Tag: FTX exchange

The countdown for a bitcoin ETF decision is on and It is approaching a critical deadline
17Dec By adminNo Comments
Technology

The countdown for a bitcoin ETF decision is on and It is approaching a critical deadline

[ad_1] There's likely fewer than 30 days left before the crypto world's inevitable leap into traditional finance offers digital-money proponents a path to redemption post-FTX. That's the bullish narrative in virtual-currency land as the clock ticks down to Jan. 10 – when US regulators must finally decide whether to greenlight a physically-backed Bitcoin ETF. The Securities and Exchange Commission will by that time be required to either accept or deny an application from Cathie Wood's ARK Investment and 21Shares, who were the first to file during this year's batch of applicants. It could at that time also rule on other similar filings. More than 10 companies are working toward getting these ETFs — which would directly hold Bitcoin - green-lit.Should approval finally happen, it would mark...
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Binance Lapses Boosted Terrorists, Hackers, Sanctions Violators
23Nov By adminNo Comments
Technology

Binance Lapses Boosted Terrorists, Hackers, Sanctions Violators

[ad_1] Binance Holdings Ltd. had such lax controls over cryptocurrency transactions on its exchange that terrorists, hackers and sanctions violators used it for years to move billions of dollars, US prosecutors said.Binance and Chief Executive Officer Changpeng Zhao pleaded guilty to criminal charges Tuesday, admitting they failed to take basic anti-money laundering steps that are the bedrock of government efforts to check the flow of dirty money worldwide. Binance will pay $4.3 billion, while Zhao will step down as CEO and pay a $50 million fine.  The stunning turn of events means Zhao, the most powerful crypto figure in the world, faces prison time and will no longer run the industry's largest exchange. It comes after a multiyear investigation by federal prosecutors and the fraud conv...
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Animoca Founder Says Crypto ‘Cheering’ Sam Bankman-Fried’s Arrest
15Dec By adminNo Comments
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...
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FTX Lesson No. 1: Don’t Fall Asleep in Accounting Class
14Dec By adminNo Comments
Technology

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...
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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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Mark Mobius Sees Bitcoin Down at $10,000 in ‘Dangerous’ Crypto Market
28Nov By adminNo Comments
Technology

Mark Mobius Sees Bitcoin Down at $10,000 in ‘Dangerous’ Crypto Market

[ad_1] The crypto rout has room to run, according to veteran fund manager Mark Mobius. The crypto rout has room to run, according to veteran fund manager Mark Mobius. The co-founder of Mobius Capital Partners LLP said in an interview Monday in Singapore that his next target for Bitcoin is $10,000. He added he wouldn't invest his own cash or client money in digital assets as “it's too dangerous.” “But crypto is here to stay as there are several investors who still have faith in it,” said Mobius, who spent more than three decades at Franklin Templeton Investments. “It's amazing how Bitcoin prices have held up” despite the FTX fallout, he added. The chaotic slide into bankruptcy of Sam Bankman-Fried's FTX exchange and sister trading house Alameda Research is hanging over the digit...
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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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