(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) — 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) — 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) — 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) — 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 […]
Read More(Bloomberg) — Sam Bankman-Fried’s bankrupt FTX crypto exchange owes its 50 top unsecured creditors a total of $3.1 billion. FTX Trading Ltd. and about 100 affiliated companies are starting a strategic review of global assets. Investors continue to pull funds from digital-asset exchanges despite the latter’s efforts to reassure markets about their stability. Crypto lender […]
Read More(Bloomberg) — When Sam Bankman-Fried was all of 25 years old, he pitched his nascent crypto investment business to Silicon Valley investors — only for them to laugh at him and his acolytes over their lack of experience and knowledge of crypto. “None of us has run a company before and we’d like $100 million […]
Read More(Bloomberg) — Being glued to crypto news this week meant missing adventures in regular markets that while lacking the same high drama, made up for it in terms of money at stake. In case you missed it, stock and bond traders spent the last five days still caught in the thrall of an event that […]
Read More(Bloomberg) — FTX co-founder Samuel Bankman-Fried, one of his related companies, and two other top executives at the collapsed cryptocurrency exchange received massive loans from affiliated trading arm, Alameda Research, according to a bankruptcy court filing Thursday. Alameda’s receivables included $4.1 billion in combined loans to “related parties,” according to a footnote in a document […]
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