Seven crypto exchanges said they will publish proof of their reserve holdings in the next month. Source
Crypto Exchanges Scramble to Compile 'Proof-of-Reserves' as FTX Contagion Grips Markets
Tag: FTX
Tether, Circle and Coinbase deny having exposure to FTX and Alameda
Amid the liquidity crisis that fell over crypto exchange FTX and trading firm Alameda Research, some of the largest crypto companies face calls for transparency to let users know if there are risks. However, executives assured the community that they do not have exposure to either of the troubled firms. In response to concerns brought up by the crypto community, Tether CTO Paolo Ardoino clarified in a tweet that the stablecoin issuer has no exposure to either of the distressed firms. According to the Tether executive, Alameda has previously redeemed…
FTX founder Sam Bankman-Fried removes ‘assets are fine’ flood from Twitter
Sam Bankman-Fried, founder and CEO of the troubled cryptocurrency exchange FTX, appears to have retracted his words about the safety of client holdings on FTX. Bankman-Fried has deleted a Twitter thread where he tried to assure customers that FTX and the assets on the platform were “fine.” FTX CEO took to Twitter to post the thread of four different tweets on Nov. 7, claiming that FTX had “enough to cover all client holdings.” Bankman-Fried also stated that the firm didn’t invest client assets and has been processing all withdrawals and…
‘Long’ Crypto Traders Take on $700M in Losses as Markets Falls on FTX Contagion Fears
Bitcoin (BTC) and ether (ETH) declined more than 8% in the past 24 hours to reach levels previously seen in early October, putting a gradual recovery on hold. Other crypto majors like XRP, dogecoin (DOGE) and cardano (ADA) slipped over 12%, while solana (SOL) – of which Sam Bankman-Fried is a prominent backer – dropped 25%. Source
“FTX Might Have Provided Massive Bailout For Alameda In Q2”
Did this Coin Metrics analyst uncover the key to the whole Alameda/ FTX story? Because let’s face it, it doesn’t make sense. Both of Sam Bankman-Fried’s businesses were extremely profitable. FTX was the world’s third-biggest exchange and growing, why would anyone risk killing that golden goose? There must have been an underlying cause. Did this Coin Metrics analyst uncover it in the on-chain data? He might have. The Head of R&D at Coin Metrics, Lucas Nuzzi, ends his thread with a warning: “Important to note that this is my own…
Stablecoin Issuer Circle Plays Down FTX, Alameda Exposure
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Bitcoin price dips under $17.6K June low as FTX nerves liquidate nearly $1B
Bitcoin (BTC) liquidated $200 million of long positions on Nov. 8 as BTC price briefly tumbled to two-year lows. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price sets new two-year low Data from Cointelegraph Markets Pro and TradingView revealed carnage across crypto price charts as exchange FTX kept the mood low. After initially rebounding over $20,000 on news that the embattled FTX might be bought out by competitor Binance, panic returned after the Wall Street open. BTC/USD lost $2,000 in under two hours, seeing a sudden plunge that set a…
NFL Legend Tom Brady Caught in FTX Fallout, Risks Losing Complete Strategic Investment
“It’s an incredibly exciting time in the crypto-world, and Sam and the revolutionary FTX team continue to open my eyes to the endless possibilities,” said Brady in a press release at the time. “This particular opportunity showed us the importance of educating people about the power of crypto while simultaneously giving back to our communities and planet.” Source
SBF tumbles off Bloomberg’s billionaire index after trouble at FTX
Crypto billionaire Sam Bankman-Fried may not be able to claim the “billionaire” accolade anymore after an estimated 94% plummet in his personal wealth overnight, according to the Bloomberg Billionaires Index. Bankman-Fried was once a high rider in Bloomberg’s wealth index with an estimated net worth of $26 billion at his peak. However, the crypto entrepreneur is now no longer appears in the top 500. On Nov. 9, the outlet reported that his personal fortune is “likely” to be “eviscerated” should the sale of his FTX exchange to rival Binance go through. …
Cathie Wood’s ARK Loads Up on COIN Despite FTX Crisis
In an email sent from ARK’s trading desk, the fund reported that it’s increasing its stake in Coinbase across its three funds: ARK Innovation, ARK Next Generation Internet, and ARK Fintech Innovation. ARK said it would be adding 420,949 shares of COIN to the current 7.7 million that ARK Investment Management currently holds. Source