Tag: FTX

Demand for USDC Skyrockets after FTX Collapse

Despite the fact that customers may be shifting their focus to its competitor, Tether doesn’t see a threat. Following a series of events that took place in 2022, it appears that the Circle-issued USDC stablecoin has suddenly found itself to be a favorite option among crypto users. According to a data report by blockchain analytics firm Glassnode, the USDC now sees a daily transfer volume of up to four or five times that of major competitor Tether USDT. That’s despite the USDT maintaining its status as the largest stablecoin by…

USDC transfer volume hit 5X USDT’s in fallout from FTX collapse

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Stablecoin USD Coin (USDC) has grown in popularity since the collapse of FTX and now frequently reaches daily transfer volumes four to five times that recorded by major competitor Tether (USDT) according to data from blockchain analytics firm Glassnode. That’s despite the market cap of USDT being $23 billion greater than USDC. As of Jan. 10, the difference was in USDC’s favor by a margin of four and a half times. Both stablecoins recorded surges in transfer volumes following an infamous tweet from Binance CEO Changpeng Zhao on Nov. 6…

USDC transfer volume hit 5X USDT’s in fallout from FTX collapse

Stablecoin USD Coin (USDC) has grown in popularity since the collapse of FTX. It now frequently reaches daily transfer volumes four to five times that recorded by major competitor Tether (USDT) according to data from blockchain analytics firm Glassnode. That’s despite the market cap of USDT being $23 billion greater than USDC. As of Jan. 10, the difference was in USDC’s favor by a margin of four and a half times. Both stablecoins recorded surges in transfer volumes following an infamous tweet from Binance CEO Changpeng Zhao on Nov. 6…

Bipartisan Group of US Senators Calls for Independent Examiner to Investigate FTX

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Former FTX Director of Engineering Under Scrutiny by US Law Enforcement, Alleged Proffer Sessions Held With Prosecutors in New York – Bitcoin News

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U.S. law enforcement officials are reportedly scrutinizing Nishad Singh, the former director of engineering at FTX, according to a report citing people familiar with the matter. Another report, published on Jan. 10, 2023, details that Singh met with federal prosecutors at an alleged proffer session held at the U.S. attorney’s office for the Southern District of New York. Furthermore, federal prosecutors have disclosed that the investigation into alleged fraud at FTX and involving Sam Bankman-Fried is so expansive that the prosecutor’s office in the Southern District of New York could…

US lawmakers call on court to approve ‘independent examiner’ in FTX bankruptcy case

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A group of four United States senators have criticized one of the law firms involved in the bankruptcy case of crypto exchange FTX for conflicts of interest. In a Jan. 9 letter to Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware, Senators John Hickenlooper, Thom Tillis, Elizabeth Warren, and Cynthia Lummis — a bipartisan group — called on the judge to approve a motion appointing an independent examiner into FTX’s activities prior to its collapse in November. The U.S. lawmakers said Sullivan & Cromwell, the…

FTX Businesses Like LedgerX Draw Interest from More than 100 Potential Buyers

FTX debtors have prioritized selling four businesses owned by the company, however, the US bankruptcy trustee in FTX’s case has argued that FTX has provided very little information on what’s actually being sold. In the new legal filing of FTX’s bankruptcy case, more than 117 buyers have shown interest in purchasing the assets and businesses of the crypto exchange FTX. It’s almost two months since crypto exchange FTX filed for bankruptcy in November 2022. The crypto exchange’s bankruptcy filing includes more than 100 entities. As per the previous reports, FTX…

How are Dexes like Snowfall Protocol and Uniswap Affected by Kraken Sliding Downwards and FTX Collapsing?

Place/Date: – January 10th, 2023 at 9:54 am UTC · 3 min read Source: Snowfall Protocol Following the industry-defining collapse of FTX  and  instability at another cryptocurrency exchange, Kraken, cryptocurrency users are looking for alternatives. These unimaginable events have created a new opportunity for DEXs like Snowfall Protocol (SNW) and Uniswap. What is unique? Opportunity, and are these DEXs competent enough to take control? Let’s find out. The Solution Is Still Decentralized Finance After the fall of FTX, there was a school of thought that unregulated and decentralized finance will…

Solana Moves On From FTX Crisis, Sparkles 46% In Last 7 Days

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Solana (SOL) has been included in the top cryptocurrencies to watch out for this week of finance and crypto-focused site Investopedia. This no longer comes as a surprise considering that at one point during the last seven days, the digital asset, which was pulled all the way down to $9 towards the end of December, managed to increase its value by 46%. SOL outperformed industry frontrunners Bitcoin and Ethereum and all other top crypto assets occupying the top 10 spot in terms of market capitalization. It would appear that the…