crypto exchange – Page 4

Genesis meltdown: Inside a Once-$10 Billion Crypto Empire That’s Suddenly Cracking

17Nov

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Genesis meltdown: Inside a Once-$10 Billion Crypto Empire That’s Suddenly Cracking

[ad_1] Suspended withdrawals at cryptocurrency brokerage Genesis amid the widening crypto-market meltdown have cast an unwanted spotlight on Barry Silbert. Suspended withdrawals at cryptocurrency brokerage Genesis amid the widening crypto-market meltdown have cast an unwanted spotlight on Barry Silbert, the man at the helm of the Digital Currency Group empire.Silbert, who rarely does press interviews or speaks at the multitude of industry conferences, founded the Stamford, Connecticut-based crypto conglomerate DCG in 2015, according to the 46-year-old's LinkedIn profile. Last year, DCG's valuation reached $10 billion, after it sold $700 million of stock in a private sale led by SoftBank Group Corp. DCG had 66 employees at the start of November and holds more than 200 companies in its ...

After FTX collapse, cryptocurrency sector fights back

16Nov

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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 ...

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

14Nov

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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...

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

14Nov

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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...

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

14Nov

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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...

TIMELINE-Rise and fall of crypto exchange FTX

14Nov

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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...

Crypto Markets Extend Drop as Doubts About FTX-Binance Deal Grow

9Nov

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Crypto Markets Extend Drop as Doubts About FTX-Binance Deal Grow

[ad_1] Cryptocurrencies extended declines as Binance’s potential takeover of FTX highlighted how strains in the industry are now buffeting some of its top players. Cryptocurrencies extended declines as Binance's potential takeover of embattled rival exchange FTX highlighted how strains in the digital-asset industry are now buffeting some of its top players. Bitcoin, the largest token by market value, fell as much as 5.4% on Wednesday after a near-10% decline a day earlier and was trading at about $17,700 as of 9:50 a.m. in London. Just about every digital coin was struggling: Ether, Solana, Polkadot, Avalanche, and meme token Dogecoin all dropped. Binance Chief Executive Officer Changpeng “CZ” Zhao stunned the crypto world on Tuesday with an announcement that his firm was moving ...

Crypto Gloom Deepens on JPMorgan Team’s Venture Capital Warning

4Nov

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Crypto Gloom Deepens on JPMorgan Team’s Venture Capital Warning

[ad_1] A retrenchment in venture capital funding for the digital-asset sector is the latest sign that a longer slump in crypto markets may lie ahead. A retrenchment in venture capital funding for the digital-asset sector is the latest sign that a longer slump in crypto markets may lie ahead. That's the view of JPMorgan Chase & Co. strategists including Nikolaos Panigirtzoglou, who said Thursday such funding is running at the equivalent of about $10 billion a year, less than a third of the pace seen in 2021. “This is a concerning development as it shows reluctance by VC funds to deploy capital into the digital-asset space, increasing the likelihood that the current weakness in crypto markets would be long lasting,” the team wrote in a note. Venture capital investment into th...

Crypto’s Justin Sun Says He Owns ‘Tens of Millions’ Huobi Tokens

14Oct

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Crypto’s Justin Sun Says He Owns ‘Tens of Millions’ Huobi Tokens

[ad_1] Tron founder Justin Sun said he owns “tens of millions” of Huobi Tokens. Tron founder Justin Sun said he owns “tens of millions” of Huobi Tokens and that he intends to try and boost the latter now that he's an adviser to its linked crypto exchange. “I would see myself as one of the biggest holders” of Huobi Tokens in the world, Sun said in a Bloomberg Television interview with Emily Chang on Thursday. He added that he began accumulating the token associated with the Huobi crypto exchange in 2013. The coin has rallied about 80% in the last week after Sun became an adviser for the exchange. Huobi is a top-10 crypto exchange globally, according to tracker CoinMarketCap, with about $879.5 million in volume in the last 24 hours. Sun said he hasn't purchased a stake in the bus...