Tag: FTX

FTX downfall was a turning point for citizen journalism: Coinbase CEO

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Coinbase CEO and co-founder Brian Armstrong have applauded the work of citizen journalists and blockchain analysts surrounding the unfolding FTX crisis and its former CEO Sam Bankman-Fried. In a Nov. 16 tweet that has been retweeted over 9,000 times at the time of writing, Armstrong suggested that it has been regular citizens, rather than traditional media that has uncovered many of the developments associated with the liquidity crunch and subsequent bankruptcy filing of FTX. Commenting on a recent New York Times “puff piece,” Armstrong said it: “Feels like a turning…

Solana (SOL) Loses 60% Of Its Market Value After FTX Collapse

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The Solana (SOL) ecosystem, according to Laguna Labs Chief Executive Officer (CEO) Stefan Rust, took a harder hit compared to other major digital coins such as Bitcoin and Ethereum following the collapse of the FTX crypto exchange. Here’s a quick glance at SOL performance: Following the collapse of FTX, Solana lost almost 60% of its market value SOL has gone up by 2% over the last 24 hours, trading above the $14 marker Solana coins deposited on blockchain decreased sharply, from 68 million in June to just almost 25 million…

Huobi Backed Firm Fails To Withdraw Nearly $18 Million From FTX Exchange

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Burning flames from the FTX collapse continue as damages spread throughout the crypto market and industry. FTX is left to themselves as other firms cannot assist due to the magnitude of debts incurred by the exchange. Binance initially intended to help but later acknowledged that the situation was beyond its power. Meanwhile, the latest reports have revealed that the embattled crypto firm has filed for Chapter 11 Bankruptcy. The FTX crisis has plunged many crypto firms into debt and losses, including Huobi’s subsidiary, Hbit Limited. Hbit Limited revealed in an…

FTX hacker is now the 35th largest holder of ETH

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The hacker that exploited the now-bankrupt FTX exchange last week made a tidy fortune that has propelled them to Ether (ETH) whale status. Just a day after the embattled FTX exchange filed for Chapter 11 bankruptcy, its wallets were drained for more than $663 million in various crypto assets, according to blockchain intelligence company Elliptic. Elliptic suspected $477 million of this was stolen, with a large chunk of those tokens being then converted into ETH, while $186 million worth of more than a hundred different tokens was believed to be…

Bitcoin Investors Become Wary Of Crypto Exchanges Following The FTX Crises

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The sudden collapse of the FTX exchange has sent shock waves throughout the Bitcoin crypto world. The Bankman-Fried-led crypto empire hailed as an industry leader has filed for bankruptcy, creating widespread panic in crypto circles. This collapse was aided by Ian Allison’s article showing that around $5.8 billion from the $14.6 billion assets of Almeda Research were tied to FTX’s exchange token FTT. Bitcoin Wallets Record Increase BTC wallet holders from the small players up to whales increased their BTC holdings. The smaller wallets with less than one BTC added…

Citi Analyst Warns of ‘Serious’ Contagion Risk to Crypto Ecosystem From FTX Failure – Featured Bitcoin News

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A Citi analyst has warned of a serious risk of broader contagion to the crypto ecosystem stemming from the collapse of crypto exchange FTX, noting that the contagion “can last for a significant amount of time.” He added that the crypto industry seems to have “no significant lender of last resort.” Citi’s Analyst Warns of Broader Contagion to Crypto Ecosystem Citi analyst Joseph Ayoub explained in an interview with CNBC Friday that the overall cryptocurrency market faces risks of contagion from the implosion of FTX. The troubled crypto exchange filed…

Cryptocurrencies Trade in Sync After FTX Collapse – Just Not With Stocks

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FTX Australia’s license suspended as 30K Aussies left in the lurch

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Australia’s financial markets regulator has suspended FTX Australia’s financial license following the appointment of a voluntary administrator to help nearly 30,000 Australians and 132 Australian companies get their funds back from FTX. The announcement was made by the Australian Securities and Investments Commission (ASIC) on Nov. 16 local time, which suspended the Australian Financial Services (AFS) license of FTX’s local entity until May 15, 2023. Before its suspension, FTX Australia’s AFS license permitted it to create a market for derivatives and foreign exchange contracts to Australian-based retail and wholesale clients.…

Paradigm co-founder feels ‘deep regret’ investing in SBF and FTX

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The co-founder of asset management firm Paradigm says they feel “deep regret” for having invested in FTX amid recent revelations involving FTX, Alameda Research, and Sam Bankman-Fried.  In a Twitter post on Nov. 15, Matt Huang, co-founder and managing partner of Paradigm said the firm is “shocked” by the revelations surrounding the two companies and their founder, adding: “We feel deep regret for having invested in a founder and company who ultimately did not align with crypto’s values and who have done enormous damage to the ecosystem.” Matt Huang, Managing…

Mark Cuban Says FTX Implosion Isn’t Crypto Blowup — Explains Why He Invests in Crypto – Featured Bitcoin News

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Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, says recent blowups in the crypto space, including the FTX implosion, “have been banking blowups,” not crypto blowups. He also explained why he invests in crypto. Recent Blowups Aren’t Crypto Specific Mark Cuban explained on Twitter Saturday that the implosion of FTX is not a crypto blowup. Commenting on his Shark Tank co-star Kevin O’Leary discussing why the collapse of the crypto exchange signals a turning point in the industry, Cuban tweeted: These blowups have not…