Tag Archives: FTX Exchange

Despite the crash of the crypto exchange FTX, the Mercedes Formula One team vowed not to remove the company’s logo from its race cars. Still, the F1 squad said they are closely monitoring the situation with the trading venue, hinting it might terminate the partnership in the near future. FTX’s Logo Remains on the Runway One of the best-performing Formula One teams – Mercedes – said the emblem of FTX will still be visible on the cars driven by Lewis Hamilton and George Russel...

Changpeng Zhao (CZ), CEO of the world’s largest cryptocurrency exchange Binance, has expressed his belief in the ability of the crypto market to heal itself once the full impact of FTX’s implosion is felt. Speaking at a conference in Indonesia, CZ said that more companies would be affected by FTX’s downfall, considering how big the crypto exchange was.  “With FTX going down, we will see cascading effects. Especially for those close to the FTX ecosystem, they will be...

The past couple of days have been a complete rollercoaster in the cryptocurrency field, and there are no signs of slowing down. Just yesterday, FTX officially filed for voluntary Chapter 11 Bankruptcy proceedings in the US, sending the markets into another meltdown. Bitcoin Plunges Toward $16K Bitcoin’s price can’t catch a break. After attempting a recovery following positive CPI numbers Thursday, the cryptocurrency experienced another meltdown on Friday. BTC plunged from...

The problems with FTX don’t seem to stop. After failing to honor customer withdrawals, revealing a multi-billion hole in its balance sheet, and ultimately declaring bankruptcy, the exchange is suffering another major exploit. Millions of dollars seem to have been drained from FTX addresses. Upwards of $400 million in crypto left the exchange wallets late Friday night with little to no explanations as to why that happened. The company’s General Counsel, Ryne Miller, took to...

FTX has lost several potential rescuers after shady details of the internal workings continue to emerge. The biggest setback was Binance pulling out of the deal. But according to the crypto giant’s CEO, the deal with FTX did not make sense. While speaking at the Indonesia Fintech Summit, Changpeng “CZ” Zhao weighed on the takeover that never materialized and the reason behind it. “From a financial perspective, there is a big hole. From new users, we have very high overlaps....

FTX’s collapse has significantly dented the confidence of investors in centralized crypto exchanges. Amidst the subsequent financial turmoil and reports about the troubled crypto exchange tapping customer funds to fund risky bets, the golden rule of crypto – “not your keys, not your coins” has taken a center stage in popular discourse once again. Abdicating control over users’ coins has cost many dearly. As a result, mass withdrawals from exchanges have now been reported....

The past seven days were undoubtedly the most emotional, unexpected, and for many – devastating in a long time. One of the world’s leading cryptocurrency exchanges – FTX – filed for a voluntary Chapter 11 Bankruptcy with the US after failing to honor customer withdrawals and revealing a multi-billion liquidity hole. It’s not particularly clear how it all went down and when exactly FTX started having issues due to the complete lack of transparency on behalf of now-former CEO...

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FTX has filed for Chapter 11 Proceedings in the United States. This follows the fiasco over the past couple of days where the company failed to honor its customer’s withdrawal requests. In a press release shared minutes ago, FTX announced that the group will be filing for Chapter 11 Proceedings in the United States. According to the release, FTX, Alameda Research, as well as 130 additional affiliated companies that are associated with FTX, have commenced the voluntary...

The President of El Salvador – Nayib Bukele – reportedly dismissed the arising rumors that his country holds its bitcoin stash on the battered cryptocurrency exchange FTX. The information was revealed by Binance’s CEO – Changpeng Zhao – who said he discussed the matter with the political leader. The Central American nation became the first to make bitcoin legal tender inside its borders. It has purchased over 2,381 coins on a macroeconomic level which equals over $41 million...