Tag: binance ftx

Binance Probes a Crypto Exploit That All But Wiped Out a Token on Ankr Service
2Dec By adminNo Comments
Technology

Binance Probes a Crypto Exploit That All But Wiped Out a Token on Ankr Service

[ad_1] This year’s long list of crypto security exploits targeting decentralized finance has another unwelcome entry. This year's long list of crypto security exploits targeting decentralized finance has another unwelcome entry. Binance, the largest digital-asset exchange, said Friday it's helping to probe an attack on a token offered by the Ankr protocol. The token, aBNBc, is now almost worthless after trading at about $300 a day ago. The aBNBc token had derived its value in part from a link to Binance Coin and was intended to give holders of the latter ways of earning returns. About $123 million of assets are deposited on the Ankr protocol, according to its website. Ankr said it was working with exchanges to stop trading of the affected coin. Blockchain security specialist P...
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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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FTX Latest: Binance CEO Plans Recovery Fund, Laments Bad Actors
14Nov By adminNo Comments
Technology

FTX Latest: Binance CEO Plans Recovery Fund, Laments Bad Actors

[ad_1] Zhao said the fund is intended to prop up investor confidence following the dramatic collapse of Sam Bankman-Fried’s FTX crypto exchange. Cryptocurrency prices rallied Monday after Binance Holdings Ltd.'s Chief Executive Officer Changpeng Zhao announced plans to launch a crypto recovery fund to help industry players facing a liquidity crunch. Bitcoin edged towards $17,000 following Zhao's announcement. Zhao said the fund is intended to prop up investor confidence following the dramatic collapse of Sam Bankman-Fried's FTX crypto exchange, which wiped out about $200 billion in crypto market value. Zhao has not announced any details. Meanwhile, there were growing signs that customers of the bankrupt digital-asset exchange have little chance of recovering much of their deposits. FT...
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Crypto’s Binance Plans Push for Global Digital-Asset Standards
14Nov By adminNo Comments
Technology

Crypto’s Binance Plans Push for Global Digital-Asset Standards

[ad_1] Binance plans to spearhead an effort with other industry players to set global standards in the wake of the bankruptcy of rival FTX. Changpeng “CZ” Zhao, head of crypto exchange Binance Holdings Ltd., said the firm plans to spearhead an effort with other industry players to set global standards in the wake of the bankruptcy of rival FTX.“As an industry we need to increase transparency,” Zhao said at a conference in Bali, Indonesia. “We need to work very closely with regulators all around the world to make this industry more robust. There is a strong role for regulators to play but we can't blame this on any single party.” Zhao was involved in a public feud with Sam Bankman-Fried's FTX, a dispute that was part of the chain of events ahead of the latter's rapid collapse. The shak...
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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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FTX Latest: Police Interview Sam Bankman-Fried; Mystery Outflows
13Nov By adminNo Comments
Technology

FTX Latest: Police Interview Sam Bankman-Fried; Mystery Outflows

[ad_1] A day after Sam Bankman-Fried’s digital-asset empire filed for Chapter 11 protection, the former crypto mogul was interviewed by Bahamian police . A day after Sam Bankman-Fried's digital-asset empire filed for Chapter 11 protection, the former crypto mogul was interviewed by Bahamian police and regulators, according to a person familiar with the matter. Analysts say about $662 million in tokens mysteriously flowed out of both FTX's international and US exchanges. FTX had begun moving some of its assets to offline wallets, and later expedited those moves “to mitigate damage upon observing unauthorized transactions,” according to the US platform's general counsel Ryne Miller.  According to investment materials seen by the Financial Times, FTX Trading International held just $900 ...
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Explainer: How Binance and FTX Sent Shockwaves Through the Crypto World
9Nov By adminNo Comments
Technology

Explainer: How Binance and FTX Sent Shockwaves Through the Crypto World

[ad_1] The saga between two of its top players, Binance and FTX, has upended the crypto ecosystem. It's been a tumultuous few days in the largely unregulated cryptocurrency world, with mudslinging on Twitter, a shock exchange takeover bid and plunging token values. The world's biggest exchange, Binance Holdings Ltd., is now set to acquire troubled rival FTX.com in what would be a radical consolidation of power in the crypto world. The letter of intent is non-binding though, which sent jitters through the market and sparked a further plunge in values. While crypto might seem like a niche corner of finance, the saga between two of its top players has upended the crypto ecosystem and is likely to have far-reaching repercussions. What are Binance and FTX? They're two of the biggest...
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