The quick downfall of FTX with an $8-10 billion deficit in its balance sheet has left the broader cryptocurrency market reeling under its cascading effects. Besides Proof of Reserves (PoR) and Reserves to Liability (R2L) Ratio data, Indian crypto exchanges, battling low volume caused by high taxation and an unfriendly regulatory environment, have responded to...Read More
At just about any boozed-up weekend gathering, you’re almost guaranteed to hear the retort “Life is stranger than fiction” after any strange story. Although this little witticism is often overused, the FTX saga is one of the few times the use of the phrase would be completely accurate. Approached By Insiders Earlier this month, Variety...Read More
Binance, the world’s largest crypto exchange, will remove multiple trading pairs for the DEX protocol Serum (SRM), which is known to have deep ties to both FTX and Alameda Research. The token will no longer be tradeable for Bitcoin (BTC), Tether (USDT), or Binance’s native BNB token. What is Serum? Binance revealed Serum’s trading restrictions,...Read More
The Financial Crimes Investigation Board of Turkey (MASAK) seeks to seize “suspicious” assets linked to the battered cryptocurrency exchange FTX. The authorities also plan to open an investigation against the trading venue’s former CEO – Sam Bankman-Fried (SBF). Going After SBF The Turkish agency sought a greenglight from the Istanbul Chief Public Prosecutor’s Office to launch a...Read More
The world’s largest cryptocurrency exchange – Binance – introduced its Proof of Reserves (PoR) system to display to users the exact amount of its crypto reserves. The feature will initially show only bitcoin’s holdings, while other coins will follow in the future. Binance has taken some additional measures to reaffirm its customers’ trust during the...Read More
Crypto exchange CoinList said it is not near bankruptcy as it addressed the ongoing FUD. It added that it is not insolvent or illiquid and is just experiencing technical issues affecting deposits and withdrawals. The platform dismissed the rumors on Twitter after users reported difficulties with fund withdrawals for over a week and said the...Read More
The FTX implosion may have dented investor confidence and extended the crypto winter, but that does not appear to be a hurdle for many exchanges from pursuing expansion via mergers and acquisitions. One such is – CrossTower – a crypto exchange that is reportedly considering new acquisitions of different types of companies with a good...Read More
In a new press release, the Securities Commission of The Bahamas explained that only placing FTX Digital Markets into liquidation was not sufficient, citing the risks associated with hacking and breach. SCB Executive Director also lashed out at new FTX CEO John Jay Ray III for “misrepresenting” the agency’s action through the “intemperate” and “inaccurate”...Read More
The Solana Foundation has released a fact sheet detailing the exposure it holds to FTX following its bankruptcy The organization held over $180 million worth of crypto asset exposure to the company as of November 6th, just before the exchange ceased processing withdrawals. FTT and SRM Holdings According to the foundation’s report (last updated Monday),...Read More
As events continue to unfold in the wake of FTX’s collapse, some of the funds missing from the exchange’s accounts have been found and secured. Shortly after its sudden downfall, FTX hired digital asset custodial company BitGo to handle its accounts and assets. Now, the custodial firm has recovered crypto assets worth over $700 million...Read More
As FTX will not be able to follow through on its commitment to purchase Voyager and its assets, Binance US will return to the table, said Changpeng Zhao. He also reiterated a previous statement that Binance is not a Chinese company, despite his appearance. Binance US to Bid on Voyager Again The cryptocurrency winter that...Read More
Twitter’s new CEO – Elon Musk – thinks Sam Bankman-Fried is much better at “bribing media” than managing a cryptocurrency platform. The South African entrepreneur also dismissed the rumors that FTX’s former boss had purchased a $100 million stake at Twitter. Another Wave of Criticism The general public opinion on SBF has undoubtedly changed for...Read More
On Nov. 24, analytics firm Chainalysis made the Mt.Gox comparison as it was not the first time the crypto world has been shaken due to an exchange demise. Mt.Gox was the first Bitcoin exchange, but it collapsed in February 2014. Crypto survived and thrived, and it will do so again despite all the mainstream media...Read More
On the heels of the Terra LUNA meltdown and the bankruptcy of FTX, authorities from South Korea are proposing new amendments to the Digital Assets Bill seeking greater control over cryptocurrency exchanges. Congressman Yoon Chang-Hyun is preparing an amendment to expand financial authorities’ control capabilities to prevent the repetition of events such as the FTX...Read More
The collapse of crypto exchange FTX appears to have sparked surging sales for self-custodial crypto wallets which give users direct ownership of their coins. SafePal, a Binance-backed crypto wallet brand, has experienced a 10x surge in traffic to its platform since November 11th, and its hardware wallet has made record sales within that time. SafePal...Read More
The disgraced founder of FTX apologized to his employees in a two-page letter dispatched to his former colleagues, shedding light on the demise of his crypto conglomerate. He also mentioned the details of the collateral and liabilities the group has. Calling the FTX employees his “family,” SBF said he froze up in the face of pressure”...Read More
The Monetary Authority of Singapore stated that there was no reason to caution investors against FTX crypto exchange as it did with Binance because the former did not actively solicit users in Singapore. This comes amid earlier speculations stating that the regulator’s action against Binance caused Singaporean users to shift to FTX thereby causing them...Read More
An FTX user is suing NBA team Golden State Warriors, accusing them of fraudulently promoting the FTX exchange after losing $750,000 due to the platform’s collapse. The plaintiff Elliot Lam, filed a class action lawsuit in San Francisco against Sam Bankman-Fried (SBF), former CEO of FTX, Caroline Ellison, CEO of SBF’s trading firm Alameda Research...Read More
FTX, its former chief Sam Bankman-Fried’s parents, as well as senior executives of the fallen crypto exchange, purchased at least 19 properties worth almost $121 million in the Bahamas, according to new reports. Official property records verified by Reuters reveal that FTX bought luxury beachfront homes, including seven condominiums in a penthouse in a luxury...Read More
The first twelve days of November were perhaps the darkest for 30-year-old Sam Bankman-Fried (SBF), as he not only lost his crypto empire but went from being a Bitcoin billionaire and crypto’s white knight to filing for bankruptcy and owing customers at least $3 billion. The next eight days revealed that SBF’s once-powerful crypto exchange...Read More
Cryptocurrency entrepreneur and billionaire Justin Sun is reportedly evaluating FTX’s assets for potential purchase. As reported by the Wall Street Journal, Sun said on Tuesday that he is open to “any kind of deal,” with the exchange, and that “all options” are on the table. “Right now we are evaluating assets one by one, but...Read More
Crypto exchange Gemini revealed working closely with Genesis Trading and its parent company Digital Currency Group, Inc, to find a solution for Earn users to redeem their funds. In a series of tweets, the Winklevoss-led platform noted that it is working to provide a material informational update soon. “This remains our highest priority and we...Read More
Bankrupt crypto exchange FTX and its affiliates had a total cash balance of $1.24 billion as of November 20, as per its bankruptcy filing. Sam Bankman-Fried’s crypto empire collapsed into chaotic bankruptcy earlier this month, leaving over a million creditors and stirring up trouble in the industry. New details have emerged regarding the group’s cash...Read More
Now that the dust has begun to settle following the unexpected collapse of FTX, government officials have started to plan hearings on the subject. Given the size of the now-bankrupt exchange, the hearings will probably result in new regulations that will change the crypto industry from here on out. Calls for Consumer Protection Authorities in...Read More
Despite the ultimate crash of FTX, the Japanese subsidiary of the company reportedly plans to allow client withdrawals by the year’s end. The fiasco of Sam Bankman-Fried’s exchange became one of the major events in crypto’s history. Once valued at approximately $32 billion, it recently failed to honor users’ withdrawal requests and reported severe liquidity...Read More
Collapsed crypto exchange FTX owes nearly $3.1 billion to its top 50 creditors, as per filing from its Chapter 11 bankruptcy protection proceedings. It was earlier reported that the company may have more than one million creditors in total. The filing, which brings clarity to the scope of the potential losses faced by FTX clients,...Read More
The entity that drained FTX’s wallets after the fallen exchange filed for bankruptcy continues to move around the funds. Although the Bahamas’ securities regulator claimed it siphoned the funds, the suspicious transactions now are questioning this narrative. The wallet designated as the FTX drainer started moving funds during the weekend, as CryptoPotato reported. A new...Read More
On Nov. 20, crypto market data portal CoinGecko released a report on the countries most impacted by the FTX collapse. Unsurprisingly, most are in Asia since U.S. investors were using FTX.US, not the international exchange that melted down. The report is slightly misleading, however, as it ranked the top 30 countries by monthly users, not...Read More
The fallout from FTX’s collapse has been devastating, and the market is poised for more losses. But according to a recent report by DappRadar, Web3 remains resilient. Centralized services are on the losing side. With the contagion unfolding, the decentralized finance (DeFi) sector, too, has been impacted. But the user activity in the sector appears...Read More
In the wake of crypto exchange FTX’s collapse, which triggered a severe contagion across the industry, many shocking discoveries have been made about the company’s governance and management system. A detailed examination of the firm’s bankruptcy filing has shown that “FTX was a slush fund masquerading as a real business,” according to FOX reporter Genevieve...Read More
