Tag: bankrupt crypto exchange FTX

Sam Bankman-Fried Tells His Side of the Story of FTX Collapse in Tweets
17Nov By adminNo Comments
Technology

Sam Bankman-Fried Tells His Side of the Story of FTX Collapse in Tweets

[ad_1] Confronted by a crypto crisis he helped spark, former FTX.com Chief Executive Officer Sam Bankman-Fried is tweeting through it. Confronted by a crypto crisis he helped spark, former FTX.com Chief Executive Officer Sam Bankman-Fried is tweeting through it.On Wednesday, he added a further 18 tweets to a meandering thread he started at the beginning of the week. The posts, published at sporadic intervals, have combined apologies for his failings with his perspective on what went wrong at the companies he founded and ran.  They add to a previous series of cryptic posts that eventually spelled out the message “What HAPPENED,” followed by a hint that there were revelations to come With the wisdom of hindsight, he stated how he would do his best to save customers' cash, mused on how ...
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Sam Bankman-Fried says filing for FTX bankruptcy was a mistake – Vox
17Nov By adminNo Comments
Technology

Sam Bankman-Fried says filing for FTX bankruptcy was a mistake – Vox

[ad_1] The founder of collapsed crypto exchange FTX, Sam Bankman-Fried, said he regretted his decision to file for bankruptcy and, in an interview published by Vox, criticized regulators. The founder of collapsed crypto exchange FTX, Sam Bankman-Fried, said he regretted his decision to file for bankruptcy and, in an interview published by Vox, criticized regulators.Bankman-Fried said later on Twitter that the basis of the interview, an exchange of messages on the same platform, was not supposed to be public. The collapsed company, which filed for bankruptcy last week, has appointed five new independent directors at each of its main affiliated companies, including Alameda research. The five new directors and newly appointed Chief Executive John J. Ray are working to navigate through th...
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FTX Wipeout Is Latest Test of Nerves for Asia’s Crypto Rule Makers
17Nov By adminNo Comments
Technology

FTX Wipeout Is Latest Test of Nerves for Asia’s Crypto Rule Makers

[ad_1] Crypto’s latest existential crisis, courtesy of Sam Bankman-Fried’s epic faceplant, flared amid far-reaching planned changes in the digital-asset rulebooks of Asian centers. Crypto's latest existential crisis, courtesy of Sam Bankman-Fried's epic faceplant, flared amid far-reaching planned changes in the digital-asset rulebooks of Asian centers including Hong Kong and Singapore.The fall of his FTX exchange showed the world lacked the true picture of its operations. As a result, officials in both jurisdictions and further afield face calls to ensure greater transparency, especially on customer assets. The immediate focus in Asia is on “disclosures of leverage ratios, any conflict of interest with user funds, details of those funds and risk management,” said Cici Lu, founder at V...
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After FTX collapse, cryptocurrency sector fights back
16Nov By adminNo Comments
Technology

After FTX collapse, cryptocurrency sector fights back

[ad_1] The failure of the FTX platform has undermined investor confidence and threatened the young cryptocurrency sector, pushing its main players to mobilise to save it. The failure of the FTX platform has undermined investor confidence and threatened the young cryptocurrency sector, pushing its main players to mobilise to save it.The boss of the largest cryptocurrency exchange platform, Binance, did everything to reassure investors on Tuesday. "The projects that survive this difficult time will be much stronger later on," said Changpeng Zhao in response to questions from Internet users on Twitter. But for now, the market is shaken.Cryptocurrencies are valued at $870 billion, according to data from Coingecko, a site that lists more than 13,000 of them through 600 exchanges.Less than ...
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Solana Leads Crypto Slump With FTX’s Serum Project In Distress
14Nov By adminNo Comments
Technology

Solana Leads Crypto Slump With FTX’s Serum Project In Distress

[ad_1] A four-day slump for crypto altcoin Solana deepened, while developers spun off one of the blockchain network’s most prominent and FTX-affiliated projects. A four-day slump for crypto altcoin Solana deepened, while developers spun off one of the blockchain network's most prominent and FTX-affiliated projects. Solana fell as much as 11% to $12.11 on Monday in Asia's morning. Crypto bellwethers Bitcoin and Ether also slumped, with Bitcoin at one point dropping below $16,000. Other altcoins, including Polkadot and Avalanche, typically more volatile than larger cryptocurrencies due to lower liquidity levels, fell as well.  The crypto market has lost about $200 billion in value in the past week itself, as the collapse of FTX CEO Sam Bankman-Fried's crypto empire took its toll on inve...
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EXPLAINER: What’s happening at bankrupt crypto exchange FTX?
14Nov By adminNo Comments
Technology

EXPLAINER: What’s happening at bankrupt crypto exchange FTX?

[ad_1] The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run. The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run.The exchange, formerly one of the world's largest, sought bankruptcy protection last week, and its CEO and founder resigned. Hours later, the trading firm said there had been “unauthorised access” and that funds had disappeared. Analysts say hundreds of millions of dollars may have vanished. The unravelling of the once-giant exchange is sending shockwaves through the industry. Here's a look at the company's collapse so far:WHY DID FTX GO BANKRUPT?Customers fled the exchange over fears about whether FTX had suffici...
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Funds vanish at bankrupt crypto exchange FTX; probe underway
13Nov By adminNo Comments
Technology

Funds vanish at bankrupt crypto exchange FTX; probe underway

[ad_1] Collapsed cryptocurrency trading firm FTX confirmed there was “unauthorized access” to its accounts, hours after the company filed for Chapter 11 bankruptcy protection Friday. Collapsed cryptocurrency trading firm FTX confirmed there was “unauthorized access” to its accounts, hours after the company filed for Chapter 11 bankruptcy protection Friday.The embattled company's new CEO John Ray III said Saturday that FTX is switching off the ability to trade or withdraw funds and taking steps to secure customers' assets, according to a tweet by FTX's general counsel Ryne Miller. FTX is also coordinating with law enforcement and regulators, the company said. Exactly how much money is involved is unclear, but analytics firm Elliptic estimated Saturday that $477 million was missing from...
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