Binance plans to start a recovery fund to help projects with strong fundamentals, but suffering from a liquidity crisis. Source
Binance CEO Seeking Funds From Middle East Investors for Crypto Recovery Fund: Bloomberg
Tag: Bloomberg
Temasek Prepares to Write Off as Much as $300M Invested in FTX: Bloomberg
It will remain to be seen to what extent having to write off $200 million to 300 million on the back of FTX’s dramatic collapse will dampen Temasek’s appetite for the digital assets industry. Temasek managed $294 billion in assets as of the end of March, according to Bloomberg. Original Source 300mBloombergFTXInvestedPreparesTemasekWrite CryptoX Portal
Temasek Prepares to Write Off Up to $300M Invested in FTX: Bloomberg
It remains to be seen to what extent having to write off $200 million to 300 million on the back of FTX’s dramatic collapse will damp Temasek’s appetite for the digital-assets industry. Temasek managed $294 billion in assets as of the end of March, according to Bloomberg. 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
FTX Withdraws US CFTC Derivatives Clearing Plan: Bloomberg
LedgerX, which does business as FTX US Derivatives after being acquired in 2021, filed a plan to directly settle crypto derivatives, cutting out intermediaries, earlier this year. The move met with opposition from traditional financial players, such as Cboe, which warned that there may be investor safeguard and protection concerns. Source
FTX Digital Markets Assets Frozen by Bahamian Regulator: Bloomberg
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SBF Warns FTX Investors of Bankruptcy Without More Cash: Bloomberg
FTX is headed toward bankruptcy without a cash infusion. Source
US Regulators Probing FTX Handling of Customer Funds: Bloomberg
The inquiries by the Securities and Exchange Commission and Commodity Futures Trading Commission date back several months and started as a probe into the crypto lending activities of FTX’s U.S. counterpart, FTX US. But the investigations are related to the issues that have caused FTX’s current liquidity crisis and look at the relationship between FTX.com, its trading house Alameda Research and FTX US, according to Bloomberg’s report. Source
US Accounting Standards Board Member Supports Reporting Crypto Swings as Income: Bloomberg
This means that these gains and losses would directly hit these companies’ net income. The other choice would be to have companies record the swings in the value of their crypto holdings in “other comprehensive income,” which wouldn’t impact earnings. Source
Stripe, Payments Processor Dabbling in Crypto, Cuts Over 1000 Jobs: Bloomberg
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity…