Markets

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 that never materialized and the reason behind it. “From a financial perspective, there is a big hole. From new users, we have very high overlaps....

The past seven days were undoubtedly the most emotional, unexpected, and for many – devastating in a long time. One of the world’s leading cryptocurrency exchanges – FTX – filed for a voluntary Chapter 11 Bankruptcy with the US after failing to honor customer withdrawals and revealing a multi-billion liquidity hole. It’s not particularly clear how it all went down and when exactly FTX started having issues due to the complete lack of transparency on behalf of now-former CEO...

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Europe’s largest digital asset investment and trading group – CoinShares – revealed that approximately 11% of its total net asset value is situated on the crypto exchange FTX. Another firm experiencing similar issues is Mike Novogratz’s Galaxy Digital, which holds more than $76 million worth of exposure to the troubled firm. In a recent interview for Bloomberg, CoinShares said nearly $26 million of its exposure to FTX consists of US dollars and Circle’s stablecoin USDC....

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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...

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 ...

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,...