A letter by the chair of the Subcommittee on Economic and Consumer Policy demanded the former and current FTX CEOs turn over details of the exchange’s past and current financials. The former and current CEOs of the bankrupt FTX cryptocurrency exchange have been pressed by the chair of a United States House subcommittee calling for…
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The troubled crypto lending and trading firm Genesis had sought an emergency loan of $1bn before closing redemptions for clients earlier this week. Details about the emergency loan sought by Genesis were shared by the Wall Street Journal on Thursday, with the newspaper citing a confidential fundraising document as saying that Genesis needed the 1$bn…
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Ontario Teachers’ Pension Plan (OTPP), one of the largest pension plans in the world, is writing down its investment in the bankrupt crypto exchange FTX. “Recent reports suggest potential fraud conducted at FTX which is deeply concerning for all parties,” the plan states. Major Canadian Pension Plan Writes Down FTX Investment Ontario Teachers’ Pension Plan…
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Binance.US, the American arm of crypto exchange Binance, is reportedly set for a bid to acquire crypto lending firm Voyager Digital after FTX dropped out of the picture. Voyager announced last week, following the fall of FTX, that “Voyager has reopened the bidding process for the company, and is in active discussions with alternative bidders.”……
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Some companies have resulted in layoffs to deal with their million-dollar losses. Nickel Digital Asset Management is not the only company feeling the effects of FTX’s collapse and bankruptcy. NFT protocol Metaplex also laid off “several members of the Metaplex Studios team” due to the “indirect impact” from the collapse of crypto exchange FTX. The…
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“This is categorically a very, very negative thing for human beings and for the regulatory environment,” Yang said. Calls for harsher regulations around cryptocurrencies and digital assets will likely grow louder in the aftermath of FTX’s collapse — something former United States presidential candidate Andrew Yang said isn’t conducive to making America a hotbed for…
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Grayscale shared a letter from Coinbase Custody attesting that each of Grayscale’s crypto products is fully backed, but stopped short of providing the wallet addresses. Cryptocurrency investment product provider Grayscale Investments has refused to provide on-chain proof of reserves or wallet addresses to show the underlying assets of its digital currency products citing “security concerns.”…
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Let’s ensure that the companies replacing FTX in the public eye understand what cryptocurrency is about and want to get back to its core values. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information,” new FTX CEO John Ray III said…
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Businesses exposed to Sam Bankman-Fried’s bankrupt cryptocurrency exchange are beginning to topple. Bitcoin (BTC) is the greatest monetary revolution of the modern age. By simply buying and holding Bitcoin, citizens are staging a peaceful protest against the indentured servitude brought on by fiat economics. In the process, they’ve initiated one of the greatest wealth transfers…
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The bears were in control for the second week after FTX collapse, leading to a market-wide dismal performance including top 100 DeFi tokens. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The FTX collapse has created a…
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