Tag: FTX

FTX was an ‘utter failure of corporate controls at every level of an organization’, says new CEO

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John Ray, who took over as CEO of crypto exchange FTX amid bankruptcy proceedings, has provided detailed written testimony ahead of his Dec. 13 appearance before the United States House Financial Services Committee.  In testimony made available for the “Investigating the Collapse of FTX, Part I” hearing, Ray reiterated many of the claims made in bankruptcy court, saying the collapse of the collapse was due in part to “the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals.” Ray, who oversaw…

In the Wake of Collapse, FTX Fortune Cookies Are Still on the Menu

Even if OpenFortune doesn’t honor the remainder of its contract with FTX, the company’s fortune cookies will be on the menu for at least a few more months. A representative of Hua Ting in Hillsdale, Illinois, a Chinese restaurant that works with OpenFortune, said that it still had over three months of FTX cookies left in stock as of late November. OpenFortune distributed more than 400,000 of its cookies to Bradenton, Florida, alone in March. Source

Decentralized Finance Protocols Flounder as Value Locked in Defi Shed More Than 25% Since FTX Collapsed – Defi Bitcoin News

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On December 12, 2022, the total value locked (TVL) in decentralized finance (defi) has been range bound after falling 25.5% from $55.94 billion on Nov. 5, to today’s $41.67 billion. Moreover, during the past 12 months, the TVL in defi dropped 82.56% from roughly $239 billion in Dec. 2021, to today’s aggregate. Smart Contract Token Economy and Defi Sector Struggle Following Last Month’s FTX Fiasco Decentralized finance (defi) has suffered a great deal from the FTX fiasco as the total value locked (TVL) in defi has shed 25.5% in value…

NYC Mayor stands by Bitcoin pledge amid bear market, FTX: Report

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Eric Adams, who became mayor of New York City in January, has reportedly stood behind a campaign pledge to make the city a crypto hub, despite a drop in the price of many tokens in 2022. According to a Dec. 12 report from Slate, Adams suggested he still wanted New York City to be the “center of the cryptocurrency industry” — one of the plans he announced during his mayoral run in November 2021. The New York City mayor reportedly converted the first of his three paychecks while in office…

Balaji Srinivasan Says FTX Is a Preview of State Failure, USD Bank Accounts Could Be Frozen or Inflated to Worthlessness – Economics Bitcoin News

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Angel investor Balaji Srinivasan says the collapse of crypto exchange FTX should be treated as “a preview of state failure.” He warned that one day U.S. dollar bank accounts “may be frozen or inflated to worthlessness,” emphasizing that the authorities “will show no interest in prosecuting.” Srinivasan cautioned: “That world is coming and we need alternatives.” Balaji Srinivasan on FTX, State Failure, and U.S. Dollars Becoming Worthless Angel investor Balaji Srinivasan commented on the collapse of crypto exchange FTX in a series of tweets Saturday. Formerly the CTO of crypto…

Rock Legend Gene Simmons Is Holding Crypto Despite Market Sell-Offs and FTX Collapse – Featured Bitcoin News

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Rock band Kiss’ lead singer Gene Simmons has confirmed that he is still holding crypto despite the crypto winter and the collapse of cryptocurrency exchange FTX. “I’m deep in crypto. I believe in it,” the rock legend affirmed. Noting that he has several cryptocurrencies, including bitcoin and ethereum, Simmons stressed: “Personally, I’m holding, but everybody should do their own due diligence.” Gene Simmons Says He’s ‘Deep in Crypto’ Rock legend Gene Simmons confirmed Thursday that he is still holding cryptocurrencies despite the crypto winter and the collapse of crypto exchange…

Before the Bankruptcy Filing, FTX Co-Founder SBF Was Told by Crypto Execs to ‘Stop Trying to Depeg Stablecoins’ – Bitcoin News

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According to a recent report published by the Wall Street Journal (WSJ), cryptocurrency executives were allegedly concerned that Sam Bankman Fried’s (SBF) Alameda Research was trying to “depeg stablecoins.” Purportedly, high-up executives from crypto exchanges are members of a Signal chat group called “Exchange coordination,” and Binance CEO Changpeng Zhao (CZ) ostensibly told SBF to stop causing “more damage.” Binance CEO Allegedly Told SBF to Stop Causing ‘More Damage’ and to ‘Stop Trying to Depeg Stablecoins’ The Wall Street Journal (WSJ) reports that just before the crypto exchange FTX filed…

New York Times, FT, Bloomberg Blasted for Attempting to Get FTX Creditors’ Names Unsealed – Bitcoin News

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Amid the ongoing FTX bankruptcy proceedings, court documents indicate that media firms such as Bloomberg, the New York Times (NYT), Dow Jones & Company, and the Financial Times (FT) want the redacted information tied to FTX creditors unsealed. The media companies believe the public should be made aware of the creditors’ information, as the publications stressed in the court filing that the “news media acts as the eyes and ears of the public.” So-Called ‘Media Intervenors’ Insist the Court Should Unseal FTX’s Creditor Information Four major news media publications have…