Tag: News

Bankman-Fried’s Private Jet Causes Buzz, Kraken CEO Addresses FTX Collapse, More Sleeping Bitcoins Wake Up — Week in Review – The Weekly Bitcoin News

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With the colossal collapse of crypto exchange FTX in recent weeks, excitement in the world of cryptocurrency and finance has been in no short supply. Former FTX CEO Sam Bankman-Fried’s private jet was reportedly spotted heading to Argentina, Kraken’s CEO has addressed the fallout of the Alameda/FTX saga, saying that “The damage here is huge,” and many, many more stories surrounding the debacle have emerged. On top of this, more so-called sleeping bitcoins have awoken, and Elon Musk has given his two cents on bitcoin and dogecoin once more. Flight…

Nigeria’s Rising Inflation and Foreign Exchange Shortages Fueling Devaluation Speculation — IMF Mission – Economics Bitcoin News

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According to the International Monetary Fund (IMF)’s mission concluding statement, Nigeria’s rising inflation rate as well as the continuing shortage of foreign currency are fueling the naira devaluation speculations. To achieve a unified naira exchange rate, the global lender said Nigeria needs to dismantle “the various exchange rate windows at the CBN [Central Bank of Nigeria]” The Widening Gap Between the Official and Parallel Market Exchange Rate The International Monetary Fund (IMF) has said Nigeria’s foreign currency shortages, the rising inflation, and the country’s limited debt servicing capacity are fueling…

Former US Regulator Likens FTX and Sam Bankman-Fried to Bernie Madoff and His Ponzi Scheme – Regulation Bitcoin News

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Former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair likens the fall of crypto exchange FTX and its former CEO Sam Bankman-Fried to the infamous Ponzi Scheme of Bernie Madoff. “It felt very Bernie Madoff-like in that way,” she said. Former FDIC Chair Compares FTX and Sam Bankman-Fried to Bernie Madoff’s Ponzi Scheme Sheila Bair, a top U.S. regulator during the 2008 financial crisis, explained in an interview with CNN Monday that there are eerie similarities between the rise and fall of FTX and former CEO Sam Bankman-Fried and that…

South Korea Freezes $104 Million in Assets Belonging to Terra Co-Founder – Bitcoin News

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South Korea’s prosecutors have reportedly obtained a court order to freeze assets worth about $104 million belonging to Terraform Labs co-founder Daniel Shin. The authorities allege that he unfairly profited from selling cryptocurrency LUNA at high prices before the token crashed. Shin has denied the allegation. South Korean Authorities Freeze Terraform Labs Co-Founder’s Assets The Seoul Southern District Court reportedly approved local prosecutors’ request Thursday to freeze about 140 billion won ($104 million) in assets belonging to Terraform Labs co-founder Shin Hyun-seung, aka Daniel Shin. The pre-indictment freeze order is…

Bitcoin․com Announces ‘CEX Education Program’ to Reward Victims of Centralized Crypto Failures and Bolster DeFi – Press release Bitcoin News

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press release Bitcoin.com announced the creation of a program that will reward people affected by centralized crypto company insolvencies while encouraging the adoption of decentralized finance and self-custody. The CEX Education Program will draw its resources from Bitcoin.com’s wallet token VERSE, which is launching in December. Five percent of the total VERSE token supply is dedicated to the program. Victims of FTX, Blockfi, Celsius, Voyager, and other failed centralized entities will be eligible to claim a reward from the CEX Education Program by signing up at getverse.com. In the future,…

Ripple CEO Optimistic Crypto Industry Will Be Stronger After FTX Fiasco if Transparency and Trust Remain Its Focus – Featured Bitcoin News

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The CEO of Ripple Labs, Brad Garlinghouse, believes that the crypto industry will come out stronger after the FTX meltdown if transparency and trust remain its key focus. He stressed the importance of having “honest conversations about solving real-world problems with crypto and blockchain.” Ripple’s CEO Optimistic About Crypto’s Recovery After FTX Meltdown The CEO of Ripple Labs, Brad Garlinghouse, shared his opinion Wednesday on the crypto industry’s recovery following the collapse of FTX during Ripple Swell, an annual conference held by Ripple. FTX filed for Chapter 11 bankruptcy last…

Financial Guru Dave Ramsey Weighs in on FTX Collapse — Reiterates His Crypto Warning – Featured Bitcoin News

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Personal finance guru Dave Ramsey has weighed in on the collapse of cryptocurrency exchange FTX. “I told you so,” he repeatedly said, reiterating his long-standing advice that investors should not put money into crypto. Dave Ramsey on Bitcoin, Crypto, and the FTX Collapse Personal finance guru and Ramsey Solutions CEO Dave Ramsey weighed in on the implosion of cryptocurrency exchange FTX in a Dave Ramsey Show episode, published Friday. Ramsey, a self-proclaimed personal money management expert, calls himself “America’s trusted voice on money.” He is the author of seven best-selling…

Peter Schiff Says Bitcoin Still Has a Long Way to Fall — Values BTC at $10K – Markets and Prices Bitcoin News

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Economist and gold bug Peter Schiff says bitcoin still has a long way to fall after the collapse of crypto exchange FTX. He also believes that $10K is the real price of bitcoin, warning that “The lion’s share of the selling has not even started yet.” Schiff Predicts ‘Bitcoin Still Has a Long Way to Fall’ Gold bug and economist Peter Schiff has warned in a series of tweets about the price of bitcoin falling a long way from its current level. He began by referencing the forecast he made…

‘FTX Accounts Drainer’ Now Holds Over 250,000 ETH, Address Is the 27th Largest Ethereum Wallet – Bitcoin News

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The exploiter responsible for siphoning millions of dollars in ERC20 tokens and ethereum from FTX has added more ether to the entity’s holdings. The wallet is now situated in the top 30 largest wallet positions in terms of ethereum holdings. The address dubbed the “FTX Accounts Drainer” now holds 250,735 ethereum on Saturday, Nov. 19, 2022. ‘FTX Accounts Drainer’ Consolidates Ethereum Stash Adding 22,212 Ether to the Mysterious Wallet There’s a lot of curiosity surrounding the ethereum address called the “FTX Accounts Drainer” or “0x59a” because it’s associated with the…

New York Fed and 9 Major Banks to Test ‘Interoperable Network of Central Bank Wholesale Digital Money’ – Bitcoin News

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Nine major financial institutions and the Federal Reserve Bank of New York have started to experiment with a digital dollar proof of concept to see if distributed ledger technology can improve settlement between central banks, commercial banks, and regulated non-banks. The New York Fed details that the proof of concept will be done in a test environment and it will only leverage simulated data. The central bank’s New York branch further insists that the test is “not intended to advance any specific policy outcome.” New York Fed Reveals 12-Week Proof…