Bitcoin (BTC) was recently trading at around $16,600, little changed over the past 24 hours. The largest cryptocurrency by market capitalization hovered over its latest $16,000 support for a ninth consecutive day. BTC dropped below its previous $19,000 support as the first threads of Sam Bankman Fried’s FTX empire began unraveling.(Genesis owner Digital Currency Group (DCG) is also the parent company of CoinDesk.) Source
The FTX umbrella covered over 100 smaller legal entities, which complicates any story about the internal organization. According to paperwork filed on Thursday with the U.S. Bankruptcy Court for the District of Delaware, FTX Ventures, the operations that both invested in companies and accepted investments, spread its funds across Clifton Bay Investments LLC, FTX Ventures Ltd, Island Bay Ventures Inc and, “potentially, affiliated companies.” Source
Warren and Durbin, both longtime, outspoken crypto skeptics, said the collapse of FTX – which, until recently, had a $32 billion valuation and was largely perceived as one of the most stable exchanges in the industry – “justify our long-standing concerns that the crypto industry ‘is built to favor scammers’ and ‘designed to reward insiders and to defraud mom-and-pop investors’.” Source
The new chief executive of bankrupt crypto exchange FTX says that the platform’s leadership was made up of “potentially compromised individuals.” According to recent bankruptcy filings, FTX CEO John Ray, who took the firm’s help from founder Sam Bankman-Fried last week, says that the crypto exchange’s current situation is unprecedented. “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. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control…
According to a new report published by blockchain analytics firm Nansen on Nov. 17, bankrupt cryptocurrency exchange FTX was allegedly intertwined with that of crypto trading firm Alameda Research from the very beginning. Both entities were created by crypto businessman Sam Bankman-Fried, who is now being considered for extradition by U.S. authorities for his role in the collapse of the exchange. Based on available on-chain evidence, Nansen identified a series of wallets placing Alameda as one of the earlier liquidity providers for FTX in May 2019. Of the initial 350…
The agency overseeing Indonesia’s crypto market has stopped the trading of FTX tokens on domestic platforms. The announcement comes after FTX, the exchange that issued the FTT token, filed for bankruptcy in the United States and was subjected to investigations by regulatory bodies around the world. Indonesian Authority Orders Crypto Exchanges to Discontinue FTX Token Trading Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) has instructed digital asset exchanges in the country to stop trading the FTX token, also known by its ticker FTT. According to a statement cited by Reuters,…
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity…
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity…
During a conversation with Binance CEO Changpeng Zhao (CZ) and the Milken Institute, the exchange executive called the former FTX CEO Sam Bankman-Fried (SBF) a “psychopath” for one of the tweets SBF wrote last week. CZ’s statements further follow the accusations stemming from Three Arrows Capital (3AC) co-founder Kyle Davies. The 3AC co-founder claimed that both FTX and Alameda Research “colluded to trade against clients.” Binance CEO Tells Sam Bankman-Fried to Suit Up and Face the Music in Washington DC Crypto industry executives are not too pleased with the former…
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity…