Tag Archives: FTX Exchange

Fundstrat’s head of research – Tom Lee – remains a bitcoin bull and believes the asset could serve as a proper investment tool for certain investors. He added in a recent interview that the entire crypto industry had a horrific year, but he expects the upcoming 2023 will not be the same. 2022 has indeed been a bad year for crypto, with ‘bad’ being quite the understatement. From the declines at the start of the year due to macroeconomic events to the implosion of Terra, which,...

The quick downfall of FTX with an $8-10 billion deficit in its balance sheet has left the broader cryptocurrency market reeling under its cascading effects. Besides Proof of Reserves (PoR) and Reserves to Liability (R2L) Ratio data, Indian crypto exchanges, battling low volume caused by high taxation and an unfriendly regulatory environment, have responded to the evolving situation with some fresh initiatives. Polygon CEO’s Self-Custody Buzz Polygon CEO Sandeep Nailwal was...

At just about any boozed-up weekend gathering, you’re almost guaranteed to hear the retort “Life is stranger than fiction” after any strange story. Although this little witticism is often overused, the FTX saga is one of the few times the use of the phrase would be completely accurate. Approached By Insiders Earlier this month, Variety reported that Hollywood execs had already taken an interest in the FTX story, seeking a spiritual successor to similar films covering the...

Binance, the world’s largest crypto exchange, will remove multiple trading pairs for the DEX protocol Serum (SRM), which is known to have deep ties to both FTX and Alameda Research.  The token will no longer be tradeable for Bitcoin (BTC), Tether (USDT), or Binance’s native BNB token.  What is Serum? Binance revealed Serum’s trading restrictions, alongside a handful of other pair removals, in an announcement on Friday. Other restricted assets include the BTC hash rate-backed...

The Financial Crimes Investigation Board of Turkey (MASAK) seeks to seize “suspicious” assets linked to the battered cryptocurrency exchange FTX.  The authorities also plan to open an investigation against the trading venue’s former CEO – Sam Bankman-Fried (SBF). Going After SBF The Turkish agency sought a greenglight from the Istanbul Chief Public Prosecutor’s Office to launch a thorough inspection on FTX and its dubious activities over the years. The entity vowed to...

The world’s largest cryptocurrency exchange – Binance – introduced its Proof of Reserves (PoR) system to display to users the exact amount of its crypto reserves. The feature will initially show only bitcoin’s holdings, while other coins will follow in the future. Binance has taken some additional measures to reaffirm its customers’ trust during the turbulent times following the FTX crash. In a recent announcement, the company disclosed the launch of a Proof of Reserves (PoR)...

The FTX implosion may have dented investor confidence and extended the crypto winter, but that does not appear to be a hurdle for many exchanges from pursuing expansion via mergers and acquisitions. One such is – CrossTower – a crypto exchange that is reportedly considering new acquisitions of different types of companies with a good set of customers with them and a positive balance sheet. Risk Appetite for Acquisitions CrossTower’s CEO Kapil Rathi said investors are...

In a new press release, the Securities Commission of The Bahamas explained that only placing FTX Digital Markets into liquidation was not sufficient, citing the risks associated with hacking and breach. SCB Executive Director also lashed out at new FTX CEO John Jay Ray III for “misrepresenting” the agency’s action through the “intemperate” and “inaccurate” allegations. Bahamas Regulator’s Statement Its Executive Director, Christina Rolle, revealed that the Commission sought...

The Solana Foundation has released a fact sheet detailing the exposure it holds to FTX following its bankruptcy The organization held over $180 million worth of crypto asset exposure to the company as of November 6th, just before the exchange ceased processing withdrawals.  FTT and SRM Holdings According to the foundation’s report (last updated Monday), Solana held roughly $1 million in cash on FTX as of November 6th. The non-profit said these funds were “negligible” to its...

As events continue to unfold in the wake of FTX’s collapse, some of the funds missing from the exchange’s accounts have been found and secured. Shortly after its sudden downfall, FTX hired digital asset custodial company BitGo to handle its accounts and assets. Now, the custodial firm has recovered crypto assets worth over $700 million for the exchange. $740M in Crypto Recovered From FTX According to a Wednesday filing at the United States Bankruptcy Court for the District of...