crypto

What do we know so far about the collapse of the FTX crypto exchange?

The collapse of FTX, one of the largest cryptocurrency exchanges in the world, has triggered a new bout of volatility in the highly speculative digital asset market. FTX founder Sam Bankman-Fried’s fortune went from nearly $16 billion to zero in days as his crypto empire filed for bankruptcy protection in the United States on November …

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Let the Crypto Burn

Let the Crypto Burn

Stephen Cecchetti is the Rosen Family Chair in International Finance at the Brandeis International Business School. Kim Schoenholtz is Clinical Professor Emeritus at NYU’s Stern School of Business. In the aftermath of FTX’s collapse, authorities should resist the urge to create a parallel legal and regulatory framework for the crypto industry. It is far better …

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New FTX Chief Slams “Complete Failure Of Corporate Controls” At Crypto Exchange

New FTX Chief Slams “Complete Failure Of Corporate Controls” At Crypto Exchange

Sam Bankman-Fried’s bankrupt FTX trading empire misused client funds and lacked reliable financials or proper internal controls, says new boss of collapsed $32 billion crypto exchange . John Ray III, a veteran insolvency practitioner who oversaw the liquidation of Enron, said in a U.S. court filing on Thursday that FTX was the worst case of …

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Crypto Broker Genesis Trading Stops Withdrawals at Lending Unit

Crypto Broker Genesis Trading Stops Withdrawals at Lending Unit

Genesis Trading, a large crypto financial services group, halted withdrawals in its lending unit, blaming “unprecedented market turmoil” caused by the collapse of Sam Bankman-Fried’s business empire. The group said on Wednesday that its decision to suspend redemptions and new loans came after facing “abnormal withdrawal requests that exceeded our current liquidity.” The Genesis troubles …

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Elizabeth Warren wants to pass a major crypto bill.  Sherrod Brown says not so fast.

Elizabeth Warren wants to pass a major crypto bill. Sherrod Brown says not so fast.

“You’ve got a whole political party here that’s still in the pockets of big financial corporations, whether it’s a crypto company or JPMorgan Chase,” he said, referring to Republicans. “So it is always difficult to do anything legislatively. This is why we so often rely on regulators. Brown’s cautious approach to crypto legislation in the …

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China Circles El Salvador’s Economy As Country Heads For Crypto Plunge

As crypto-Twitter cascaded doomsday memes about the bankruptcy of cryptocurrency exchange FTX and the steep drop in the price of bitcoin, one account remained particularly quiet on the subject. Unlike previous crashes, El Salvador’s President Nayib Bukele, who made bitcoin legal tender a year ago, did not urge his followers to “buy the dip.” The …

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NY Times tearing up over 'softball story' about crypto scammer Sam Bankman-Fried

NY Times tearing up over ‘softball story’ about crypto scammer Sam Bankman-Fried

The New York Times has come under fire for an article it published about Sam Bankman-Fried, with critics calling it a puff on the accused crypto fraudster. The Times widely quoted Bankman-Fried for an article whose title reads: “How Sam Bankman-Fried’s crypto empire fell apart”. The article describes Bankman-Fried as “SBF,” noting that he spoke …

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China Circles El Salvador’s Economy As Country Heads For Crypto Plunge

As crypto-Twitter cascaded doomsday memes about the bankruptcy of cryptocurrency exchange FTX and the steep drop in the price of bitcoin, one account remained particularly quiet on the subject. Unlike previous crashes, El Savlador Chairman Nayib Bukele, who made bitcoin legal tender a year ago, did not urge his followers to “buy the dip”. The …

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Customers Who Trusted Crypto Giant FTX Could Be Left With Nothing |  CNN Business

Customers Who Trusted Crypto Giant FTX Could Be Left With Nothing | CNN Business

New York CNN Business — As the dust settles from one of the most shocking financial implosions in history, one of the key unknowns is how much customers who can’t access their money expect to get back from FTX, the crypto exchange which filed for bankruptcy last week. The answer, according to legal experts, could …

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