Tag: FTX

Celsius Network Insolvent Since Inception

A court-ordered investigation is looking into Celsius Network, a cryptocurrency lender that promised its customers a big 17% return on their deposits every year. The company’s failure was reportedly inherent in its business model, and its founder and CEO, Alex Mashinsky, has come under fire for fraud. “Extreme Market Conditions” In June 2022, Celsius halted withdrawals and transfers, blaming “extreme market conditions.”...

Bankruptcy, Celsius, Front page, FTX, Main, Sam Bankman-Fried

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Genesis filed for bankruptcy protection in USA

Sadly, one more company joins the list of crypto companies that have fallen into bankruptcy.  Genesis Global Capital, LLC, a cryptocurrency lender owned by Digital Currency Group (DCG), filed for bankruptcy late Thursday night in New York. Genesis voluntarily filed three petitions with the bankruptcy court, the company said in a press release. The crypto lender has been having money problems. It owes more than $3 billion to its major creditors,...

Bankruptcy, Cryptocurrencies, Exchanges, Front page, FTX, Gemini, Genesis, Main

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Crypto Today: Risk appetite; Bitzlato bust; FTX funds

Risk appetite returns The price of bitcoin has risen by almost a third since the beginning of the year, leading to speculation that the prolonged ‘crypto winter’ is finally beginning to thaw. Short sellers lost hundreds of millions of dollars in the space of just a few days, according to a report from crypto investment service BitStacker. The gains come amid easing inflation and signs that the US Federal Reserve will slow interest...

Binance, Bitcoin, Bizlato, Cryptocurrencies, Exchanges, FTX, Sam Bankman-Fried

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Solana Loses 94% of Value Since Start of 2022 Due to Association with SBF and FTX

Solana is a layer-1 blockchain network that is not controlled by a central authority and runs on its own cryptocurrency, SOL. It aims to give decentralized applications and blockchain-based projects infrastructure that is fast, safe, and scalable. Anatoly Yakovenko started Solana in 2017. Since then, it has become a popular choice among developers who want to build on a reliable and fast blockchain platform. Even though SOL is popular and is...

$SOL, Bankruptcy, Front page, FTX, Main, NFTs, Sam Bankman-Fried

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Sam Bankman-Fried was arrested in the Bahamas

Bankman-Fried has been apprehended in the Bahamas. According to CNBC, Bankman-arrest Fried’s warrant was issued after US officials filed charges against him. This was confirmed by Ryan Pinder, who is the Attorney General of the Bahamas. He said that the U.S. was likely going to ask for his extradition soon. In a statement about this, Philip Davis, the prime minister of the Bahamas, said: The Bahamas and the United States have an interest...

Bankruptcy, Cryptocurrencies, Front page, FTX, Main, Sam Bankman-Fried

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Crypto Today: The worst; BTC Decoupling; FTX Impact

Is the worst nearly over?  In this still-emerging business, volatility has always been a constant. Cryptocurrency is infamous for its steep declines and spectacular recoveries. Long-time Bitcoin supporters can confirm that this is not the first crypto winter. May cryptocurrency prices and stocks recover in 2023? Hany Rashwan, CEO of 21.co, a cryptocurrency investment business, said, “It is very evident that we as an industry...

Bankruptcy, Bitcoin, Cryptocurrencies, FTX, Sam Bankman-Fried

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BlockFi’s U.S. bankruptcy filing

Two weeks ago, BlockFi banned withdrawals owing to “lack of clarification over the fate of FTX.com, FTX US, and Alameda.” As previously mentioned by the BlockFi team, the move would be directly spurred by the demise of FTX, the business that initially offered a $400 million credit line to fund the crypto-lending startup. This is in addition to the exchange formed by Sam Bankman-option Fried’s to acquire for an additional $280...

Bankruptcy, Blockfi, Cryptocurrencies, Front page, FTX, Main, Sam Bankman-Fried

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Crypto Contagion: Bank of America downgrades Coinbase to Neutral, COIN down 7%

Bank of America (BofA) has downgraded the shares of Coinbase, a cryptocurrency exchange platform, after the collapse of the FTX cryptocurrency exchange, while warning of contagion risks in the volatile industry. Coinbase told its customers that the company is not exposed to FTX. However, Sam Bankman-failure Fried’s exchange’s continues to impact the whole market. According to Yahoo! Finance, Jason Kupferberg, senior equities...

Coinbase, Crypto regulation, Cryptocurrencies, Front page, FTX, Main

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How far does the FTX contagion go?

Just as 2021 will be recognized as the year institutional money began to enter the crypto world, 2022 will surely be infamous for the seemingly endless list of problems and bankruptcies in the crypto world.  When it came out that Sam Bankman-Fried, the founder of FTX, had taken $10 billion off of FTX’s balance sheet to fix a problem at his sister quantitative trading firm, Alameda Research, the cryptomarkets became very unstable. Until...

Cryptocurrencies, Exchanges, Front page, FTX, Sam Bankman-Fried

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Kevin O’Leary: Idiot managers always get wiped out and that’s okay

Bitcoin is held mainly by individuals, some family offices, and some hedge funds, but in the context of what can be a nothingburger. Is Bitcoin a hedge against inflation? So far it has not worked despite the absence of regulation, as it is not being indexed. It may be a chicken and egg conundrum, and may be more valuable than gold. However, institutions are allowed to own gold, and they own up to five percent of allocations or ETFs that...

Bitcoin, Crypto adoption, Crypto regulation, Cryptocurrencies, Ethereum, FTX, People

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