Tag Archives: FTX Exchange

The Seychelles-based crypto exchange – OKX – reportedly introduced a $100 million fund to aid companies with liquidity issues. The world’s largest cryptocurrency platform – Binance – launched a similar initiative to reduce the negative effects of FTX’s collapse. According to the Chinese reporter Colin Wu, OKX will distribute $100 million across numerous projects that experience significant issues after the crash of FTX. It will also help entities migrate from Solana (which...

Sam Bankman-Fried, the former CEO of the now-bankrupt FTX, tried to rally financial support for his beleaguered crypto exchange. This comes as the platform is facing bankruptcy amid an $8 billion black hole in its balance sheets. FTX collapsed in spectacular fashion over the past week, triggering a contagion that has impacted the broader crypto space. Several projects have now reported having funds stuck in limbo with the exchange. Sam Bankman-Fried tried to source funds from...

Kris Marszalek – CEO of CryptoCom – said his company has a stable balance sheet that presents no risk to customers. He also vowed to disclose an audited proof of reserves in the following weeks and assured the firm has not engaged in any “irresponsible lending products.” CryptoCom’s boss Kris Marszalek took part in a live-streaming YouTube address where he answered multiple questions regarding his firm’s status. Despite the recent accusations, he guaranteed that the platform...

On Nov. 13, the Kraken exchange announced that it has been in contact with law enforcement regarding the accounts held by the bankrupt FTX group. It added that it had frozen any accounts linked to FTX, Alameda, and its executives to protect their creditors. Kraken said that its own clients are not affected, and the exchange maintains full reserves. The exchange is ranked nineteenth largest by 24-hour volume, according to CoinGecko. Kraken has spoken with law enforcement...

Net exchange outflows have soared in the wake of FTX’s bankruptcy, inciting crypto holders everywhere to look after their own digital assets.  Data from on-chain analysis firm CryptoQuant shows that over $8 billion in crypto has flowed off of centralized exchanges since November 6th – when worries about FTX’s solvency began to propagate. Since Binance CEO Changpeng Zhao’s worrying statements about FTX last week, $3.7 billion worth of Bitcoin has been withdrawn from...

As contagion fears around FTX’s collapse continue to spread, one hedge fund manager has already admitted that his business is virtually ruined. Travis Kling – Chief Investment Officer of Ikigai – said on Monday that the crypto asset management firm lost a “large majority” of its funds on FTX. As explained on Twitter, Ikigai was able to withdraw “very little” of its reserves from holdings from the company when it attempted to do so last Monday. “We’re now stuck alongside...

The Royal Bahamas Police Force and Bahamas Securities Commission have launched a criminal investigation into the now-bankrupt crypto exchange giant FTX. The probe follows previous statements from the securities regulator noting potential mishandling of client funds.  Bahamas Regulators VS FTX RBPF spokesperson Chrislyn Skippings announced the probe on Sunday, without offering any details on exactly what crimes were being investigated.  However, the Bahamas Securities...

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The prominent bitcoin bull – Michael Saylor – opined that the FTX crisis will have certain benefits on bitcoin. In his view, the turbulence will eliminate thousands of useless digital assets while the primary cryptocurrency and a “handful” of other coins will be the only survivors. ‘Bitcoin Will be the Winner’ In a recent interview for CNBC, MicroStrategy’s Executive Chairman – Michael Saylor – argued that bitcoiners (like himself) are “trapped in a dysfunctional...

The US-based cryptocurrency exchange – Coinbase – reportedly reduced its team by 60 people following the FTX saga and the consecutive plunge of the market. Chief Financial Officer Alesia Haas said the company might lay off more people should the turmoil deepen in the future. According to recent coverage, one of the largest crypto platforms – Coinbase – dismissed 60 of its staff members as a result of the current crisis in the digital asset sector. CFO Alesia Haas described...