Tag: crypto exchange FTX

‘Too Much Speculation’ Is Hurting Crypto, BitGo’s Belshe Says
2Dec By adminNo Comments
Technology

‘Too Much Speculation’ Is Hurting Crypto, BitGo’s Belshe Says

[ad_1] There’s a lot going on in crypto following the collapse of the FTX exchange. But traders’ focus has turned to the price disparity between Bitcoin and a derivative of the largest cryptocurrency. There's a lot going on in crypto following the collapse of the FTX exchange. But traders' focus has in recent days turned to the price disparity between Bitcoin and a derivative of the largest cryptocurrency. Wrapped Bitcoin, or wBTC, is backed 1-to-1 by the token, which is held in custody by the digital-trust firm BitGo. The offshoot normally trades on par with the original token but had over the past few days traded at a discount to Bitcoin. Mike Belshe, chief executive officer of BitGo, spoke with Bloomberg News on Tuesday about wrapped Bitcoin, the state of crypto markets and mo...
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FTX collapse crushes crypto dreams in Africa and beyond
1Dec By adminNo Comments
Technology

FTX collapse crushes crypto dreams in Africa and beyond

[ad_1] In South Africa, Nigeria and Ghana, FTX held a series of swish events in the months leading up to its bankruptcy filing in the United States on Nov. 11. Days before his FTX cryptocurrency exchange collapsed, co-founder Sam Bankman-Fried tweeted "Hello, West Africa!" - his latest nod to a region where a growing number of kitchen table investors had put their faith, and savings, in FTX.In South Africa, Nigeria and Ghana, FTX held a series of swish events in the months leading up to its bankruptcy filing in the United States on Nov. 11, which sent shockwaves through the crypto world and major coin prices plummeting. At least $1 billion of customer funds have vanished from the collapsed crypto exchange, Reuters reported, and it is now the subject of investigations by authorities in...
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FTX Chaos Prompts Reckoning on Dubai’s Embrace of Crypto Giants
27Nov By adminNo Comments
Technology

FTX Chaos Prompts Reckoning on Dubai’s Embrace of Crypto Giants

[ad_1] On Oct. 26, days before the collapse of his crypto exchange FTX, Sam Bankman-Fried sat for lunch at an upscale Dubai restaurant... On Oct. 26, days before the collapse of his crypto exchange FTX, Sam Bankman-Fried sat for lunch at an upscale Dubai restaurant, subtly testing the waters for funding at a table of founders, bankers and financiers, including Anthony Scaramucci. It turned out to be a final hurrah before the former billionaire's troubles were exposed to the world. The implosion of FTX, which went from a $32 billion valuation to bankruptcy in the ensuing weeks, sent crypto markets into a tailspin, driving billions of dollars in outflows from some of the biggest global exchanges. The aftershocks have reverberated particularly hard in the United Arab Emirates -- especial...
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FTX Latest: Crypto Prices Still Under Pressure as Billions Owed
21Nov By adminNo Comments
Technology

FTX Latest: Crypto Prices Still Under Pressure as Billions Owed

[ad_1] Cryptocurrency prices struggled Monday in the ongoing crisis sparked by the downfall of Sam Bankman-Fried’s once-powerful FTX empire. The largest token Bitcoin has shed about 4% over two days, while second-ranked Ether is roughly 7% lower. Cryptocurrency prices struggled Monday in the ongoing crisis sparked by the downfall of Sam Bankman-Fried's once-powerful FTX empire. The largest token Bitcoin has shed about 4% over two days, while second-ranked Ether is roughly 7% lower.Crypto exchange FTX and related companies now in bankruptcy collectively had a carryover federal net operating loss of at least $3.7 billion as of Dec. 31 last year based on tax returns, according to court filings. FTX owes its 50 top unsecured creditors a total of $3.1 billion. FTX Trading Ltd. and about 10...
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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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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 creditors may number over 1 million as regulators seek answers
16Nov By adminNo Comments
Technology

FTX creditors may number over 1 million as regulators seek answers

[ad_1] Collapsed crypto exchange FTX outlined a "severe liquidity crisis" in U.S. bankruptcy filings. Collapsed crypto exchange FTX outlined a "severe liquidity crisis" in U.S. bankruptcy filings, which said the group could have more than 1 million creditors, as regulators opened probes and the crypto pain spread with the Wall Street Journal reporting BlockFi was planning layoffs and a possible bankruptcy filing.FTX's late Monday filing to a U.S. bankruptcy court said it was in contact with dozens of global regulators and had appointed five new independent directors at each of its main companies, including its sibling trading firm Alameda Research. The exchange, which had been among the world's largest, filed for bankruptcy protection on Friday in one of the highest-profile crypto blo...
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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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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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TIMELINE-Rise and fall of crypto exchange FTX
14Nov By adminNo Comments
Technology

TIMELINE-Rise and fall of crypto exchange FTX

[ad_1] FTX was commencing bankruptcy proceedings in the United States and its Chief Executive Officer Sam Bankman-Fried has resigned. FTX was commencing bankruptcy proceedings in the United States and its Chief Executive Officer Sam Bankman-Fried has resigned, the crypto exchange said on Friday, in a spectacular collapse that has sent shivers through the industry. Here is a history of FTX since its foundation in 2019:  2019: May - Former Wall Street trader Sam Bankman-Fried and ex-Google employee Gary Wang founded FTX, the owner and operator of FTX.COM cryptocurrency exchange.  2021: July - A $900 million funding round valued FTX at $18 billion. September - FTX signed a sponsorship deal with Mercedes' Formula 1 team. October - FTX raised capital at a valuation of $25 billion from inve...
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