Jordan Belfort – the infamous stock broker whose story inspired Martin Scorsese’s film “The Wolf of Wall Street” – thinks the only two cryptocurrencies investors should deal with at the moment are bitcoin (BTC) and ether (ETH). He cautioned people should invest only a small amount of their total portfolio in crypto due to the...Read More
The Financial Times (FT) published a document on Tuesday exposing where Alameda’s venture investments went days before the FTX Group filed for bankruptcy. Its hundreds of investments included high-profile companies like SpaceX, and a variety of crypto tokens like Polygon (MATIC), and NEAR. The spreadsheet, dated early November, included Alameda’s private equity portfolio, alongside “some...Read More
Changpeng Zhao – CEO of the world’s largest crypto exchange, Binance – rejected some of the latest assumptions regarding himself and his company’s involvement in FTX’s crash. He reiterated his position that the main culprit of the catastrophe was Sam Bankman-Fried (SBF), describing him as “one of the greatest fraudsters” of all time. CZ’s List...Read More
The American multinational investment bank – Goldman Sachs – intends to spend tens of millions of dollars to acquire or invest in cryptocurrency organizations. Goldman’s head of digital assets – Matthew McDermott – thinks the involvement of trustworthy regulated players in the crypto industry could improve its current condition. Goldman Remains a Crypto Proponent In...Read More
A major capital reset is underway, according to on-chain analytics provider Glassnode. In its “week on-chain” report on Dec. 5, the firm said the FTX collapse caused “one of the largest deleveraging events in digital asset history.” Markets have been consolidating just above those cycle lows since the FTX meltdown in early November. Additionally, there...Read More
Following the controversial interview between Sam Bankman-Fried and journalist Andrew Ross Sorkin at the New York Times DealBook Summit, SBF received a cordial invitation on December 13 from Congresswoman Waters to understand what happened during the FTX collapse. However, SBF declined Waters’s invitation, saying he didn’t feel it was the right time to appear before...Read More
The cryptocurrency brokerage platform – Genesis – and its parent company Digital Currency Group (DCG), reportedly owe customers of Gemini approximately $900 million. Genesis has been coping with severe issues ever since the crash of FTX. It suspended withdrawals in November while its creditors have been making desperate calls to prevent bankruptcy. Almost $1 Billion...Read More
The Australian cryptocurrency platform Swyftx laid off 90 of its employees, representing around 40% of its total workforce. CEO Alex Harper assured the company is “well-positioned” to cope with the current turbulence caused by the FTX meltdown. However, he expects another market plunge during the first half of 2023, hence the amendments. The Next Victim...Read More
Back on December 12th, Congresswoman Maxine Waters, representative of California’s 43rd district, openly invited the former CEO of FTX – Sam Bankman-Fried – to testify with aim of helping the public understand what happened with the exchange. It appears that SBF is unlikely to make this appearance. Despite the multiple public appearances of SBF throughout...Read More
Samuel Bankman-Fried took Do Kwon’s spot by becoming the most talked-about and arguably hated person in the cryptocurrency industry in November when his empire collapsed, and the community found out about his dirty laundry. The latest to join the bashing fest is Coinbase’s CEO – Brian Armstrong – who had some strong words to say...Read More
The collapse of the cryptocurrency exchange FTX will go down as one of the darkest moments in crypto’s history. The company experienced severe liquidity issues in November and couldn’t honor the withdrawal requests of its customers. Binance – the world’s largest crypto platform – was ready to acquire the exchange but, after auditing, walked away...Read More
FTX’s sister trading desk, Alameda Research, bailed out the exchange before it suffered a possible $1 billion trade loss in early 2021. This news comes amid claims from former FTX CEO Sam Bankman-Fried that FTX and Alameda were independently operated firms. As reported by the Financial Times on Friday, people familiar with the matter said...Read More
The Japanese arm of the troubled cryptocurrency exchange FTX is set to resume customer withdrawals after scoring important clarifications with Japan’s Financial Services Authority. According to a new release on the official website of FTX Japan, the platform plans to resume withdrawal services ” in the ordinary course.” The basis for this decision is an...Read More
Former FTX CEO Sam Bankman-Fried may have apologized dozen times for the failure of his firm, but there’s no stopping the contagion. Another casualty came in the name of a crypto trading platform – Aurus Global – which is currently facing a “short-term liquidity issue” due to FTX insolvency. Aurus Misses Principle Payment Amount of...Read More
Sam Bankman-Fried is doubling down on his claim that FTX US should never have filed for bankruptcy. The former FTX boss believes the US entity is still entirely solvent and could re-open for withdrawals right away. The FTX US Situation In a tweet on Thursday, Bankman-Fried reiterated his comments at the New York Times Dealbrook...Read More
For several companies in the crypto sector, 2022 marked the end of the line. A few seemingly vanished overnight. But Genesis’ creditors are making desperate calls to save the crypto brokerage from sinking into bankruptcy. According to a Bloomberg report, the creditors of the embattled firm hired restructuring lawyers and are exploring ways to avoid...Read More
Former FTX CEO Sam Bankman-Fried (SBF) spoke at length about FTX’s collapse and bankruptcy at the New York Times Dealbrook Summit on Wednesday. The former billionaire defended himself from accusations of fraud, and claimed that FTX’s troubles stemmed from an accounting error. Sam Bankman-Fried on Alameda’s Leverage Bankman-Fried’s interviewer began by asking whether the ex-CEO...Read More
According to the most recent data, GMX earned more daily revenue than Uniswap, becoming the market leader for the first time ever. Delphi Digital reported that the platform raked in $1.15 million in trading fees, while that of Uniswap stood at $1.06 million. Moreover, GMX is now the fifth-largest decentralized application on Token Terminal’s dashboard,...Read More
BlackRock – the largest asset manager in the world – lost millions of dollars inside FTX, according to CEO Larry Fink. The BlackRock chief spoke at The New York Times Dealbrook Summit on Wednesday, confirming that his firm held $24 million within the insolvent exchange. The money was from a “fund of funds,” and not...Read More
LedgerX – one of the companies that remained solvent following the downfall of its parent FTX, is preparing to make millions available for bankruptcy proceedings. According to a report by Bloomberg, LedgerX is preparing to make available a considerable $175 million to be used in the bankruptcy proceedings of FTX. The money could reportedly be...Read More
On Tuesday, Sam Bankman-Fried (SBF)’s first long-form interview since FTX’s bankruptcy was published to YouTube by citizen journalist Tiffany Fong. On November 16th, the former CEO offered his perspective on a number of claims made about him since the bankruptcy, and the state of FTX US clients. He also reflected on FTT, the exchange’s native...Read More
On-chain sleuth ZackXBT has tracked down some of the mixed Bitcoin funds stolen by the mysterious FTX hacker this month. The analyst found that $4.1 million worth of Bitcoin (255 BTC) has ended up on OKX, a cryptocurrency exchange. As explained on Twitter, the hacker initially deposited the stolen funds to CoinMixer – an anonymous...Read More
Serum (SRM) – the Solana-based DEX protocol launched in part by FTX – is seeking a fresh restart after FTX’s fallout left the project’s security permanently compromised. The new project – called Openbook – will be community-led, and may or may possibly discard the SRM token entirely. Serum’s New Beginning In a Twitter thread on...Read More
Silvergate Capital Corporation – a digital asset bank based in California – revealed its deposit relationship to the troubled crypto firm BlockFi was limited to less than $20 million of its total deposits. The latter filed for Chapter 11 bankruptcy protection in the United States earlier this week, becoming the next leading company in the...Read More
Shortly after filing for Chapter 11 bankruptcy protection, the distressed crypto lender has gone after Sam Bankman-Fried’s Emergent Fidelity Technologies entity. BlockFi’s filing involves shares of Robinhood that the once-FTX boss purchased earlier this year. The US-based crypto lender filed for bankruptcy yesterday in a New Jersey court, as reported, but also launched a lawsuit...Read More
Following Sam Bankman-Frieds’ speedy exit, authorities in the Bahamas began investigating the collapse of the collapsed crypto exchange. One measure taken was to freeze the assets of FTX Digital Markets – the Bahamian subsidiary of the company. Speculation Not Welcome In an address to the nation conducted via Facebook Live, Bahamas Attorney General and Minister...Read More
Another former cryptocurrency giant has filed for Chapter 11 bankruptcy protection in the United States. Thus, BlockFi has followed the example of companies like Celsius and Three Arrows Capital. The cryptocurrency lender’s troubles began as the bear market intensified earlier this year, especially after the Terra collapse. There seemed to be a lifeboat thrown by...Read More
Singaporean Prime Minister Lee Hsien Loong and Deputy Prime Minster Lawrence Wong are facing intense scrutiny from the parliament over FTX investor losses and the due diligence undertaken by state-owned investor Temasek Holdings. The opposition – Workers’ Party – has reportedly filed over a dozen of questions about Temasek’s investment while questioning the Singaporean government’s...Read More
The cryptocurrency industry saw one of the most spectacular crashes of one of its giants earlier this month, which cast doubt over the entire market and investors’ perspectives on it. However, on-chain data shows that retail investors have continued accumulating bitcoin with enhanced appetite. Crabs and Shrimps Keep Buying Bitcoin shrimps, as categorized by Glassnode...Read More
Fundstrat’s head of research – Tom Lee – remains a bitcoin bull and believes the asset could serve as a proper investment tool for certain investors. He added in a recent interview that the entire crypto industry had a horrific year, but he expects the upcoming 2023 will not be the same. 2022 has indeed...Read More