Tag: crypto exchange

Cryptoverse: Jump or slump? $30k or $5k? Play the bitcoin roulette
13Dec By adminNo Comments
Technology

Cryptoverse: Jump or slump? $30k or $5k? Play the bitcoin roulette

[ad_1] Plucky bitcoin's been holding steady since seeing off the chaos of the FTX collapse, gathering its strength to rally towards the dizzy heights of $30,000 in 2023. Plucky bitcoin's been holding steady since seeing off the chaos of the FTX collapse, gathering its strength to rally towards the dizzy heights of $30,000 in 2023. Battered bitcoin's been unresponsive since being clobbered by the FTX collapse, taking in a deep ragged breath before plunging towards the depths of $5,000. Place your bets, spin the wheel. The world's dominant cryptocurrency has certainly been uncharacteristically muted over the past two weeks, treading water between about $15,770 and $17,350 in the eerie wake of the FTX-induced market mini-crash in November. What happens next is anyone's guess. "T...
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SPACs and Crypto’s Loveless Marriage was Doomed
6Dec By adminNo Comments
Technology

SPACs and Crypto’s Loveless Marriage was Doomed

[ad_1] Crypto companies seeking the public markets’ stamp of approval face a rightly skeptical SEC. Banker Bob Diamond was forced to pull the ripcord this week on his attempt to take stablecoin issuer Circle Internet Financial public via a special purpose acquisition company. The ex-Barclays Plc boss's dealmaking ability probably wasn't the issue. Nor was the target's financial performance: Circle earns interest income on the reserves that backstop its stablecoin USDC, and rising interest rates have thus benefited its bottom line. Instead, the party pooper was almost certainly the Securities and Exchange Commission. Following the collapse of crypto exchange FTX in November, the regulator's already elevated wariness of crypto is now at DEFCON 1. Trying to match a crypto company wi...
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FTX Tremors Spur Australian Crypto Exchange Swyftx to Lay Off 35% of Staff
5Dec By adminNo Comments
Technology

FTX Tremors Spur Australian Crypto Exchange Swyftx to Lay Off 35% of Staff

[ad_1] Australian crypto exchange Swyftx laid off 35% of employees as the crisis sparked by FTX’s implosion further dims the sector’s outlook. Australian crypto exchange Swyftx laid off 35% of employees as the crisis sparked by FTX's implosion further dims the sector's outlook. The firm let go 90 of 259 people, a step taken “in expectation of a potentially sharp fall in global trade volumes in the first half of 2023 and further aftershocks from FTX's collapse,” a Swyftx spokesperson said Monday. Chief Executive Officer Alex Harper flagged the potential for more “black swan-type events” in a message to staff seen by Bloomberg News. Swyftx had already laid off about a fifth of its workforce in August. Investors have fled the crypto sector after a yearlong rout and a series of blo...
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Crypto Exchange Bybit to Cut 30% of Jobs in ‘Deepening Bear Market’
5Dec By adminNo Comments
Technology

Crypto Exchange Bybit to Cut 30% of Jobs in ‘Deepening Bear Market’

[ad_1] Cryptocurrency exchange Bybit is planning to cut its workforce by 30% amid a continued bear market in the asset class, co-founder and Chief Executive Officer Ben Zhou said. Cryptocurrency exchange Bybit is planning to cut its workforce by 30% amid a continued bear market in the asset class, co-founder and Chief Executive Officer Ben Zhou said. The moves are part of an ongoing reorganization aimed at refocusing efforts, and reductions will be across the board, Zhou said Sunday, adding the priority is to ensure business operations are unaffected and client assets remain safe. He cited crypto prices trending lower and the struggles of companies such as bankrupt crypto lender BlockFi and embattled crypto brokerage Genesis as signals “to tell us that we are entering into an eve...
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FTX Japan Says Work Underway to Allow Withdrawal of Client Funds
2Dec By adminNo Comments
Technology

FTX Japan Says Work Underway to Allow Withdrawal of Client Funds

[ad_1] The Japanese subsidiary of failed crypto empire FTX said it is working to allow users in the country to withdraw their funds. The Japanese subsidiary of failed crypto empire FTX said it is working to allow users in the country to withdraw their funds, paving the way for a rare case of investors getting money back from the collapsed exchange. The plan for the resumption of withdrawal services, which were first suspended on Nov. 8, has been approved by the new FTX Trading management team, according to an update on its website on Thursday. As part of the plan, the firm is incorporating controls, security audit, reconciliations, and reviews. Sam Bankman-Fried's sprawling tangle of FTX group companies slid into a chaotic bankruptcy on Nov. 11, potentially bilking more than a mi...
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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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Kraken to cut about 1,100 global jobs as crypto winter bites
1Dec By adminNo Comments
Technology

Kraken to cut about 1,100 global jobs as crypto winter bites

[ad_1] Cryptocurrency exchange Kraken said on Wednesday it would cut its global workforce by 30%. Cryptocurrency exchange Kraken said on Wednesday it would cut its global workforce by 30%, or about 1,100 employees, citing tough market conditions that have crippled demand for digital assets this year. Higher interest rates and worries of an economic downturn have roiled cryptocurrencies as investors fled risky assets, with recent bankruptcies adding to the uncertainty. "Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets," the company said. Kraken said it has seen a drop in trading volumes and fewer client sign-ups, adding that the layoffs will take total headcount to where it was 12 months ago. Earlier this month, crypto excha...
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Bitcoin’s Slide Pauses in Wait for Next Domino to Fall After FTX
22Nov By adminNo Comments
Technology

Bitcoin’s Slide Pauses in Wait for Next Domino to Fall After FTX

[ad_1] Cryptocurrency prices steadied in a lull from the selloff sparked by the demise of Sam Bankman-Fried’s FTX empire. Cryptocurrency prices steadied in a lull from the selloff sparked by the demise of Sam Bankman-Fried's FTX empire, but investors are braced for more ructions as further digital-asset sector bankruptcies loom.The largest token Bitcoin added about 1.5% on Tuesday while remaining below $16,000 and in sight of the weakest levels since November 2020. Coins such as Ether, Solana and meme token Dogecoin also posted modest gains. The latest sign of contagion from the fall of the FTX exchange came from Genesis, a digital-asset brokerage that warned of possible bankruptcy unless it can raise cash. Crypto lender BlockFi Inc. is also struggling to stay afloat. FTX's unraveling...
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Crypto Exchange Tokens Pose ‘Extreme’ Risk, BOE’s Cunliffe Says
21Nov By adminNo Comments
Technology

Crypto Exchange Tokens Pose ‘Extreme’ Risk, BOE’s Cunliffe Says

[ad_1] The volatility of unbacked cryptoassets like exchange tokens makes them vulnerable to runs, exacerbating their price swings, Bank of England Deputy Governor Sir Jon Cunliffe said. Exchange-issued crypto tokens such as bankrupt FTX Group's FTT can pose “extreme” risks when accepted by their issuers as collateral, Bank of England Deputy Governor Sir Jon Cunliffe said.“A firm accepting its own unbacked cryptoasset as collateral for loans and margin payments, as there are indications may have happened with FTX, creates extreme ‘wrong-way' risk -- i.e. when the exposure to a counterparty increases together with the risk of the counterparty's default,” Cunliffe said in a speech on Monday.  Cunliffe said the volatility of unbacked cryptoassets like exchange tokens makes them vulnerabl...
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