s ownership of Genesis Block was kept secret from the public and from regulators. FTX also used Genesis Block to make venture investments and operate various other entities they acquired or created in Singapore, the Philippines, and Mexico, so as to reduce regulatory exposure. (FTX employees helpfully put their reasoning in writing). While FTX was still in Hong Kong, Genesis Block was the nominal employer of several FTX personnel — including Gary Wang and Nishad Singh — in order to circumvent visa requirements.
  https://media.hachyderm.io/media_attachments/files/113/744/580/915/295/737/original/c20f4e147751fd8a.png
2. Genesis Block co-founder Clement Ip has rather brazenly claimed he is owed $65.8 million held in an FTX account belonging to his partner’s company, Myth Success. However, FTX debtors say Myth Success was yet another shell company used by FTX to circumvent regulators, acquire companies without publicizing FTX’s involvement, and secretly trade on other platforms, and that it had no business operations of its own. As FTX collapsed, when its executives were desperately searching the couch cushions for money to satisfy withdrawals, Genesis Block and Myth Success acknowledged that the money in Myth Success’s accounts belonged to FTX, and transferred some of it back. However, the debtors allege that “Ip appears to have hoped that the fact of these transfers would be lost in the chaos and disarray of the FTX Group’s implosion”, and described his claim on the assets as “a baffling act of hubris”.
  https://media.hachyderm.io/media_attachments/files/113/744/584/325/319/419/original/4188b8476472a342.png

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