Day: December 13, 2022

‘Old money has all but fled,’ Huobi co-founder discusses challenges of running $400M VC fund

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In a new Twitter post dated Dec. 12, Du Jun, co-founder of cryptocurrency exchange Huobi Global, shared new insight on his experience of running ABCDE Capital, a $400 million Web 3.0 venture capital (VC) fund, in June this year. According to Jun, the idea for ABCDE Capital came in March, and by April, it was already registered in Singapore. However, amidst the $40 billion Terra Luna implosion in May, Jun said that “old money has all but fled” after the incident. We chose to start @ABCDECapital at the most difficult…

Solana Price Shows Signs Of A Breakout After CPI Data Release

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The Solana price is up by 6% over the last 24 hours. As the broader market secures upward price movement, most altcoins have followed suit. The release of the Consumer Price Index (CPI), which is an important measure of inflation, showed that U.S. inflation had slowed to 7.1%, down from 7.7% in the past month, as depicted by the numbers released by the U.S. Bureau of Labor Statistics. The data has revealed that consumer inflation has fallen, pushing stock futures to rise. Owing to this report, the crypto market has…

Bitcoin Rallies After Release of Softer U.S. CPI – Blockchain News, Opinion, TV and Jobs

By Marcus Sotiriou, Market Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).  Bitcoin has climbed to $17,800 at time of writing, following softer U.S. CPI released this afternoon. CPI was expected to be 7.3% year-over-year, but came in at 7.1% and much lower than the previous 7.7%, leading to a strong bullish move higher in Bitcoin and other digital assets. This is because the expected CPI of 7.3% would indicate that inflation is inflecting down convincingly, after decreasing for 2 months in a row, which would signal to the Federal Reserve…

Japan Was the Safest Place to Be an FTX Customer

Spurred by the failure of Mt. Gox in 2014 and the 2017 hacking of Coincheck, both Tokyo-based exchanges, Japan’s Financial Services Agency (FSA) established a broad set of standards for crypto exchanges, or what it defines as Crypto Asset Exchange Service Providers (CAESP). The FSA is also responsible for overseeing banking, securities and exchanges, and insurance sectors. Source

SBF Seeks A Chance At Redemption To Repay FTX Victims

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The crypto community was left shell-shocked in November 2022 when FTX – one of the leading crypto exchange platforms, filed for bankruptcy. Pessimism towards crypto is at an all-time high, with famous investors like Warren Buffet seemingly right about the risks involved. Investigations into the exchange uncovered gross financial misappropriation and abuse of users’ funds. The disastrous event left many investors seething and funds lost. According to reports, FTX had allegedly acted unprofessionally and blurred corporate lines between FTX and sister corporation Alameda. The firm supposedly had borrowed funds illicitly…

SBF Planned to Blame Everyone Else but Himself for FTX Collapse, Leaked Documents Reveal

Disgraced FTX ex-CEO SBF was planning to blame everyone else except himself in a leaked testimony intended for a Congress hearing. Sam Bankman-Fried (SBF) reportedly planned to blame everyone, but himself, for FTX’s insolvency crisis and subsequent collapse. According to a leaked Congress testimony, the embattled former FTX CEO took aim at current CEO John Ray III, his legal counsel, the bankruptcy firm he appointed, and Binance CEO Changpeng Zhao. However, despite apportioning all-around blame, SBF did not admit any wrongdoing on his part. The disgraced former CEO’s planned testimony came to public knowledge amid his arrest in the Bahamas…