Authorities in South Korea have reportedly requested Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin, to appear as part of an investigation into the collapse of the firm. According to a Nov. 14 report from Hankyoreh, the Seoul Southern District Prosecutor’s Office’s Joint Financial and Securities Crime Investigation Team announced that Shin should appear before prosecutors sometime this week. Authorities reportedly alleged that the Terra co-founder held many LUNA tokens — since rebranded Lun Classic (LUNC) — without the knowledge of retail investors and earned roughly 140 billion won…
Day: November 14, 2022
BlockFi denies rumors that majority of its assets were held on FTX
Crypto lender BlockFi issued an official notice to its clients on Nov. 14 denying rumors that the majority of its assets were on FTX prior to the exchange’s collapse. According to an update shared by BlockFi, although a majority of its assets were not on FTX, it still has “significant exposure to FTX and associated corporate entities that encompasses obligations owed to us by Alameda, assets held at FTX.com, and undrawn amounts from our credit line with FTX US.” Despite its exposure, BlockFi assured clients that it has “the necessary liquidity…
FTX Hack or Inside Job? Blockchain Experts Examine Clues and a ‘Stupid Mistake’
Insolvent crypto exchange FTX suffered a $600 million exploit late Friday after filing for bankruptcy protection. Source
Amid FTX collapse, crypto funds see largest inflows in 14 weeks
Inflows into cryptocurrency investment products rose sharply last week as institutional investors bought the dip amid the marketwide collapse triggered by FTX’s and Alameda Research’s bankruptcies. Digital asset investment products saw inflows totaling $42 million in the week ending Nov. 13, the largest increase in 14 weeks, according to CoinShares data. Bitcoin (BTC) investment products saw the largest inflows at $19 million, followed by multiasset and Ether (ETH) funds at $8.6 million and $5.9 million, respectively. Investors were also betting on a further deterioration in market conditions, with short Bitcoin…
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FTX’s Failure Is Sparking a Massive Regulatory Response
Lawmakers, regulators and criminal investigators are looking into FTX’s collapse, and Sam Bankman-Fried’s tweets aren’t helping. Source
Solana Foundation Invested in FTX, Held Millions in Sam Bankman-Fried-Linked Cryptos on Exchange
Bankman-Fried’s exchange and trading firm had purchased a total of 58,086,686 SOL tokens from the Foundation and sister entity Solana Labs from August 2020 onwards, the blog post said. The Foundation said it is unclear what will happen to those assets during bankruptcy proceedings. Source
Solana Foundation Invested in FTX, Held Millions in Sam Bankman-Fried-Linked Cryptos on Exchange
Bankman-Fried’s exchange and trading firm had purchased a total of 58,086,686 SOL tokens from the Foundation and sister entity Solana Labs from August 2020 onwards, the blog post said. The Foundation said it is unclear what will happen to those assets during bankruptcy proceedings. Source
Digital Asset Manager Valkyrie Lays Off 30% of Staff: Bloomberg
“Our management team did a thorough review of asset growth year to date and reviewed every employee’s role and contribution. Like many other companies in our industry, cuts needed to be made and ours were limited to sales and marketing,” Valkyrie CEO Leah Wald told Bloomberg. Source
Bitcoin derivatives data reflects traders’ mixed feelings below $17,000
Bitcoin (BTC) lost 25.4% in 48 hours, bottoming at $15,590 on Nov. 9 as investors rushed to exit positions after the second largest cryptocurrency exchange, FTX, halted withdrawals. More importantly, the sub $17,000 levels were last seen almost two years prior, and the fear of contagion became evident. The move liquidated $285 million worth of leverage long (bull) positions, leading some traders to predict a potential downside of $13,800. What an exciting time to be alive! Loving the volatility these elites are creating! They really wana buy LOW before the…