Tag: FTX

FTX CEO Sam Bankman-Fried Tells Investors the Troubled Exchange Needs Cash To Avoid Bankruptcy: Report

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The CEO of the cash-strapped FTX crypto exchange is reportedly warning investors that the company will collapse if it fails to get additional capital. Citing a person familiar with the matter, Bloomberg reports that FTX CEO Sam Bankman-Fried informed investors that his embattled firm may file for bankruptcy if it does not get the money needed to cover an up to $8 billion shortage. FTX reportedly needs to get at least $4 billion to remain solvent and Bankman-Fried is trying to raise funding in the form of debt, equity or…

FTX US resigns from the Crypto Council for Innovation

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United States-based exchange FTX US has left its position at the crypto advocacy group Crypto Council for Innovation, or CCI. In a statement to Cointelegraph on Nov. 10, CCI CEO Sheila Warren said the council had accepted FTX US’ resignation as an associate member of the group. The firm’s departure came amid crypto exchange FTX reporting liquidity issues, leading to volatility across the market and concerns from global regulators and lawmakers. “We remain committed to working towards building regulation that protects users and safeguards innovation, in order to bring about…

Bitcoin Price Outlook for November — FTX Crisis Fuels Bearish Momentum – Market Updates Bitcoin News

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It’s fair to say that the first ten days of November have been nothing short of historic in cryptocurrency markets. The turmoil surrounding FTX, and its all-but-confirmed collapse, seems to have eclipsed both Luna and Celsius, who also capitulated earlier this year. The impact of this has been felt by bitcoin, which recently fell below $16,000 for the first time in two years. Current Market Status Cryptocurrency prices have been in free fall to start the month, as the FTX collapse has triggered a significant level of bearish sentiment. Traders…

Circle CEO Jeremy Allaire Says Stablecoin-Issuer Not Affected by Troubles at Crypto Exchange FTX

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The CEO of USD Coin (USDC) issuer Circle says that crypto exchange FTX’s liquidity issues bear no significant impact on the stablecoin company. Jeremy Allaire says that Circle provides services to both FTX and Alameda Research, the quantitative crypto trading firm founded by FTX CEO Sam Bankman-Fried. “Circle has no material exposure to FTX and Alameda. FTX has been a customer of Circle Payment APIs for the past 18 months, providing card and ACH services for customer transactions. Circle’s crypto payments beta product uses FTX and other exchanges, for BTC/ETH…

The Role Regulators Played in the FTX Fiasco

Armstrong is protecting his own interests here, now that figures like Sen. Elizabeth Warren (D-Mass.) and Gensler are calling for tighter regulation of U.S. exchanges. Clearer rules are clearly needed but have to be done right. Given the inherently borderless nature of crypto, if regulators get overly burdensome, they would only succeed in creating the next Singapore-based Terra or Bahamas-based FTX. “[P]unishing U.S. companies for this makes no sense,” Armstrong added. Source

Republican lawmaker claims SEC chair was coordinating with FTX ‘to obtain regulatory monopoly’

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Tom Emmer, the recently re-elected Republican lawmaker representing Minnesota’s 6th district in the United States House of Representatives, has alleged Securities and Exchange Commission chair Gary Gensler had been helping FTX CEO Sam Bankman-Fried to gain a “regulatory monopoly” through the crypto firm. In a Nov. 10 tweet, Emmer criticized Gensler for “run[ning] to the media” amid FTX’s liquidity issues causing ripples throughout the crypto market. According to the Republican lawmaker, his team was looking into the SEC chair’s alleged collaboration with Bankman-Fried and FTX, but only cited reports presented…

JPMorgan registra una ola de desapalancamiento por los problemas de FTX

JPMorgan dijo que los inversores potencialmente pueden buscar un fondo en los precios de bitcoin (BTC) a través de su costo de producción, que a veces actúa como un piso. El costo de producción actual es aproximadamente US$15.000, aunque es probable que vuelva a US$13.000, como ya se registró hace pocos meses, lo que implica una caída de alrededor de 25%, destacó el banco. Source