Share this article
First Mover Americas: Bankrupt With $1.4B Cash
The latest price moves in crypto markets in context for Feb. 1, 2023.
Updated Feb 2, 2023, 7:16 p.m. Published Feb 1, 2023, 2:01 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Latest Prices
CoinDesk Market Index (CMI) 1,083 +3.1 ▲ 0.3% Bitcoin $23,091 +25.1 ▲ 0.1% Ethereum $1,582 −2.8 ▼ 0.2% S&P 500 futures 4,079.75 +NaN ▲ NaN% FTSE 100 7,790.57 +NaN ▲ NaN% Treasury Yield 10 Years 3.47% ▼ 0.1 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Top Stories
An attempt by defunct crypto trading firm Alameda Research to regain $446 million it transferred in loan repayments to bankrupt Voyager Digital has been rejected by both the creditors’ committee and Voyager itself, according to court filings. Voyager creditors argued that Alameda’s claims should either be equitably subordinated to all other creditor claims, or recharacterized as equity. The creditors said that Alameda’s “inequitable and fraudulent conduct” cost Voyager and the creditors between $114 million to $122 million.
Bankrupt cryptocurrency exchangeFTX had around $1.4 billion in cash as of the end of 2022, according to an interim financial update filed on Wednesday. The figure is around 19% higher than the $1.2 billion reported in November when FTX filed for bankruptcy. Among the various arms of Sam Bankman-Fried's fallen crypto empire, FTX US has $260 million in cash. Bankman-Fried has repeatedly claimed the U.S. wing is solvent. Last month he blogged that FTX US "had at least $111 million, and likely around $400 million, of excess cash on top of what was required to match customer balances."
ARK Invest maintains its prediction that bitcoin prices will hit $1 million by 2030. Fundamentals are sound despite a turbulent 2022, according to the ARK's 2023 Big Ideas research report. “Contagion caused by centralized counterparties has elevated Bitcoin’s value propositions: decentralization, auditability and transparency,” writes Cathie Wood and team. ARK backs up this claim by pointing to a higher hashrate, long-term holder supply, and addresses with a non-zero balance compared to the prior downturns.
Chart of the Day
- The chart shows the dollar index's (DXY) 12-week percentage range of change since 1990.
- The DXY has depreciated by 9% in the past 12 weeks, a steep decline that has brought cheer to risk assets, including cryptocurrencies.
- In the past, the U.S. dollar has bounced after sharp declines of the magnitude seen in recent weeks, meaning the rally in crypto markets could soon hit the wall.
– Omkar Godbole
Trending Posts
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Internet Computer climbs back to $3 as short-term momentum improves
ICP pushed above the $3 level on rising activity, holding recent gains as traders reassess near-term direction.
What to know:
- ICP rose about 2.7% to roughly $3.00, reclaiming a closely watched psychological level.
- Trading activity increased during the move higher, accompanying the push through resistance near $2.95–$3.00.
- Price has since stabilized just above $3, keeping attention on whether the level can hold as near-term support.
Top Stories
