Tag: FTX

Ukraine-based blockchain firm blasts ‘fake news’ for crypto donation rumors amid FTX collapse

Everstake, a blockchain firm that partnered with the Ukrainian government to launch a donation website amid the country’s war with Russia, has pushed back against online rumors and conspiracy theories that the platform was used for politically motivated money laundering.  Ukrainian government officials partnered with Everstake, Kuna and the now infamous crypto exchange FTX to launch Aid for Ukraine in March following the Russian military’s invasion. According to the platform, crypto users and Ukraine supporters sent roughly $60 million in crypto and fiat aimed at supporting Ukraine’s armed forces and…

Binance, Coinbase Among Crypto Firms Questioned by US Senator After FTX Mess

“As Congress considers much-needed regulations for the crypto industry, I will focus on the clear need for consumer protections along the lines of the assurances that have long existed for customers of banks, credit unions and securities brokers,” Wyden said in the letters. “If these protections had been in place before the failure of FTX, far fewer retail investors would be facing precipitous financial harm today.” Source

Serum exchange rendered ‘defunct’ following the collapse of Alameda and FTX

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The Solana-based decentralized exchange (DEX) has notified its community that the collapse of its backers — Alameda and FTX — has rendered its program “defunct”.  The team behind the project shared that “there is hope”, in spite of its ongoing challenges, because of the community option available to “fork” Serum.  What’s next for @ProjectSerum With the collapse of Alameda and FTX, the Serum program on mainnet became defunct. As upgrade authority is held by FTX, security is in jeopardy, leading to protocols like @JupiterExchange and @RaydiumProtocol moving away from Serum.…

FTX Fiasco boosts Bitcoin ownership to new highs: analysts weigh in

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The bear market has inspired the little guy to accumulate vast amounts of Bitcoin (BTC).  The number of wallets holding 1 BTC or more recently hit new highs while those with 10 BTC or less are setting accumulation records. However, to what extent are these newly minted “wholecoiners” taking custody of their private keys? Has the recent spate of insolvency among centralized exchanges (CEX) encouraged Bitcoin enthusiasts to move their Bitcoin into cold storage, removed from third party risk? For Checkmate, lead analyst at Glassnode, the data would point to this…

Why Cathie Wood thinks bitcoin will still hit $1 million by 2030 and benefit from the FTX collapse

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Cathie Wood’s $1 million bold call on bitcoin surprised many on Wall Street amid the fallout in the crypto industry, and here’s how the investor came up with the prediction. The ARK Invest chief sees the world’s largest cryptocurrency hitting about $1.3 million by 2030, benefitting from the FTX turmoil, she said during the latest CNBC PRO Talks installment with Dominic Chu . “If anything, we think this cycle has benefited bitcoin,” Wood said. “Sam Bankman-Fried didn’t like bitcoin…. Because it couldn’t be controlled. It was decentralized, open, transparent the…

How stable are stablecoins in the FTX crypto market contagion?

If early November’s FTX collapse was crypto’s “Lehman moment” — as more than a few pundits have suggested — will the FTX contagion now spread to stablecoins? After all, Tether (USDT), the market leader, briefly lost its United States dollar peg on Nov. 10. In normal times, this might have raised alarm bells. But, these aren’t normal times. In fact, in the days following FTX’s Nov. 11 bankruptcy filing, stablecoin “dominance,” i.e., the sector’s share of overall cryptocurrency market capitalization, increased to 18%, an all-time high. Bitcoin (BTC), Ether (ETH),…

Over 60% Of Dogecoin Holders Continue To Profit After FTX Crisis

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Total bitcoin market capitalization shows that the market is still plagued by fear, uncertainty, and doubt. Despite this, over 60% of Dogecoin holders are profitable, per CoinMarketCap data, in the midst of the current dip. The market has recovered in some aspects, albeit not fully, and investors are feeling confident about Dogecoin now than in recent days. An overbought relative strength index (RSI) suggests a possible market drop. Despite this, in the following few days, we should see a price that is above $0.1090. In addition to being bullish on shorter…

FTX reportedly used Alameda’s bank accounts to process customer funds

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The FTX contagion saga sees new revelations around its misconduct every other day, and the latest one solidifies the collusion between the failed crypto exchange and its sister company Alameda Research from the very beginning. FTX, like many other crypto exchanges, found it difficult to get a banking partner to process fiat transactions- as banks have been hesitant to tie up with crypto exchanges due to a lack of regulatory oversight. FTX overcame this problem by using its sister company’s banking accounts to process transactions for the crypto exchange. Former…