Tag Archives: AA News

A few months earlier, FTX CEO SBF said several “third-tier” crypto exchanges were insolvent but yet to be exposed. This was when several crypto lending platforms suffered massive financial contagion following Three Arrows Capital’s (3AC) fallout as a result of Terra’s spectacular collapse. His comments, obviously, did not age well now that his empire appears to be crumbling. Crypto Projects Fail, FTX Not an Exception Sam Bankman-Fried’s story of building his crypto empire...

Charles Hoskinson – Founder of the blockchain platform Cardano – thinks the turbulence around FTX and its native token – FTT – could be the last adverse event of the ongoing crypto winter. He finds it normal that the entire digital asset space was negatively affected by the news since Sam Bankman-Fried’s trading venue is among the leading entities in its field, and its crisis causes a “cascade through the cryptocurrency market.”  It’s Always Darkest Before the Dawn While 2022...

United States financial regulators have reportedly launched a probe into FTX – one of the world’s largest crypto exchanges that is now unable to process customer withdrawals.  The investigators intend to examine whether FTX properly managed customer deposits, alongside its relationship with CEO Sam Bankman-Fried’s other crypto projects.  Probed by SEC and CFTC As reported by Bloomberg, the probe was revealed by two people familiar with the matter, who asked not to be...

Solana’s Epoch 370 is set to end in a little under 24 hours, and with it will come the unlocking of over 47 million SOL tokens by validators. This massive token unlock is coming at a time of significant market tumult, not just for Solana but for the entire crypto space following the FTX collapse. According to data from the Solana dashboard, 47,289,526 SOL, worth nearly $1 billion, is set to be unlocked in Epoch 370. An epoch in Solana is a period where validators cannot...

Coinbase CEO Brian Armstrong argued on Tuesday that his exchange isn’t vulnerable to the sort of fallout suffered by FTX this week.  He said the “event” surrounding FTX appears to stem from risky business practices that Coinbase does not engage in.  Coinbase’s Business Model Armstrong began by expressing sympathy for everyone involved in the FTX situation – particularly those customers who have potentially lost funds. Early on Tuesday, FTX appeared to have stopped processing...

The leading Japanese mobile phone operator – NTT Docomo – joined forces with Accenture to invest between 500 and 600 billion yen (up to $4 billion) in the next iteration of Internet technology – Web3. The partners will also provide training courses for those interested in the field, including business leaders and engineers. Entering the Web3 Space According to a recent press release, NTT Docomo and Accenture will focus on three main points: addressing ESG issues, establishing...

Bitcoin mining giant Riot Blockchain posted a net loss of $36.6 million. The Colorado-based company generated a revenue of $46.3 million – down by 28% from the previously estimated $54.2 million. The rising energy costs have adversely affected many Bitcoin miners. However, Riot’s CEO believes that the company was able to leverage its long-term fixed-rate power contract to generate significant power credits and reduce its operating costs. Revenue Misses Average Estimates The...

Fears of a Terra-style debacle have seeped into the crypto market as the Binance-FTX drama continues. Binance CEO CZ made headlines by announcing plans to liquidate entire FTT holdings gradually to avoid any market impact. His crypto exchange had already exited from FTX equity last year. While CZ clarified that the move should not be taken as an attack on a competitor, this was enough to cause a slew of dumping in the market, and the FTT token shed over 20%. To minimize the...

Over $640 million in trades have been liquidated from crypto markets in the aftermath of FTX’s drama with Binance. Markets experienced a brief rally after Binance announced its intention to buy FTX, but have since retraced while FTX Token continues to dump. According to Coinglass, over $640 million in liquidations have taken place in the last 24 hours, with $182 million liquidated in the past hour alone.  The largest single liquidation took place on BitMEX on a Bitcoin / US...

BlockFi was one of the lenders that found itself in troubled waters following the crypto credit crisis. As forced selling and liquidity issues began to take a toll on investors, the industry, which was already buffeted by inflation and other macroeconomic agents, witnessed several companies, including Celsius and Voyager, go bankrupt. But BlockFi managed to stay afloat, thanks to its acquisition agreement with Sam Bankman-Fried’s FTX. The company is now back in the crypto...