Tag: FTX

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…

Whales Scoop Up One Ethereum-Based Altcoin While Dumping FTX and Crypto.com Exchange Tokens: Santiment

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Crypto analytics firm Santiment says that exchange tokens recorded some of the largest price declines after the collapse of the FTX trading platform. Santiment says that amid the FTX debacle, crypto whales either dumped or bought the FTX (FTT), Huobi Global (HT) and Crypto.com (CRO) exchange tokens. According to Santiment, in 10 days crypto whales sold off over 30% of their FTT holdings and 0.4% of their Crypto.com holdings. In the case of Huobi Global, Santiment says that the crypto whales increased their holdings by over 17% over the same…

Trading course, FBI extradition, FTX hack

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Rumors and speculations surrounding former FTX CEO Sam Bankman-Fried (SBF) continue to bombard the crypto community as the effects of the FTX collapse proceeds to be felt throughout the crypto space.  One of the rumors floating around social media is that SBF filed a masterclass on trading that was scheduled to drop on December. With the former FTX CEO being the center of attention in the past few weeks, some community members pointed out that they were willing to pay $500 for leaks on footage of SBF’s class on trading.  RUMOR: SBF…

Singapore Government’s Temasek Writes Down $275M Investment in Collapsed Crypto Exchange FTX – Featured Bitcoin News

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Singapore government’s Temasek has written down the full value of its $275 million investment in the bankrupt crypto exchange FTX. “Our belief in the actions, judgment, and leadership of Sam Bankman-Fried … would appear to have been misplaced,” Temasek admitted. Temasek’s Investments in FTX Now Worth $0 The Singapore government’s Temasek Holdings issued a statement regarding its investments in FTX Thursday after the cryptocurrency exchange filed for bankruptcy. Temasek is a global investment company headquartered in Singapore with a portfolio valued at $403 billion Singapore dollars (US$294 billion). Temasek was…

FTX names Kroll as claims agent, to update users on bankruptcy developments

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Bankrupt crypto exchange FTX has appointed restructuring administration firm Kroll as its agent to track all claims against FTX and ensure interested parties are notified of developments throughout its Chapter 11 bankruptcy case. Known as the “claims and noticing agent,” Kroll was appointed to the role on Nov. 12 with the news made public on Nov. 17, and aims to compile a database of all claims against FTX Trading and 101 affiliated companies. Press Release: FTX Group has established Kroll as its claims agent, and all official documents filed with…