(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) — Short sellers have pounced on crypto-focused equities as the digital-assets space crumbles in the wake of FTX’s public implosion. They’re paying a steep price to place those wagers. Crypto stocks are nearly three times more shorted than the average share, even as short sellers are paying almost eleven times as much in financing […]
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 […]
Read More(Bloomberg) — Sam Bankman-Fried’s FTX Trading exchange held $900 million in liquid assets against $9 billion of liabilities the day before Friday’s bankruptcy filing, the Financial Times reported Saturday, citing investment materials the newspaper had seen. Most of the recorded assets are either illiquid venture capital investments or crypto tokens that are not widely traded, […]
Read More(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 […]
Read More(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 […]
Read More(Bloomberg) — Bitcoin’s movements in relation to other assets may indicate that investors see it becoming a haven again, after a stretch where it’s traded basically as a risk asset, according to Bank of America Corp. The largest cryptocurrency has a 40-day correlation with gold of about 0.50, up from around zero in mid-August. While […]
Read More(Bloomberg) — It’s a perennial exercise whenever an asset is mired in a prolonged and deep drawdown: People look at the charts, they go over this or that indicator and they get their checklists out to try to figure out when it might find a floor. For Bitcoin, there’s plenty of such action happening right […]
Read More(Bloomberg) –Vauld, a crypto lender backed by Coinbase Inc., said it froze withdrawals and hired advisers to explore a potential restructuring, joining rivals from Celsius Network to Babel Finance in resorting to last-ditch measures to survive the market rout. The Singapore-based company hired Kroll as financial adviser and Cyril Amarchand Mangaldas and Rajah & Tann […]
Read More(Bloomberg) — The meltdown in cryptocurrency markets deepened this week, as major players contended with liquidations, withdrawal freezes, trading halts — and, at least in one case, a bailout. Crypto broker Voyager Digital Ltd. on Friday announced a suspension of trading, deposits and withdrawals, while BlockFi, a major digital-asset lender, won the backing of exchange […]
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