(Bloomberg) — When US banks fell like dominoes during the Great Depression, the cause was often a classic run: Depositors withdrew cash en masse amid fears that lenders were amassing huge losses on bad loans and investments. The cryptocurrency era just put a new twist on that — with the depositors running into trouble first. […]
Read More(Bloomberg) — The fallout from the collapse of Sam Bankman-Fried’s crypto empire just got messier, with digital-asset entrepreneur Cameron Winklevoss accusing fellow businessman Barry Silbert of “bad faith stall tactics” and the intermingling of funds within his conglomerate that Winklevoss says have left $900 million in customer assets needlessly in limbo since FTX’s meltdown. Gemini […]
Read More(Bloomberg) — MicroStrategy Inc. shares touched the lowest level since August 2020 after the enterprise-software firm, better known in recent years as the largest corporate buyer of Bitcoin, disclosed its first ever sale of the token. The stock fell 1.1% to $136.63 on Thursday, and is down 75% this year. Bitcoin rose less than 1% […]
Read More(Bloomberg) — Money managers who have avoided the many ups and downs of cryptocurrencies may be feeling relieved for having done so, according to a senior investment strategist at JPMorgan Asset Management. “As an asset class, crypto is effectively nonexistent for most large institutional investors,” Jared Gross, head of institutional portfolio strategy at the bank, […]
Read More(Bloomberg) — FTX cryptocurrency exchange founder Sam Bankman-Fried is responsible for “one of the biggest financial frauds in American history” and the investigation of the alleged scheme is “very much ongoing,” Manhattan US Attorney Damian Williams said Tuesday. Bankman-Fried was charged with eight criminal counts, including conspiracy and wire fraud, earlier in the day, for […]
Read More(Bloomberg) — US authorities have alleged that fallen crypto maven Sam Bankman-Fried defrauded investors in his FTX empire, stealing billions of dollars as part of a “massive, years-long fraud” for his own benefit. Civil charges, filed by the Securities and Exchange Commission on Tuesday, claimed that Bankman-Fried had been engaged in a scheme to deceive […]
Read More(Bloomberg) — The digital gold rush in Texas is losing its luster as Bitcoin miners grapple with financial woes, leaving behind what some fear will be a wasteland of unfinished sites and abandoned equipment. In an effort to become a haven for crypto mining, Texas has aggressively lured miners with cheap power and favorable regulations, […]
Read More(Bloomberg) — Speculators cleaving to the view that the crypto rout is mostly over are at risk of a rude awakening in 2023, according to Standard Chartered. A further Bitcoin plunge of about 70% to $5,000 next year is among the “surprise” scenarios that markets may be “under-pricing,” the bank’s Global Head of Research Eric […]
Read More(Bloomberg) — Analysts and investors are struggling to call a bottom in crypto stocks in the wake of a brutal month that ended with the head of BlackRock Inc. saying most digital-asset firms won’t survive. Cryptocurrency firms including Coinbase Global Inc., Galaxy Digital Holdings Ltd. and MicroStrategy Inc. all plunged more than 25% last month. […]
Read More(Bloomberg) — Mystery continues to shroud the missing billions at bankrupt crypto exchange FTX after its disgraced founder Sam Bankman-Fried denied trying to perpetrate a fraud while admitting to grievous managerial errors. In his first major public appearance following the Nov. 11 implosion of FTX and sister trading house Alameda Research, Bankman-Fried said he “screwed […]
Read More(Bloomberg) — In the wake of the spectacular meltdown of Sam Bankman-Fried’s crypto empire, many investors are looking for early warning signs that may have foretold the contagion that was about to unfold. One possibility? Coinbase Global Inc.’s junk bonds. The largest US digital-asset trading platform has seen the price of its bonds plunge this […]
Read More(Bloomberg) — Sam Bankman-Fried, disgraced founder of the now collapsed crypto exchange FTX and trading house Alameda Research, apologized to staff in a letter that outlined a crash in “collateral” to $9 billion from $60 billion. “I didn’t mean for any of this to happen, and I would give anything to be able to go […]
Read More(Bloomberg) — Crypto brokerage Genesis warned of the risk of bankruptcy amid contagion from the rapid demise of Sam Bankman-Fried’s FTX empire. Tampa Bay Buccaneers quarterback Tom Brady and the Golden State Warriors’ Steph Curry are among the celebrities that a Texas regulator is investigating for potential securities-law violations tied to their promotions of FTX. […]
Read More(Bloomberg) — Wall Street’s waning conviction in Coinbase Global Inc. has done little to deter Cathie Wood. Instead, she’s been scooping up shares of the struggling cryptocurrency exchange in the wake of the collapse of Sam Bankman-Fried’s FTX. Wood’s Ark Investment Management funds have bought more than 1.3 million shares of Coinbase since the start […]
Read More(Bloomberg) — The wild-west days of crypto markets are back again as the large trading houses that once thrived on arbitraging price gaps pull back in the wake of FTX’s collapse. That’s opening up profitable opportunities for anyone that still dares to trade. Prices for essentially identical assets on various platforms are diverging in a […]
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