FTX crypto

It's been three months since one of the most influential crypto exchanges collapsed into bankruptcy. FTX's demise brought with it a wave of financial uncertainty and distress across the crypto industry. But it also had an effect on the small island nation where the crypto exchange had established its headquarters: The Bahamas. This is not the Caribbean's first financial crisis. History suggests it won't be the last. But it is perhaps one of the highest profile losses, and potentially the most damaging. It comes as…

Blaming Sam Bankman-Fried is convenient cover for some firms that should have known better. The crypto industry has suffered many booms and busts in its brief lifespan, but nothing like this. Sam Bankman-Fried, currently sitting in a Bahamian jail, has been accused by the US securities regulator of orchestrating a years-long fraud that diverted billions in customer funds from opaque and offshore exchange FTX to a now-bankrupt trading empire. The outrage among FTX's roughly 1 million creditors is understandable, as…

The rise and fall of Sam Bankman-Fried is a tale of the way we live now — tweeting, not reading. Sam Bankman-Fried doesn't read books. As he explained in a profile on Sequoia Capital's website (which will be an assigned text in journalism courses for the rest of time), “I would never read a book.” “I'm very skeptical of books,” he said. “I don't want to say no book is ever worth reading, but I actually do believe something pretty close to that.”This error is not irremediable, because Bankman-Fried, founder of the…

Confronted by a crypto crisis he helped spark, former FTX.com Chief Executive Officer Sam Bankman-Fried is tweeting through it. Confronted by a crypto crisis he helped spark, former FTX.com Chief Executive Officer Sam Bankman-Fried is tweeting through it.On Wednesday, he added a further 18 tweets to a meandering thread he started at the beginning of the week. The posts, published at sporadic intervals, have combined apologies for his failings with his perspective on what went wrong at the companies he founded and ran.…

Sam Bankman-Fried’s spectacular flameout illustrates just about everything that’s wrong with crypto markets. In one sense, investors and regulators should be grateful to Sam Bankman-Fried, the erstwhile head of the FTX cryptocurrency exchange. The spectacular flameout of his virtual empire has evolved from a cautionary tale into a master class on everything that's wrong with crypto markets.As customers and creditors sort through what remains of the failed exchange's holdings, and as the repercussions spread throughout…

The meltdown of Sam Bankman-Fried’s digital assets empire FTX is a “Lehman Shock” to the industry, said the co-founder of bitFlyer Inc. The meltdown of Sam Bankman-Fried's digital assets empire FTX is a “Lehman Shock” to the industry, potentially causing more crypto firms to fail, said the co-founder of major Japanese crypto exchange bitFlyer Inc.“It's a huge impact,” Yuzo Kano said in an interview with Shery Ahn and Haidi Stroud-Watts on Bloomberg Television at the New Economy Forum, adding that the turmoil may push…

A swift plunge in value of FTX’s key crypto assets suggests that customers of the once popular exchange face a slim chance of recovering much of their deposits. A swift plunge in value of FTX's key crypto assets, along with unauthorized withdrawals of funds after it filed for bankruptcy, suggests that customers of the once popular exchange face a slim chance of recovering much of their deposits. A breakdown of the balance sheet of Sam Bankman-Fried's exchange shared with investors a day before its bankruptcy filing…

A four-day slump for crypto altcoin Solana deepened, while developers spun off one of the blockchain network’s most prominent and FTX-affiliated projects. A four-day slump for crypto altcoin Solana deepened, while developers spun off one of the blockchain network's most prominent and FTX-affiliated projects. Solana fell as much as 11% to $12.11 on Monday in Asia's morning. Crypto bellwethers Bitcoin and Ether also slumped, with Bitcoin at one point dropping below $16,000. Other altcoins, including Polkadot and…

The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run. The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run.The exchange, formerly one of the world's largest, sought bankruptcy protection last week, and its CEO and founder resigned. Hours later, the trading firm said there had been “unauthorised access” and that funds had disappeared. Analysts say hundreds of…

Sam Bankman-Fried told FTX.com investors Wednesday that without a cash injection the company would need to file for bankruptcy. Sam Bankman-Fried told FTX.com investors Wednesday that without a cash injection the company would need to file for bankruptcy, according to a person with direct knowledge of the matter.On a call before Binance pulled an about-face and bailed on its takeover offer, Bankman-Fried informed investors his crypto exchange faced a shortfall of up to $8 billion and needed $4 billion to remain…