Tag: FTX collapse

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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How Two Crypto Hedge Funds Dodged the Market Collapse
5Dec By adminNo Comments
Technology

How Two Crypto Hedge Funds Dodged the Market Collapse

[ad_1] The cryptocurrency space is undergoing one of its roughest stretches in memory. The cryptocurrency space is undergoing one of its roughest stretches in memory, with trouble brewing at exchanges and lenders, and token prices collapsing. But one company has been able to ride out the volatility. Pythagoras Investment Management LLC has two funds that have been rare bright spots in a market that's been eviscerated by a number of scandals. Both its Market Neutral Fund -- a strategy that doesn't have exposure to the price of any crypto at any time -- and its trend-following Pythagoras Token Fund have each gained about 8% this year, according to the company. Meanwhile, the world's largest digital token Bitcoin is down around 60% this year. “We particularly outperform in bear mark...
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Crypto Stocks Teeter Near Abyss as Fink’s Warning Adds to Angst
4Dec By adminNo Comments
Technology

Crypto Stocks Teeter Near Abyss as Fink’s Warning Adds to Angst

[ad_1] Analysts and investors are struggling to call a bottom in crypto stocks in the wake of a brutal month that ended with the head of BlackRock Inc. saying most digital-asset firms won’t survive. Analysts and investors are struggling to call a bottom in crypto stocks in the wake of a brutal month that ended with the head of BlackRock Inc. saying most digital-asset firms won't survive. Cryptocurrency firms including Coinbase Global Inc., Galaxy Digital Holdings Ltd. and MicroStrategy Inc. all plunged more than 25% last month. The declines added to the pain of a dismal year amid a deep and extended plunge in Bitcoin and other digital tokens. While that trio of firms rallied this week, they've still wiped out roughly $52 billion of shareholder value in 2022. Already reeling from ...
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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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‘Too Much Speculation’ Is Hurting Crypto, BitGo’s Belshe Says
2Dec By adminNo Comments
Technology

‘Too Much Speculation’ Is Hurting Crypto, BitGo’s Belshe Says

[ad_1] There’s a lot going on in crypto following the collapse of the FTX exchange. But traders’ focus has turned to the price disparity between Bitcoin and a derivative of the largest cryptocurrency. There's a lot going on in crypto following the collapse of the FTX exchange. But traders' focus has in recent days turned to the price disparity between Bitcoin and a derivative of the largest cryptocurrency. Wrapped Bitcoin, or wBTC, is backed 1-to-1 by the token, which is held in custody by the digital-trust firm BitGo. The offshoot normally trades on par with the original token but had over the past few days traded at a discount to Bitcoin. Mike Belshe, chief executive officer of BitGo, spoke with Bloomberg News on Tuesday about wrapped Bitcoin, the state of crypto markets and mo...
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FTX collapse crushes crypto dreams in Africa and beyond
1Dec By adminNo Comments
Technology

FTX collapse crushes crypto dreams in Africa and beyond

[ad_1] In South Africa, Nigeria and Ghana, FTX held a series of swish events in the months leading up to its bankruptcy filing in the United States on Nov. 11. Days before his FTX cryptocurrency exchange collapsed, co-founder Sam Bankman-Fried tweeted "Hello, West Africa!" - his latest nod to a region where a growing number of kitchen table investors had put their faith, and savings, in FTX.In South Africa, Nigeria and Ghana, FTX held a series of swish events in the months leading up to its bankruptcy filing in the United States on Nov. 11, which sent shockwaves through the crypto world and major coin prices plummeting. At least $1 billion of customer funds have vanished from the collapsed crypto exchange, Reuters reported, and it is now the subject of investigations by authorities in...
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FTX’s Rapid Demise Stokes US Fight Over Who Will Regulate Crypto Exchanges
1Dec By adminNo Comments
Technology

FTX’s Rapid Demise Stokes US Fight Over Who Will Regulate Crypto Exchanges

[ad_1] Rostin Behnam, chairman of the Commodity Futures Trading Commission, will testify at the first congressional oversight hearing on the spectacular implosion of crypto platform FTX. If one of the chief US financial watchdogs has his way, the collapse of Sam Bankman-Fried's FTX will shift into high gear a push to make his agency the main Bitcoin regulator and give it oversight of crypto exchanges.On Thursday, Rostin Behnam, chairman of the Commodity Futures Trading Commission, will testify at the first congressional oversight hearing on the spectacular implosion of crypto platform FTX. He's expected to tell members of the Senate Agriculture committee about the need to move forward with legislation to bring more of the industry onto his agency's turf. “Failure to act will leave con...
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Crypto Lenders’ Woes Worsen as Bitcoin Miners Struggle to Repay Debt
1Dec By adminNo Comments
Technology

Crypto Lenders’ Woes Worsen as Bitcoin Miners Struggle to Repay Debt

[ad_1] Beleaguered crypto lenders are being dealt another blow from Bitcoin miners as they weather the aftermath of the FTX collapse. Beleaguered crypto lenders are being dealt another blow from Bitcoin miners as they weather the aftermath of the FTX collapse. Miners, who raised as much as $4 billion from mining-equipment financing when profit margins were as high as 90%, are defaulting on loans and sending hundreds of thousands of machines that served as collateral back to lenders. New York Digital Investment Group, Celsius Network, BlockFi Inc., Galaxy Digital, and the Foundry unit of Digital Currency Group were among the biggest providers of funding to finance computer equipment and build data centers. The liquidity crunch hitting digital-asset markets after FTX failed comes a...
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Bitcoin Drops as Tremors From China Unrest Spook Global Markets
28Nov By adminNo Comments
Technology

Bitcoin Drops as Tremors From China Unrest Spook Global Markets

[ad_1] Cryptocurrencies slid Monday amid a bout of investor anxiety in global markets sparked by protests in China against Covid restrictions. Cryptocurrencies slid Monday amid a bout of investor anxiety in global markets sparked by protests in China against Covid restrictions. Bitcoin, the largest token, at one point shed 3.2% and was trading at about $16,170 as of 12:40 p.m. in Tokyo. Second-ranked Ether fell about 4%, while the likes of Solana, Avalanche and Dogecoin suffered even sharper losses. The nerves stoked by China come during a period of vulnerability for crypto markets, which are on edge over the contagion spreading from the fall of Sam Bankman-Fried's FTX exchange and sister trading house Alameda Research. Crypto watchers also pointed to worries about wrapped Ethe...
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FTX remains focus of ‘active’ investigation, Bahamas attorney general says
28Nov By adminNo Comments
Technology

FTX remains focus of ‘active’ investigation, Bahamas attorney general says

[ad_1] Collapsed cryptocurrency exchange FTX remains the subject of "an active and ongoing investigation" by Bahamian authorities… Collapsed cryptocurrency exchange FTX remains the subject of "an active and ongoing investigation" by Bahamian authorities, Bahamian Attorney General Ryan Pinder said on Sunday, as he praised the Bahamas' regulatory regime and swiftness with which it responded to the crisis. FTX, which had been among the world's largest cryptocurrency exchanges, is headquartered in the Bahamas. The firm, whose liquidity crunch forced the company to declare bankruptcy on Nov. 11, is the subject of investigations by Bahamian and U.S. authorities. In mid-November, the Royal Bahamas Police said that government investigators in the Bahamas were looking at whether any "crimin...
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