Binance, the world’s largest crypto exchange, has backed out of its agreement to purchase FTX just one day after signing an agreement to rescue the company on Tuesday. Binance said its decision was made in light of a review of FTX’s handling of customer deposits, alongside alleged US agency investigations against the firm. The announcement,...Read More
A few months earlier, FTX CEO SBF said several “third-tier” crypto exchanges were insolvent but yet to be exposed. This was when several crypto lending platforms suffered massive financial contagion following Three Arrows Capital’s (3AC) fallout as a result of Terra’s spectacular collapse. His comments, obviously, did not age well now that his empire appears...Read More
United States financial regulators have reportedly launched a probe into FTX – one of the world’s largest crypto exchanges that is now unable to process customer withdrawals. The investigators intend to examine whether FTX properly managed customer deposits, alongside its relationship with CEO Sam Bankman-Fried’s other crypto projects. Probed by SEC and CFTC As reported...Read More
Binance, the world’s largest crypto exchange, is reportedly ready to back out of a deal to rescue FTX only a day after announcing its buyout deal. A review of FTX’s financials has apparently led Binance to “strongly lean against completing the transaction,” a person familiar with the matter told CoinDesk. FTX and Binance announced the...Read More
Amid the chaotic meltdown, asset movement from Circle to FTX surfaced. It was also reported that Alameda could be the second-largest issuer of Tether. CEO of USDC issuer, Jeremy Allaire, assured the community that Circle has no material exposure to the troubled firms. Tether’s chief technology officer Paolo Ardoino also spoke on the matter. Circle’s...Read More
Changpeng Zhao – the CEO of the world’s leading cryptocurrency exchange Binance – outlined two vital lessons following the saga between his company and FTX. In his view, crypto exchanges should not use their own tokens as collateral, and individuals should never borrow money to run a crypto enterprise. In a recent tweet, Binance’s executive...Read More
From SBF rescuing insolvent crypto companies left and right just months earlier to his empire in a near-doom state needing a bailout, there appears no light at the end of the tunnel as the current crypto market depression intensifies. Many experts commented that the current crypto winter would separate the chaff from the wheat. No...Read More
Coinbase CEO Brian Armstrong argued on Tuesday that his exchange isn’t vulnerable to the sort of fallout suffered by FTX this week. He said the “event” surrounding FTX appears to stem from risky business practices that Coinbase does not engage in. Coinbase’s Business Model Armstrong began by expressing sympathy for everyone involved in the FTX...Read More
Fears of a Terra-style debacle have seeped into the crypto market as the Binance-FTX drama continues. Binance CEO CZ made headlines by announcing plans to liquidate entire FTT holdings gradually to avoid any market impact. His crypto exchange had already exited from FTX equity last year. While CZ clarified that the move should not be...Read More
Amid massive uncertainty surrounding FTX and its ability to process withdrawals, the exchange’s CEO Sam Bankman-Fried (SBF) has announced that the company is being sold to Binance. Binance CEO Changpeng Zhao (CZ) has also confirmed the news, stating that Binance will help FTX navigate its current “liquidity crunch.” FTX Comes Full Circle In a tweet...Read More
Crypto markets are retracing in the wake of looming uncertainty about the state of FTX’s financials. Reports are mixed about whether the exchange is able to process withdrawals, with some suggesting that it has halted them entirely. On-chain data from Etherscan shows FTX’s last Ethereum-based outbound transaction took place on November 8th 10:59:35 AM UTC...Read More
BitDAO may terminate its token swap and hold agreement with quant crypto trading firm Alameda Research. This follows fears that Alameda may have dumped 100 million BIT tokens. BitDAO has asked Alameda to confirm that it has not sold any of the DAO’s native tokens as part of an earlier agreement between both entities. The...Read More
Despite the rally during the past couple of weeks, the cryptocurrency took a beating today. Bitcoin’s price plunged by more than 5%, dropping $20K. The total liquidations on a 24-hour scale have reached around $360 million. The recent rally brought hopes to many that the crypto winter might be coming to an end, but this...Read More
Crypto exchange FTX is rapidly losing stablecoin liquidity after Binance CEO Changpeng Zhao (CZ) announced his company’s full exit from its FTT position on Sunday. ETH withdrawals from FTX have also tapped an all-time high, possibly signaling worry among depositors about the safety of their funds. FTX Withdrawal Wave According to a tweet thread from...Read More
Sam Bankman-Fried, CEO of FTX, has come out to allay fears about the state of the crypto exchange’s finances. Bankman-Fried said the platform has excess cash and clients’ funds are safe while also calling on Binance CEO to collaborate with him to improve the ecosystem. In a recent tweet thread on Monday (November 7, 2022),...Read More
In a quick-paced turn of events over the weekend, Binance CEO Changpeng Zhao announced that his company would liquidate all FTT holdings given the “recent revelations.” The statement made FTT price take a sharp plunge, falling by nearly 10% in 24 hours. Binance Exits Its FTT Position Even before what CZ said could sink in,...Read More
The CEO of the popular exchange asserted in a recent interview that the firm is working on launching its own stablecoin. He also confirmed previous reports that FTX is looking to raise more funds and spoke about the recent and possible future acquisitions. Without providing any further details, Sam Bankman-Fried said the exchange knows how...Read More
The cryptocurrency platform FTX will distribute approximately $6 million to reimburse victims affected by a recent phishing attack. CEO Sam Bankman-Fried revealed this is a one-off decision, underlining that the company will not compensate such customers in the future. Only This Time Last week, hackers targeted several FTX users and drained $1.26M worth of cryptocurrencies....Read More
Earlier this week, the crypto billionaire riled the industry by suggesting ways to confront the legal and hacking woes plaguing the ecosystem. Erik Voorhees, ShapeShift co-founder, is the latest one to detail concerns regarding the draft. The OFAC Conundrum While Voorhees noted that rules are important and that “voluntarily-adopted” standards are noble because they are...Read More
United States-based cryptocurrency exchange FTX.US was approved by the bankruptcy court to enter the asset purchase agreement with the bankrupt crypto lender, Voyager. According to the official announcement, FTX.US is valued at nearly $1.422 billion. Voyager said it will move forward with a customer vote on the broader recovery plan, which entails the implementation of...Read More
A crypto trader was taken by surprise after hackers reportedly siphoned more than a million dollars worth of digital assets from his FTX account by exploiting an API connected to the trading account. According to reports, the FTX user discovered that his account using the 3Commas API, has traded the DMM: Governance (DMG) token more...Read More
FTX CEO Sam Bankman-Fried (SBF) posted a draft of a set of standards to create clarity and protect customers as the US awaits full federal regulatory regimes. While highlighting the significance of regulatory oversight and customer protection, SBF said there needs to be an open economy where peer-to-peer transfers, code, validators, etc., are presumptively free....Read More
Bloomberg reported that the CFTC and SEC are investigating Three Arrows Capital. The US regulators want to understand whether the Singapore-based cryptocurrency hedge fund violated some rules and laws that hedge funds must comply with. Sources interviewed by Bloomberg hinted that U.S. regulators seem to think 3AC could have been misleading clients about the strength...Read More
The Texas State Securities Board – the region’s securities regulators – is investigating FTX and its boss, Sam Bankman-Fried (SBF), over whether some of its crypto offerings violate state law. As reported by Bloomberg on Monday, the regulator has taken specific issue with the company’s yield-bearing crypto accounts, which may constitute unregistered securities offerings. As...Read More
Lawyers representing the Official Committee of Unsecured Creditors (UCC) of Voyager Digital have raised objections to sweeping legal immunity being planned for the firm’s senior executives. Last month, the Sam Bankman-Fried (SBF)-led crypto exchange FTX won the bid for Voyager for $1.4 billion, beating Binance in the race. However, the Voyager management has reportedly added...Read More
The financial services corporation – Visa – collaborated with the cryptocurrency exchange – FTX – to offer debit cards in 40 countries across the globe. The cards are already available in the United States and will reach other Asian, Latin America, and European nations soon. Visa’s Next Crypto Move In an interview for CNBC, Visa’s...Read More
Brett Harrison, President of the United States subsidiary of major cryptocurrency exchange FTX, is leaving his leadership position but will act as an advisor for the company. Nevertheless, the exec will continue to have an advisory role. The FTX US boss announced his resignation in a tweet thread on Tuesday (September 27, 2022) after serving...Read More
Following the bankruptcy filing of beleaguered crypto exchange and investment platform Voyager Digital back in July, the bankrupt firm’s leadership has explored multiple avenues that would potentially allow them to make a comeback and return assets to its customers. Following a recent auction, the company’s troubles seem to have come to an end. FTX Gets...Read More
Cryptocurrency exchange FTX could be in talks with several investors, seeking to raise $1 billion, increasing the company’s valuation to nearly $32 billion. According to a CNBC report, this billion-dollar raise would be the second of 2022. Some of the capital raised will be used to fuel other deals, such as buying other cryptocurrency exchanges...Read More
The bankrupt crypto lender, Voyager, has signed a non-binding term sheet with SBF-controlled quantitative trading firm, Alameda Research, to secure loans amid the turmoil in the market. The two loans will be primarily denominated in crypto. Voyager-Alameda Deal As per the announcement, the first part of Voyager’s line of credit involves a mix of cash...Read More
