Tag: FTX

US Senator Urges Congress to Pass Her Crypto Bill — Claims It Would’ve Prevented FTX Bankruptcy – Bitcoin News

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U.S. Senator Cynthia Lummis believes that the FTX bankruptcy wouldn’t have happened under the Lummis-Gillibrand crypto bill. She stressed: “It’s clearer now than ever before that we need comprehensive regulation in the digital asset space.” Senator Lummis Explains How Her Crypto Bill Would Prevent the FTX Catastrophe U.S. Senator Cynthia Lummis (R-WY) explained in a series of tweets Monday why the collapsed cryptocurrency exchange FTX wouldn’t have gone bankrupt had Congress passed her crypto bill. The cryptocurrency trading platform filed for bankruptcy last week. The senator from Wyoming has been…

Bitcoin Won’t Budge. Cryptos Ignore the FTX Chaos for Another Day

Bitcoin took the news in stride, trading sideways for most of the day, even as additional revelations surfaced from documents connected to FTX’s filing for bankruptcy protection. The largest cryptocurrency by market capitalization was up 1.1% and changing hands easily over the $16,000 support it assumed nine days ago. Ether was changing hands just over its most recent $1,200 support, off roughly a half-percentage point. Other cryptos were flat, some a bit green and others in the red, although Voyager’s VGX token soared more than 48% after CoinDesk’s scoopmeister Ian…

New CEO Says FTX Is the Worst Case of Corporate Failure With Untrustworthy Financial Data and Unacceptable Practices – Featured Bitcoin News

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The new CEO of FTX, appointed after the crypto exchange filed for bankruptcy, has blasted the company under former CEO Sam Bankman-Fried. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” he said in a court filing. ‘Complete Failure of Corporate Controls’ John Ray III, the new CEO of FTX and a veteran insolvency professional who oversaw the liquidation of Enron, revealed in a court filing on Thursday that FTX is the worst…

Crypto industry was ‘judge, jury and executioner’ for FTX: Pompliano

Prolific podcaster and cryptocurrency investor Anthony Pompliano has not lost faith in people or the crypto industry despite the disappointing conduct of former FTX CEO Sam Bankman-Fried. Bankman-Fried, once widely regarded as crypto’s “white knight” is now a pariah in the crypto industry due to — by his own admission — the “careless” mishandling of FTX customer funds and his ongoing strange behavior on Twitter. Appearing on Nov. 17 at the Texas Blockchain Summit, Pompliano was asked about how to ensure high-quality representation “in the halls of power,” responding that…

FTX will be the last giant to fall this cycle: Hedge fund co-founder

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While the FTX crisis is continuing to unfold, the former head of risk at Credit Suisse believes the exchange’s fall from grace should be the last catastrophic event — at least in this market cycle.  CK Zheng, the former head of valuation risk at Credit Suisse and now co-founder of crypto hedge fund ZX Squared Capital said that FTX’s fall was part of a “deleveraging process” that began after the COVID-19 pandemic and further accelerated after the fall of Terra Luna Classic (LUNC), formerly Terra (LUNA). “When LUNA blew up a…

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Crypto Respond Sideways to FTX and related crises

Crypto markets responded to the latest events with their recent sangfroid, with bitcoin and other major cryptos trading sideways, some tokens a bit to the green and others slightly in the red. The largest cryptocurrency by market capitalization was recently up about 1% and hovering comfortably over its $16,000 support of the past nine days. Ether was recently changing hands above its most recent about $1,200 support, off a couple of smidgens of a percentage point. XRP was recently up nearly 3% but the popular meme coins DOGE and SHIB…

Top 4 Altcoins That Defy The FTX Fiasco

The price action displayed by top altcoins in recent times has yet to be encouraging with the market’s erratic price movement after a cascading effect suffered by FTX led to many altcoins, including the price of Ethereum (ETH), battling for survival. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market has yet to make a major move. Still, there have been some great price movements by these top 4 altcoins lately despite the uncertainty surrounding the crypto market,…