Tag Archives: AA News

FTX is trying to do damage control in the midst of a bankruptcy process that has sent shockwaves throughout the whole crypto industry. In a small Twitter thread, the official account of FTX spoke out regarding their relationship with Sam Bankman-Fried following the bankruptcy. The account attributes the words to John Ray, Chief Restructuring Officer and new CEO of the company following the resignation of Sam Bankman-Fried. (2/3) As previously announced, Mr. Bankman-Fried...

The Australian Securities & Investments Commission (ASIC) suspended the FTX Australia license until May 15, 2023, following the exchange’s recent fiasco. The crash has affected around 30,000 Aussie consumers who are exploring how to retrieve their funds. The Latest Strike on FTX Despite the termination of its license, FTX’s Australian subsidiary will be able to provide limited services to local customers until December 19, 2022. The ASIC reminded that the crypto exchange...

The notorious new “Chief Twit,” Elon Musk, may not be so for much longer.  After buying Twitter and installing himself as its CEO late last month, the billionaire has revealed plans to leave the management of the firm to another person. Elon is Busy Speaking at B20 Indonesia 2022 on Monday, Musk said he was feeling overworked ever since taking charge of the social media platform.  “I’m really working at the absolute most amount that I can work from morning until night, seven...

As the ongoing FTX drama dashed hopes of the ongoing crypto winter ending, Coinbase was one of the few companies to come out and say that they suffered no exposure to the fallout. Although Brian Armstrong, the CEO of the exchange, assured users that Coinbase would not suffer a similar fate, things don’t look especially rosy for the platform either. Second Round of Layoffs This Year Following an 18% reduction in the size of its workforce earlier this year, Coinbase recently...

The unforgivable mishandling of customer funds has left millions of users with trapped funds, crippled years of constructive industry reputation, and triggered new credit contagion risks. Amidst this chaos, the native token of the decentralized crypto derivatives exchange, dYdX, has risen by more than 50% over the past week. According to prominent crypto analytic firm, Santiment, DYDX has a chance to become a strong narrative in the coming weeks. Aiding the price appreciation...

The American billionaire investor Charlie Munger reiterated his negative tone on the crypto sector, saying bitcoin stimulates child prostitution, kidnappings, and other criminal affairs. He also argued that the FTX crash resulted from a “bad combination” between fraud and delusion. Munger’s Latest Attack Charlie Munger – Vice Chairman of Berkshire Hathaway and Warren Buffett’s right hand – is undoubtedly among the biggest critics of the digital asset industry. In a recent...

The United States Securities and Exchange Commission (SEC) extended its final decision on whether to approve the launch of ARK 21Shares’ spot BTC ETF to January 27, 2023. The Commission stated it needs more time to consider the pros and cons of the ETF. Two More Months Ark Invest wanted to introduce a spot Bitcoin ETF on the Cboe BZX Exchange in 2021 when it teamed up with the Switzerland-based fintech company – 21Shares. The securities watchdog of the States, though,...

Gemini – the crypto exchange founded by the Winklevoss twins in 2014 – experienced sweeping service disruptions shortly after Genesis froze customer withdrawals on Wednesday.  The firm later clarified that an Amazon Web Services EBS outage was responsible for the disruptions, and restored functionality shortly afterward. According to Gemini’s status page, most of the company’s services were down, including “fiat deposits and withdrawals.” Both Gemini Earn and the Gemini...

FTX investors have sued the company’s ex-CEO Sam Bankman-Fried for illegally offering yield-bearing crypto accounts at the now insolvent exchange.  The lawsuit, filed in Miami on Tuesday, alleges that FTX’s crypto-yield-bearing accounts were unregistered securities illegally sold in the U.S, according to Reuters.  Now that the exchange has failed to honor withdrawals, investors claim to have sustained $11 billion in damages.  The lawsuit also seeks damages from numerous...

Amidst speculation over Sam Bankman-Fried’s whereabouts, the authorities are mulling over extraditing the former CEO of the bankrupt crypto exchange, FTX, back to the United States. According to the latest Bloomberg report, law-enforcement officials in the US and Bahamas have been engaged in talks over SBF as they investigate his role in FTX’s implosion. People familiar with the matter said that Bankman-Fried has been cooperating with Bahamian authorities. The Bahamian...