Crypto news

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 FTX Investment to $0 In a note to limited partners (LPs), which was revealed via Sequoia’s Twitter handle on Thursday (November 10, 2022), the...

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 if crypto will continue to repeat the mistakes of the traditional black-box financial industry. #Crypto...

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 of FTX Digital Markets (FDM) “and related parties.” Back in September 2021, FTX CEO Sam Bankman-Fried announced that the...

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 bought its first FTX stake in October 2022 during a $420 million funding round alongside 69 other investors. Teachers’ Pension Plan in Trouble as FTX...

Indonesia plans to give its Financial Services Authority (OJK) the power to regulate cryptocurrency investments and market oversight.   The country’s Trade Ministry currently polices the digital asset industry in collaboration with the Commodity Futures Trading Regulatory Agency. However, Indonesia’s finance minister, Sri Mulyani Indrawati, said the country would transfer the authority to OJK to protect consumer interests.  Indonesia Concerned About Investors’ Assets ...

Investment banking company Jefferies Group’s CEO, Richard “Rich” Handler, took to Twitter to reveal that he unsuccessfully tried to get in touch with FTX CEO Sam Bankman-Fried earlier this year when the latter was offering bailouts to several troubled firms. While sharing his “personal email trail” on “non-meeting with FTX,” Handler revealed several snapshots that he had sent to an unknown person enquiring if they knew Bankman-Fried. The emails were dated July 2022. The...

Former BitMEX CEO Arthur Hayes believes FTX is ultimately headed for bankruptcy now that Binance has refused to rescue the company.  The exchange co-founder offered his analysis of what the future holds for FTX on Thursday and offered some predictions for how its crisis will impact the market.  FTX Will Go Bankrupt In a Twitter thread on Wednesday, Hayes asserted that there is no player large enough to buy out FTX, if Binance’s CEO – the richest man in crypto – was unwilling...

The past few days were unnerving as the crypto industry watched the fall of FTX, one of the world’s largest crypto exchanges. With FTX now insolvent, some of the biggest and oldest players in the space have started expressing disappointment at the company’s CEO, Sam Bankman-Fried (SBF), popularly known as crypto’s white knight. Jesse Powell Blasts SBF One such person is Jesse Powell, co-founder and former CEO of crypto exchange Kraken, who has taken to Twitter to blast SBF,...

More than $3 billion in crypto funds have been stolen this year according to a new report issued by blockchain analysis firm Chainalysis. Chainalysis: Crypto Theft Has Reached a New High The crypto space is constantly in a rough spot. There are many people out there that are completely against any sort of regulation, as the crypto space was initially established to give traders and users complete financial independence. No prying eyes, no third parties, just people and...

Struggling crypto exchange FTX appears to be processing withdrawals again, according to publicly available blockchain data.  Data from Etherscan – an explorer for analyzing transactions on the Ethereum blockchain – shows that FTX’s public wallet began executing a swath of outbound transactions beginning at 03:39:11 PM UTC on Thursday.  This follows an over 48-hour period during which FTX was only taking in deposits. FTX initially admitted to its liquidity troubles shortly...