ftx
‘I never opened the code for FTX’: SBF has long, candid talk with vlogger
Former FTX head Sam Bankman-Fried (SBF) selected cryptocurrency vlogger Tiffany Fong for a series of lengthy and candid telephone interviews. In the two interviews that had been released on YouTube at press time, SBF speaks about many of the major questions connected with the collapse of FTX. The first interview was conducted Nov. 6 and released Nov. 29 on YouTube. “I’ve started to trust my gut on things like this,” SBF said, explaining why he selected the relatively unknown figure to speak to. Fong has less than 10,000 subscribers to her channel. “Here’s someone who will, like, approach this from at least a somewhat neutral and interested vantage point,” he said of her. He continued: “We as a society, in my opinion, my humble opinion, have spent quite enough time this week trying to figur...
Learn from FTX and stop investing in speculation
The FTX collapse marks more than just the failure of another crypto exchange. It signals the time has come for the industry to grow up and embrace value. The value schism is here. FTX was the world’s second-largest crypto exchange. Now, it is a meme for the death rattle of absurd amounts of money being poured into refurbished centralized business models whitewashed in faux decentralization. As legendary investor Warren Buffet famously said, “Only when the tide goes out do you discover who’s been swimming naked.” It seems there were more than a few nude bathers in this last cycle. But we’ve seen this before, right? Actually, not quite. Bitcoin (BTC) emerged at the start of the longest financial market bull run in history. The industry it spawned proliferated, literally, in the best of...
$16K Bitcoin dropping to $12K–$14K — Can this really happen? Watch The Market Report
On this week’s The Market Report show, Cointelegraph’s resident experts discuss the possibility of a $12,000–$14,000 Bitcoin (BTC) price and what that would mean for the rest of the crypto space. We start off this week’s show with the latest news in the markets: New BTC miner capitulation? 5 things to know in Bitcoin this week Bitcoin prepares to exit a grim November just above $16,000 — what could be on the menu for BTC’s price this week? We discuss the protests in China, the possibility of Bitcoin miners being on the verge of capitulation and other important things to know about Bitcoin this week. We break down everything that could affect the price of Bitcoin and explain in simple, easy-to-understand language so you’re up-to-date and well-informed. BlockFi bankruptcy filing triggers a w...
Alameda Research withdrew $204M ahead of bankruptcy filing – Arkham Intelligence
According to analysis from blockchain firm Arkham Intelligence, over 50% of the funds transferred after Nov. 6 were in US pegged stablecoins. Alameda Research withdrew over $200 million from FTX.US before it filed for bankruptcy, according to analysis from blockchain firm Arkham Intelligence disclosed on Nov. 25. In a Twitter thread, Arkham revealed that Alameda Research, FTX’s sister company, pulled $204 million from eight different addresses of FTX US in a variety of crypto assets, the majority of them stablecoins, in the final days before the collapse. Arkham analysed flows from FTX US in the final few days before the collapse, finding that Alameda withdrew the most funds, at $204M. Below is a diagram of withdrawals to Arkham-identified entities from FTX US. n.b. this thread rega...
American regulators to investigate Genesis and other crypto firms
Cryptocurrency lending firm Genesis Global Capital and other crypto firms are under investigation by securities regulators in the United States, according to reports on Nov. 25. Joseph Borg, director of the Alabama Securities Commission, confirmed that its state and several other states are participating in inquiries regarding Genesis’ alleged ties to retail investors, including if Genesis and other crypto firms might have violated securities laws, Barron’s reported. It is still unclear what other companies are being investigated. Borg noted that the investigation focuses on whether Genesis and other crypto companies influenced investors on crypto-related securities without obtaining the proper registration. The investigation is another chapter in the Genesis saga since the company r...
Crypto Biz: Institutions short Bitcoin as SBF is ‘deeply sorry’ for FTX collapse
The monumental collapse of FTX will go down as one of the biggest corporate scandals of all time. But, at least Sam Bankman-Fried, or SBF, is sorry. On Nov. 22, the disgraced founder of FTX penned a letter to his former employees describing his role in the company’s bankruptcy. “I never intended this to happen,” he wrote. “I did not realize the full extent of the margin position, nor did I realize the magnitude of the risk posed by a hyper-correlated crash.” Get this: SBF still thinks the company can be saved because “there are billion of dollars of genuine interest from new investors.” Shouldn’t he be preoccupied with trying to avoid jail right now? Bitcoin (BTC) and the broader crypto market have been reeling in the wake of the scandal. While this has allowed many diamond handed hodlers ...
Disaster looms for Digital Currency Group thanks to regulators and whales
The cryptocurrency tide is flowing out, and it looks more and more like Digital Currency Group (DCG) has been skinny dipping. But let’s be clear: The current crypto contagion isn’t a failure of crypto as a technology or long-term investment. DCG’s problem is one of failure by regulators and gatekeepers. Since its 2013 inception, DCG’s Grayscale Bitcoin Trust (GBTC), the largest Bitcoin (BTC) trust in the world, has offered investors the ability to earn a high rate of interest — above 8% — simply by purchasing cryptocurrency and lending it to or depositing it with DCG. In many ways, the company performed a major service to the crypto industry: making investments into crypto understandable and lucrative for beginners and retail investors. And during the crypto market’s bull run, everything s...
CoinList addresses ‘FUD’ on withdrawals, cites technical issues for delays
Cryptocurrency exchange and initial coin offering (ICO) platform CoinList took to Twitter to address “FUD” after a blogger tweeted that users reported being unable to withdraw funds for over a week, sparking fears the company was having liquidity issues or w insolvent. “There is a lot of FUD going around that we would like to address head-on,” CoinList said in a Nov. 24 Twitter thread that stated that the exchange is “not insolvent, illiquid, or near bankruptcy.” It said, however, that its deposits and withdrawals are affected by “technical issues.” 2/ We are upgrading our internal ledger systems and are migrating wallet addresses involving multiple custodians. This is one of many efforts we are undertaking to offer our customers around the world better products and services while mai...
CoinList addresses ‘FUD’ on withdrawals, cites technical issues for delays
Cryptocurrency exchange and initial coin offering (ICO) platform CoinList took to Twitter to address “FUD” after a blogger tweeted that users reported being unable to withdraw funds for over a week, sparking fears the company was having liquidity issues or w insolvent. “There is a lot of FUD going around that we would like to address head-on,” CoinList said in a Nov. 24 Twitter thread that stated that the exchange is “not insolvent, illiquid, or near bankruptcy.” It said, however, that its deposits and withdrawals are affected by “technical issues.” 2/ We are upgrading our internal ledger systems and are migrating wallet addresses involving multiple custodians. This is one of many efforts we are undertaking to offer our customers around the world better products and services while mai...
Bybit launches $100M support fund for institutional traders
Crypto derivatives exchange Bybit has launched a new support fund to help institutional traders access liquidity in the wake of the FTX collapse — an event that triggered a fresh wave of panic selling across the digital asset space. The support fund, valued at $100 million, is available to market makers and high-frequency trading institutions struggling with financial or operational difficulties following the collapse of FTX earlier this month, Bybit disclosed on Nov. 24. The funds will be distributed to eligible applicants at a 0% interest rate. To be eligible, institutional traders must be active on Bybit or other exchanges. The maximum amount distributed per applicant is $10 million and the funds must be used for spot and Tether (USDT) perpetual trading on Bybit. Once the second-largest...
FTX miniseries gets go ahead, covering the ‘most brazen frauds ever committed’
An eight-episode limited series exploring the unraveling and scandals behind sunken crypto exchange FTX and its leadership is slated to soon begin production. The series has been purchased by technology conglomerate Amazon, and will likely air on Amazon’s video streaming service Prime. It’s understood to be based on “insider reporting” from journalists covering FTX and its founder Sam Bankman-Fried according to a Nov. 23 report from the entertainment magazine Variety. Brothers Joe and Anthony Russo, famed for directing Avengers: Endgame and multiple other Marvel-owned movies are reported to have sold the idea to Amazon and are slated to direct the mini-series. Details are sparse with what direction the series will take, the source material it will draw from, and what time period and people...
Crypto awakening: Researcher explains ETH exodus from exchanges
Blockchain analytics carried out by a Nansen researcher has highlighted outflows of Ether (ETH) and stablecoins from centralized exchanges in the wake of FTX’s collapse. Nansen research analyst Sandra Leow posted a thread on Twitter unpacking the current state of decentralized finance (DeFi), with a specific focus on the movement of ETH and stablecoins from exchanges. As it stands, the Ethereum 2.0 deposit contract contains over 15 million ETH, while some 4 million Wrapped Ether (wETH) is held in the wETH deposit contract. Web3 infrastructure development and investment firm Jump Trading holds over 2 million ETH tokens and is the third largest holder of ETH in the ecosystem. The current state of DeFi in @nansen_ai charts — sandra lmeow (@sandraaleow) November 22, 2022 Binance, Kraken, Bitfi...
