Tag: FTX

FTX Acquisition of Blockfolio Was Mostly Funded with FTT Tokens

The FTT token was also a major factor in the implosion of FTX. New details about the investments of FTX Derivatives Exchange into BlockFolio, a crypto brokerage firm have been published by Bloomberg. According to the media firm, FTX financed over 94% of the $84 million it paid for the platform using FTT, a digital token it created. With the funds paid, FTX took a 52% stake in BlockFolio in 2020 and the bankrupt exchange which at the time was only a year old had the option to buy up…

Ripple CEO compares Wells Fargo billions mismanagement with FTX collapse

boss

Amid the heated-up news steam about the FTX drama, Ripple CEO Brad Garlinghouse has tried to turn the publicโ€™s attention to another case regarding the misdeeds of traditional finance. A $3.7 billion fine for mismanagement at Wells Fargo bank was treated as, in Garlinghouseโ€™s words, โ€œbarely a blip on the radar.โ€ Ripple CEO expressed his concern with the lack of public attention to the Wells Fargo case in his tweet on Dec. 21: The world is (appropriately) outraged by SBF and FTX’s fraud, but when Wells Fargo mismanages billions in…

Caroline Ellison and Gary Wang Plead Guilty in Ongoing FTX Investigation

For their complicit role in how FTX went under, Federal prosecutors have filed a separate action against the duo for participating in the โ€œmultiyear scheme to defraud equity investors in FTXโ€. Caroline Ellison and Gary Wang, the two profile executives of the bankrupt FTX Derivatives Exchange and Alameda Research have pleaded guilty to Federal fraud charges in the Southern District of New York (SDNY). The plea came as a part of the Department of Justiceโ€™s (DoJ) investigation into the circumstances that lead to the collapse of FTX, the crypto trading…

Court Approves FTX CEO SBF’s Extradition from Bahamas to US

The former crypto billionaire could face life imprisonment if the government pursues wire or bank fraud charges.ย  Former FTX CEO Sam Bankman-Fried, who was arrested by the Bahamian authorities, has reportedly been flown to the US after a judge approved his extradition from the Bahamas. The ex-crypto billionaire would be handed to law enforcement agencies upon getting to the US. Popularly called SBF, the crypto exchange boss was arrested on the 12th of December. This came after the Office of the US Attorney for the Southern District of New York…

Crypto Self-Custody Is Antidote to FTX Fraud โ€” ‘Keep Your Coins Act’ Will Protect Self-Hosted Wallets โ€“ Regulation Bitcoin News

boss

U.S. Congressman Warren Davidson has touted the self-custody of cryptocurrencies as the antidote to crypto exchange FTXโ€™s fraud. He is pushing for his bill called โ€œKeep Your Coins Act,โ€ which aims to โ€œprotect self-custody from misguided attempts to restrict it.โ€ U.S. Lawmaker Pushes for Self-Custody Congressman Warren Davidson (R-Ohio) has touted crypto self-custody following the collapse of cryptocurrency exchange FTX. He tweeted Wednesday: Self-custody is the antidote to FTXโ€™s fraud and my Keep Your Coins Act would protect self-custody from misguided attempts to restrict it. โ€œAnyone attacking self-custody is telling…

Pantera CEO on the FTX collapse: Blockchain didnโ€™t fail

boss

With the FTX exchange being highlighted all over the world of finance, trust in the crypto space seems to dwindle. However, Pantera Capital CEO Dan Morehead believes that there are two areas in crypto that truly work.ย  According to the executive, narratives that question blockchain and call it a failure because of the FTX collapse are wrong. The Pantera CEO argued that there are several things in crypto that work, such as regulated exchanges and decentralized exchanges. โ€œIf you canโ€™t trust FTX who can you trust?!โ€ The two-pronged answer is:…

FTX Recovers $1 Billion in Assets as Company Unwinding Continues

The insolvency specialists at FTX have recovered $1 billion worth of assets from numerous banks, including over $800 million in cash. Recentย reportsย state that the new management behind sunken crypto exchangeย FTXย has identified new assets worth $1 billion, including $720 million in cash. This recent discovery is part of concerted efforts by the new FTX executives to claw back as much money as they can from numerous bank accounts. Since John Ray III and his associates took over FTX fromย Sam Bankman-Fried, they have sought to resolve the Bahamian exchangeโ€™s insolvency. However, Ray…

US Lawmaker Suggests ‘Maybe’ Crypto Should Be Banned Citing Bigger Issues Than FTX โ€“ Bitcoin News

boss

A U.S. senator has suggested that cryptocurrency should โ€œmaybeโ€ be banned following the collapse of crypto exchange FTX. However, he acknowledged that banning crypto โ€œis very difficult because it will go offshore and who knows how that will work.โ€ Senator Sherrod Brown Suggests Banning Crypto U.S. Senator Sherrod Brown (D-Ohio), the chairman of the Senate Banking, Housing, and Urban Affairs Committee, talked about cryptocurrency in an interview with NBC Sunday. He stated that the Treasury Department and all the different regulatory agencies, including the U.S. Securities and Exchange Commission (SEC)…

FTX Collapse Adds to 2022 Crypto Price Decline, Marks Worst Year in Industry History

Last yearโ€™s price run-up in the largest cryptocurrency, bitcoin (BTC), to a record $69,000 brought rampant speculation and risk-taking by crypto traders who used โ€œleverage,โ€ or borrowed money, to amplify their bets. The unwinding of that leverage over the course of 2022 served to accelerate the marketโ€™s descent. The CryptoX Bitcoin Price Index has tumbled 65% this year to about $16,594 at the time of writing. Source AddsCollapseCryptoDeclineFTXHistoryindustryMarksPriceWorstYear CryptoX Portal

More FTX Fallout as Traders Turn Defensive

What todayโ€™s data shows is that, similar to in past market cycles, flights to safety within the cryptosphere is translating to movement of capital into BTC and ETH, relative to other coins. On the other end of the spectrum, the more speculative Computing Index (CPU) and Culture & Entertainment (CNE) have lagged other sectors in both week to date and month to date performance. Source