Tag: FTX

Bitcoin Sees Largest Exchange Withdrawals Since FTX Collapse—What’s Next?

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Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more…

Best Crypto to Buy Now After Largest Liquidation Event Since FTX Collapse

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Donald Trump’s plan to put large tariffs on goods from Mexico, Canada, and China has stirred up a storm in the crypto market. A massive sell-off happened over the weekend, with the total crypto market cap dropping by half a trillion dollars. Although several news outlets suggest that over $2.27B have been liquidated, Bybit’s CEO says the liquidation could well be in the $8B-10B range. He believes the numbers being circulated don’t reveal the full picture because crypto exchanges typically limit liquidation data. Even worse, most of these liquidations come…

Crypto crash wipes out $2.2B—Worse than FTX and LUNA

Crypto traders betting on higher prices just got wrecked. Over $2.2B in liquidations hit the market as Bitcoin fell to $91K and Ethereum crashed 20% in 24 hours. Traders who were betting big on prices moving higher saw their positions forcefully liquidated as panic over Trump’s newly imposed tariffs on Canada, Mexico, and China triggered a massive crypto crash. The chaos led to the worst single-day liquidation event ever recorded—surpassing even the Terra (LUNA) collapse and the FTX (FTT) downfall. $2.15b liquidated from the crypto market in the past 24…

FTX Founder’s Parents Push for Pardon After Trump’s Ross Ulbricht Decision

Jailed FTX founder Sam Bankman-Fried’s (SBF) parents are reportedly seeking a pardon for their son from U.S. President Donald Trump. Trump’s Pardon Wave Sparks Frenzy—Is SBF Next in Line? The parents of jailed FTX founder Sam Bankman-Fried (SBF) are reportedly working to have U.S. President Donald Trump pardon their son. According to a Bloomberg report, […] Source CryptoX Portal

Fallen Crypto Exchange FTX EU Has a New Owner, but License Remains Suspended

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Remember FTX? The European branch of the once-popular cryptocurrency exchange that became the center of a major scandal in 2022 has just been acquired. Backpack has become the new owner of FTX EU. Although Backpack currently ranks only 200th in CoinMarketCap’s cryptocurrency exchange rankings by daily trading volume, it hopes to expand its operations through the acquisition of this MiFID II-regulated entity. However, this move might not happen as quickly as anticipated. Backpack Acquires Defunct FTX EU for MiFID II License Since September 2022, FTX EU has held a Cyprus…

U.S. government moved billions of seized FTX cryptos: Shiba-Ethereum

Billions of dollars in crypto from legal battles with several cryptocurrency companies were seized by the U.S. government, including FTX, and now they have moved it into another wallet. According to Arkham Intelligence data on Dec. 03, the U.S. government moved several cryptocurrencies that were seized by the FTX Alameda cases after they collapsed due to the mismanagement of the funds back in November 2022. The first crypto to be moved today is 54.8 billion of Shiba Inu (SHIB), which is equal to $1.55 million at the time of writing. At a later…

Bankrupt Crypto Exchange FTX Set To Begin Paying Creditors and Customers in Early 2025, Says CEO

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The CEO of fallen crypto exchange FTX says the firm will begin distributing its bankruptcy payments soon. In a statement, John Jay Ray III says payments to FTX creditors and customers will begin early next year amid anticipation that the company’s court-approved Chapter 11 Plan of Reorganization will be effective by early January 2025. “We are pleased to announce that we will begin distributing proceeds in early 2025. The timeline laid out reflects the experience and continued work of the team of professionals supporting the Debtors, who already have recovered…

FTX Provides Details On $16 Billion Distribution Timeline For Customers And Creditors

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The long-awaited resolution for nearly $16 billion in funds owed to users and customers of the defunct crypto exchange FTX is approaching, as the estate managing the recovery process has outlined the next steps and timeline for distribution.  FTX Nears Completion Of Chapter 11 Plan In Thursday’s announcement, FTX confirmed that it is nearing the completion of the final prerequisites necessary for its Court-approved Chapter 11 Plan of Reorganization to take effect, marking a significant milestone toward initiating creditor and customer distributions. John J. Ray III, Chief Executive Officer and…