Day: November 10, 2022

The Role Regulators Played in the FTX Fiasco

Armstrong is protecting his own interests here, now that figures like Sen. Elizabeth Warren (D-Mass.) and Gensler are calling for tighter regulation of U.S. exchanges. Clearer rules are clearly needed but have to be done right. Given the inherently borderless nature of crypto, if regulators get overly burdensome, they would only succeed in creating the next Singapore-based Terra or Bahamas-based FTX. “[P]unishing U.S. companies for this makes no sense,” Armstrong added. Source

Bitcoin Eyes $18K Following Good US Inflation Report

The crypto market and Bitcoin trend over the past few days have been entirely unexpected. The market is feeling the heat from the bears as most of the crypto assets took to the south. Moreover, the FTX crisis has increasingly brought a different contagious negative performance in the space. Bitcoin had a complicated swing as the token dropped from its critical level of $20K. The price of BTC has dipped to around $16K region. The entire situation and unfolding of events are creating more fear and doubts for most participants…

Binance Shares Hot and Cold Wallet Crypto Addresses and Details About the SAFU Fund – Bitcoin News

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After disclosing the trading platform Binance would share proof-of-reserves, the exchange published a blog post called “Our Commitment To Transparency.” The Binance blog post shares addresses tied to the world’s largest exchange and it notes that as of Thursday, Binance holds 475,000 bitcoin, 4.8 million ether, and 17.6 billion tethers. Binance Shares Crypto Addresses and Says a Full Audited Report Is Coming Soon Just before the exchange bailed out on purchasing FTX, Binance CEO Changpeng Zhao (CZ) told the public that Binance would produce proof-of-reserves. “All crypto exchanges should do…

Republican lawmaker claims SEC chair was coordinating with FTX ‘to obtain regulatory monopoly’

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Tom Emmer, the recently re-elected Republican lawmaker representing Minnesota’s 6th district in the United States House of Representatives, has alleged Securities and Exchange Commission chair Gary Gensler had been helping FTX CEO Sam Bankman-Fried to gain a “regulatory monopoly” through the crypto firm. In a Nov. 10 tweet, Emmer criticized Gensler for “run[ning] to the media” amid FTX’s liquidity issues causing ripples throughout the crypto market. According to the Republican lawmaker, his team was looking into the SEC chair’s alleged collaboration with Bankman-Fried and FTX, but only cited reports presented…

JPMorgan registra una ola de desapalancamiento por los problemas de FTX

JPMorgan dijo que los inversores potencialmente pueden buscar un fondo en los precios de bitcoin (BTC) a través de su costo de producción, que a veces actúa como un piso. El costo de producción actual es aproximadamente US$15.000, aunque es probable que vuelva a US$13.000, como ya se registró hace pocos meses, lo que implica una caída de alrededor de 25%, destacó el banco. Source

FTX-Backed Crypto Unicorn LayerZero Bought Out Stake

LayerZero currently has about $107 million in direct cash balance and $27 million in on-chain funds primarily in stablecoins for a total of $134 million. An additional $11.5 million was on FTX and used operationally, but LayerZero said it is treating this as $0 for “the sake of sanity” and expects that some of that money will be recoverable. Source