Category: crypto

FTX’s former US president is reportedly raising money for a new crypto startup after the crypto exchange’s collapse

Former FTX President Brett Harrison Kelly Sullivan / Stringer Brett Harrison, FTX US’s former president, is reportedly raising money for a new crypto startup. Harrison left FTX simply weeks earlier than it slid out of business amid allegations of misused buyer funds.  Harrison’s try to lift money comes when many buyers are weary of wading deeper into the crypto trade. One former high-ranking FTX government…

Sam Bankman-Fried said he doesn’t think he’s criminally liable for FTX’s implosion, but that his lawyers don’t want him speaking...

Sam Bankman-Fried, founding father of FTX and Alameda Research FTX Sam Bankman-Fried said he doesn’t think he is criminally liable for FTX’s collapse. Under his management, the corporate misplaced billions and now faces allegations of misuse of buyer funds.  Bankman-Fried has remained within the Bahamas but said he has “thought about” returning to the US.  Sam Bankman-Fried said he doesn’t think he’s legally accountable for…

Cathie Wood is buying the dip in Coinbase, adding $53 million this month as the FTX collapse pressures the crypto...

Photo by PATRICK T. FALLON/AFP by way of Getty Images Cathie Wood’s ARK Invest purchased over 1.3 million shares of Coinbase this month, per Bloomberg.  Coinbase is buying and selling close to file lows of about $41 per share, down from a excessive of $429 in April 2021.  In whole, Wood’s Ark holds about 8.7 million shares of Coinbase, or about 4.7% of the firm’s…

Crypto brokerage Genesis is reportedly warning of bankruptcy without new funding, following liquidity crunch triggered by FTX collapse

(Photo illustration by Jonathan Raa/NurPhoto by way of Getty Images) Genesis is warning potential traders it could must file for bankruptcy if it is unable to lift funding for its lending unit, Bloomberg reported.  The crypto brokerage has been in search of no less than $1 billion in contemporary capital, mentioned the report that cited unnamed sources.  “We have no plans to file bankruptcy imminently,”…

Binance drops new ad with Cristiano Ronaldo as FTX celeb endorsers like Tom Brady and Steph Curry face a lawsuit

Cristiano Ronaldo. Getty/Alessandro Sabattini Binance launched its first world advertising and marketing marketing campaign, and it options soccer star Cristiano Ronaldo.  As the World Cup begins, Ronaldo is launching is first NFT assortment beneath the Binance partnership. Meanwhile, FTX superstar endorsers like Steph Curry and Tom Brady are going through a lawsuit for selling the fallen crypto change. Crypto change Binance launched its world ad…

FTX collapse shows why crypto must be regulated before it threatens stability of financial system, says Bank of England official

The Bank of England and Sam Bankman-Fried, founder of FTX. Dinendra Haria/Anadolu Agency by way of Getty Images; Craig Barritt/Getty Images for CARE For Special Children The Bank of England’s deputy governor for financial stability spoke at a convention on Monday. He dubbed the collapse of FTX “the most spectacular failure to date in the crypto ecosystem.” Crypto must be regulated before it’s massive sufficient…

A crypto exec shares details of his phone calls with Sam Bankman-Fried days before FTX imploded

Good morning to my favourite nook of the web. Senior reporter Phil Rosen right here. It’s good to see you.  Today, we’re zooming in on the revealing calls that occurred simply before the autumn of FTX, between Sam Bankman-Fried and a rival exec.  I caught up with that exec to listen to about Bankman-Fried’s eleventh-hour scramble for a billion-dollar deal. But before we get to…

Bankrupt crypto exchange FTX owes its top 50 creditors about $3 billion

FTX filed for chapter on November 11 after per week in a liquidity disaster. Marco Bello/Reuters Bankrupt crypto exchange FTX owes its 50 greatest creditors almost $3.1 billion. All 50 of FTX’s largest creditors are clients. The greatest creditor is owed greater than $226 million. Collectively, FTX owes about $1.45 billion to its top 10 creditors. Bankrupt crypto exchange FTX owes its 50 greatest creditors…

The unbelievably fast world of Caroline Ellison where ‘somebody suggests one thing’ then ‘an hour later and it’s already occurred’

Caroline Ellison. Screenshot from Caroline Ellison’s Twitter, @carolinecapital In a 2020 FTX podcast, former Alameda Research CEO mentioned she “took a blind leap into the unknown” when she joined Sam Bankman-Fried. WSJ first reported on the remarks, after Ellison has drawn elevated scrutiny for her function within the demise of FTX.  On Friday, bankrupt FTX-linked Alameda fired Ellison and different execs. Caroline Ellison mentioned she…

Caroline Ellison, one of the central figures behind FTX’s collapse, previously tweeted that regularly using amphetamines made the ‘non-medicated’ life...

Caroline Ellison. Screenshot from Caroline Ellison’s Twitter, @carolinecapital FTX-linked Caroline Ellison’s previous tweets about ‘common amphetamine use’ have resurfaced on-line. Ellison is the CEO of Alameda Research, the hedge fund FTX reportedly used to borrow cash for bets. Amphetamines are sometimes prescribed to deal with ADHD. Old drug-related tweets posted by Caroline Ellison — the 28-year-old CEO of Alameda Research, the hedge fund linked to…

A top exec at OKX explains his call with Sam Bankman-Fried as FTX scrambled for a rescue – and why...

Sam Bankman-Fried. Photo by Alex Wong/Getty Images In an interview with Insider, the director of monetary markets for OKX recounted two cellphone calls he had with Sam Bankman-Fried earlier than FTX collapsed. Bankman-Fried initially requested for $1 billion to $2 billion from OKX, however known as again hours later asking for extra. The exec suggested Bankman-Fried to seek the advice of the CEO of Binance…

Warren Buffett’s right-hand man blasted crypto, praised Elon Musk and Tesla, and defended the Fed in a rare interview this...

Warren Buffett, CEO of Berkshire Hathaway, and vice chairman Charlie Munger. JOHANNES EISELE/AFP by way of Getty Images Charlie Munger referred to as out fraud and delusion in crypto, days after Sam Bankman-Fried’s FTX imploded. Warren Buffett’s right-hand man stated bitcoin and different crypto ought to by no means have been authorized. Munger praised Elon Musk and Tesla’s unlikely success, and the Fed’s give attention…

Coinbase gets hit with a downgrade from BofA as the FTX implosion brings more pain to crypto markets

Richard Drew/Associated Press Coinbase is “not another FTX” in accordance to Bank of America, however that does not imply it is immune from the crypto fallout. The financial institution downgraded Coinbase to “Neutral” and lowered its worth goal to $50 from $77 in a Friday be aware. BofA listed three headwinds that Coinbase has to deal with in the aftermath of the FTX implosion. The…

Binance adds to stablecoin mystery by resuming Tether deposits while keeping out USD Coin

Binance brand is displayed on a cell phone display Beata Zawrzel/NurPhoto by way of Getty Images Binance resumed deposits of stablecoin Tether on Friday, a day after an unexplained pause. But a pause in deposits of stablecoin USD Coin continues to be in place till additional discover.  The newest strikes additionally got here with none additional element, regardless of costs for each cash remaining regular….

Nobel laureate Paul Krugman calls for a crypto crackdown after the FTX fiasco – and warns regulation could wipe out...

Paul Krugman. Arun Sharma/Hindustan Times through Getty Images Plunging costs and collapsing corporations present crypto must be regulated, Paul Krugman says. The Nobel Prize-winning economist warned stricter guidelines could spell the finish of the crypto industry. Krugman advised conventional banks could dominate the crypto area if regulators crack down. The cryptocurrency sector is reeling from a dramatic crash in coin costs and the domino-like collapse…

This is what kind of legal trouble FTX and Sam Bankman-Fried could now face, based on details from the crypto...

Getty Images FTX’s bankruptcy filing shed new gentle on potential legal trouble for the crypto alternate and its former execs. New CEO John J. Ray III delivered a blistering evaluation, calling FTX’s implosion “a complete failure of corporate controls.” Read some of the most incendiary components of the bankruptcy filing and what specialists say all of it may imply. FTX’s explosive new bankruptcy court filing…

US inflation has peaked, a recession is coming, and the FTX fiasco has shaken faith in markets, Ken Griffin says....

Citadel CEO Ken Griffin. Mike Blake/Reuters Ken Griffin stated US inflation has in all probability peaked, however the Fed must squash the menace fully. Citadel’s billionaire CEO expects about 4.5% unemployment and a recession subsequent 12 months. Griffin warned the collapse of Sam Bankman-Fried’s FTX has shaken buyers’ confidence in markets. US inflation has seemingly peaked, however the Federal Reserve ought to hold elevating rates…

Binance CEO downplays his influence in the FTX blow-up, says ‘we don’t focus on smaller exchanges’ when asked about Twitter...

Binance CEO Changpeng Zhao mentioned he was by no means in a battle with FTX founder and former CEO Sam Bankman-Fried. Antonio Masiello/Getty Images Binance CEO Changpeng Zhao mentioned he wasn’t sparring with former FTX head Sam Bankman-Fried.  But days after a public spat, FTX filed for chapter and Bankman-Fried resigned as CEO. “I still don’t think I have that much influence,” Zhao informed TechCrunch, whereas…

A Winklevoss-run crypto operation has frozen $700 million in client withdrawals as it becomes ensnared in the FTX disaster

Tyler Winklevoss. Joe Raedle/Getty Images Gemini, a cryptocurrency platform run by the Winklevoss brothers, halted client withdrawals for its Earn progam. Bloomberg reported Thursday that the Gemini Earn has $700 million in client funds. Genesis Global Capital additionally halted withdrawals and is the lending accomplice of Gemini Earn. The collapse of Sam Bankman-Fried’s FTX is continuous to ship repercussions by means of the crypto sector,…

FTX Group has secured just $740 million in crypto that it hopes to recover in bankruptcy after holding more than...

Sam Bankman-Fried. Photo by SAUL LOEB/AFP through Getty Images FTX Group has secured in new chilly wallets roughly $740 million of cryptocurrency, a brand new submitting mentioned.  But that’s just a fraction of the digital property that FTX hopes to recover in bankruptcy. Sam Bankman-Fried’s crypto empire listed crypto and stablecoin property that topped $5 billion before the Chapter 11 submitting. FTX Group has a…

A new bankruptcy filing shows the value of FTX’s crypto holdings is just $659,000, after Sam Bankman-Fried said they were...

Sam Bankman-Fried speaks onstage throughout the first annual Moonlight Gala benefitting CARE at Casa Cipriani on June 23, 2022 in New York City. Craig Barritt/Getty Images for CARE For Special Children Bankruptcy filings present the honest value of crypto held by FTX is $659,000. That compares to Sam Bankman-Fried declare FTX held about $5.5 billion in “less liquid” crypto tokens. “Never in my career have…

FTX may have used corporate funds to buy homes for employees and advisors, its new CEO says

Alex Wong/Getty Images Some of FTX’s associates may have used corporate funds to buy homes, its new CEO has claimed. “There does not appear to be documentation for certain of these transactions as loans,” John J. Ray wrote. Ray made the declare in a scathing declaration submitted as a part of FTX’s chapter filings. FTX’s new CEO claims that a few of its associates may…

Sam Bankman-Fried says 2 top execs have left FTX, with one ‘scared’ and another ‘ashamed and responsible’

(Photo by Jabin Botsford/The Washington Post through Getty Images) FTX cofounder Sam Bankman-Fried stated two top executives have left the collapsed crypto alternate. CTO Gary Wang and director of engineering Nishad Singh are now not at FTX, he advised Vox. Singh was “ashamed and guilty” as a result of FTX prospects’ deposits had been misplaced, Bankman-Fried stated. FTX cofounder Sam Bankman-Fried stated Tuesday night time…

Sam Bankman-Fried says filing for bankruptcy at FTX was his ‘largest’ mistake and the people now running the company are...

FTX founder and former CEO Sam Bankman-Fried. (Photo by Jabin Botsford/The Washington Post by way of Getty Images) Sam Bankman-Fried has stated his “biggest single” mistake at FTX was filing for bankruptcy. He made the remark in an interview with Vox however stated later the dialog wasn’t meant to be revealed. Bankman-Fried stated these now in cost of the company had been “trying to burn…

‘Big Short’ investor Michael Burry touts gold as a winner from the FTX fiasco – and hints he’s betting against...

Michael Burry. Kevin Mazur/WireImage Michael Burry advised the FTX fiasco and different crypto scandals might be excellent news for gold. The “Big Short” investor teased a wager against the market, regardless of his latest stock purchases. Burry has warned the S&P 500 might halve in worth, and predicted a Fed pivot in the spring. Michael Burry has trumpeted gold as a probably winner from the…

Sam Bankman-Fried said on Twitter that FTX was the ‘darling of Silicon Valley,’ but the firm got ‘overconfident and careless’

Tom Williams/Getty Images Sam Bankman-Fried tried to clarify what went mistaken at FTX in a sequence of tweets.  He said he was lauded as a “darling of Silicon Valley,” but FTX got “overconfident and careless.”  Bankman-Fried faces accusations that he improperly used FTX buyer funds to prop up his buying and selling firm, Alameda Research.  Sam Bankman-Fried said he was lauded as a “darling of…

Investors have filed a lawsuit against FTX celeb endorsers like Tom Brady, Steph Curry, and Larry David

Tom Brady. AP Photo/Rusty Jones Investors have filed a lawsuit against celebs who promoted the defunct crypto trade FTX. FTX has flamed out in dramatic vogue, declaring chapter on Friday. The go well with names celebs who vary from sports activities stars like Tom Brady and Steph Curry to Larry David. Investors have filed a lawsuit against celeb endorsers who as soon as hawked FTX…

Sam Bankman-Fried’s FTX employed a ‘firm therapist’ who looked for ‘courting choices’ for workers, report says.

FTX’s former CEO Sam Bankman-Fried. Getty Images Sam Bankman-Fried’s FTX employed a “company therapist” who helped workers with courting, Vice reported. Psychiatrist George Lerner stated he was frightened workers would give up attributable to a lack of courting choices.  Lerner stated he would look for “dating options” for workers to enhance their lives within the Bahamas.  Sam Bankman-Fried’s FTX employed a “company therapist” who would…

The fallout of Sam Bankman-Fried’s FTX spreads as Gemini Earn and Genesis Global Capital suspend withdrawals

Tyler Winklevoss. Joe Raedle/Getty Images The crypto lending arm of Genesis Global Trading is suspending buyer withdrawals, days after Sam Bankman-Fried’s FTX filed for chapter.   Gemini Earn, run by the Winklevoss brothers, mentioned it additionally paused withdrawals on its lending program.  Genesis Global Capital is the lending associate of the Gemini Earn program, which lets customers to lend their crypto to institutional debtors. The…

Authorities may reportedly bring Sam Bankman-Fried in for questioning as FTX Bahamas files for bankruptcy

Sam Bankman-Fried. Getty Images US and Bahamian authorities are in talks to probably bring Sam Bankman-Fried to the US for questioning, Bloomberg reported Tuesday.  Bankman-Fried has been cooperating with Bahamian authorities, per the report. On Wednesday, the Bahamas department of FTX filed for Chapter 15 bankruptcy, days after FTX Group filed Chapter 11.  Authorities in the US and Bahamas are in talks to probably bring…