Day: November 23, 2022

Sam Bankman-Fried is ‘deeply sorry’ for collapse in letter to FTX team

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Former FTX CEO Sam Bankman-Fried, also known as SBF, has reiterated apologies to the exchangeโ€™s employees in a letter explaining the collapse.ย  According to a Nov. 22 letter reviewed by Cointelegraph, Bankman-Fried broke down the reasons behind FTXโ€™s liquidity crisis and subsequent bankruptcy to employees. He largely confirmed information reported by media outlets amid the exchangeโ€™s collapse, citing the crypto market downturn as one of the factors leading to reduction in the value of FTXโ€™s collateral assets. Novemberโ€™s โ€œrun on the bank,โ€ according to the former CEO, helped reduce the…

Blockchain VC funding halves in October despite some strong raises

Blockchain venture capital inflows sharply decreased in October from the previous month. According to Cointelegraph Research, the number of individual deals dropped from 93 to 69 monthly. The Cointelegraph Research Terminal VC database, which compiles comprehensive details on deals, mergers and acquisition activity, investors, crypto companies, funds and more, shows venture capital inflows plummeted 48.6%, totaling $843.5 million in venture capital (VC) investment, down from $1.64 billion in September. Big raises despite difficult market conditions Itโ€™s not all bad news. Signals that there is still active interest by VCs in…

What Is a Crypto Exchange Token and How Did It Help Blow up FTX?

โ€œBinance was the first to launch, and it was really successful. And when youโ€™re successful, you get copycats,โ€ Katie Talati, co-founder and director of research at the crypto asset manager Arca, said. โ€œHuobi, OKX, they all launched their own token and, going forward, it has been standard. FTX didnโ€™t launch until the second half of 2019, and at the same time they launched their token.โ€ Source

Bitcoin Wallet of the Failed BTC-e Exchange Wakes Up

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Vinnik, a Russian national, faced competing extradition claims from Russia, France and the U.S. He was extradited to France from Greece in 2020, and sentenced to five years in prison for money laundering. This August he was extradited to the U.S. to face allegations of โ€œcomputer intrusions and hacking incidents, ransomware scams, identity theft schemes, corrupt public officials and narcotics distribution rings,โ€ according to a 2020 indictment by the California court. He is now at the Santa Rita Jail in Dublin, California, according to the court case docket. Source

Senator Warren Demands Sam Bankman-Fried, FTX Execs Be Held Accountable to ‘Fullest Extent of the Lawโ€™

On Tuesday, Warren, Durbin, and Sen. Tina Smith (D-Minn.) sent a letter to Fidelity, asking the financial services firm to reconsider allowing retail clients to include bitcoin in their retirement plans. And last week, Warren and fellow Senator Dick Durbin (D-Ill.) sent a letter to Bankman-Fried and FTXโ€™s current CEO, John Jay Ray III, asking for information about what precipitated the exchangeโ€™s collapse. Source

LTC Moves to 6-Month High, SOL up Nearly 20% โ€“ Market Updates Bitcoin News

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Litecoin extended recent gains on Nov. 23, with the token climbing to its highest point since May. The move saw prices climb by nearly 20% in todayโ€™s session, and comes ahead of this afternoonโ€™s Federal Open Market Committee (FOMC) minutes. Solana also surged on Wednesday, moving nearly 20% higher. Litecoin (LTC) Litecoin (LTC) rose for a second straight session, with prices climbing by as much as 23% earlier today. LTC/USD rallied to a peak of $81.56, which comes less than a day after trading at a low of $63.20. The…

Chinese VC loses $42M in crypto due to compromised mnemonic seed phrase

According to a new twitter post on Nov. 23, Bo Shen, general partner of the Vitalik Buterin-advised venture capital fund Fenbushi Capital, claime that $42 million worth of funds were drained from his Trust Wallet on Nov. 10. Shen, who grew up in China but now lives in Atlanta, says that the funds were his personal assets and the exploit does not affect Fenbushi-related entities. โ€œThe incident has been reported to the local law enforcement. FBI and lawyers both have been involved. Civilization and justice will eventually prevail over barbarism…

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Bitcoin Closing In On This Bullish Crossover, Relief Finally Ahead?

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On-chain data shows Bitcoin is closing in on a crossover that has historically proved to be bullish for the price of the crypto. Bitcoin Short-Term And Long-Term UTXO Age Bands Approach Crossover As pointed out by an analyst in a CryptoQuant post, BTC has usually observed a significant rise following the formation of such a crossover. The relevant indicator here is the โ€œUTXO Age Bands,โ€ which tells us the percentage of the Bitcoin supply that each group is holding right now. The different Age Bands denote the time period between…

BTC price holds $16K as analyst says Bitcoin fundamentals ‘unchanged’

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Bitcoin (BTC) lingered near $16,500 at the Nov. 23 Wall Street open as United States markets awaited Thanksgiving cues. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Grayscale, GBTC still dominate crypto mood Data from Cointelegraph Markets Pro and TradingView showed BTC/USD shunning volatility after fresh two-year lows the day prior. The pair left analysts guessing the day before U.S. markets closed for the Thanksgiving holiday, with crypto commentators still focused on Digital Currency Group (DCG). Potential liquidity problems with DCG-owned Genesis Trading continued to agitate those already expecting further losses…