Tag: ftx bankruptcy

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...
Read More
FTX’s Balance Sheet, Hack Paint Dim Picture for User Recovery
14Nov By adminNo Comments
Technology

FTX’s Balance Sheet, Hack Paint Dim Picture for User Recovery

[ad_1] A swift plunge in value of FTX’s key crypto assets suggests that customers of the once popular exchange face a slim chance of recovering much of their deposits. A swift plunge in value of FTX's key crypto assets, along with unauthorized withdrawals of funds after it filed for bankruptcy, suggests that customers of the once popular exchange face a slim chance of recovering much of their deposits. A breakdown of the balance sheet of Sam Bankman-Fried's exchange shared with investors a day before its bankruptcy filing shows that it had nearly $9 billion in liabilities and $900 million in liquid assets, $5.5 billion in “less liquid” assets, and $3.2 billion in “illiquid” assets, according to sources familiar with the matter who viewed a limited version of information. Most of the b...
Read More
FTX’s Freefall Into Bankruptcy Shows Why Case File Is Empty
14Nov By adminNo Comments
Technology

FTX’s Freefall Into Bankruptcy Shows Why Case File Is Empty

[ad_1] The collapse of Sam Bankman-Fried’s crypto empire has been chaotic, fast and full of unknowns. The world should soon get some answers via a Delaware federal court. The collapse of Sam Bankman-Fried's crypto empire has been chaotic, fast and full of unknowns. The world should soon get some answers via a Delaware federal court. FTX is what's known in the industry as a “free fall” bankruptcy. More than 130 related companies sought court protection at the end of last week without filing any of the usual court motions or explanatory documents seen in a big US insolvency case. Two days later, the companies' main court docket contains only a 23-page fill-in-the-blank petition. In nearly every other multi-billion dollar Chapter 11 case in recent years, lawyers quickly file a smattering...
Read More
Sam Bankman-Fried’s Apology Is as Hollow as His Empire
12Nov By adminNo Comments
Technology

Sam Bankman-Fried’s Apology Is as Hollow as His Empire

[ad_1] The downfall of FTX isn’t just about a frothy market coming undone. It looks more like the combination of a financial bubble and murky accounting with a dash of charisma thrown in. Apologies from tech chief executive officers are in vogue, as years of easy money and pandemic profits come to an end. “I got this wrong,” Mark Zuckerberg said after the Facebook billionaire's pivot to a more Meta world decimated its stock price and led to 11,000 layoffs. Charismatic leaders are learning humility.But in the league of weak-sauce apologies, the one from cryptocurrency exchange boss Sam Bankman-Fried stands head and shoulders above the rest. After his digital-asset empire FTX filed for bankruptcy on Friday, the onetime billionaire — who's now lost it all — tweeted that he was “really so...
Read More