Tag: FTX

Exchange Tokens Like BNB and Huobi Token (HT) Dropped after FTX Crash, Investors Buy in While Price is Low; will Orbeon Protocol (ORBN) Prices Up 655% in Presale

Place/Date: – December 17th, 2022 at 7:41 am UTC · 4 min read Source: Orbeon Protocol Following the crash of the cryptocurrency exchange platform FTX, exchange tokens like BNB and Huobi Token (HT) saw a significant drop in value. However, as investors look for new opportunities in the market, they have seen increased trading volume as many seek to take advantage of the resilient tokens. Orbeon Protocol (ORBN) is gaining attention as the next big investment platform. ORBN is well-positioned to succeed, and analysts are predicting a rise of over…

Democrats to reportedly return over $1M of SBF’s funding to FTX victims

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Following the arrest of former FTX CEO Sam Bankman-Fried (SBF), three prominent Democratic groups have reportedly decided to return over $1 million to investors that lost their funds due to misappropriation. On Dec. 16, the Democratic National Committee (DNC), the Democratic Senatorial Campaign Committee (DSCC) and the Democratic Congressional Campaign Committee (DCCC) pledged to return SBF’s political donations after the entrepreneur was charged with eight counts of financial crimes. A DNC spokesperson reportedly confirmed this decision when speaking to a media outlet, the Verge: “Given the allegations around potential campaign…

Big Short Investor Michael Burry Says Audits of Crypto Exchanges Like Binance and FTX Are ‘Meaningless’ – Featured Bitcoin News

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Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, says the problem with auditing cryptocurrency exchanges, like Binance and FTX, is the same as when he started using a new kind of credit default swap. “Our auditors were learning on the job,” he described, adding that it’s “not a good thing.” Michael Burry on Audits of Crypto Firms Famous investor and founder of investment firm Scion Asset Management, Michael Burry, said Friday that proof-of-reserves (POR) audits of cryptocurrency exchanges, including Binance and the collapsed exchange FTX, are…

The outcome of SBF’s prosecution could determine how the IRS treats your FTX losses

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FTX founder Sam Bankman-Fried has received official criminal charges after the collapse of his cryptocurrency exchange, which is more than just a moral victory for the exchange’s roughly 1 million individual investors. While not locked in yet, things appear to be on track for these investors to take a more favorable tax position as SBF’s fate continues to unravel. What kinds of losses can FTX investors claim on their taxes? Earlier this fall, it appeared that assets lost in the FTX collapse would be considered a capital loss under the…

Bahamas Corrections Commissioner Says FTX Co-Founder Bankman-Fried Is in ‘Good Spirits’ in the Prison Sick Bay – Bitcoin News

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According to local reports, former FTX CEO Sam Bankman-Fried (SBF) is in “good spirits” and is being kept in the maximum security unit in the sick bay. SBF is held in custody at the Bahamas Department of Correctional Services (BDOCS), a jail called Fox Hill that is known for being filthy, and was accused of prison maltreatment last year. Acting commissioner of The Bahamas Corrections, Doan Cleare, detailed that SBF is in a dorm-style cell with roughly five other inmates. Sam Bankman-Fried Now Resides in an Overcrowded, Filthy Prison —…

Crypto Billionaire Mike Novogratz: Not All Digital Asset Exchanges Are Run by Criminals Like FTX Was

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Crypto billionaire Mike Novogratz thinks it’s “really dangerous” to assume all digital asset exchanges are run like the now-imploded FTX. The Galaxy Digital chief executive says in a new interview with CNBC that he always encourages crypto investors to “sell something along the way” to prepare for inevitable volatility. Novogratz also discourages people from suspecting every player in the space operates like Sam Bankman-Fried, the disgraced former CEO of FTX. “It’s really dangerous to think that when you have one black swan, you’re going to see them everywhere. That you’re…

Solana Struggles to Remain in the Top 20 as Prior Ties to FTX and Alameda Wounded the Project – Market Updates Bitcoin News

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Amid the market chaos within the crypto economy and following the climactic FTX collapse, the crypto asset solana has been one of the hardest hit during the last 30 days. Since FTX’s fallout, the digital currency lost 8.5% over the last month against the U.S. dollar and to date, it’s down 94.9% since the all-time high solana reached on Nov. 6, 2021. Solana’s Prior Relationship With FTX, Alameda Continues to Hurt the Project, Solana-Based Exchange Raydium Exploited for $2 Million Since the collapse of FTX, the crypto asset solana (SOL)…

FTX and Crypto Bust Show Capitalism’s Limits

We’re all astounded that FTX, now essentially worth nothing, was valued at $32 billion a few months ago, and that lending service Celsius Network clocked in at $3.5 billion before it went under. But we should be asking similar questions about the investments and deposits that poured into Binance, Coinbase, Kraken, Crypto.com and other such exchanges. I’m not suggesting that they too are on the verge of bankruptcy or are suspected of fraud, rather that we should reflect on the inflated expectations for long-term growth that drew the influx into…

FTX liquidators’ legal team urges cooperation with Bahamian authorities amid favoritism allegations

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A lawyer representing provisional liquidators overseeing FTX’s operations in the Bahamas has pushed back against allegations officials in the country were using the collapse of the crypto exchange to benefit its residents first. In a Dec. 16 hearing for FTX Trading’s bankruptcy proceedings, White & Case partner Jason Zakia said allegations made by debtors concerning assets and Bahamian authorities were “wholly without merit”. The legal team represented provisional liquidators for FTX Digital Markets — the firm’s operations in the Bahamas — whose appointments were approved by the country’s Supreme Court in November…

Judge Overseeing FTX Bankruptcy Says News Orgs. Can Argue to Unseal Creditor List

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