Tag Archives: FTX Exchange

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 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...

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...

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The Executive Chairman of MicroStrategy and prominent bitcoin bull – Michael Saylor – likened the CEO of FTX – Sam Bankman-Fried – to the notorious Jordan Belfort, also known as “The Wolf of Wall Street.” In his view, SBF “was using stolen money” and cooperated with corrupt regulators to keep his business going. Make a Movie About Him Bitcoin evangelist Michael Saylor believes Bankman-Fried lobbied against “all of the virtues of the industry,” including bitcoin, by using...

One of the most successful NBA teams – Golden State Warriors – reportedly paused all marketing endeavors related to the distressed crypto exchange FTX. The latter filed for bankruptcy last week after failing to honor its clients’ withdrawal requests. According to recent coverage, the basketball club stopped advertising all FTX products and services. The last promotion was on Monday (November 14), and it was related to Golden State Warriors shooting guard Jordan Poole. Miami...

BlockFi is looking for answers to its liquidity troubles caused by its heavy exposure to FTX – and bankruptcy is reportedly on the table.  The crypto lending firm is already preparing a potential bankruptcy filing, people familiar with the matter told the Wall Street Journal. It’s also reportedly planning to lay off workers – a common practice for crypto firms during the 2022 bear market.  BlockFi already paused customer withdrawals and limited activity last week, citing the...