Tag Archives: FTX

Bitcoin and Ether both fell in Monday morning trading in Asia along with all of the top 10 non-stablecoin cryptocurrencies by market capitalization. With the exception of XRP, all the top 10 also lost ground over the last seven days as more details emerged about the failure of the FTX exchange. In addition, FTX appealed to other exchanges to help track the hacker who stole an estimated US$600 million from the Bahamas-based exchange and began moving the funds into other tokens. See related… Source link

Over the first two weeks of November, crypto exchange FTX went from leading crypto exchange to a $16 billion bankruptcy – this year’s largest so far. Insiders, customers, the press, and regulators are still piecing together what caused the largest corporate failure in crypto’s 14-year history and what such a fallout means as it ripples across the digital assets market. So far the fallout has meant the loss, freeze, or write down of at least $1.8 billion in funds comprising mostly equity… Source link

Analysts at Bank of America downgraded shares of Coinbase (COIN) on Friday as the fallout from FTX’s stunning implosion continues to ripple through crypto markets. Shares of Coinbase were down as much as 5.5% in early trading on Friday. “We think Coinbase (COIN) likely faces a number of new headwinds over the near/medium-term due to the recent collapse of rival crypto exchange FTX,” analysts led by Jason Kupferberg wrote in a note to clients. They added: “As a result, we downgrade COIN to… Source link

Those advocating for a more equitable financial system suffered a serious setback last week, when revelations emerged that crypto’s so-called white knight, Sam Bankman-Fried, reportedly used customer deposits in FTX (FTT-USD), the crypto exchange he founded, to fund risky bets in Alameda, a sister company he owned. The bankruptcy of one of the world’s largest crypto exchanges and ensuing allegations around its demise have sent shockwaves across the crypto industry and shaken the… Source link

Genesis Trading, one of the largest crypto lending institutions, said it’s temporarily suspending redemptions and new loan originations in its lending business. The development is one more blow to crypto credit markets and sent bitcoin’s value down. The company said on a Wednesday call with clients that it’s working to find a solution for its lending business and is pushing to present proposals next week. The announcement comes as yet another ripple effect from the bankruptcy of major crypto… Source link

Sen. Cynthia Lummis (R-WY) likened some aspects of FTX’s collapse to a Ponzi scheme, with the crypto exchange’s bankruptcy prompting her to review the crypto regulation bill she and Sen. Kirsten Gillibrand (D-NY) put forth in June. “Certainly when you’re taking customer assets out of FTX, sending them over to shore up Alameda, that’s co-mingling assets that belong to your customers, that you are custody-ing for them— taking them and using them for your own purposes— borrowing from… Source link

Crypto asset manager Ikigai is the latest firm to reveal it held a majority of its funds with FTX on Monday, while troubled lender BlockFi has engaged Berkeley Research Group. “We had a large majority of the hedge fund’s total assets on FTX. By the time we went to withdraw Monday [morning], we got very little out,” Ikigai Chief Investment Officer Travis Kling said over Twitter. “We’re now stuck alongside everyone else.” Kling added in his announcement that the hedge fund would also make… Source link

Crypto exchange Crypto.com is under the microscope after sending $405 million to the wrong recipient, raising alarm bells among crypto watchers after the whirlwind unraveling this week of competitor exchange FTX, which filed for bankruptcy on Friday. Some crypto watchers scrutinizing the transaction speculated it was an attempt to fluff trading volumes. Complicating the hoopla, the analyst who first caught the transaction turned out to be an employee of rival exchange, Coinbase. It also… Source link

The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run. The exchange, formerly one of the world’s largest, sought bankruptcy protection last week, and its CEO and founder resigned. Hours later, the trading firm said there had been “unauthorized access” and that funds had disappeared. Analysts say hundreds of millions of dollars may have vanished. The unraveling of the once-giant exchange is sending shockwaves… Source link

The bankruptcy filing of crypto exchange FTX on Friday did not stop the chaos surrounding the once prominent and trusted crypto trading venue. Since the filing that included 135 affiliated companies, millions of dollars in crypto have been stolen from the company, which is facing a shortfall between $6 billion and $10 billion. Bahamian officials are also probing the matter. “I don’t think it’s an understatement to predict that the FTX bankruptcy will be the most complex in U.S. history,”… Source link