According to Solana’s founder, Anatoly Yakovenko, Serum developers are forking the platform because the “upgrade key to the current one is compromised.” Serum, created by FTX’s Sam Bankman-Fried (SBF), was touted as “completely permissionless,” but now that the exchange has fallen, it’s suspected that Serum’s upgrade authority is tainted. A So-Called ‘Trustless’ Defi Protocol With…
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Following the reports that said FTX wallets were being drained and the FTX Telegram channel’s admins that detailed its possible malware might be present in FTX-related apps and websites, the company’s new CEO John Ray confirmed there were “unauthorized transactions.” The news was shared by FTX US’s general counsel Ryne Miller and retweeted by FTX’s…
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It is understood that Sam Bankman-Fried and two former FTX associates are currently being detained by Bahamian authorities. FTX former CEO Sam Bankman-Fried, co-founder Gary Wang and director of engineering Nishad Singh are understood to be in the Bahamas and are “under supervision” by the local authorities. The source familiar with the matter told Cointelegraph…
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On Nov. 11, 2022, FTX Trading Ltd. filed a voluntary petition for Chapter 11 bankruptcy protection in Delaware. The news followed a few days of speculation and evidence that had shown the digital currency exchange was likely insolvent. The company’s bankruptcy filing and information concerning Sam Bankman-Fried’s (SBF) quantitative cryptocurrency trading firm Alameda Research shed…
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According to Flightradar24’s official Twitter account, the most tracked flight at 3:33 a.m. on Nov. 12, 2022, was Sam Bankman-Fried’s (SBF) private jet flying from the Bahamas to Argentina. While the flight track doesn’t mean SBF took the flight, a number of people suspected someone from SBF’s inner circle did fly out of the Bahamas.…
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FTX and Alameda’s Ponzi-like trading scheme has dealt a heavy blow to the entire crypto industry. Here are three developments to keep a close eye on. Up until the start of this week, Bitcoin (BTC) had been demonstrating record-low volatility, and this gave altcoins enough latitude to paint some nice technical setups. At the same…
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After FTX International’s parent firm West Realm Shires Services filed for Chapter 11 bankruptcy protection in Delaware, users noticed that FTX US was included in the bankruptcy filings. On the U.S. exchange’s website, the firm notes that “trading may be halted on FTX US in a few days,” but the company’s ethereum wallet stopped processing…
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ETH price plummeted to a 4-month low at $1,070 after a wave of futures liquidations. Ether (ETH) price shed roughly 33% between Nov. 7 and Nov. 9 after an impressive $260 million in future contracts longs (buyers) were liquidated. Traders using leverage were surprised as the price swing caused the largest impact since Aug. 18…
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FTX won’t be getting a bailout from Tether who confirmed it isn’t planning to provide a cash injection despite the CEO reportedly reaching out to multiple firms for help. Cryptocurrency exchange FTX has lost at least one potential rescuer as it battles to fill a reported multi-billion dollar hole in its balance sheet. The CTO…
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On Nov. 10, 2022, FTX CEO Sam Bankman-Fried (SBF) addressed the crypto community in a thread posted to Twitter. SBF noted that he messed up and “should have done better” and also detailed that at some point he “might have more to say about a particular sparring partner.” SBF Says He Messed Up, Claims ‘Hands…
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