Day: November 10, 2022

Chainlink Labs offers Proof of Reserve service for embattled exchanges

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Chainlink Labs offered its Proof of Reserve product as a solution to future trust issues in the crypto exchange market on Nov. 10. In a tweet thread, Chainlink Labs asked “Will crypto continue to repeat the mistakes of the traditional black-box financial industry? Or will a better system emerge?” #Crypto is at a crossroads. Will crypto continue to repeat the mistakes of the traditional black-box financial industry? Or will a better system emerge? A better system is possible, & Proof of Reserve is one way #Chainlink is providing the transparency that…

BITCOIN Has No Payments Future Says FTX CEO – Goldman Sachs Crypto Investment

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io FTX CEO says Bitcoin has no future as a payments network. Terra LUNA sells 80,000 Bitcoin. Dawn Capital, Goldman Sachs plow $70M into crypto infrastructure provider. Sponsors 🌟 Linqto – 🌟 iTrust Capital – — 🔥 Sign Up with Okcoin 🚀 Get the Ledger Nano X to Safely store your Crypto – ✅ Become a Channel Member – 💥 Sign up for the Free Thinking Crypto Weekly Newsletter 💥 Easily do your Crypto taxes, I personally use this service – 💥 Sign…

FTX crisis feeds the Twitter rumor mill with hot takes and conspiracy theories

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Events are unfolding fast as the cryptocurrency market is rocked again, this time by FTX. Facts and non-facts are hard to sort out under these conditions, especially since both seem to be depegged from believability at times. “Where’s the money?” and “Who’s to blame?” are popular talking points. Some of the information appearing is indisputably false, or at least highly speculative. The situation has given rise to the opportunity to tell wild tales, such as this tweet that appeared (and disappeared) on Nov 10: A very fake tweet, which has…

Bankman-Fried’s Cabal of Roommates in the Bahamas Ran His Crypto Empire – And Dated. Other Employees Have Lots of Questions

Many are former co-workers from quantitative trading firm Jane Street, others he met at the Massachusetts Institute of Technology, his alma mater. All 10 are, or used to be, paired up in romantic relationships with each other. That includes Alameda CEO Caroline Ellison, whose firm played a central role in the company’s collapse – and who, at times, has dated Bankman-Fried, according to people familiar with the matter. Source

White House says ‘prudent regulation of cryptocurrencies‘ is needed, hinting at situation with FTX

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The White House said the administration of United States President Joseph Biden is monitoring the situation with the recent crypto market crash but deferred to independent regulators for any potential enforcement actions. In a Nov. 10 press briefing, White House Press Secretary Karine Jean-Pierre said Biden was aware of the ongoing situation with the crypto market, hinting at FTX’s liquidity crisis. According to the press secretary, the administration and financial agencies will “closely monitor” developments. “The administration […] has consistently maintained that without proper oversight, cryptocurrencies risk harming everyday Americans,” said…

FTX turmoil increases scrutiny of industry, something institutional investors have been waiting for

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The recent liquidity crisis at FTX will increase regulatory scrutiny in the crypto industry, which is what institutional investors are seeking, a number of sources told Cointelegraph on Nov. 10. “This event will be used as a cornerstone to spark new crypto regulations, which is good for the healthy development of the industry. A more comprehensive regulatory framework has the potential to protect long-term investors from fraud and other risks,” stated Julian Hosp, co-founder and CEO of Cake DeFi. As a matter of fact, October was a significant month for…

FTX US announces it may halt trading on its platform in a few days

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In a long apology issued by the CEO of FTX, Sam Bankman-Fried, also popularly known as SBF, he assured the crypto community that the recent turn of events was only going to affect FTX international. According to him “FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow.” He assured users that FTX US was “100% liquid” and that “Every user could fully withdraw (modulo gas fees etc)”.  19) A few other assorted comments: This was about FTX International. FTX US, the US based…

Major VC Firm Sequoia Capital Marks FTX Investment to $0 — Says ‘Liquidity Crunch Has Created Solvency Risk for FTX’ – Exchanges Bitcoin News

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Venture capital giant Sequoia Capital is marking its investment in the embattled crypto exchange FTX down to $0. “In recent days, a liquidity crunch has created solvency risk for FTX,” the firm stressed, adding that “The full nature and extent of this risk is not known at this time.” Sequoia Capital Deems Its Investment in FTX Worthless Sequoia Capital sent a letter to its partners Wednesday informing them about its investment in cryptocurrency exchange FTX. The venture capital firm wrote: In recent days, a liquidity crunch has created solvency risk…

Financial group CEO claims he tried to warn Bankman-Fried about insolvency in July

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Richard Handler, CEO of Jefferies Financial Group, seemingly alleged on Nov. 10 that he knew about FTX’s liquidity problems back in July. In a Twitter thread, Jeffries revealed screenshots of emails that he claimed were sent to associates of Sam Bankman-Fried, also known as SBF. The images Handler provided do not show the names or email addresses of the other parties to the conversation, but the bodies of the messages imply that Handler was trying to warn SBF about a potential financial problem at FTX and offer Jefferies’ restructuring services as…