Tag: FTX

FTX Token caused downfall, but tech still revolutionary

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The CEO of the worlds largest asset management firm, BlackRock, believes that the reason why FTX failed is because it created its own FTX Token (FTT), which was centralized and therefore at odds with the “whole foundation of what crypto is.” Larry Fink, who serves as chairman and CEO of the $8 billion investment company — made the remarks during New York Times’ 2022 Dealbook Summit held on Nov. 30, and added that despite his belief that FTX’s own-created token caused its downfall, he believes that crypto and the blockchain…

BlackRock CEO Larry Fink Says Firm Invested $24M in FTX: Reuters

CryptoX – Cryptocurrency Analysis and News Portal Speaking at the New York Times Dealbook conference, Fink also said it looked like there were misbehaviors in FTX, but wouldn’t speculate on whether BlackRock and venture-capital firm Sequoia, which had invested $214 million in FTX and has since marked that amount down to zero, were misled by FTX, Reuters reported. Source The post BlackRock CEO Larry Fink Says Firm Invested $24M in FTX: Reuters appeared first on CryptoX. CryptoX Portal

Crypto trading firm Auros Global misses DeFi payment due to FTX contagion

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Crypto trading firm Auros Global appears to be suffering from FTX contagion after missing a principal repayment on a 2,400 Wrapped Ether (wETH) decentralized finance (DeFi) loan. Institutional credit underwriter M11 Credit, which manages liquidity pools on Maple Finance, told its followers in a Nov. 30 Twitter thread that the Auros had missed a principal payment on the 2,400 wETH loan, which is worth in total around $3 million. M11 Credit suggests that it is always in close communication with its borrowers, particularly after events in the last month, and…

US Treasury’s Yellen Says Crypto Doesn’t Have Adequate Regulation — Calls FTX Collapse ‘a Lehman Moment’ – Regulation Bitcoin News

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U.S. Treasury Secretary Janet Yellen says that the collapse of crypto exchange FTX shows that the crypto industry “really needs to have adequate regulation.” She added: “It’s a Lehman moment within crypto, and crypto is big enough that we’ve had substantial harm with investors.” Treasury Secretary Janet Yellen on FTX Implosion and the Need for Adequate Crypto Regulation U.S. Treasury Secretary Janet Yellen talked about the need for adequate crypto regulation following the collapse of crypto exchange FTX at an event hosted by the New York Times Dealbook Wednesday. She…

FTX proves MiCA should be passed fast, officials tell European Parliament committee

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The European Parliament Economic and Monetary Affairs Committee held a hearing on “FTX cryptocurrency exchange collapse and implications for the EU” Nov. 30. Three European monetary officials testified, talking about FTX, blockchain technology and crypto regulation in a “preliminary assessment of the events.” European Securities and Markets Authority (ESMA) Risk Analysis & Economics Department head Steffen Kern told the committee that ESMA “has neither regulated nor supervised FTX” and has no “information on the company beyond what is in the public domain.” The ESMA does not see significant risks to…

Singapore’s Temasek sees ‘reputational damage’ due to FTX, official says

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Singapore government-owned investment firm Temasek has suffered a lot more than just financial losses due to investing in FTX, according to Deputy Prime Minister Lawrence Wong. Wong, who is also the finance minister, believes that Temasek’s $275 million investment in FTX has caused significant damage to the company’s reputation. The official addressed the growing criticism over Temasek’s FTX exposure at a parliament meeting on Nov. 27, according to a report by the South China Morning Post. The prime minister emphasized that the collapse of FTX was a result of a…