Some 10,000 BNB tokens were converted into 2,000 ether, worth over $2.4 million at current rates, and a total of 19,714 BNB became $5 million of BUSD over two transactions. The BNB and BUSD tokens form the backbone of BNB Chain, a blockchain network closely related to the crypto exchange Binance. Source
“The Joint Provisional Liquidators’ findings to date indicate that serious fraud and mismanagement may have been committed” with respect to the group, said the document filed in the U.S. Bankruptcy Court of the Southern District of New York. The documents were filed on behalf of Brian Simms, Kevin Cambridge, and Peter Greaves, who have been put in charge of winding up the company’s affairs in the Bahamas. Source
Australia’s securities regulator has suspended the license of the Australian unit of the bankrupt crypto exchange FTX until mid-May. According to an issued statement, the platform will be allowed to provide limited financial services until Dec. 19 in order to terminate existing derivatives. FTX Australia Sees License Suspended After Accepting Voluntary Administration The Australian Securities and Investments Commission (ASIC) has suspended the financial services license of FTX Australia Pty Ltd. until May 15, 2023. The decision comes after the local arm of the failed cryptocurrency exchange was placed under voluntary…
The Australian government has doubled down on its commitment towards a robust regulatory framework for crypto following the catastrophic collapse of FTX last week. A spokesperson for Australian Treasurer Jim Chalmers said the Treasury said it is now planning on regulations to improve investor protection next year, according to a Nov. 16 report from the AFR. The spokesperson made the announcement in light of the FTX’s fall last week, stating that it was closely monitoring the fallout from the FTX collapse, “including further volatility in crypto-asset markets and any spillovers…
Singapore’s state-owned investment firm Temasek revealed despite eight months of due diligence in 2021, it didn’t find any significant red flags in FTXs financials before deciding to invest $275 million into the now-bankrupt crypto exchange. Like many of FTX’s more than one million creditors, the Singapore-based firm has been left blindsided by the collapse of FTX and the ongoing fallout, saying in a Nov. 17 post: “The thesis for our investment in FTX was to invest in a leading digital asset exchange providing us with protocol agnostic and market neutral…
Investment firm Paradigm is still optimistic about crypto’s potential following the collapse of FTX. “The blowup of FTX has caused some to question crypto’s value. But the issues at FTX are precisely ones that decentralized finance [defi] can solve through increased transparency and security,” the firm’s co-founder emphasized. Paradigm on FTX Collapse, Defi Paradigm co-founder Matt Huang took to Twitter to explain the impact cryptocurrency exchange FTX’s collapse has on his company. Paradigm is a San Francisco-based investment firm focused on supporting crypto and Web3 companies and protocols. “We are…
“It is apparent from this investment that perhaps our belief in the actions, judgment and leadership of Sam Bankman-Fried, formed from our interactions with him and views expressed in our discussions with others, would appear to have been misplaced,” Temasek said. “While this write down of our investment in FTX will not have significant impact on our overall performance, we treat any investment losses seriously, and there will be learnings for us from this.” Source
Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says that he would again back Sam Bankman-Fried (SBF), the former CEO of the collapsed crypto exchange FTX. “You can’t be serious,” many people told O’Leary, alleging that SBF is a fraud who stole billions from FTX customers. Kevin O’Leary Ignores Evidence of Fraud, Says He’d Back ex-FTX CEO Sam Bankman-Fried Again Shark Tank star Kevin O’Leary has shocked many people when he said on the Crypto Banter podcast, published Tuesday, that he would still back Sam Bankman-Fried (SBF), the former CEO…
Professional esports organization Team SoloMid (TSM) (previously TSM FTX) has suspended its $210 million sponsorship deal with the now-bankrupt FTX crypto exchange “effective immediately” following the cryptocurrency trading platform’s shock collapse last week. The United-States-based esports organization made the announcement in a Nov. 16 tweet to its 2.2 million followers, adding that the decision was made after “monitoring the evolving situation and discussing internally.” We’ve suspended our partnership with FTX effective immediately. pic.twitter.com/u8vQSWnAbX — TSM (@TSM) November 16, 2022 The $210 million deal was put to paper in Jun. 2021, which…
The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says bitcoin is not the problem following the collapse of cryptocurrency exchange FTX. Kiyosaki believes that former FTX CEO Sam Bankman-Fried is more like the Bernie Madoff of crypto than the Warren Buffett of crypto. Robert Kiyosaki on Bitcoin, FTX Blowup, Bernie Madoff The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his thoughts about bitcoin, the collapsed crypto exchange FTX, and its former CEO Sam Bankman-Fried (SBF). FTX filed for bankruptcy last week and…