Did Silvergate let FTX and Alameda share funds and bank accounts? Isn’t that illegal? Also, if one of the objectives of KYC and AML procedures is to stop money laundering, why didn’t Sam Bankman-Fried and company’s actions trigger alarms? They were allegedly doing egregious activities out in the open. Of course, the answer is that the rules are different for
Irrespective of the analytical lens you choose, you might feel that the recent FTX debacle’s impact is heavier than other unfortunate past incidents, especially because it happened when the market was going through a bearish time. Even though it has a smaller financial impact than those of the Mt.Gox exchange, the DAO hack, and the implosion of Terra, which fell
The second crypto exchange in the world, FTX, collapsed taking down several companies in the fallout. The contagion negatively impacts companies, projects, and hedge funds and could have consequences for political actors in the U.S. and abroad. Across social media, there are rumors about FTX and its founder and former CEO, Sam Bankman-Fried, using the platform to funnel money to
Key Takeaways A filing from FTX’s new CEO has more thoroughly revealed the shocking state of the company’s finances. New FTX CEO John J. Ray III, who oversaw Enron’s dissolution, wrote that he had never seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.” The document is likely the
By now, the news of crypto lender Genesis halting withdrawals has already made the rounds. The implications of this on other crypto platforms are becoming apparent as more time passes, but being so early, there remains a lot to be seen of how this plays out in the end. However, it is important to note that although Genesis was not
The FTX bankruptcy process has begun, led by the company’s new CEO, John Ray. After Sam Bankman-Fried, founder and former CEO of the company quit from duties and position, Ray took over the reins of the failed company. In the past, Ray led other companies through their bankruptcy and liquidation processes, including energy behemoth Enron. The current FTX CEO has
Key Takeaways FTX collapsed last week, shaking the crypto community’s faith in centralized custodians. Holding crypto in self-custody helps users reduce exposure to risky third parties and mitigate the risk of losing funds in a collapse. Cold storage wallets are widely regarded as the safest way to store crypto assets. Share this article URL Copied Crypto investors have been reiterating
Amid FTX contagion fears and the legal battle with the US Securities and Exchange Commission, Ripple Labs is currently hosting its Swell Global conference in London. Yesterday’s first day featured CEO Brad Garlinghouse (“BG”), among others, speaking about the massive progress made recently. Garlinghouse said on stage that he believes the crypto industry will emerge stronger from the current crisis
What happened here was not a mistake; it is not that they were hacked. They took several decisions to put at risk customer assets. The crypto industry saw dark days over the past week. FTX, the former second-largest exchange in the world, crumbled. The fallout continues to ripple across the industry, with FTX-backed companies filing for bankruptcy, users filing for
Make no mistake, Gemini promises that “all customer funds held on the Gemini exchange are held 1:1 and available for withdrawal at any time.” And, apparently, they’re just temporally halting withdrawals in one of its services. However, in the fear-ridden climate we’re living in, is it worth the risk to keep funds in the exchange? Especially considering that their website
Key Takeaways Su Zhu, Do Kwon, and Kyle Davies have reemerged to criticize the newest member of the failed founders’ club. Sam Bankman-Fried’s fraud arguably dwarfs that of most other crypto scammers combined. Nevertheless, the crypto space is not looking on either of the three pariahs any more favorably. Share this article URL Copied 2022 has seen more than a
There are seldom times when the entire crypto community comes together on any matter but one of these rare occurrences has taken place this week. It comes hot on the heels of the FTX collapse and an article from the New York Times following an interview with the now ex-CEO of FTX, Sam Bankman-Fried (SBF). Not long after the article
Key Takeaways MetaMask seems to be moving toward decentralization, which could suggest that an airdrop is on the horizon. Using MetaMask in different ways and interacting with ConsenSys-linked projects could help increase your chances of qualifying for the airdrop. Swapping tokens on MetaMask and using the wallet’s new bridge are two activities that could lead to an airdrop in the
Key Takeaways A new third-party audit of the Luna Foundation Guard has been released. The report claims that LFG used its $2.8 billion of funds in an attempt to shore up UST’s peg in May. While the audit looks reputable, Korean prosecutors maintain they have frozen funds embezzled by Terra figurehead Do Kwon. Share this article URL Copied The audit
The collapse of the world’s second largest crypto exchange FTX continues to be the all-dominant topic on the market. There are growing voices on social media that Sam Bankman-Fried is on par with legendary fraudster Bernie Madoff. Madoff has gone down in the history books for running the largest Ponzi scheme in history worth about $64.8 billion. He was chairman
The recent debacle of the FTX crypto exchange, coupled with the fiasco that took place with Terra earlier this year, disrupts the level of confidence among the crypto community. The major takeaway from the ongoing crisis might be how centralized crypto platforms and businesses need transparency, which the current regulatory framework lacks in achieving. To regain the shattered trust of
Sam Bankman-Fried, former CEO of crypto exchange FTX, still hasn’t finished his Twitter thread. In the bizarre posts, SBF recently wrote that his “one goal” is “to do right by customers.” Contrary to revelations in recent days, the former FTX CEO claimed that Alameda owned more assets than liabilities M2M but not liquid, that Alameda had a margin position on
All eyes are on Binance after the dramatic saga of events that started the FTX unravelling over the past week. Binance CEO Changpeng Zhao, commonly known as CZ, took to Twitter Spaces hosted by the Binance Twitter account on Monday. Over 40,000 listeners tuned in live, and the Space has been listened to over 500,000 times in less than 48
Key Takeaways Sei Network is an upcoming DeFi-focused Layer-1 blockchain built on Cosmos. It hopes to become a “decentralized Nasdaq” by offering fast transaction execution speeds of 300 to 400 milliseconds. Testnet users will receive SEI tokens for their contributions to the network when it goes live on mainnet. Share this article URL Copied Sei Network is a DeFi-focused Layer
As the drama and contagion surrounding the FTX fallout continues to unfold, so too have the sports brands, personalities and properties that were associated with the exchange. Part of why FTX’s damage is seemingly so residual lies within the fact that the firm’s reach began to touch so many different verticals: from political donations and relationships (FTX CEO Sam Bankman-Fried
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