Day: November 17, 2022

TWO BITCOIN MINERS ARE IN TROUBLE! CORE SCIENTIFIC DELAYS Q3 RESULTS! HIVE & GREENIDGE Q3 REPORTS!

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Bitcoin Holds Steady Over $16K Amid Widening FTX Fallout

Bitcoin (BTC) was recently trading at around $16,600, little changed over the past 24 hours. The largest cryptocurrency by market capitalization hovered over its latest $16,000 support for a ninth consecutive day. BTC dropped below its previous $19,000 support as the first threads of Sam Bankman Fried’s FTX empire began unraveling.(Genesis owner Digital Currency Group (DCG) is also the parent company of CoinDesk.) Source

FTX Ventures Was a Disorganized Mess With Missing Financials, Bankruptcy Documents Say

The FTX umbrella covered over 100 smaller legal entities, which complicates any story about the internal organization. According to paperwork filed on Thursday with the U.S. Bankruptcy Court for the District of Delaware, FTX Ventures, the operations that both invested in companies and accepted investments, spread its funds across Clifton Bay Investments LLC, FTX Ventures Ltd, Island Bay Ventures Inc and, “potentially, affiliated companies.” Source

US Senators Warren, Durbin Probe FTX Collapse

Warren and Durbin, both longtime, outspoken crypto skeptics, said the collapse of FTX – which, until recently, had a $32 billion valuation and was largely perceived as one of the most stable exchanges in the industry – “justify our long-standing concerns that the crypto industry ‘is built to favor scammers’ and ‘designed to reward insiders and to defraud mom-and-pop investors’.” Source

New FTX CEO Says the Collapsed Exchange’s Top Leaders Were ‘Potentially Compromised Individuals’

boss

The new chief executive of bankrupt crypto exchange FTX says that the platform’s leadership was made up of “potentially compromised individuals.” According to recent bankruptcy filings, FTX CEO John Ray, who took the firm’s help from founder Sam Bankman-Fried last week, says that the crypto exchange’s current situation is unprecedented. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control…

FTX and Alameda likely colluded from the very beginning: Report

boss

According to a new report published by blockchain analytics firm Nansen on Nov. 17, bankrupt cryptocurrency exchange FTX was allegedly intertwined with that of crypto trading firm Alameda Research from the very beginning. Both entities were created by crypto businessman Sam Bankman-Fried, who is now being considered for extradition by U.S. authorities for his role in the collapse of the exchange.  Based on available on-chain evidence, Nansen identified a series of wallets placing Alameda as one of the earlier liquidity providers for FTX in May 2019. Of the initial 350…

Why Binance Halted Transactions With Solana Stablecoins

boss

Binance and other top crypto exchanges halted stablecoin deposits from the Solana (SOL) blockchain. The companies released an official statement claiming that the measure will be temporary, but it could have harmful implications for the SOL ecosystem.  Solana (SOL) trades at $13.5, with a 5% loss in the last 24 hours and a 3% loss in the previous week. The cryptocurrency is recording significant losses across all timeframes due to the recent event surrounding FTX and the contagion impacting the crypto industry.  SOL’s price trends to the downside on the…

Lower Cap Altcoins May End Up Being Delisted From Exchanges To Protect Investors, Warns Crypto.com CEO

boss

Crypto.com CEO Kris Marszalek says exchanges could potentially protect consumers more amid market volatility at the cost of low-cap crypto assets. In a new interview on CNBC’s Squawk Box, Marszalek says that the meltdown of FTX is causing liquidity problems that could lead to crypto exchanges pulling out support for smaller coins in their platforms. “If you see the liquidity evaporate in the market, what is going to happen is the smaller currencies that are really illiquid are facing a risk of being delisted from different exchanges in an effort…

‘And so He Won’: SBF Dishes on Changpeng Zhao, Bankruptcy and Regulators in Candid DM Exchange With Vox Reporter

boss

Disgraced FTX founder Sam Bankman-Fried is speaking his mind following the crash of his crypto empire in a direct message conversation with a Vox reporter. During a Twitter exchange with Vox reporter Kelsey Piper, Bankman-Fried brings up his view of Binance CEO Changpeng Zhao after suggesting that some of crypto’s most beloved people are shams. “Now, he’s a hero. Is it because he’s virtuous or because he had the bigger balance sheet? And so he won.” Bankman-Fried also says he regrets that FTX filed for bankruptcy, saying he should have…

Bitcoin Long-Term Holders Face Major Financial Stress

boss

The Bitcoin and crypto market is still wallowing in turmoil from the collapse of the FTX exchange. Many crypto assets have followed a correlation with the decline of FTX Token, FTT. As a result, the past few days brought an intense bearish pull on the prices of virtual assets. With the recent events’ outplay, the crypto market’s overall performance shows doubts and fear. As a result, investors and other participants have initiated a panic sell-off for most crypto assets. Hence, the cumulative market cap has been experiencing a free fall…