Tag: FTX

Kevin O’Leary Reveals How He Almost Secured $8 Billion to Rescue FTX Before It Collapsed – Exchanges Bitcoin News

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Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has shared how he and Sam Bankman-Fried (SBF) almost raised $8 billion from institutional investors to save crypto exchange FTX before it collapsed. However, when reports emerged of FTX being investigated by several authorities, including the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC), all interested investors vanished. Kevin O’Leary Tried to Raise Funds to Save FTX Kevin O’Leary shared how he tried to save cryptocurrency exchange FTX before it collapsed in an interview with the Insider, published…

ECB president reiterates calls for ‘MiCA II’ in response to FTX collapse

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Christine Lagarde, president of the European Central Bank, or ECB, has once again called regulation and supervision of crypto an “absolute necessity” for the EU in the wake of the collapse of crypto exchange FTX. At a Nov. 28 hearing of the Committee on Economic and Monetary Affairs of the European Parliament, Lagarde cited Facebook’s Libra as an example of the ECB’s involvement which was “helpful to stop some of the players” from engaging with crypto firms. However, she said the situation with FTX — involved with crypto assets as…

FTX collapse impacts Miami’s nightclub scene: Report

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The fallout from the collapse of FTX spans beyond the Web3 and crypto ecosystem. Reports gathered by the Financial Times suggest that nightclubs in Miami have been negatively affected by the collapse of the once-reputable cryptocurrency exchange. According to nightclub owners, young, nerdy crypto bros went from lavishly spending on champagne showers and buying $50,000 tables at clubs to completely vanishing from the nightlife scene. Andrea Vimercati, director of food and beverage at the Moxy Hotel group, told the Financial Times: “They were ordering 12 or 24 bottles of the…

US House committee sets Dec. 13 date for FTX hearing

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The United States House Financial Services Committee has announced it will be holding a hearing to investigate the events around the collapse of crypto exchange FTX. House Financial Services Committee Chair Maxine Waters said Nov. 28 that lawmakers will explore the collapse of FTX at the Dec. 13 inquiry, expected to be the first in a series of hearings about the bankruptcy of a major crypto exchange. This one was first announced on Nov. 16 but not scheduled until now. Following the fall of FTX, the urgent need for legislation…

FTX logos and promotional material still everywhere despite bankruptcy proceedings

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Before its liquidity issues and bankruptcy filing in November, FTX was well known for its prolific stance on making sponsorship deals. Even with many in and out of the space now associating the exchange with failed financial institutions, traces of the promotional glitter bomb it has unleashed on the world aren’t likely to go away anytime soon. In Abu Dhabi, attendees for the Gumball 3000 motor rally in November noted on social media that wristbands for the event and more than one of the vehicles bore FTX’s logo, as did…

BlockFi files for bankruptcy, as many expected, cites FTX collapse for its troubles

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BlockFi announced on Nov. 28 that it had filed for Chapter 11 bankruptcy. The filing in the United States Bankruptcy Court for the District of New Jersey pertains to the company and its eight subsidiaries. The move comes after several days of speculation on the company’s financial health after the collapse of FTX. According to a statement, BlockFi has $256.9 million on hand. It has filed motions “to pay employee wages and continue employee benefits without disruption.” It also seeks to “establish a Key Employee Retention Plan to ensure the…

Crypto Lender BlockFi Files for Bankruptcy as FTX Fallout Continues

However, FTX itself filed for bankruptcy in the second week of November, after days of speculation about whether it was fully liquid. The questions were sparked by a CoinDesk report revealing that much of FTX sister company Alameda’s balance sheet was composed of an exchange token, FTT, issued by FTX, which later prompted Binance CEO Changpeng “CZ” Zhao to announce he would liquidate his company’s entire set of FTT holdings. FTX later suspended withdrawals. Source