Tag: FTX investors

U.S. authorities asking FTX investors for information on firm and Sam Bankman-Fried
3Dec By adminNo Comments
Technology

U.S. authorities asking FTX investors for information on firm and Sam Bankman-Fried

[ad_1] U.S. authorities are asking crypto investors and trading firms who worked closely with FTX to hand over information on the company and its key figures. U.S. authorities are asking crypto investors and trading firms who worked closely with FTX to hand over information on the company and its key figures including Sam Bankman-Fried and Caroline Ellison, Bloomberg News reported on Thursday. The U.S. Attorney's Office for the Southern District of New York recently sent out a series of requests, asking recipients to hand over information on a list of FTX employees and associates, the report said, citing people familiar with the case. Attorneys from the U.S. Securities and Exchange Commission's enforcement division also sent similar requests for information to companies that inve...
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Solana Leads Crypto Slump With FTX’s Serum Project In Distress
14Nov By adminNo Comments
Technology

Solana Leads Crypto Slump With FTX’s Serum Project In Distress

[ad_1] A four-day slump for crypto altcoin Solana deepened, while developers spun off one of the blockchain network’s most prominent and FTX-affiliated projects. A four-day slump for crypto altcoin Solana deepened, while developers spun off one of the blockchain network's most prominent and FTX-affiliated projects. Solana fell as much as 11% to $12.11 on Monday in Asia's morning. Crypto bellwethers Bitcoin and Ether also slumped, with Bitcoin at one point dropping below $16,000. Other altcoins, including Polkadot and Avalanche, typically more volatile than larger cryptocurrencies due to lower liquidity levels, fell as well.  The crypto market has lost about $200 billion in value in the past week itself, as the collapse of FTX CEO Sam Bankman-Fried's crypto empire took its toll on inve...
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EXPLAINER: What’s happening at bankrupt crypto exchange FTX?
14Nov By adminNo Comments
Technology

EXPLAINER: What’s happening at bankrupt crypto exchange FTX?

[ad_1] The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run. The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run.The exchange, formerly one of the world's largest, sought bankruptcy protection last week, and its CEO and founder resigned. Hours later, the trading firm said there had been “unauthorised access” and that funds had disappeared. Analysts say hundreds of millions of dollars may have vanished. The unravelling of the once-giant exchange is sending shockwaves through the industry. Here's a look at the company's collapse so far:WHY DID FTX GO BANKRUPT?Customers fled the exchange over fears about whether FTX had suffici...
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Tech Money Fueled FTX’s Rise. The Crash Exposes Deep Flaws in VC
13Nov By adminNo Comments
Technology

Tech Money Fueled FTX’s Rise. The Crash Exposes Deep Flaws in VC

[ad_1] Venture capitalists were ill-equipped to identify or fix major flaws in the financial model. Among the last people to realize that the cryptocurrency exchange FTX was a financial time bomb were the company's own investors. On Nov. 7 — as troubling signs began to emerge, customers were withdrawing money and the founder was tweeting unconvincingly that “assets are fine” — a broker of startup stock made inquiries to FTX's venture capitalists and other shareholders to see if anyone wanted to sell, according to correspondences seen by Bloomberg. No one did.A transaction probably wouldn't have gone through anyway, given how quickly FTX hurtled toward bankruptcy after that, but the fact that the offer was declined indicates how ill-equipped investors were to assess the company's toxic...
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FTX Warns of Bankruptcy Without Rescue for $8 Billion Shortfall
10Nov By adminNo Comments
Technology

FTX Warns of Bankruptcy Without Rescue for $8 Billion Shortfall

[ad_1] Sam Bankman-Fried told FTX.com investors Wednesday that without a cash injection the company would need to file for bankruptcy. Sam Bankman-Fried told FTX.com investors Wednesday that without a cash injection the company would need to file for bankruptcy, according to a person with direct knowledge of the matter.On a call before Binance pulled an about-face and bailed on its takeover offer, Bankman-Fried informed investors his crypto exchange faced a shortfall of up to $8 billion and needed $4 billion to remain solvent, the person said, asking not to be named discussing private talks. FTX is attempting to raise rescue financing in the form of debt, equity, or a combination of the two, the person said. “I f---ed up,” Bankman-Fried told investors on the call, according to people ...
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