Tag: FTX

Former US Treasury Secretary Larry Summers Compares FTX Collapse to Enron Fraud – Regulation Bitcoin News

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Former U.S. Treasury Secretary Lawrence Summers has compared crypto exchange FTX to Enron, noting that the case is a classic fraud rather than the complexities of cryptocurrency regulation. He said the regulatory community ought to draw two lessons from the collapse of FTX. Larry Summers Compares FTX to Enron Former Treasury Secretary Lawrence Summers shared his view on the need for cryptocurrency regulation following the collapse of Sam Bankman-Fried’s FTX crypto empire in an interview with Bloomberg Television Friday. Summers served as the U.S. Secretary of the Treasury from 1999…

Regulator denies asking FTX to prioritize withdrawals for Bahamian clients

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The Securities Commission of The Bahamas (SCB) has denied instructing or authorizing crypto exchange FTX to prioritize withdrawals of Bahamian clients.  In a statement on Nov. 12, the securities commission vehemently denied the contents of a Nov. 11 statement from FTX on Twitter that suggested it had been instructed by “Bahamian HQ’s regulation and regulators” to facilitate the withdrawal of Bahamian funds. “The Commission wishes to advise that it has not directed, authorized or suggested to FTX Digital Markets, Ltd. the prioritization of withdrawals for Bahamian clients,” read the statement, which…

FTX Hack Spooks Solana DeFi Community, Igniting Revolution at Alameda-Controlled Serum DEX

Lending protocol Solend, Jupiter, automated market maker Raydium, stablecoin swap shop Mercurial Finance and other Solana-based DeFi traders, as well as centralized entities including Phantom wallet, limited their exposure to Serum Saturday morning. They disconnected price data oracles, shut down token trading pools or ceased trading on its central limit order book. Original Source AlamedaControlledCommunityDeFiDEXFTXHackIgnitingRevolutionSerumSolanaSpooks CryptoX Portal

FTX CEO Confirms Reports of ‘Unauthorized Access to Certain Assets,’ Team Is ‘Coordinating With Law Enforcement’ – Bitcoin News

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Following the reports that said FTX wallets were being drained and the FTX Telegram channel’s admins that detailed its possible malware might be present in FTX-related apps and websites, the company’s new CEO John Ray confirmed there were “unauthorized transactions.” The news was shared by FTX US’s general counsel Ryne Miller and retweeted by FTX’s official Twitter account. Unauthorized Access to FTX Funds Confirmed On Saturday morning (ET) on Nov. 12, 2022, reports had shown that FTX wallets were being drained. The breach was confirmed after people started talking about…

FTX goes up in flames and impacts the broader crypto industry, causing regulators to respond: Hodler’s Digest, Nov. 6-12

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Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week FTX and Binance’s ongoing saga: Everything that’s happened until now An earthquake rattled the crypto space this week, its impact felt in numerous related stories regarding FTX, Alameda Research and Binance. Although the bad news came rolling in this week, suspicions relating to FTX’s status…

Hedge Fund Galois Capital Discloses ‘Roughly Half’ of the Firm’s Capital ‘Stuck on FTX’ – Bitcoin News

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According to the co-founder of Galois Capital, the hedge fund manager who warned about the Terra collapse before it happened, half of the hedge fund’s capital is left trapped on FTX. Galois co-founder, Kevin Zhou, wrote a letter to investors explaining the situation and said he was “deeply sorry” about the turn of events. Galois Capital Tells Clients Half of the Company’s Capital Got Stuck on FTX, Recovering Assets Could Take Years, Co-Founder Says On Nov. 11, 2022, the Financial Times (FT) reported on a letter sent to investors stemming…

FTX users may be cashing of bankrupt crypto exchange through a Bahamas loophole

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Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, at the Bitcoin 2021 conference in Miami, Florida, on June 5, 2021. Eva Marie Uzcategui | Bloomberg | Getty Images Some FTX users appear to have found a way to move money off of the exchange through a back door in the Bahamas. Analysis by data firm Argus found unusual trading patterns over the past five days as FTX was gating customer withdrawals. Most irregularities had to do with digital collectibles, known as NFTs. The patterns suggest “desperate” customers were turning to FTX…

Flight Radar Report Shows FTX Co-Founder’s Private Jet Flew to Argentina, SBF Says He’s Still in the Bahamas – Bitcoin News

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According to Flightradar24’s official Twitter account, the most tracked flight at 3:33 a.m. on Nov. 12, 2022, was Sam Bankman-Fried’s (SBF) private jet flying from the Bahamas to Argentina. While the flight track doesn’t mean SBF took the flight, a number of people suspected someone from SBF’s inner circle did fly out of the Bahamas. The former FTX CEO, however, texted Reuters after the flight and told the news outlet he did not leave the Bahamas. Former FTX CEO’s Private Jet Embarks to Argentina, SBF Claims He Remains in the…