Crypto Fraud

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Bitcoin Sinks Further 70% in Standard Chartered List of Possible 2023 Upsets

(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 […]

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Crypto
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FTX

FTX Missing Billions Remain Mystery After Bankman-Fried Grilling

(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 […]

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Bankruptcy
Crypto
Crypto Crash
Crypto Fraud

Bankman-Fried Says Collateral Crashed by $51 Billion as FTX Fell

(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 […]

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Crypto
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FTX

FTX Latest: Genesis Bankruptcy Warning Weighs on Crypto Markets

(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. […]

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Crypto
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Cryptocurrency Regulation

Traders Flee Crypto Markets After FTX Collapse

(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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Crypto
Crypto Crash
Crypto Fraud
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Cryptocurrency Regulation
FTX

FTX Latest: Crypto Fears Contagion as Billions Owed to Creditors

(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 […]

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Crypto
Crypto Crash
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Cryptocurrency
Cryptocurrency Regulation

Investor Studied Crypto For Years, Then Missed FTX’s Red Flags

(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 […]

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Crypto
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Crypto Fraud
Crypto Taxation
Cryptocurrency
Cryptocurrency Mining
Cryptocurrency Regulation

Beyond the Crypto Crash, a Big Squeeze Jolts Stock Markets Anew

(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 […]

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Bankruptcy
Crypto
Crypto Crash
Crypto Fraud

FTX’s Bankman-Fried Received $1 Billion Loan From Alameda

(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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Crypto
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Cryptocurrency
Cryptocurrency Regulation

Sam Bankman-Fried Fooled the Crypto World and Maybe Even Himself

(Bloomberg) — Before the world began to grasp the truth about Sam Bankman-Fried — before the panic, the investigations and, at last, the brutal collapse — an inkling of doom began to spread through his convoluted crypto empire. All across FTX, the exchange that had transformed his mere initials into a symbol of a new […]

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Crypto
Crypto Crash
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Cryptocurrency

Bankman-Fried Resigns From FTX, Puts Empire in Bankruptcy

(Bloomberg) — Sam Bankman-Fried’s crypto empire filed for Chapter 11 bankruptcy in Delaware, capping a rapid downfall for his companies. Entities tied to FTX.com, FTX US and trading firm Alameda Research Ltd. were part of the filings, according to a Twitter statement Friday. Chapter 11 bankruptcy lets a company continue operating while it works out […]

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Crypto
Crypto Crash
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Cryptocurrency

Bitcoin Trades Near $30,000 as Markets Digest TerraUSD Fallout

(Bloomberg) — Bitcoin staged a modest recovery to trade at around $30,000, extending a period of relative market calm after the collapse of a closely watched stablecoin roiled digital assets in the past week. The largest cryptocurrency advanced 3.4% n Sunday to $30,350 as of 4 p.m. in New York. Ether, the second-biggest token, rose […]

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Crypto Fraud
Cryptocurrency

Kim Kardashian, Floyd Mayweather Sued by Investors in EthereumMax Tokens

(Bloomberg) — Kim Kardashian and Floyd Mayweather Jr. were sued for allegedly scamming investors in a cryptocurrency called EthereumMax. The reality television star and ex-boxing champion were paid to hype the blockchain-based digital tokens to their fans, “causing investors to purchase these losing investments at inflated prices,” according to the complaint filed in Los Angeles […]

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