Tag: FTX Binance

FTX Latest: Binance CEO Plans Recovery Fund, Laments Bad Actors
14Nov By adminNo Comments
Technology

FTX Latest: Binance CEO Plans Recovery Fund, Laments Bad Actors

[ad_1] Zhao said the fund is intended to prop up investor confidence following the dramatic collapse of Sam Bankman-Fried’s FTX crypto exchange. Cryptocurrency prices rallied Monday after Binance Holdings Ltd.'s Chief Executive Officer Changpeng Zhao announced plans to launch a crypto recovery fund to help industry players facing a liquidity crunch. Bitcoin edged towards $17,000 following Zhao's announcement. Zhao said the fund is intended to prop up investor confidence following the dramatic collapse of Sam Bankman-Fried's FTX crypto exchange, which wiped out about $200 billion in crypto market value. Zhao has not announced any details. Meanwhile, there were growing signs that customers of the bankrupt digital-asset exchange have little chance of recovering much of their deposits. FT...
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Crypto’s Binance Plans Push for Global Digital-Asset Standards
14Nov By adminNo Comments
Technology

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...
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FTX Latest: Police Interview Sam Bankman-Fried; Mystery Outflows
13Nov By adminNo Comments
Technology

FTX Latest: Police Interview Sam Bankman-Fried; Mystery Outflows

[ad_1] A day after Sam Bankman-Fried’s digital-asset empire filed for Chapter 11 protection, the former crypto mogul was interviewed by Bahamian police . A day after Sam Bankman-Fried's digital-asset empire filed for Chapter 11 protection, the former crypto mogul was interviewed by Bahamian police and regulators, according to a person familiar with the matter. Analysts say about $662 million in tokens mysteriously flowed out of both FTX's international and US exchanges. FTX had begun moving some of its assets to offline wallets, and later expedited those moves “to mitigate damage upon observing unauthorized transactions,” according to the US platform's general counsel Ryne Miller.  According to investment materials seen by the Financial Times, FTX Trading International held just $900 ...
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Beware! What Have We Really Learned From the FTX-Binance Debacle?
11Nov By adminNo Comments
Technology

Beware! What Have We Really Learned From the FTX-Binance Debacle?

[ad_1] Instead of revolutionizing finance, crypto is largely repeating its mistakes. Let the buyer beware. Cryptocurrencies were supposed to usher in a new and better era of finance. Instead of relying on fragile, stodgy and often discriminatory banks for deposits, loans and the like, people could transact directly through platforms brilliantly designed to obviate the need for trust. If further evidence was required, the travails of cryptocurrency exchange FTX.com this week have demonstrated just how far from that ideal crypto remains. Most of the millions of people who have piled into Bitcoin, Ether and other digital tokens make little to no use of the underlying technology. On the contrary, they blindly put their trust in a panoply of intermediaries. These are strikingly simila...
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