Tag Archives: FTX Exchange

BlackRock – the largest asset manager in the world – lost millions of dollars inside FTX, according to CEO Larry Fink. The BlackRock chief spoke at The New York Times Dealbrook Summit on Wednesday, confirming that his firm held $24 million within the insolvent exchange. The money was from a “fund of funds,” and not a core part of BlackRock’s business.  Interviewer Andrew Sorkin asked Fink why BlackRock and other firms seemingly didn’t “mind the store,” performing due...

On Tuesday, Sam Bankman-Fried (SBF)’s first long-form interview since FTX’s bankruptcy was published to YouTube by citizen journalist Tiffany Fong. On November 16th, the former CEO offered his perspective on a number of claims made about him since the bankruptcy, and the state of FTX US clients. He also reflected on FTT, the exchange’s native token which he maintained holds more intrinsic value than most other cryptos. What Caused FTX and FTT to Collapse Wong began by...

On-chain sleuth ZackXBT has tracked down some of the mixed Bitcoin funds stolen by the mysterious FTX hacker this month.  The analyst found that $4.1 million worth of Bitcoin (255 BTC) has ended up on OKX, a cryptocurrency exchange.  As explained on Twitter, the hacker initially deposited the stolen funds to CoinMixer – an anonymous Bitcoin mixing service designed to make on-chain Bitcoin transfers harder to track.  The first CoinMixer deposit was made on November 20th after...

Serum (SRM) – the Solana-based DEX protocol launched in part by FTX – is seeking a fresh restart after FTX’s fallout left the project’s security permanently compromised.  The new project – called Openbook – will be community-led, and may or may possibly discard the SRM token entirely.  Serum’s New Beginning In a Twitter thread on Tuesday, Serum explained that the collapse of FTX and Alameda has left its program effectively “defunct.”  “As upgrade authority is held by FTX,...

Following Sam Bankman-Frieds’ speedy exit, authorities in the Bahamas began investigating the collapse of the collapsed crypto exchange. One measure taken was to freeze the assets of FTX Digital Markets – the Bahamian subsidiary of the company. Speculation Not Welcome In an address to the nation conducted via Facebook Live, Bahamas Attorney General and Minister of Legal Affairs Ryan Pinder praised the swift actions taken by the local regulators. He also cautioned would-be...

Another former cryptocurrency giant has filed for Chapter 11 bankruptcy protection in the United States. Thus, BlockFi has followed the example of companies like Celsius and Three Arrows Capital. The cryptocurrency lender’s troubles began as the bear market intensified earlier this year, especially after the Terra collapse. There seemed to be a lifeboat thrown by FTX a few months down the road as the exchange provided a $400 million loan to BlockFi and had the option to...

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...