FTX bribes?

Author

Jay Lutz
June 27, 2023

Sponsored by Vortex Metals

Did FTX lawyers bribe authorities?

A recent report from the FTX bankruptcy team has unveiled shocking revelations about the failed exchange, exposing its misappropriation and commingling of customer deposits. The analysis indicates that FTX.com owed an astounding $8.7 billion to its customers, with senior executives actively concealing the financial troubles as early as August 2022.

According to the report filed on Monday, a significant portion of the $8.7 billion debt owed by FTX.com to its customers, approximately $6.4 billion, was misappropriated in the form of fiat currency and stablecoins.

Efforts to recover the assets have yielded promising results thus far, with approximately $7 billion in liquid assets already retrieved. Those involved in the asset search anticipate further recoveries in the future.

You can read more on the matter here.

Vortex Metals Inc. owns a 100% interest in two drill-ready high-potential copper volcanogenic massive sulfide properties in the state of Oaxaca, Mexico. The company has also recently signed a non-binding letter of intent for an option agreement to acquire a Chilean copper asset, which contains a right of first refusal on an operating mine.

What’s going on?

  • Consumer Prices Rise 3.4% in May (theDeepDive)

  • Bell Media Requests Removal of Local News Broadcasting Mandates, Claiming Financial Pressure (theDeepDive)

  • Ford to cut jobs in US, Canada (Reuters)

  • Zinc Sinking: Analyst Says Tara Mines Suspension Is A Wake-Up Call (theDeepDive)

  • Canada’s Banking Regulator Raises Capital Requirements Amid Growing Financial Risks (theDeepDive)

  • Russian court fines Google an additional $47 million (Reuters)

  • Cost of Trudeau Carbon Tax to Hit Nova Scotia the Hardest (theDeepDive)

  • Beer Factory Leak Turns the Sea Red in Japanese Resort City (Bloomberg)

  • Hollywood Strikes: Actors’ Contract To End This Week, Will A Deal Be Met? (theDeepDive)

The worst bear market for juniors?

The stock market and stuff

  • Lucid Reaches Tech Supply Agreement With Aston Martin, But Does It Matter? (theDeepDive)

  • S&P 500, Nasdaq set for gains after upbeat data, megacaps recover (Reuters)

  • Palantir’s AI Surge Hardens Resolve of Stock’s Bears (Bloomberg)

In the juniors

  • Vortex Metals Enters LOI For Drill-Ready Chilean Copper Project (theDeepDive)

  • Lithium Ionic Reports Maiden Resource At Itinga Project In Brazil (theDeepDive)

  • Lordstown Motors Plummets 60% After Bankruptcy Filing And Foxconn Lawsuit (theDeepDive)

FULL DISCLOSURE: Vortex Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Vortex Metals. The author has been compensated to cover Vortex Metals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.