DIRS.INFO The most relevant business & tech news

☆ FTX collapse: The latest updates on the cryptocurrency crisis
▼ + stars: | 2022-11-14 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

New Delhi CNN Business —Aftershocks from the massive earthquake in the trillion-dollar crypto industry last week continued to be felt on Monday. The episode has not just destroyed confidence in the crypto industry, but it will also embolden global regulators to tighten the screws. There is a “lot of risk,” said Changpeng Zhao, who runs the crypto exchange Binance. On Saturday, FTX said it was looking into whether crypto assets were stolen and has since moved all its digital assets offline. Crypto risk management firm Elliptic said although the theft was unconfirmed, $473 million in crypto assets were apparently stolen from FTX.

☆ Factbox: From Genesis to Voyager, crypto firms' exposure to FTX is coming to light
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +6 min

REUTERS/Dado Ruvic/Illustration/File PhotoNov 17 (Reuters) - After major crypto exchange FTX filed for U.S. bankruptcy protection on Friday, the crypto industry is bracing for further fallout. While the extent of the contagion across crypto markets remains unclear, here are some firms that have given information about their exposure to FTX. GENESISThe crypto lending arm of U.S. digital asset broker Genesis Trading suspended customer redemptions on Wednesday, citing the sudden failure of FTX. It said it had no exposure to FTT, no exposure to Alameda Research and no loans to FTX. COINSHARESCrypto asset manager CoinShares has $30.3 million worth of exposure to crypto exchange FTX, CoinShares said in a statement on Nov. 10.

☆ Crypto.com CEO downplays FTX contagion fears, says he’ll prove naysayers wrong as withdrawals rise
▼ + stars: | 2022-11-14 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

"We do not run a hedge fund, we do not trade customers' assets. Alameda Research, FTX's sister company, borrowed billions in customer funds from the exchange to ensure it had enough funds on hand to process withdrawals, CNBC reported Sunday. Bankman-Fried declined to comment on allegations of misappropriating customer funds but said its recent bankruptcy filing was the result of issues with a leveraged trading position. Asked about this Monday, Marszalek said this was just a reflection of the assets Crypto.com customers were buying. Crypto.com has 70 million users globally and made revenues of $1 billion annually in both 2021 and 2022, according to Marszalek.

☆ Crypto.com Withdrawals Rise After CEO Admits Transaction Problem
▼ + stars: | 2022-11-13 | by ( Caitlin Ostroff | Elaine Yu | ) www.wsj.com time to read: 1 min

Crypto.com CEO Kris Marszalek admitted that a transfer was mishandled, but said the company’s processes have since been strengthened. Customers pulled funds from Crypto.com over the weekend after the company’s chief executive said the cryptocurrency exchange mishandled a roughly $400 million transaction. Crypto.com Chief Executive Kris Marszalek said on Twitter that the transfer was sent to the wrong type of account on another exchange. The transfer of a large chunk of ether, a popular cryptocurrency, took place on Oct. 21, but came to light after Twitter users flagged the transfer as unusual, based on publicly available blockchain transaction records.

Search resuls for: "Kris Marszalek"

4 mentions found