Tag Archives: social

Changpeng Zhao – CEO of the world’s largest crypto exchange, Binance – rejected some of the latest assumptions regarding himself and his company’s involvement in FTX’s crash. He reiterated his position that the main culprit of the catastrophe was Sam Bankman-Fried (SBF), describing him as “one of the greatest fraudsters” of all time. CZ’s List Zhao took it to Twitter to dismiss some suggestions that hovered in the cryptocurrency space lately. He said he doesn’t see himself as...

The cryptocurrency brokerage platform – Genesis – and its parent company Digital Currency Group (DCG), reportedly owe customers of Gemini approximately $900 million.  Genesis has been coping with severe issues ever since the crash of FTX. It suspended withdrawals in November while its creditors have been making desperate calls to prevent bankruptcy. Almost $1 Billion in Debt The recent collapse of one of the largest cryptocurrency exchanges (FTX) caused a huge disruption of...

El Salvador became the first country in the world to adopt Bitcoin as a legal tender. Fast forward to this year, the crisis worsened in the already battered crypto industry. But President Nayib Bukele plans on doubling down further. After pledging that the government would purchase one Bitcoin every day going forward, despite the meltdown, the Bukele administration sent a bill to El Salvador’s Congress to enable it to sell $1 billion in “volcano bonds” – government debt,...

Joe Lonsdale – Co-Founder of the software company Palantir Technologies – thinks multiple cryptocurrency companies will go bankrupt in the future since most function like Ponzi schemes. However, he believes blockchain technology will remain a key part of the future financial system as it enables a “new and important way” to move money globally. Expect More Cases Like FTX According to Lonsdale, the lack of pertinent rules in the cryptocurrency sector and the assumption that...

Fintech company and USDC issuer Circle has terminated a business combination deal with special purpose acquisition company (SPAC) Concord Acquisition Corp., but it has not scrapped its plan to go public. Circle’s announcement is the latest in the growing list of SPAC deals that have failed to materialize. Circle and Concord Go Separate Ways Circle announced the termination of the deal in a press release on Monday (December 5, 2022). The decision was mutual between both...

A prominent Indian cryptocurrency trade body – Bharat Web3 Association (BWA) – has red-flagged the high taxes and regulatory uncertainty in its draft of concerns and recommendations submitted to the Indian Finance Ministry, which is holding consultations in the run-up to the budget for 2023-24. A meeting between the BWA representatives and the Indian finance ministry officials, particularly with officials of the Central Board of Direct Taxes (CBDT), is expected to take place...

The collapse of the cryptocurrency exchange FTX will go down as one of the darkest moments in crypto’s history. The company experienced severe liquidity issues in November and couldn’t honor the withdrawal requests of its customers.  Binance – the world’s largest crypto platform – was ready to acquire the exchange but, after auditing, walked away from the agreement. FTX could not find a solution and filed for Chapter 11 bankruptcy protection, while CEO Sam Bankman-Fried...

Elon Musk has alleged that the former CEO of bankrupt crypto exchange FTX, Sam Bankman-Fried, has donated over a billion dollars to the Democratic party to support them in the elections. In a recent discussion on Twitter, Will Manidis, the Chief Executive Office of healthcare AI platform Science, called SBF’s donations to politicians “one of the highest ROI trades of all time” because it allowed him to not go to Jail for stealing over $10 billion. Taking part in the...

As it typically happens during the weekend, the trading volumes have gone down, which results in little-to-no price movements for BTC. Most altcoins are in a similar position, with a few exceptions. Dogecoin is among them, following a 6% daily increase. Bitcoin Boring at $17K Last weekend was quite dull in terms of price actions, and BTC spent most of it around $16,500. Monday started with a price drop towards $16,000, but the bulls intercepted the move and didn’t allow any...

Scams have been rampant this year despite the market slowdown. A new type of sneaky crypto scam with front-running scam bots on YouTube has shot up six-fold in 2022. These types of frauds attract users by posting advertisements on social media claiming to teach you how to make thousands of dollars of money in a day using a front-running bot. When clicked, these ads link users to a YouTube video showing how to create and deploy a front-running script to generate “profits.”...