ftx cryptocurrency exchange

Animoca Founder Says Crypto ‘Cheering’ Sam Bankman-Fried’s Arrest

15Dec

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Technology

Animoca Founder Says Crypto ‘Cheering’ Sam Bankman-Fried’s Arrest

[ad_1] A co-founder of crypto investor and game developer Animoca Brands Corp. said many in the digital-asset industry welcome the arrest of Sam Bankman-Fried because it helps to separate the fallen tycoon from the sector. A co-founder of crypto investor and game developer Animoca Brands Corp. said many in the digital-asset industry welcome the arrest of Sam Bankman-Fried because it helps to separate the fallen tycoon from the sector. “The reputational impact for crypto has definitely been affected because Sam was such a prolific figure,” Yat Siu, also chairman of Animoca Brands, said on Bloomberg Television on Wednesday. “But I think today, especially the news of his arrest, many people in our industry are actually cheering it on.” The US has charged Bankman-Fried with wire frau...

FTX Lesson No. 1: Don’t Fall Asleep in Accounting Class

14Dec

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FTX Lesson No. 1: Don’t Fall Asleep in Accounting Class

[ad_1] Sam Bankman-Fried is a reminder that under the heading, 'Boring But Important,' basic bookkeeping tops the list. Investigations are underway into the stunning collapse of FTX and its sister company, Alameda Research. FTX-related case studies will be taught in business schools for years to come. Out of the tangled mess, one lesson already has become clear: The lack of a serious accounting system or even basic internal controls contributed to the company's downfall. As professors of accounting, it's a continual challenge convincing students that our courses are important when they're tempted by sexier-sounding classes with titles that include words like “innovation,” “artificial intelligence” or “fintech.” “Introduction to Financial Accounting” doesn't pique the interest of th...

Collapsed FTX owes nearly $3.1 billion to top 50 creditors

20Nov

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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...

FTX Offers a Master Class in Crypto’s Flaws

17Nov

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FTX Offers a Master Class in Crypto’s Flaws

[ad_1] Sam Bankman-Fried’s spectacular flameout illustrates just about everything that’s wrong with crypto markets. In one sense, investors and regulators should be grateful to Sam Bankman-Fried, the erstwhile head of the FTX cryptocurrency exchange. The spectacular flameout of his virtual empire has evolved from a cautionary tale into a master class on everything that's wrong with crypto markets.As customers and creditors sort through what remains of the failed exchange's holdings, and as the repercussions spread throughout the crypto realm, here are four lessons that stand out: Beware of assets denominated in crypto. FTX was vulnerable not only because it was leveraged, but also because its assets weren't really assets. Judging from the balance sheet that the company reportedly sent...

Sam Bankman-Fried Tells His Side of the Story of FTX Collapse in Tweets

17Nov

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Sam Bankman-Fried Tells His Side of the Story of FTX Collapse in Tweets

[ad_1] Confronted by a crypto crisis he helped spark, former FTX.com Chief Executive Officer Sam Bankman-Fried is tweeting through it. Confronted by a crypto crisis he helped spark, former FTX.com Chief Executive Officer Sam Bankman-Fried is tweeting through it.On Wednesday, he added a further 18 tweets to a meandering thread he started at the beginning of the week. The posts, published at sporadic intervals, have combined apologies for his failings with his perspective on what went wrong at the companies he founded and ran. They add to a previous series of cryptic posts that eventually spelled out the message “What HAPPENED,” followed by a hint that there were revelations to come With the wisdom of hindsight, he stated how he would do his best to save customers' cash, mused on how ...

Sam Bankman-Fried says filing for FTX bankruptcy was a mistake – Vox

17Nov

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Sam Bankman-Fried says filing for FTX bankruptcy was a mistake – Vox

[ad_1] The founder of collapsed crypto exchange FTX, Sam Bankman-Fried, said he regretted his decision to file for bankruptcy and, in an interview published by Vox, criticized regulators. The founder of collapsed crypto exchange FTX, Sam Bankman-Fried, said he regretted his decision to file for bankruptcy and, in an interview published by Vox, criticized regulators.Bankman-Fried said later on Twitter that the basis of the interview, an exchange of messages on the same platform, was not supposed to be public. The collapsed company, which filed for bankruptcy last week, has appointed five new independent directors at each of its main affiliated companies, including Alameda research. The five new directors and newly appointed Chief Executive John J. Ray are working to navigate through th...

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 ...

FTX Wipeout Is Latest Test of Nerves for Asia’s Crypto Rule Makers

17Nov

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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...

Crypto Hedge Fund Galois Confirms $40 Million Exposure to FTX

14Nov

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Crypto Hedge Fund Galois Confirms $40 Million Exposure to FTX

[ad_1] Crypto hedge fund Galois Capital confirmed that it had up to $45 mn in exposure to the now collapsed FTX cryptocurrency exchange. Crypto hedge fund Galois Capital, known as an early critic of the now failed Terra blockchain and its TerraUSD algorithmic stablecoin, confirmed that it had up to $45 million in exposure to the now collapsed FTX cryptocurrency exchange.The firm told Bloomberg News in a Twitter direct message that its exposure was in the range of $40 million to $45 million, after it said on Twitter on Friday that it had “significant” funds stuck on FTX. Galois co-founder Kevin Zhou gained notoriety earlier this year when he warned about Terra and profited from shorting the now collapsed Luna token. The meltdown of Luna and TerraUSD ecosystem led to a sector contagion...

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...