The US-based cryptocurrency exchange – Coinbase – reportedly reduced its team by 60 people following the FTX saga and the consecutive plunge of the market. Chief Financial Officer Alesia Haas said the company might lay off more people should the turmoil deepen in the future. According to recent coverage, one of the largest crypto platforms...Read More
Despite the crash of the crypto exchange FTX, the Mercedes Formula One team vowed not to remove the company’s logo from its race cars. Still, the F1 squad said they are closely monitoring the situation with the trading venue, hinting it might terminate the partnership in the near future. FTX’s Logo Remains on the Runway...Read More
About four months after commencing voluntary Chapter 11 bankruptcy proceedings, crypto lender Celsius Network is yet to execute the much-talked-about restructuring plan. The troubled lender has now filed a motion requesting the court’s approval to extend the deadline for the submission of its reorganization plan. Celsius Files for Extension of Exclusivity Period Celsius announced the...Read More
Changpeng Zhao (CZ), CEO of the world’s largest cryptocurrency exchange Binance, has expressed his belief in the ability of the crypto market to heal itself once the full impact of FTX’s implosion is felt. Speaking at a conference in Indonesia, CZ said that more companies would be affected by FTX’s downfall, considering how big the...Read More
After the FTX collapse, the markets took up the prevailing situation and underwent a notable recovery during the previous day’s trade. The crypto market cap also almost reached the $900 billion mark and in the time when a breakout was close to being accomplished, the rounds of FTX being hacked circulated within the space. The...Read More
2022 has been disastrous for the crypto space. Yet again, Bitcoin is witnessing one of the most severe crashes and has marked a record as the fifth asset to witness the worst collapse in the history of finance. Bitcoin, which accounts for 41% of the cryptocurrency market, experienced lows that had not been seen since...Read More
Elon Musk recently said that he had a conversation with Sam Bankman-Fried before the Twitter deal. He also shared some predictions going forward. The world’s richest man recently joined a discussion on Twitter with over 60,000 listeners to talk about the FTX hack and bankruptcy. Musk revealed that he had a conversation with the exchange’s...Read More
The problems with FTX don’t seem to stop. After failing to honor customer withdrawals, revealing a multi-billion hole in its balance sheet, and ultimately declaring bankruptcy, the exchange is suffering another major exploit. Millions of dollars seem to have been drained from FTX addresses. Upwards of $400 million in crypto left the exchange wallets late...Read More
Popular crypto exchange FTX’s collapse is crushing and brutally killing the crypto market as the industry continues to flash red. Moreover, FTX’s recent chapter 11 bankruptcy filing may bring more downside spirals and hit the market harder than ever. Multiple cryptocurrencies have lost more than 40% of their value due to the impact that plummeted...Read More
