Tag: Crypto market

Binance to commit $1 billion for crypto recovery initiative
25Nov By adminNo Comments
Technology

Binance to commit $1 billion for crypto recovery initiative

[ad_1] Cryptocurrency exchange Binance said on Thursday it was committing $1 billion to establishing an industry recovery initiative. Cryptocurrency exchange Binance said on Thursday it was committing $1 billion to establishing an industry recovery initiative (IRI) to invest in companies from the digital assets sector.The move comes at a time when the crypto market is teetering from the collapse of FTX, which is seeking Chapter 11 bankruptcy protection in the United States. The unraveling of one of the biggest crypto exchanges in the world has also fanned worries around the industry's continued ability to draw investments from venture capital and private equity giants. Binance said it intends to ramp up its commitment amount to $2 billion in the near future depending on need."We antic...
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Scammers Posing as HSBC, Barclays Paid Crypto to Spoof Shop
24Nov By adminNo Comments
Technology

Scammers Posing as HSBC, Barclays Paid Crypto to Spoof Shop

[ad_1] A global “spoofing shop” which scammed victims out of tens of millions of pounds has been thwarted by international law enforcement agencies. A global “spoofing shop” which scammed victims out of tens of millions of pounds has been thwarted by international law enforcement agencies.London's Metropolitan Police Service said Thursday it had shut down fraud website iSpoof and made more than 100 UK arrests in connection with the case. The Met worked in coordination with the Federal Bureau of Investigation, Europol and Dutch authorities to make the arrests.  ISpoof allowed fraudsters, who paid in Bitcoin, to disguise their phone numbers so it appeared they were calling from major banks including Barclays, HSBC, Lloyds to trick people into giving them personal details.  As many as 20...
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Coinbase Debt Was ‘Canary in the Coal Mine’ for Crypto Meltdown
24Nov By adminNo Comments
Technology

Coinbase Debt Was ‘Canary in the Coal Mine’ for Crypto Meltdown

[ad_1] In the wake of the spectacular meltdown of Sam Bankman-Fried’s crypto empire, many investors are looking for early warning signs that may have foretold the contagion that was about to unfold. In the wake of the spectacular meltdown of Sam Bankman-Fried's crypto empire, many investors are looking for early warning signs that may have foretold the contagion that was about to unfold. One possibility? Coinbase Global Inc.'s junk bonds.The largest US digital-asset trading platform has seen the price of its bonds plunge this year. In early January, the price for one of its most active notes was at about 92 cents. It then slid to about 77 cents in April before dropping to 63 cents amid the Terra Luna market crash in May. The bonds traded around 53 cents on the dollar -- a level typica...
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Crackdown! Global regulators to target crypto platforms after FTX crash
24Nov By adminNo Comments
Technology

Crackdown! Global regulators to target crypto platforms after FTX crash

[ad_1] The crash of FTX exchange has injected greater urgency into regulating the crypto sector and targeting such 'conglomerate' platforms will be the focus for 2023. The crash of FTX exchange has injected greater urgency into regulating the crypto sector and targeting such 'conglomerate' platforms will be the focus for 2023, the new chair of global securities watchdog IOSCO said in an interview.Jean-Paul Servais said regulating crypto platforms could draw on principles from other sectors which handle conflicts of interest, such as at credit rating agencies and compilers of market benchmarks, without having to start from scratch. Cryptoassets like bitcoin have been around for years but regulators have resisted jumping in to write new rules. But the implosion at FTX, which left an est...
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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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Will FTX-Like Unicorns Be the Next ‘Big Short’?
21Nov By adminNo Comments
Technology

Will FTX-Like Unicorns Be the Next ‘Big Short’?

[ad_1] The crypto implosion shows the potential opportunity in betting against startups As his luck would have it, Michael Lewis has been trailing FTX founder Sam Bankman-Fried for the past few months. The author of The Big Short won't be short of material, but one thing he probably won't find is a big group of skeptics who successfully wagered on the demise of the $32 billion crypto exchange.For one, credulous crypto traders aren't natural fraud detectives: Even SBF rival Changpeng “CZ” Zhao, head of Binance Holdings Ltd., says he didn't short FTX's native token, FTT. He was instead left holding a big bag of near-worthless magic beans — along with hundreds of thousands of creditors. Moreover, because Bahamas-based FTX is private, it wasn't possible to short the company's shares, whic...
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Collapsed FTX owes nearly $3.1 billion to top 50 creditors
20Nov By adminNo Comments
Technology

Collapsed FTX owes nearly $3.1 billion to top 50 creditors

[ad_1] Cryptocurrency exchange FTX, which has filed for U.S. bankruptcy court protection, said it owes its 50 biggest creditors nearly $3.1 billion. Cryptocurrency exchange FTX, which has filed for U.S. bankruptcy court protection, said it owes its 50 biggest creditors nearly $3.1 billion.The exchange owes about $1.45 billion to its top ten creditors, it said in a court filing on Saturday, without naming them. FTX and its affiliates filed for bankruptcy in Delaware on Nov. 11 in one of the highest-profile crypto blowups, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars. The crypto exchange said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganization of some businesses...
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Bitcoin Responds to FTX Contagion by Heading for a Weekly Gain
18Nov By adminNo Comments
Technology

Bitcoin Responds to FTX Contagion by Heading for a Weekly Gain

[ad_1] There can be little doubt that crypto investors expect more firms to blow up in the treacherous wreckage of the wipeout at FTX. Their confounding response has been to drive up Bitcoin. There can be little doubt that crypto investors expect more firms to blow up in the treacherous wreckage of the wipeout at FTX. Their confounding response has been to drive up Bitcoin this week.The token is up some 3% over the period, topping global stocks, while a gauge of the leading 100 virtual coins has added about 1%. That compares with Bitcoin's 23% slide last week as Sam Bankman-Fried's FTX empire collapsed. To recap the backdrop: FTX's chaotic bankruptcy left even the man who liquidated Enron Corp. flabbergasted and put the likes of crypto lender BlockFi Inc. on the cusp of their own Chap...
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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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