Day: November 9, 2022

Binance CEO Explains Situation With FTX — Says ‘We Did Not Master Plan This’ – Exchanges Bitcoin News

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Binance CEO Changpeng Zhao (CZ) has shared where his company is at on the deal with FTX. “We did not master plan this or anything related to it,” he told the Binance team, reminding them not to trade the FTX token (FTT) as the due diligence for the acquisition is still ongoing. He further stressed that “FTX going down is not good” for anyone in the crypto industry, warning that regulators will “scrutinize exchanges even more.” Binance’s CEO Informs Employees About FTX Deal The CEO of cryptocurrency exchange Binance, Changpeng…

Singapore’s Temasek engages with FTX in liquidity crisis

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Singapore’s state-owned investment firm Temasek, a shareholder at FTX, is reportedly engaging with the cryptocurrency exchange in the liquidity crisis that led to its unexpected (and still pending) bail out on Nov 8. In comments to Reuters, the sovereign wealth fund said it was “aware of the developments between FTX and Binance, and are engaging FTX in our capacity as shareholder,” avoiding providing further details about the case impacts on its portfolio. Temasek invested in a series of FTX’s round findings that led to the exchange’s $32 billion valuation in…

Bitcoin sinks to new yearly low at $16.8K as FTX insolvency fears turn into contagion

Crypto markets crumbled for a second day as the fallout from FTX’s liquidity troubles continued to negatively impact investor sentiment.  Bitcoin (BTC) price fell to a new yearly low at $16,800 as anonymous unconfirmed sources suggested that after a closer review of FTX’s books, Binance could back out of their agreement to acquire the beleaguered exchange. Crypto market performance. Source: Coin360.com Other factors having a potential impact on the market is a wave of successive liquidations in Solana’s DeFi markets. Earlier in the day, Crypto.com exchange emailed its users to…

EverEarn Co-Founder Dave Rahman Explains How to Build a Startup That Will Stand the Test of Time – Interview Bitcoin News

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The EverEarn token ($EARN) launched on the BNB Chain in January 2022 with a simple goal; to show that a new startup cryptocurrency can be run like a business from the beginning, without any false hype or empty promises, while providing increased passive stablecoin ($BUSD) payouts, and continue to grow, evolve, and expand. Dave Rahman is the Co-Founder of EverEarn. He recently joined the Bitcoin.com News Podcast to talk about the project: IT Professional with over 15 years’ experience running IT departments, filling C-Suite IT positions, and advising companies on…

US Regulators Probing FTX Handling of Customer Funds: Bloomberg

The inquiries by the Securities and Exchange Commission and Commodity Futures Trading Commission date back several months and started as a probe into the crypto lending activities of FTX’s U.S. counterpart, FTX US. But the investigations are related to the issues that have caused FTX’s current liquidity crisis and look at the relationship between FTX.com, its trading house Alameda Research and FTX US, according to Bloomberg’s report. Source

Algorand (ALGO) Loses Its Gains As Majority Of Coins Plummet

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Despite bagging substantial gains earlier in the trading day, Algorand (ALGO) is down over 27% as of writing. The token’s price drop follows a bearish market sentiment that sees major coins plummet on the day.  The past seven days had seen the token climb steadily. It even tried reaching its 6-month high of $0.488 yesterday. However, its rally was cut short and only registered an intraday high of $0.409. Algorand’s price dump comes as news of FTX acquisition by Binance surfaces. This single news has dragged the entire market into…

Galaxy Digital discloses $77M exposure to FTX, $48M likely locked in withdrawals

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In its latest quarterly earnings call on Nov. 9, blockchain financial services firm Galaxy Digital disclosed that it had an exposure of $76.8 million consisting of cash and digital assets to troubled cryptocurrency exchange FTX. Of this amount, Galaxy Digital said that $47.5 million are currently in the withdrawal process. The day prior, FTX announced it had halted all withdrawals after the combination of a consumer bank run and a devastating price decline in its native FTT token, which the exchange uses for collateral, led to a liquidity crisis.  Despite…