Tag: Exchange

Embattled Crypto Exchange FTX Lent Billions in Customer Assets To Fund Alameda Research: Report

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A new report claims that troubled crypto exchange platform FTX lent billions of dollars worth of its customers’ assets to fund its quantitative trading branch. According to The Wall Street Journal, FTX CEO and founder Sam Bankman-Fried told investors that Alameda Research owes FTX about $10 billion worth of customer funds. The source says that Bankman-Fried gave out loans to Alameda Research using $10 billion out of the $16 billion in customer deposits FTX had, a move the CEO described as a “poor judgment call.” Bankman-Fried, who was also the…

SEC, DOJ Investigate FTX — Regulators Suspect Crypto Exchange Mishandles Customer Funds – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) are reportedly investigating cryptocurrency exchange FTX. The crypto firm is suspected of mishandling customer funds and breaking securities laws. Regulatory probes are among the key reasons why Binance walked away from the acquisition of FTX. U.S. Regulators and DOJ Investigate Crypto Exchange FTX Several U.S. authorities are reportedly probing FTX, the embattled cryptocurrency exchange founded by Sam Bankman-Fried. The U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) are looking into the turmoil surrounding…

FTX CEO Sam Bankman-Fried Tells Investors the Troubled Exchange Needs Cash To Avoid Bankruptcy: Report

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The CEO of the cash-strapped FTX crypto exchange is reportedly warning investors that the company will collapse if it fails to get additional capital. Citing a person familiar with the matter, Bloomberg reports that FTX CEO Sam Bankman-Fried informed investors that his embattled firm may file for bankruptcy if it does not get the money needed to cover an up to $8 billion shortage. FTX reportedly needs to get at least $4 billion to remain solvent and Bankman-Fried is trying to raise funding in the form of debt, equity or…

Circle CEO Jeremy Allaire Says Stablecoin-Issuer Not Affected by Troubles at Crypto Exchange FTX

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The CEO of USD Coin (USDC) issuer Circle says that crypto exchange FTX’s liquidity issues bear no significant impact on the stablecoin company. Jeremy Allaire says that Circle provides services to both FTX and Alameda Research, the quantitative crypto trading firm founded by FTX CEO Sam Bankman-Fried. “Circle has no material exposure to FTX and Alameda. FTX has been a customer of Circle Payment APIs for the past 18 months, providing card and ACH services for customer transactions. Circle’s crypto payments beta product uses FTX and other exchanges, for BTC/ETH…

Reports Claim Beleaguered Crypto Exchange FTX Seeks Over $9 Billion From Investors – Bitcoin News

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On Nov. 10, 2022, two reports said that FTX CEO Sam Bankman-Fried (SBF) is canvassing for emergency funds up to $9.4 billion for the embattled exchange. One report says that SBF has solicited crypto companies like Tether, OKX, and Tron founder Justin Sun as well. FTX Is Reportedly Seeking Up to $9.4 Billion in Funding While FTX CEO Sam Bankman-Fried (SBF) updated the crypto community and said that he and his team would be seeking funds from investors, two reports say SBF is seeking up to $9.4 billion in financing.…

‘I Sincerely Apologize’ – Sam Bankman-Fried Breaks Silence on Collapse of Crypto Exchange FTX

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Sam Bankman-Fried is apologizing for the collapse of his billion-dollar crypto exchange, FTX. In a tweetstorm that breaks a two-day period of silence, Bankman-Fried offers new details on what he says led to the implosion. He also says he’s engaging with “a number of players” in an effort to secure funding, prop up the exchange and make customers whole. Below is Bankman-Fried’s message in its entirety. “I’m sorry. That’s the biggest thing. I fucked up, and should have done better. I also should have been communicating more very recently. Transparently–my…

FTX Pursuing ‘Possible New Investors’ As Embattled Exchange Works With Tron’s Justin Sun: Report

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FTX founder Sam Bankman-Fried is reportedly not done looking to raise emergency capital to keep his floundering crypto exchange afloat. Bankman-Fried will focus on raising capital for the week ahead, according to an internal memo seen by reporters at Reuters. Specifically, Bankman-Fried told employees that he’s looking to make customers whole by “conducting a raise” and seeking “possible new investors.” FTX is also working with Tron (TRX) founder Justin Sun, who says a plan to “return to normalcy” is underway. Sun and Bankman-Fried teamed up to re-enable trading of TRX…