FTX has lost several potential rescuers after shady details of the internal workings continue to emerge. The biggest setback was Binance pulling out of the deal. But according to the crypto giant’s CEO, the deal with FTX did not make sense. While speaking at the Indonesia Fintech Summit, Changpeng “CZ” Zhao weighed on the takeover...Read More
FTX’s collapse has significantly dented the confidence of investors in centralized crypto exchanges. Amidst the subsequent financial turmoil and reports about the troubled crypto exchange tapping customer funds to fund risky bets, the golden rule of crypto – “not your keys, not your coins” has taken a center stage in popular discourse once again. Abdicating...Read More
ftx Days after bigger rival Binance withdrew from a planned acquisition, the announcements were made. On November 11 – The troubled cryptocurrency exchange FTX said on Friday that it would file for bankruptcy in the US as its Chief Executive Sam Bankman-Fried quit, potentially setting off one of the largest market meltdowns ever. The company...Read More
FTX has filed for Chapter 11 Proceedings in the United States. This follows the fiasco over the past couple of days where the company failed to honor its customer’s withdrawal requests. In a press release shared minutes ago, FTX announced that the group will be filing for Chapter 11 Proceedings in the United States. According...Read More
The President of El Salvador – Nayib Bukele – reportedly dismissed the arising rumors that his country holds its bitcoin stash on the battered cryptocurrency exchange FTX. The information was revealed by Binance’s CEO – Changpeng Zhao – who said he discussed the matter with the political leader. The Central American nation became the first...Read More
Major venture capital firm Sequoia Capital has written down the value of its investment in the beleaguered crypto exchange FTX, to zero. Notably, the company was part of the investors who participated in FTX’s $900 million funding round in July 2021, which brought the exchange’s valuation to $18 billion at the time. Sequoia Marks Down...Read More
The crypto contagion has continued this year, with FTX compounding matters this week. This has put the spotlight on transparency, especially for centralized crypto exchanges. Data oracle provider Chainlink has been promoting its proof-of-reserve tools, which could solve the transparency issues currently plaguing the industry. In a tweet on Nov. 11, the Chainlink team asked...Read More
Amid the problems plaguing cryptocurrency exchange FTX, the Securities Commission of the Bahamas (SCB) has frozen the firm’s assets. The Bahamian regulator also got the court to appoint a provisional liquidator for FTX. In a press release posted by Nassau Guardian via Twitter on Thursday (November 10, 2022), the Commission revealed it had frozen assets...Read More
JPMorgan’s team, led by Nikolaos Panigirtzoglou, predicted that the price of bitcoin could drop to $13,000 due to the turmoil following the FTX collapse. The cost to produce BTC has also fallen considerably, which could be another reason for the asset’s potential downfall. A Grim Forecast An analysis team of the Wall Street bank estimated...Read More
The largest cryptocurrency exchange in the world, Binance, and FTX’s failed agreement have caused the crypto market to collapse completely. However, the fiasco was brought about by statements made by Kraken Exchange CEO Jesse Powell. A Focus on SBF and FTX Mistakes by Powell Powell claimed in a lengthy Twitter post that the sector is...Read More
Canada’s Ontario Teachers Pension Plan (OTPP) is in jeopardy due to its large investment in the cryptocurrency exchange FTX, which is currently facing a significant liquidity crunch. A recent report from The Globe and Mail revealed that OTPP invested in FTX a year ago when the firm was valued at $25 billion. The pension plan...Read More
Boom 💥. BMEX – the token that fuels the BitMEX ecosystem – is now listed and trading on BitMEX. The launch of BMEX unlocks new trading opportunities for our users – including the ability to trade the BMEX/USDT pair on our spot exchange. What’s more, two new perpetual swaps – BMEXUSD and BMEXUSDT – will...Read More
