Tag: Report

Report Shows Financial Troubles Plagued Bankman-Fried’s Alameda Research as Early as 2018 – Bitcoin News

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Before FTX collapsed it was assumed that Alameda Research was one of the top quantitative trading firms and market makers within the industry. However, much of that perception may have been a facade as a recent report details that Alameda suffered from financial troubles as early as 2018. People familiar with the matter said Alameda was losing money back then and a massive loss from a failed xrp trade in mid-2018 cut the company’s assets by more than two-thirds. Alameda Research’s Façade as a Top Quantitative Crypto Trading Firm Crumbles…

Sam Bankman-Fried’s Alameda Research troubles predate FTX: Report

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New reports into Sam Bankman-Fried and his collapsed exchanges revealed that Alameda Research, the now-bankrupt crypto trading firm, almost collapsed in 2018, even before FTX was in the picture. A report published in The Wall Street Journal citing former employees revealed that Alameda incurred heavy losses from its trading algorithm. The algorithm was designed to make a large number of automated and fast trades. However, the firm was losing money by guessing the wrong way about price movements. In 2018, Alameda lost nearly two-thirds of its assets due to the…

US lawmakers under pressure following FTX collapse: Report

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Legislators in the United States seem to be reevaluating the crypto industry and its regulatory needs in light of FTX’s collapse. According to the Wall Street Journal, since the crypto exchange filed for bankruptcy in November, lawmakers have been under pressure to set a new regulatory framework for cryptocurrencies.  Several proposals are in the works that would apply existing banking, securities, and tax rules to cryptocurrencies, and lawmakers are calling on the Securities and Exchange Commission (SEC) to adopt an aggressive approach to the crypto market. In a December House…

SBF met with Biden’s senior advisors 2 months before FTX collapse: Report

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Former FTX CEO Sam Bankman-Fried met with government officials at the White House on at least four separate occasions in 2022, one of which reportedly occurred just two months before the fall of his crypto empire. Most of the meetings were disclosed in visitor logs which are posted by the White House every month, showing that Bankman-Fried had met with Counselor to the President Steve Ricchetti on Apr. 22, 2022 and May. 12, 2022 along with another meeting on May 13 meeting with policy advisor Charlotte Butash However, according to…

Bank of India report calls for regulatory coordination on crypto market challenges

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The Reserve Bank of India (RBI) has appealed to the country’s presidency of the G20 group of the world’s largest economies as a pulpit to call for the development of a global regulatory framework for crypto assets. In its latest financial stability report, released Dec. 29, the bank again expressed its concerns about the burgeoning crypto ecosystem and suggested parts of it could be banned. The report was generally upbeat about current conditions in the country, despite “strong global headwinds,” saying, “the Indian economy and domestic financial system remain resilient.”…

China to Launch ‘Digital Asset Trading Platform,’ Media Report Unveils – Bitcoin News

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A marketplace for digital assets is soon going to open in China under a public-private partnership, local media revealed. According to the report, the goal is to establish a regulated trading platform for digital collectibles as part of government efforts to curb market speculation with such assets. National Marketplace to Support Trading of Digital Collectibles and Copyrights in China Chinese authorities are preparing to launch a state-controlled platform allowing the trading of non-fungible tokens (NFTs) and other digital assets, local media announced. The initiative is a joint project between government…

FTX Co-Founder Faces ‘No-Nonsense’ Judge Next Week, Report Says SBF ‘Expected to Enter a Plea’ in Fraud Case – Bitcoin News

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According to court documents, Sam Bankman-Fried (SBF) is set to be arraigned by the federal court in the Southern District of New York (SDNY) on Jan. 3, 2023. The disgraced FTX co-founder plans to enter a plea in his fraud case in front of U.S. judge Lewis Kaplan in Manhattan, according to a report published by Reuters. Report Claims FTX Co-Founder Sam Bankman-Fried ‘Expected to Enter a Plea Next Week,’ Criminal Defense Attorney Says Feds Have a Case With ‘Very Few Holes’ Just recently, the judge that was presiding over…

Crypto Exchange Gemini and Winklevoss Brothers Hit With Class Action Fraud Lawsuit Over Earn Product: Report

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Crypto exchange Gemini is reportedly being hit with a class action lawsuit along with its founders for allegedly selling unregistered securities. According to a new report from Bloomberg, Gemini, along with its founders, the Winklevoss brothers, are the target of a lawsuit claiming they sold interest-bearing accounts through the firm’s Earn program as unregistered securities. Under the Earn program, Gemini partnered up with crypto lender Genesis to provide traders with up to 8% returns on their holdings. However, earlier this month Genesis announced that FTX’s collapse greatly affected its finances…

China’s first national NFT marketplace to launch next week: Report

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According to a report published by local news outlet Sina News on Dec 28, China will launch its first regulated platform for nonfungible tokens (NFT) trading on Jan 1, 2023. The entity, which acts as a secondary market for the exchange of NFTs, was created by the state-owned Chinese Technology Exchange, the state-owned Art Exhibitions China, and Huban Digital Copyrights Ltd, a private corporate entity.  In addition to NFTs, the platform will also facilitate the trading of copyrights related to digital assets. The project aims to “regulate and avoid the…

What to expect from the crypto market in 2023: Watch The Market Report

This week on The Market Report, the resident experts at Cointelegraph discuss what investors can expect from the cryptocurrency market in 2023. Will this bear market carry on, or will we see the beginning of the bull market? Also up for discussion is what projects have the potential to make a splash in 2023. We start off this week’s show with the latest news in the markets: 4 ‘emerging narratives’ in crypto to watch for: Trading firm Despite an eventful year fraught with crypto collapses and price drops, Steven Goulden,…