Tag: FTX

Ledger hardware wallets hit by the FTX earthquake, CTO says

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Hardware-based cryptocurrency wallet provider Ledger has experienced some issues due to massive outflows from crypto exchanges amid the FTX bloodbath, according to its chief technology officer. Ledger saw a “massive usage” of their platforms and suffered a “few scalability challenges” on Nov. 9, Ledger CTO Charles Guillemet reported in a statement on Twitter. Guillemet reasoned Ledger’s issues by the outcomes of the ongoing crisis of a major global cryptocurrency exchange, FTX. The CTO said that crypto investors have been increasingly offloading their holdings from crypto exchanges to Ledger, stating: “​​​​After…

Ether, Solana Trade at Premium on FTX – Here is (Probably) Why

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Grayscale Bitcoin Trust records a 41% discount amid FTX meltdown

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Following the FTX bank run, which accelerated by Nov. 7, Bitcoin (BTC) price started to buckle and, at the time of writing, lost 21% in five days. Among the victims of the swift market meltdown is the world’s largest institutional Bitcoin fund, the Grayscale Bitcoin Trust (GBTC).  On Nov. 9, the GBTC closed at a record discount of 41%, with a price per share standing at $8.76. Overall, the GBTC has been gradually declining for almost a year since its peak position of $51.47 per share on Nov. 12, 2021. A structural…

Bitcoin Plunges To $15,700 As Binance Rejects FTX Takeover

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 BTC’s price loses its $18,200 support as the price trades to a region of $15,700 as Binance rejects FTX takeover.   BTC’s price continues to look bearish with the market’s current state, as things look uncertain for most traders and investors.  BTC’s price remains weak across all timeframes as the price trades slightly below the 50 and 200 Exponential Moving Averages (EMA). In the last two days, the crypto market has been erratic, with the price of many altcoins, including Bitcoin (BTC), battling for survival after the news came out that…

Sequoia Capital marks down entire $214M FTX stake to zero

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Venture capital firm Sequoia Capital tweeted out a letter sent to its partners on Nov. 10 revealing the firm had marked its $213.5 million investments in FTX and FTX US down to $0, claiming them as a complete loss. The letter said that the crisis facing FTX has “created a solvency risk” but claimed its exposure to the exchange is “limited” in its Global Growth Fund III, where its cost basis for the FTX portion of the fund totaled $150 million. Here is the note we sent to our LPs…

SBF tells investors FTX needs $8B in emergency funding: WSJ

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Sam Bankman-Fried has reportedly asked investors for $8 billion in emergency funding to cover a shortfall caused by the flood of withdrawal requests to his crypto exchange in recent days. According to a report in the Wall Street Journal (WSJ) citing “people familiar with the matter,” the CEO reportedly made the request to investors in a Nov. 9 call where he outlined ways to help solve FTX’s financial woes. The source suggests that Bankman-Fried is looking to raise $3 billion to $4 billion in equity and that the exchange could raise…