S&P 500
5444 +1.11%
NASDAQ Composite
NASDAQ
17357.9 +1.03%
Bitcoin
BTC
$67,805 4.93%
Ethereum
ETH
$3,263 5.14%
US10Y
4.2% -0.0562
Header logo
  1. Research
  2. Crypto Research
  3. Market Update

IRS Files $44 Billion in Claims Against FTX, Coinbase Sparks Pepe Controversy

May 11, 2023
Market Update This morning’s initial jobless claims came in at 264k vs. 245k expected, marking the highest level since October of 2021, further supporting the notion that the Federal Reserve is seeing what they need to pause rate hikes going forward. Equity indices are mixed following this morning’s data, with the S&P 500 declining 0.23% and the Nasdaq 100 rising 0.26%. Crypto markets are underperforming compared to equities, with $BTC (-1.51%) and $ETH (-1.90%) hovering around recent lows. Crypto’s underperformance to equities has been notable over the past 30 days, with BTC falling over 10% compared to $SPX. Despite recent underperformance, it’s important to note that BTC is still up 55% YTD compared to SPX.The US Internal Revenue Service (IRS) has filed claims amounting to nearly $44 billion against the bankrupt crypto exchange FTX and its entities. In the bankruptcy filings from April 27th and 28th, the IRS presented 45 claims against FTX companies, including West Realm Shires (FTX.US), Ledger Holdings, and Blockfolio, among others. Notably, the largest claims are $20.4 billion and $7.9 billion against Alameda Research LLC, while two claims totaling $9.5 billion are directed at Alameda Research Holdings Inc. These claims fall under the category of "Admin Priority," w

Unlock this page with a FREE 30-Day Trial!

*Free trial available only on a monthly plan

Already a member?

Reports you may have missed

Executium PCWOez71S1E Unsplash

CRYPTO MARKET UPDATE AFTER ANOTHER DAY OF SIZEABLE OUTFLOWS FROM ETHE 4.50% , THE GRAYSCALE-ISSUED ETF NOW RETAINS JUST 85% OF THE AUM IT BEGAN WITH ON TUESDAY. However, crypto has rallied strongly since the US market closed yesterday, with BTC 4.93% briefly moving above the $68k level, ETH 5.14% rebounding sharply to $3,250, and SOL 9.16% revisiting $184. Among larger-cap tokens, SOL beta names including RNDR and JUP have outperformed over the past 24...

BTC 4.93% CFX 21.83% ETH 5.14% GBTC +4.88% IBIT JUP -8.65% RNDR -3.51% SOL 9.16%
Executium ClCAEiWideU Unsplash

CRYPTO MARKET UPDATE CRYPTO WAS CERTAINLY LOOKING STRONG RELATIVE TO EQUITIES YESTERDAY UNTIL ASIAN MARKET HOURS COMMENCED. Shortly after the HK market opened, we saw increased sell pressure and approximately $100 million in liquidations across all crypto assets, bringing BTC 4.93% down to below $64,000, ETH 5.14% down to $3,150, and SOL 9.16% to just below $170. This contrast in price action during U.S. and Asia market hours has been consistent throughout July....

AAVE 6.93% BTC 4.93% ETH 5.14% MARA +6.16% SOL 9.16% TRX 1.61%
Executium TN 6BYSMrQs Unsplash

CRYPTO MARKET UPDATE RATES ARE BROADLY LOWER, WITH A NOTABLY STRONGER RALLY AT THE FRONT END OF THE CURVE AS THE MARKET APPEARS TO BE TAKING POTENTIAL RATE CUTS OVER THE NEXT COUPLE OF FOMC MEETINGS MORE SERIOUSLY. Despite significant weakness in equities today, the crypto market is looking relatively healthy, with BTC 4.93% and many altcoins in the green. BTC 4.93% briefly rallied above $67k but has since drifted back down...

BTC 4.93% ETH 5.14% GBTC +4.88% IWM +1.73% QQQ +1.04% SOL 9.16% ^SPX
Andre Francois Mckenzie Vh7U Z75L3U Unsplash

CRYPTO MARKET UPDATE DESPITE BEING THE LAUNCH DAY FOR ETH 5.14% ETFS, CRYPTO BROADLY MOVED LOWER IN THE EARLY MORNING HOURS TODAY, POSSIBLY DUE TO MOVEMENT OUT OF THE MT. GOX TRUSTEE WALLETS. Mt. Gox sent approximately $130 million in BTC 4.93% to Bitstamp, leaving about 90k BTC 4.93% remaining in the trustee wallets. This move lower was likely also influenced by a rise in the DXY. Currently, BTC 4.93% is trading around $66.5k,...

AVAX 7.69% BTC 4.93% ETH 5.14% ETHBTC ETHE N/A% GBTC +4.88% GOOGL -0.2% SOL 9.16% TSLA -0.09% V +2.44%
FS Insight

Sign in to readddd the report!

We have detected you are an active member!

Not a member? Get Your First Month Free

Forgot your password?