The stunning FTX collapse has sent shockwaves down the crypto market. The latest firm to fall victim is Huobi’s brokerage subsidiary, Hbit Limited. The Hong Kong-based company has revealed that it is unable to withdraw $18.1 million worth of cryptocurrencies deposited in FTX. Out of the total funds stuck in FTX, $13.2 million are the...Read More
On Nov. 13, the Kraken exchange announced that it has been in contact with law enforcement regarding the accounts held by the bankrupt FTX group. It added that it had frozen any accounts linked to FTX, Alameda, and its executives to protect their creditors. Kraken said that its own clients are not affected, and the...Read More
Net exchange outflows have soared in the wake of FTX’s bankruptcy, inciting crypto holders everywhere to look after their own digital assets. Data from on-chain analysis firm CryptoQuant shows that over $8 billion in crypto has flowed off of centralized exchanges since November 6th – when worries about FTX’s solvency began to propagate. Since Binance...Read More
As contagion fears around FTX’s collapse continue to spread, one hedge fund manager has already admitted that his business is virtually ruined. Travis Kling – Chief Investment Officer of Ikigai – said on Monday that the crypto asset management firm lost a “large majority” of its funds on FTX. As explained on Twitter, Ikigai was...Read More
The Royal Bahamas Police Force and Bahamas Securities Commission have launched a criminal investigation into the now-bankrupt crypto exchange giant FTX. The probe follows previous statements from the securities regulator noting potential mishandling of client funds. Bahamas Regulators VS FTX RBPF spokesperson Chrislyn Skippings announced the probe on Sunday, without offering any details on exactly...Read More
The world’s largest payment processor – Visa – has terminated ties with FTX less than a month after introducing a new debit card program. Deeming the situation with the debt-ridden cryptocurrency exchange “unfortunate,” Visa’s spokesperson told Reuters that the company is “monitoring developments closely.” The financial services company’s official statement read, “We have terminated our...Read More
The prominent bitcoin bull – Michael Saylor – opined that the FTX crisis will have certain benefits on bitcoin. In his view, the turbulence will eliminate thousands of useless digital assets while the primary cryptocurrency and a “handful” of other coins will be the only survivors. ‘Bitcoin Will be the Winner’ In a recent interview...Read More
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
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
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
FTX has lost several potential rescuers after shady details of the internal workings continue to emerge. The biggest setback was Binance pulling out of the deal. But according to the crypto giant’s CEO, the deal with FTX did not make sense. While speaking at the Indonesia Fintech Summit, Changpeng “CZ” Zhao weighed on the takeover...Read More
FTX’s collapse has significantly dented the confidence of investors in centralized crypto exchanges. Amidst the subsequent financial turmoil and reports about the troubled crypto exchange tapping customer funds to fund risky bets, the golden rule of crypto – “not your keys, not your coins” has taken a center stage in popular discourse once again. Abdicating...Read More
FTX has filed for Chapter 11 Proceedings in the United States. This follows the fiasco over the past couple of days where the company failed to honor its customer’s withdrawal requests. In a press release shared minutes ago, FTX announced that the group will be filing for Chapter 11 Proceedings in the United States. According...Read More
The President of El Salvador – Nayib Bukele – reportedly dismissed the arising rumors that his country holds its bitcoin stash on the battered cryptocurrency exchange FTX. The information was revealed by Binance’s CEO – Changpeng Zhao – who said he discussed the matter with the political leader. The Central American nation became the first...Read More
Major venture capital firm Sequoia Capital has written down the value of its investment in the beleaguered crypto exchange FTX, to zero. Notably, the company was part of the investors who participated in FTX’s $900 million funding round in July 2021, which brought the exchange’s valuation to $18 billion at the time. Sequoia Marks Down...Read More
Amid the problems plaguing cryptocurrency exchange FTX, the Securities Commission of the Bahamas (SCB) has frozen the firm’s assets. The Bahamian regulator also got the court to appoint a provisional liquidator for FTX. In a press release posted by Nassau Guardian via Twitter on Thursday (November 10, 2022), the Commission revealed it had frozen assets...Read More
JPMorgan’s team, led by Nikolaos Panigirtzoglou, predicted that the price of bitcoin could drop to $13,000 due to the turmoil following the FTX collapse. The cost to produce BTC has also fallen considerably, which could be another reason for the asset’s potential downfall. A Grim Forecast An analysis team of the Wall Street bank estimated...Read More
Canada’s Ontario Teachers Pension Plan (OTPP) is in jeopardy due to its large investment in the cryptocurrency exchange FTX, which is currently facing a significant liquidity crunch. A recent report from The Globe and Mail revealed that OTPP invested in FTX a year ago when the firm was valued at $25 billion. The pension plan...Read More
Indonesia plans to give its Financial Services Authority (OJK) the power to regulate cryptocurrency investments and market oversight. The country’s Trade Ministry currently polices the digital asset industry in collaboration with the Commodity Futures Trading Regulatory Agency. However, Indonesia’s finance minister, Sri Mulyani Indrawati, said the country would transfer the authority to OJK to...Read More
Investment banking company Jefferies Group’s CEO, Richard “Rich” Handler, took to Twitter to reveal that he unsuccessfully tried to get in touch with FTX CEO Sam Bankman-Fried earlier this year when the latter was offering bailouts to several troubled firms. While sharing his “personal email trail” on “non-meeting with FTX,” Handler revealed several snapshots that...Read More
Former BitMEX CEO Arthur Hayes believes FTX is ultimately headed for bankruptcy now that Binance has refused to rescue the company. The exchange co-founder offered his analysis of what the future holds for FTX on Thursday and offered some predictions for how its crisis will impact the market. FTX Will Go Bankrupt In a Twitter...Read More
The past few days were unnerving as the crypto industry watched the fall of FTX, one of the world’s largest crypto exchanges. With FTX now insolvent, some of the biggest and oldest players in the space have started expressing disappointment at the company’s CEO, Sam Bankman-Fried (SBF), popularly known as crypto’s white knight. Jesse Powell...Read More
Struggling crypto exchange FTX appears to be processing withdrawals again, according to publicly available blockchain data. Data from Etherscan – an explorer for analyzing transactions on the Ethereum blockchain – shows that FTX’s public wallet began executing a swath of outbound transactions beginning at 03:39:11 PM UTC on Thursday. This follows an over 48-hour period...Read More
FTX had reportedly reached out to several other large exchanges, including Coinbase and OKX, but was turned down. Its finances were one of the factors after the reviewal of which, Binance backed out of a planned takeover. While Binance may have averted more scrutiny from regulators in Europe and the United States but the botched...Read More
Tether has become the latest industry company to get involved with the ongoing saga revolving around FTX by freezing over 46 million USDT. The company said it had to comply with law enforcement agencies. All eyes in the crypto industry have been set on FTX for the past several days, ever since Binance decided to...Read More
Sam Bankman-Fried issued an official apology following the collapse of his cryptocurrency exchange. He talked about making customers whole and finding a solution that would be best for all parties involved. FTX’s CEO took it to Twitter earlier on November 10 to shine some light on the current situation with his distressed crypto exchange. At...Read More
The announcement came in a call to investors on Nov. 9, just after Binance pulled out of the deal to acquire FTX. SBF said he hoped the beleaguered exchange could raise as much as $3-4 billion in equity. He added that FTX could also raise some debt, according to the WSJ citing people familiar with...Read More
The past few days saw extreme turbulence related to FTX, Alameda, and Binance. In the wake of it, ending with Binance’s statement of intent to take over FTX’s business, the CEO of both companies has been knocked off of the Bloomberg Billionaires Index due to an estimated 94% drop in personal wealth. $25 Billion Lost...Read More
Amid the major crypto exchange FTX’s liquidity crisis, two companies closely tied to it – including Alameda Research and FTX Ventures – appear to be inaccessible on their websites. Alameda‘s site has gone private, while FTX Ventures’ site appears to be down entirely. Both have been inaccessible since Tuesday. Alameda is a trading desk launched...Read More
