Tag Archives: AA News

After Sam Bankman-Fried’s crypto empire imploded last week, exchanges are rushing to soothe the nerves of infuriated investors. Digital banking firm, Revolut is the latest one to distance itself from FTX. In an emailed statement, Revolut told users that it did not have “material exposure” to the bankrupt crypto exchange. Revolut Monitoring the Situation The London-based company said it is still monitoring the situation while reminding the volatility associated with digital...

As the public opinion of former crypto hotshot Sam Bankman-Fried continues to wane, criticism aimed at him and his business is only growing fiercer. Jesse Powell, Kraken’s current CEO, who will be stepping down shortly, already criticized Sam Bankman-Fried for his attitude and hubris. According to Powell, SBF acted like he knew everything despite being late to the party and spent far too much money currying political favor. Although Powell will be retiring from the position...

One week after the implosion, legal woes for FTX have only intensified. According to the latest court filings from the company’s Bahamian liquidators, there are signs of “serious fraud and mismanagement” on the bankrupt crypto exchange’s part. The document filed in the US Bankruptcy Court of the Southern District of New York revealed that the Joint Provisional Liquidators’ findings to date indicate that FTX may have committed serious fraud and mismanagement. The filing seeks...

Changpeng Zhao – CEO of the world’s leading crypto exchange Binance – advised Sam Bankman-Fried to refrain from dropping misleading messages on Twitter and instead focus on his colossal problems with FTX. In one of his announcements, SBF referred to a mysterious “sparring partner” who could have played a role in the exchange’s collapse, and some estimated this might be Zhao. The latter said only a “psychopath” could come up with such a tweet, claiming the industry is not a...

Michael Burry, the fund manager and investor who became popular from the “The Big Short” movie, believes gold will shine as investors seek safety from crypto risks due to the catastrophic collapse of Sam Bankman-Fried’s FTX.  Burry is notoriously famous for shorting the U.S. housing market and profiting from the 2008 financial crisis. He also netted millions from investing in GameStop in 2019 before the Reddit frenzy and meme stock season in January 2021.  Big Short Investor:...

The Canadian singer and teen idol – Justin Bieber – made the headlines in January by purchasing an NFT from the BAYC collection for 500 ETH (around $1.3 million at the time). The intensifying bear market and the decreasing interest in digital collectibles, though, have shrunk the USD value of his investment by over 94%. Bieber’s Massive Paper Loss Justin Bieber was among the famous individuals who dived into NFTs when the hype around them was at its peak. The superstar bought...

Numerous major exchanges are disabling deposits and/or withdrawals for Solana-based variants of the top two stablecoins, USDT and USDC. The wave of delistings follows Solana’s major price crash in the wake of FTX’s collapse – an exchange known to be closely involved with the network and token.  Scrubbing the Solana Stablecoins On Thursday, Binance announced that deposits for Solana-based USDC and USDT tokens had been “temporarily suspended until further notice,” without...

The revelations surrounding FTX’s downfall continue with full force. Now, according to the most recent court filings, Alameda Research – SBF’s trading firm, had some privileges. The trading firm of Sam Bankman-Fried, Alameda Research, was secretly exempted from some aspects of the auto-liquidation protocol of FTX. It’s worth noting that SBF was also the acting CEO and founder of FTX. This is just a drop in the stream of information that was made public through the recent...

Arkon Energy – an Australian-based bitcoin mining firm – raised $28 million and acquired Hydrokraft AS (a Norwegian energy-based data center). These will double down on the companyr’s green strategy and aim to increase its mining capacity. Distressed Cycles Could Produce Winners According to a recent document seen by CryptoPotato, the Hydrokraft AS purchase was part of Arkon Energy’s plan to expand its global reach. Both entities use renewable energy to mine bitcoin, ensuring...

John J. Ray III may have unwounded major corporate failures, but in over four decades of legal and restructuring experience, he claims to have never seen such “unprecedented” management failures as in the case of the bankrupt FTX cryptocurrency exchange under Sam Bankman-Fried’s tenure. In the latest filing to federal bankruptcy court, FTX’s new chief restructuring officer said, “Never in my career have I seen such a complete failure of corporate controls and such a complete...