Tag Archives: FTX Exchange

Ray Youssef – Chief Executive Officer of crypto platform Paxful – said customers should never keep their bitcoin holdings on centralized exchanges.  Instead, they must self-custody their possession to prevent becoming victims in another crash similar to the FTX one. Don’t Trust Centralized Entities Youseff urged market participants to store their bitcoin in self-custody wallets. He said he feels responsible for Paxful’s millions of users, hence his recommendation: “As CEO of...

It has been a tough year for algorithmic stablecoins. Historically, these pegged tokens have failed to maintain a grip on $1, especially under extreme selling pressure. But the Terra collapse has been disastrous, and the ripple effects have had a decisive impact on the rest of the market. Seven months later, another algorithmic stablecoin is having trouble maintaining its dollar peg. In fact, this is the fifth time that Waves-backed Neutrino Dollar (USDN), currently trading...

The Japanese authorities reportedly extended the business suspension order to FTX Japan until March 9, 2023. Initially, the company had to cease all services on December 9. According to recent coverage, the Kanto Local Finance Bureau will grant FTX Japan three more months before halting all its activities. The final date has moved from December 9, 2022, to March 9, 2023, because the company still struggles to return assets to customers. The authorities further claimed that...

But blockchain firm Ripple’s Chief Technology Officer, David Schwartz, weighed in on Sam Bankman-Fried’s sympathizers but also went on to detail what went wrong with the company. Ripple CTO’s Take on FTX Collapse The exec listed out three things that went “horribly wrong.” FTX customer fiat assets were left in Alameda accounts and used by Alameda. Customer deposits FTX was just supposed to hold were commingled with assets used in riskier ways. Alameda was supposed to be...

A recent study conducted by CNBC estimated that only 8% of American participants currently have a favorable view of cryptocurrencies. Those who supported the asset class in March 2022 were 19%. The market has been through a lot since then – the prices plummeted, the Terra ecosystem crashed, and FTX filed for bankruptcy. Change of Trends 43% of the US participants in CNBC’s “All-America Economic Survey” said they have a negative view of digital currencies, while this figure...

MicroStrategy Executive Chairman Michael Saylor spoke on Tuesday about the layers of evil and mismanagement behind FTX’s collapse last month.  The executive accused the exchange’s former CEO, Sam Bankman-Fried, of both committing securities fraud through FTT, and using the asset as collateral to gamble away his depositor’s money. Dissecting the FTX Fraud In an interview with Patrick Bet David on Monday, Saylor – a self-proclaimed “Bitcoin Maximalist” – began by naming what he...

Binance CEO Changpeng Zhao (CZ) and ex-FTX boss Sam Bankman-Fried (SBF) traded barbs over Twitter on Friday as each contested the true nature of their private business dealings. During the exchange, Bankman-Fried asked CZ why he would “lie” about their situation, given he had already “won,” post bankruptcy. CZ’s Story CZ began with reference to Kevin O’Leary’s latest comments on FTX’s fallout.  In his interview with CNBC, the Shark Tank star suggested that FTX spent much of...

The former CEO of FTX – Sam Bankman-Fried – said he is “willing” to testify before the relevant US authorities on December 13. He vowed to shed more light on the reasons behind his exchange’s collapse and his own failures as a leader. The US House Committee on Financial Services claimed earlier this week that the FTX crisis caused colossal investor losses and urged Bankman-Fried to testify on the matter on December 13. SBF took it to Twitter to announce he is ready to satisfy...

Amber Group reportedly raised just half of its $100 million funding round and halted its global expansion efforts due to the ongoing bear market. The company recently laid off a portion of its staff after previously admitting it has been an “active trading participant” on the bankrupt crypto exchange FTX. Change of Plans Amber Group raised hopes at the beginning of 2022 that it will manage to boost its valuation nearly three times, reaching $10 billion. The shaken condition...

The infamous Canadian investor and Shark Tank star Kevin O’Leary spoke further about FTX’s collapse on Thursday, revealing the exact amount of money FTX paid him to promote their brand.  He also broke down how much money he lost within the exchange, and what the investor mentality surrounding the company was like prior to its collapse.  Kevin O’Leary’s FTX Deal In conversation with CNBC on Thursday, O’Leary explained that institutional interest in FTX US equity was incredibly...