Tag Archives: Exchange News

Kraken – a popular digital currency trading platform based in northern California – is laying off more than 1,000 employees as it attempts to deal with the ongoing crypto winter. Kraken Says Bye to a Lot of Workers The crypto exchange says that the maneuver has nothing to do with the fall of FTX, which has caused a serious firestorm in the digital currency world. The exchange collapsed in mid-November and has sent ripples throughout the space, making several other firms...

The Gemini Exchange in New York – headed by the Winklevoss Twins – has halted all withdrawals, sparking rumors that the company could be next in a long line of crypto firms to file bankruptcy. Gemini Exchange Halts All Withdrawals The move is a direct result of the collapse of FTX, which came crashing down in mid-November. Michael Barr, an official with the Federal Reserve, is calling upon Congress to regulate crypto once and for all due to the company’s failure. In a...

Republican Senator of Wyoming Cynthia Lummis says what happened with FTX is exactly why Congress needs to begin paying attention to cryptocurrency. She cited the bipartisan bill she established in early 2022 with New York congresswoman Kirsten Gillibrand (a democrat from New York) and said U.S. regulators need to give the bill their full attention so that what happened with the exchange can never happen again. Cynthia Lummis on the Future of Crypto in Congress Lummis is...

It’s happened again, folks. Another digital currency company has filed for bankruptcy protection. This time, it’s Block Fi, a crypto lending platform, which was reported to be heading in this direction back in late December. Block Fi Is the Latest Crypto Firm to Crash Ironically, the company was one of the few to be “saved” by FTX earlier in the year, though now that its savior is crashing and burning before the eyes of the public, Block Fi no longer has what it takes to...

DCG (Digital Currency Group) – the crypto company that owns Grayscale – is allegedly $2 billion in debt, giving traders and crypto analysts a lot to be anxious about. DCG Is Allegedly Dealing with Tons of Debt Barry Silbert – the man who founded DCG – stated in an interview: We have weathered previous crypto winters. While this one may feel more severe, collectively we will come out of it stronger. The goal was to try and calm people’s nerves, though this is easier said...

Changpeng Zhao – the man behind famed digital currency exchange Binance – has pledged roughly $2 billion to help save the digital currency arena. Binance Is Looking to Save the Crypto Space The crypto space has been failing as of late. Bitcoin, for example, has lost more than 70 percent of its overall value since it reached its new all-time high of about $68,000 per unit in November of 2021. In general, crypto has lost more than $2.2 trillion in valuation, and many...

Matrix Port – a crypto services provider – believes it’s time for all crypto custody firms and related businesses to begin offering insurance to digital currency customers. Matrix Port Wants Crypto Insurance Offered Everywhere The belief stems from the recent fall of disgraced crypto exchange FTX, which took less than a week to crash and burn. Despite being only three years old, FTX (which began in 2019) rose through the ranks rather quickly to become one of the biggest...

Major League Baseball (MLB) has announced it’s not looking to continue the deal it struck with now fallen crypto exchange FTX. The MLB Is Stepping Away from FTX The deal was initially formed prior to 2021, though it’s taken some time for things to get off the ground. Now that the company has filed bankruptcy and lost so much money due to illicit accounting activities, the MLB has said that it’s looking to back out of the deal and part ways with the disgraced digital...

Binance, the world’s largest and most popular digital currency exchange, has announced a new program that will give all current and future crypto investors proof of its present bitcoin and Ethereum reserves. Binance Tries to Show It’s Not Like FTX The goal is to shed light on the issue of transparency and show the company is nothing like FTX, the now failed digital currency exchange that came to fruition only three years ago in 2019. Binance was initially in line to...

Bitcoin bull and crypto investor Cathie Wood thinks the FTX debacle may have done irreparable damage to the crypto space, and she says the incident will likely make many institutional investors stay away for a long time. Cathie Wood Thinks the Damage Done by FTX Is Severe The FTX fiasco will go down as one of the biggest embarrassments of the arena. Long considered one of the greatest players in crypto, the company first came to fruition in 2019. It rose through the...