Tag: FTX

Bitcoin price may still drop 40% after FTX ‘Lehman moment’ — analysis

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Bitcoin (BTC) saw a fresh rejection at $17,000 on Nov. 18 as nervous markets weathered more FTX fallout. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC gets $12,000 price target Data from Cointelegraph Markets Pro and TradingView showed BTC/USD failing to flip $17,000 to support — a trend in place for almost a week. The pair, like major altcoins, remained firmly tied down by cold feet over the FTX debacle and its knock-on effects for various crypto businesses. For analysts, the outlook remained just as grim, with already dismal forecasts…

Brazil Based FTX Customers Organizing to File Class-Action Lawsuit – Exchanges Bitcoin News

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A group of customers of the recently collapsed crypto exchange FTX, is organizing to take legal action against the company. The suit would be led by Ray Nasser, CEO of Arthur Mining, and will be brought by customers who had more than $100,000 on the exchange by the time of its bankruptcy. Brazilian Customers to Take Action Against FTX The recent downfall of cryptocurrency exchange FTX has created issues for customers worldwide, who are now not sure about how to proceed regarding this issue. Brazilians are no exception, and one…

Multicoin Expects FTX Contagion Dangers For Weeks To Come

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In a letter to its investors, one of the industry’s most notable crypto venture firms, Multcoin Capital, has revealed its thesis for the coming weeks. Managing partners Kyle Samani and Tushar Jain write in a 3,400-word letter that the FTX fiasco does not spell doom for the crypto industry, as critics like Peter Schiff and Nassim Taleb recently did. “Just as Lehman Brothers didn’t kill banking and Enron wasn’t the death of energy companies, FTX won’t be the end of the crypto industry,” the venture capital firm said. At the…

FTX Acted Like ‘Most Regulated’ Crypto Exchange with Acquisition Deals

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Crypto exchange FTX, before it collapsed last week and filed for bankruptcy protection, used a strategy to appear as the “most regulated crypto platform” by stake-picking in companies. But the plan misfired and attracted hard scrutiny from authorities, according to media reports. FTX spent nearly $2 billion on “acquisitions for regulatory purposes,” per a September 19 meeting minutes. In 2021, it bought out LedgerX LLC, a futures exchange, and grabbed three Commodity Futures Trading Commission (CFTC) licenses in one stroke. Reuters in a report said scrutiny of TTX documents revealed…

FINRA Targets Crypto Communications After FTX Collapse

Retail communication includes “any written (including electronic) communication that is distributed or made available to more than 25 retail investors within any 30 calendar-day period,” the notice said. It added that and “video, social media, mobile applications, and websites generally fall into this communications category.” Source

FTX market aftershock reportedly causes Genesis Block to cease trading in Hong Kong

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In the wake of the recent FTX scandal, another crypto business is feeling the market effects. Genesis Block, a frontrunner for providing cryptocurrency retail services in Hong Kong, announced it will cease trading and shutter operations, according to reports. According to an email sent out to its customers by the compliance department, the company said that starting Dec. 10, it will be closing down its over-the-counter (OTC) online trading portal. Wincent Hung, CEO of the company, told Reuters that the company has ceased trading as counterparties continue to shutter in light…

FTX meltdown triggers FINRA into probing crypto comms

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The Financial Industry Regulatory Authority (FINRA), the American self-regulatory organization, has launched an examination into the firm’s retail communications concerning crypto products and services offered by them. The regulatory body, in an official notice, announced that it is launching a targeted exam on firms on how they handled retail communications between July 1 and the end of September. The decision to examine crypto-related retail communications comes in the wake of the collapse of the FTX crypto exchange. Any written (including electronic) message that is issued or made available to more than…