crypto companies – pressnews

Binance, Alone at the Top After FTX, Stirs ‘Too Big to Fail’ Crypto Worry

18Dec

By adminNo Comments

Technology

Binance, Alone at the Top After FTX, Stirs ‘Too Big to Fail’ Crypto Worry

[ad_1] The death spiral of Sam Bankman-Fried’s empire bolsters the dominance of Changpeng Zhao’s exchange and amps up potential dangers for the entire sector. Now that Sam Bankman-Fried's fall from grace is complete, uneasiness is growing around the dominance that his rival Changpeng Zhao's Binance holds in the cryptocurrency market. The worries surfaced again on Friday as the accounting firm Mazars Group halted work for Binance and other crypto firms on reports that are meant to demonstrate that the companies hold the necessary reserves needed to cover any potential surge of customer withdrawals. Zhao, who goes by his initials CZ, has insisted repeatedly that Binance doesn't misuse customer funds like FTX allegedly did and that his exchange can process whatever amount of withdra...

Crypto.com Recovers $400 Million After Misplaced Ether Transfer

[ad_1] Crypto.com said it recovered almost $400 million in cryptoasset Ether from Asian exchange Gate.io, after it accidentally transferred the funds to the wrong account. Crypto.com said it recovered almost $400 million in cryptoasset Ether from Asian exchange Gate.io, after it accidentally transferred the funds to the wrong account.The company was supposed to move 320,000 in Ether to a new cold storage address -- a type of offline wallet -- but the funds were sent instead “to a whitelisted external exchange address,” Crypto.com Chief Executive Officer Kris Marszalek said on Twitter. Crypto.com's initial Oct. 21 transfer represented more than 80% of the exchange's total Ether holdings, according to a partial proof of reserves provided by Marszalek on Nov. 11. A spokesperson for the ...

Cryptocurrency Crash Was Good for Industry, Weeded Out ‘Tourists’

[ad_1] The difficult economic climate has weeded out crypto industry “tourists,” leaving behind a stronger set of companies. This year's difficult economic climate has weeded out some of the crypto industry “tourists,” leaving behind a stronger set of companies, said Irina Haivas, a partner at venture capital firm Atomico. “It's not bad that the hype has gone,” she said, speaking at the Bloomberg Technology Summit in London on Wednesday, as it means the people building crypto companies are aware of the market conditions and “want to build something more sustainable rather than speculate around it.” Edward Cooper, head of crypto at fintech startup Revolut Ltd., agreed. He said that 2020 was very frothy and euphoric with l...