Browsing:FTX

Michael Saylor talks bitcoin after FTX crash
2 years ago 2 mins read

Michael Saylor discusses crypto after the FTX saga

Michael Saylor, co-founder and former CEO of MicroStrategy, discussed his views on the value of cryptocurrencies in an interview with Natalie Brunnel on the podcast show Coin Stories after FTX’s demise. When Brunnel asked Saylor what the most important lesson from the FTX crash was, he responded that the previous week’s significant decline in FTX had shown both the virtues of Bitcoin and the vices of crypto. The fact that money under human control cannot be trusted in its entirety is “an incredibly expensive lesson,” he continued, as well as the “basic fundamentals of monetary theory and banking.” He continued

Sino Global Capital
2 years ago 1 min read

Crypto venture firm Sino Global Capital reveals it has millions of dollars in assets held in custody on FTX

Sino Global Capital, a Chinese cryptocurrency venture capital firm, has spoken out about the extent of its exposure to the FTX exchange. In a letter posted on Twitter on November 15, the company claimed that its direct exposure to FTX, the exchange, “was confined to mid-seven figures held in custody.” However, the company did not give a precise amount. The letter also stated that Sino is still in business and is still funding new businesses. In October 2021, Sino made its first fund accessible to outside investors. Since FTX disclosed it was experiencing a liquidity problem and then filed for

Elon Musk reacts to FTX and SBF getting away with users' money
2 years ago 1 min read

Elon Musk reacts to SBF and FTX exchange on Twitter

The cryptocurrency trading company FTX has formally filed for bankruptcy and requested protection from its creditors, the company announced in a news release on Friday. Sam Bankman-Fried, the organization’s founder, chair, and CEO, also announced his resignation. According to the company, more than 130 other FTX-affiliated businesses “have initiated voluntary proceedings under Chapter 11 of the United States Bankruptcy Code,” including Bankman-investment Fried’s company Alameda Research. The company has experienced a wild week, going from having one of the largest cryptocurrency trading platforms in the world with $16 billion in assets to insolvency, frozen customer accounts, regulatory and judicial investigations,

SBF FTX crypto exchange
2 years ago 1 min read

FTX exchange claims to have more than a million creditors

According to a recent court document, the insolvent crypto exchange FTX may have more than one million creditors. Sam Bankman-Fried’s crypto exchange, FTX, which filed for bankruptcy last week, estimated that it may have more than a million creditors, illustrating how challenging it will be to resolve this insolvency. There are more than 100,000 creditors in these Chapter 11 cases, according to a court document that was added to the federal court database system on November 15. In actuality, there might be a million or more creditors. The failed crypto exchange group, which also includes sister trading firm Alameda Research,

FTX exchange
2 years ago 1 min read

FTX Insider: FTX founder was secretly moving funds through backdoor

According to an FTX insider, the recent FTX “hack” was an illegal withdrawal of funds from FTX to Alameda Research. Mario Nawfal, the founder of IBC Group, took to Twitter to claim that Sam Bankman-Fried conducted a massive fund withdrawal through a backdoor built on his orders. Did SBF transfer FTX funds to Alameda Research in secret? According to Mario Nawfal, an anonymous insider at the bankrupt FTX exchange revealed that SBF transferred funds from the FTX wallet to Alameda Reseatch and other entities. To accomplish this, SBF used a backdoor created at his request by the exchange’s CTO, Gary

Andrea Enria ECB supervisor
2 years ago 1 min read

European Central Bank supervisor says crypto asset providers are animals

The European Central Bank’s (ECB) head of financial supervision warned European crypto regulators against crypto asset providers, calling them a threat to consumer protection. The ECB claims that crypto asset providers “never consider financial risks” and do not respect national borders. Andrea Enria, chair of the ECB’s supervisory board, stated unequivocally: “I am concerned for my colleagues that will have to perform this supervision in the future because these are animals with whom it is difficult to engage.” Last week, Sam Bankman-well-known Fried’s crypto exchange collapsed due to unusual involvement with Bankman-trading Fried’s firm Alameda Research. Following a $8 billion

Visa terminates agreement with FTX
2 years ago 1 min read

Visa cancels the global FTX Debit Card agreement

Visa’s spokesperson told Reuters that the situation with FTX crypto exchange is “unfortunate” and that the company is “monitoring developments closely.” Visa, the world’s largest payment processor, has severed ties with FTX less than a month after launching a new debit card program. In October 2002, Visa announced a partnership with FTX to launch account-linked Visa debit cards in 40 new countries. Following its introduction to US customers, the partnership focused on expanding the debit card program to Latin America, Asia, and Europe. On November 13, 2022, FTX and 130 affiliated companies, including sister trading firm Alameda Research, filed for

Huobi crypto exchange funds on FTX
2 years ago 1 min read

Huobi exchange has been unable to withdraw $13.2 million of funds from FTX exchange

Huobi subsidiary Hbit has disclosed that it has $18.1 million in FTX that it is unable to recover. Customer funds totaled $13.2 million, which will be covered by an unsecured loan of up to $14 million. Huobi has revealed that it, too, is a victim of the FTX scandal. In a notice, it stated that it was unable to withdraw $18.1 million from the now-defunct exchange. Customers own $13.2 million, with the remaining $5 million owned by subsidiary Hbit. Huobi also revealed that it had applied for a $14 million unsecured loan to help cover the $13.2 million in customer

Solana FTX relation
2 years ago 1 min read

Solona developers are working to remove FTX’s influence over Solana-based Serum DEX

Following the compromise of FTX, which resulted in hackers withdrawing over $400 million from the bankrupt exchange, Solana developers want to fork liquidity hub Serum. Given that FTX created Serum, many developers believe the FTX hack may have had an impact on the decentralized network. Anatoly Yakovenko, founder of Solana, stated that developers are forking the Serum code today and will resume the protocol without FTX involvement. This is required because someone at FTX may have a private key that allows them to control the original code, and the key may have been compromised. Yakovenko stated this to address Adam

SBF's Alameda under investigation
2 years ago 1 min read

SBF’s Alameda Research is being investigated for promising a 15% return with “no risk”

Sam Bankman-Fried (SBF), the founder of FTX and Alameda Research, has reportedly come under legal scrutiny for comments made in 2018 that promised investors “no risk” returns. According to reports, the trading firm, which assisted SBF’s now-bankrupt FTX Group in creating liquidity, was delivering slide decks to potential investors in 2018 that included offers for loans with “no downside” and high returns with “no risk.” According to the report, the 2018 Alameda deck included investment opportunities with a 15% annualized fixed rate loan, as well as higher rates for investors willing to put down more with the firm. According to

Sam Bankman-Fried or SBF, the founder of FTX, has refuted rumors that he's gone to Argentina as the story of his defunct cryptocurrency exchange continues to play out almost in real time on Twitter.
2 years ago 1 min read

SBF FTX former CEO refutes the idea that he fled to Argentina

Sam Bankman-Fried or SBF, the founder of FTX, has refuted rumors that he’s gone to Argentina as the story of his defunct cryptocurrency exchange continues to play out almost in real time on Twitter. On November 12, Bankman-Fried, also known as SBF, stated he was still in The Bahamas in a text message to Reuters. He said “Nope” when Reuters explicitly questioned him about whether he had traveled to Argentina as the reports suggested. Over the weekend, people speculated on Twitter about whether SBF was on the run after FTX Group, which includes numerous businesses like FTX Trading, FTX US,

FTX Exchange
2 years ago 1 min read

Only $900 million in cash assets were available to support FTX’s $9 billion in debt

The Financial Times says that FTX had only $900 million in liquid assets vs $8.9 billion in liabilities on the verge of bankruptcy. According to the study, which cited investment materials, the greatest readily marketable asset accessible to FTX was $470 million worth of Robinhood shares acquired through an external corporate entity owned by CEO Sam Bankman-Fried. FT reported liabilities totaling $5.1 billion, but the company was actually based outside of the United States. The recent insolvency of the cryptocurrency exchange has captured the attention of the financial community. Early this morning, crypto assets owned by FTX’s sibling trading company

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