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Search resuls for: "FTX didn't"


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☆ Crypto's Lehman moment: Here's how Sam Bankman-Fried's FTX compares to the biggest collapse of the Global Financial Crisis
  + stars: | 2022-11-11 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +7 min
Experts have drawn comparisons between the collapse of crypto exchange FTX and the fall of Lehman Brothers in 2008. Here's how the two events compare and what FTX's fall means for the broader financial system. In the years leading up to the Great Financial Crisis, Lehman loaded its balance sheet with vast amounts of subprime mortgage debt. When the "bank run" began this week, FTX didn't have the funds to meet withdrawal requests. But compared to 14 years ago, it probably won't be FTX's downfall that sparks a broader financial crisis, Allen said.
☆ Sam Bankman-Fried secretly transferred FTX customer funds to Alameda Research after his trading firm suffered losses in the spring, report says
  + stars: | 2022-11-10 | by ( Brian Evans | ) www.businessinsider.com   time to read: +2 min
Sam Bankman-Fried transferred at least $4 billion in FTX funds to Alameda Research earlier this year, sources told Reuters. The money included customer funds as well as those backed by FTX's native token FTT and shares in Robinhood. The transfer came after Alameda suffered steep losses on crypto deals in May and June, the report said. CoinDesk first reported last week that Alameda Research held a large amount of illiquid FTT on its balance sheet, spurring speculation that the trading firm lacked sufficient liquidity. In a series of tweets early Thursday, Bankman-Fried issued a broad mea culpa regarding FTX, and said Alameda is "winding down" its trading.
☆ FTX faces federal probes on handling of client funds as asset shortfall could top $6 billion, report says
  + stars: | 2022-11-09 | by ( Brian Evans | ) www.businessinsider.com   time to read: +2 min
FTX is facing down federal probes, which began months ago, into how it handled client funds, sources told Bloomberg. Both the Securities and Exchange Commission and the Commodity Futures Trading Commission are looking into the trading platform. Binance is re-evaluating its takeover of FTX as the gap between liabilities and assets could top $6 billion. Meanwhile, Binance is highly unlikely to move forward with its proposed acquisition of FTX amid solvency worries, Coindesk reported Wednesday. Bloomberg reported separately that Binance executives looking into FTX's financials found a massive gap between liabilities and assets that could exceed $6 billion.
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