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☆ Bitcoin hits 2-year low as $1.4 trillion wiped off crypto market this year after FTX collapse
▼ + stars: | 2022-11-22 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The crypto market has been battered this year, with more than $2 trillion wiped off its value since its peak in Nov. 2021. Cryptocurrencies have been under pressure after the collapse of major exchange FTX. Bitcoin on Tuesday hit a two-year low as the cryptocurrency market takes a bruising following the collapse of major exchange FTX. The digital coin has since bounced from that low and was trading at around $15,728.33 at 4:08 a.m. Binance's move sparked the collapse of FTX, a company once valued at $32 billion.

☆ Lower valuations, regulatory crackdowns, and a push for DeFi: 5 VCs break down their crypto-market outlooks after FTX's swift downfall
▼ + stars: | 2022-11-21 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +9 min

FTX, the crypto exchange once worth $32 billion, filed for Chapter 11 bankruptcy on Nov 11. FTX, the crypto exchange reportedly worth $32 billion in February, filed for Chapter 11 bankruptcy on Nov. 11. A regulatory crackdown and the bull case for DeFiInsider asked five venture investors about their biggest takeaways from the fallout. "First, the crypto market is being de-leveraged, which paves the way for the next upturn. Risks of FTX's downfall could have been mitigated with a "hands on approach" by venture investors.

☆ The story of Sam Bankman-Fried's FTX implosion put crypto news sites like CoinDesk and The Block on the map. Inside their plan to fend off an ad slump and conspiracy theories — and keep winning.
▼ + stars: | 2022-11-21 | by ( Reed Alexander | Steven Perlberg | ) www.businessinsider.com time to read: +14 min

Now, crypto media staffers are wondering whether more dominoes falling from FTX could further hurt the industry or cripple their ad revenues. Crypto media kicks into overdriveRoberts said Decrypt's traffic doubled during the first week of the FTX saga. "In general, I think these things are good for crypto media," he said. Stacy-Marie Ishmael, the managing editor for Bloomberg's crypto team, likened burgeoning crypto coverage to 1990s coverage of the Internet. "It's now a situation where the crypto media has egg on their face.

☆ As Amazon's Alexa unit faces layoffs, insiders describe a department in crisis
▼ + stars: | 2022-11-21 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

Today, we're taking a look inside the rise and fall of Amazon's Alexa unit, and detailing more potential layoffs at Twitter, so we're not off to a great start — but let's keep our fingers crossed. Employees took us inside Amazon's floundering Alexa unit. With Amazon's Alexa — and the devices team at large — the prime target of the biggest layoffs in the company's history, Insider's Eugene Kim spoke with more than a dozen employees to understand the current state of the unit. Employees told Insider a combination of low morale, failed monetization attempts, and lack of engagement across users and developers made them feel as though the team was deadlocked over the last few years. Here's everything employees told us.

☆ Interest rates probably won't stay high, thanks to a shrinking workforce and the tech industry's 'midlife crisis,' top economist Paul Krugman says
▼ + stars: | 2022-11-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Interest rates probably won't stay high, top economist Paul Krugman wrote in an op-ed. For one, higher rates are a lingering effect of the pandemic, when the government flooded the economy with stimulus money, Krugman said. Households are still spending leftover stimulus, which has supported high prices and therefore, higher interest rates this year. But those effects will eventually fade away – and, along with slowing investment demand, that will likely result in interest rates being dragged lower. Lower rates could potentially revive asset bubbles, though risk assets are feeling serious pain from today's high interest rates.

☆ FTX collapse shows why crypto must be regulated before it threatens stability of financial system, says Bank of England official
▼ + stars: | 2022-11-21 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

The Bank of England's deputy governor for financial stability spoke at a conference on Monday. Crypto must be regulated before it's large enough to threaten overall financial stability, he said. Jon Cunliffe, the bank's deputy governor for financial stability, spoke at a conference at Warwick Business School on Monday. Cunliffe said that while crypto isn't large enough "to threaten the stability of the financial system, its links with mainstream finance have been developing rapidly." In his speech on Monday, Cunliffe added that some crypto technologies could also improve the financial system.

☆ FTX founder Sam Bankman-Fried donated $40 million to political campaigns leading into the midterms, leaving some concerned about crypto's place in Washington, report says
▼ + stars: | 2022-11-20 | by ( Bethany Biron | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried and FTX execs donated a total of $70 million to political campaigns in 18 months, according to OpenSecrets. Bankman-Fried himself donated $40 million to mostly liberal efforts, while fellow exec Ryan Salame gave $23 million primarily to Republicans. He was the second highest donor for liberal efforts behind George Soros and the sixth highest donor overall. Meanwhile, Ryan Salame, a fellow FTX senior executive, donated more than $23 million primarily to Republican candidates and efforts. "Frankly, everyone should always be skeptical of things like this," Bankman-Fried said of political donations.

☆ Caroline Ellison is a math whiz, trader, and the shadow figure behind FTX's collapse — here's how a devout Harry Potter fan came to take part in crypto's biggest implosion
▼ + stars: | 2022-11-19 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

Caroline Ellison was the CEO of Alameda Research, a trading firm launched by Sam Bankman-Fried. From that, the once shadowy figure of Caroline Ellison has emerged as an important character behind FTX's seeming success and surprising downfall. Ellison was the head of Alameda Research — the trading firm through which Bankman-Fried moved crypto tokens in tandem with running FTX. Amidst the revelation that FTX borrowed money from customer accounts to fund bets via Alameda, Ellison has become a subject of online speculation. Here's what we know about Caroline Ellison.

☆ FTX's collapse could be crypto's dot-com crash moment – with the industry struggling to ever regain investors' trust
▼ + stars: | 2022-11-19 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

The collapse of FTX could weigh on cryptocurrencies for years, experts told Insider. And the dot-com crash shows that there could be further pain ahead. "In a very crude way, this isn't that different to the dot-com crash," Morningstar Investment Management CIO Dan Kemp told Insider. Just 48% of internet companies even survived the dot-com crash, and it took Amazon a decade to regain its peak share price of $113. Whether cryptocurrencies can bounce back as some tech stocks did 20 years ago remains to be seen.

☆ Crypto's future post-FTX collapse with Kraken CEO Dave Ripley
▼ + stars: | 2022-11-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrypto's future post-FTX collapse with Kraken CEO Dave RipleyIncoming Kraken CEO Dave Ripley joins 'TechCheck' to discuss customers impacted by FTX's downfall and the status of contagion, Kraken's commitment to security and protecting client funds through proof of reserves and bitcoin removing the need for trusted third parties.

☆ Watch CNBC's full interview with Masterworks CEO Scott Lynn
▼ + stars: | 2022-11-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Masterworks CEO Scott LynnMasterworks CEO Scott Lynn joins CNBC's 'Squawk Box' to discuss the art market and whether fine art is a safer store of value for investors amid high inflation and crypto's collapse. "We do think art performs well during inflationary periods," Lynn tells CNBC.

☆ Art behaves differently than other asset classes, says Masterworks CEO Scott Lynn
▼ + stars: | 2022-11-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailArt behaves differently than other asset classes, says Masterworks CEO Scott LynnMasterworks CEO Scott Lynn joins CNBC's 'Squawk Box' to discuss the art market and whether fine art is a safer store of value for investors amid high inflation and crypto's collapse.

☆ After FTX's collapse, an SEC commissioner says crypto is worsening finance's existing flaws, while investors look for answers on regulatory concerns
▼ + stars: | 2022-11-18 | by ( April Joyner | ) www.businessinsider.com time to read: +6 min

Investors told Insider that they welcome regulation and more guidance at the federal level. In Lizárraga's view, many crypto companies have not only replicated the flaws of the traditional finance industry, but they've made them worse by operating in a regulatory gray area. Instead, crypto companies can protect both themselves and their customers by embracing regulation rather than seeking to sidestep it, he said. She decided to partner with the fintech company Apex for Zingeroo's crypto offering rather than a pure-play crypto exchange because she felt more confident that Apex would follow proper compliance. But others, including some venture capitalists, have suggested that federal regulators have not provided enough clarity to crypto companies.

☆ Crypto's been 'cut to ribbons' - but it can survive FTX's crash if players stop lighting each other up on Twitter, Anthony Scaramucci says
▼ + stars: | 2022-11-15 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Anthony Scaramucci said the crypto industry has been "cut to ribbons" this year, after FTX's crash. He said the industry can only grow up if crypto players stop lighting each other up on Twitter. Scaramucci stressed that the crypto industry can only grow up if crypto players collaborated with each more instead of banging heads with each other. Before FTX's downfall that reverberated through the crypto industry, Zhao tweeted that Binance would be liquidating all its FTT tokens — a crypto token native to FTX — due to "recent revelations." He told CNBC hours before FTX filed for bankruptcy that he's in a worse position because Bankman-Fried has hurt the industry.

☆ Wall Street has made serious strides to embrace crypto this year. But after FTX's implosion, a regulatory crackdown is imminent.
▼ + stars: | 2022-11-15 | by ( Morgan Chittum | Rebecca Ungarino | ) www.businessinsider.com time to read: +7 min

In a stunning downfall, crypto platform FTX filed for Chapter 11 bankruptcy protection on Nov. 11. Crypto sentiment from Wall Street giants has come a long way over the past few years. After FTX's disaster, a crackdown on digital assets is imminent. Prominent government officials quickly spoke out against the crypto platform last week. Gensler says that the agency's aggressive stance on digital assets is an effort to protect investors and may encourage further crypto adoption.

☆ After FTX's collapse, VCs across industries are finally admitting to crypto's failures — and they're preparing for 'more blows to come'
▼ + stars: | 2022-11-14 | by ( April Joyner | ) www.businessinsider.com time to read: +8 min

Investors stuck to crypto startups they considered "safe bets," but FTX's failure challenges that idea. Crypto startups held yacht parties through the summer and into early fall at events such as NFT.NYC and Messari Mainnet. "The whole crypto space is a high-leverage space, and it's susceptible to cascading failures." The events of the past week are unlikely to whet risk-averse LPs' appetite for crypto, investors told Insider. Even so, several investors who have backed crypto startups told Insider that despite the industry's recent travails, they remain believers in the technology.

☆ Billions of dollars seem to have disappeared with the collapse of FTX. How does that even happen?
▼ + stars: | 2022-11-14 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

The implosion of the FTX crypto exchange vaporized billions of dollars overnight. The disaster is being called crypto's Lehman Brothers moment, but Lehman had more than $600 billion in real assets that were salvageable. Sure, Lehman Brothers equity investors were completely wiped out, as will be the investors in FTX, but that's the risk equity investors assume when they buy in. According to a report from the Financial Times, FTX held less than $1 billion in liquid assets against $9 billion in liabilities. Compare that to Lehman Brothers going bankrupt with $639 billion in assets against $613 billion in debts.

☆ The Lehman Brothers of Crypto: Here's how the fall of Sam Bankman-Fried's FTX compares to the collapse that sparked the Great Financial Crisis
▼ + stars: | 2022-11-14 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

It gives maybe the clearest, most entertaining breakdown of how many, many very bad bets on subprime mortgages kickstarted the 2008 Financial Crisis. The most serious domino to fall 14 years ago was Lehman Brothers, the classic too-big-to-fail behemoth that did in fact go under. All this is a roundabout way of saying the collapse of Sam Bankman-Fried's crypto exchange, FTX, is severe and dramatic enough to warrant its own movie in a few years. Reminisce with me for a moment: In the years leading up to 2008, Lehman Bros loaded up its balance sheet with huge amounts of subprime mortgage debt. Lehman went under, and the world sunk into its worst financial crisis since the Great Depression.

☆ Star quarterback and FTX investor Tom Brady just changed his Twitter profile photo from the Bitcoin laser eyes meme, signaling the end of an era for crypto
▼ + stars: | 2022-11-14 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +2 min

Tom Brady just signaled the end of an era for crypto with a quiet change of his Twitter profile photo. Brady switched his profile photo from the "laser eyes" meme, which symbolized bullishness in Bitcoin. Social media profiles with "laser eyes" grew in popularity among cryptocurrency believers last year as a way for them to symbolically show bullishness in crypto, particularly in Bitcoin. Bitcoin is currently trading at $16,000, its lowest level in two years, and most original laser eye photos have now disappeared from Twitter. Brady was one of the final holdouts with a "laser eyes" photo; many noteworthy people quietly switched away from the meme as cryptocurrency prices crashed this year.

☆ FTX collapse being scrutinized by Bahamas authorities
▼ + stars: | 2022-11-13 | by ( Jasper Ward | ) www.reuters.com time to read: +4 min

[1/3] The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022. REUTERS/Marco BelloNASSAU, Bahamas, Nov 13 (Reuters) - The collapse of cryptocurrency exchange FTX is the subject of scrutiny from government investigators in the Bahamas, who are looking at whether any "criminal misconduct occurred," the Royal Bahamas Police said on Sunday. Bankman-Fried had transferred $10 billion of customer funds to his trading company, Alameda Research, the sources said. Blockchain analytics firm Nansen said on Saturday it saw $659 million in outflows from FTX International and FTX U.S. in the preceding 24 hours. In its bankruptcy petition, FTX Trading said it has $10 billion to $50 billion in assets, $10 billion to $50 billion in liabilities, and more than 100,000 creditors.

☆ FTX collapse being scrutinized by Bahamas investigators
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +2 min

[1/3] The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022. REUTERS/Marco BelloNov 13 (Reuters) - The collapse of FTX is the subject of scrutiny from investigators in the Bahamas, who are looking at whether any "criminal misconduct occurred," the Royal Bahamas Police said on Sunday. In a statement on Sunday, the Royal Bahamas Police said: "In light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd., a team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred." When asked by Reuters on Saturday whether he had flown to Argentina, he responded in a text message: "Nope". Reporting by Jasper Wade in the Bahamas; Writing by Megan Davies in New York; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

loadingIn a follow-up tweet, FTX said subsidiaries LedgerX LLC, FTX Digital Markets, FTX Australia Pte Ltd, FTX Capital Markets, Embed Financial Technologies and Embed Clearing were not included in the Chapter 11 filings. People familiar with the matter told Reuters at least $1 billion of customer funds have vanished from FTX. The nine days of turmoil hit already-struggling cryptocurrency markets, sending bitcoin to two-year lows . Its CEO Brian Armstrong told CNBC crypto markets need regulation to avoid more washouts like FTX. This is the primary way financial markets could suffer, as it may have further minor implications for portfolio shocks in a volatile macro regime."

The firm's founder Sam Bankman-Fried had transferred $10 billion of customer funds to his trading company, Alameda Research, the sources said. Blockchain analytics firm Nansen said it saw $659 million in outflows from FTX International and FTX U.S. in the last 24 hours. In January, FTX had raised $400 million from investors at a $32 billion valuation. "Over four years, FTX raised $1.8 billion from venture capital and pension funds. In its bankruptcy petition, FTX Trading said it has $10 billion to $50 billion in assets, $10 billion to $50 billion in liabilities, and more than 100,000 creditors.

☆ Sam Bankman-Fried reportedly denies fleeing to Argentina, says he's still in the Bahamas
▼ + stars: | 2022-11-12 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

Sam Bankman-Fried, CEO and Founder of FTX, walks near the U.S. Capitol, in Washington, D.C., September 15, 2022. Sam Bankman-Fried told Reuters he is still in the Bahamas, as rumors swirled overnight that the disgraced ex-CEO of the now-bankrupt crypto exchange FTX had run off to South America. FlightRadar24 tweeted early Saturday morning that the one-time crypto billionaire was flying from Nassau to Argentina. The account cited tweets as its sourcing that it was Bankman-Fried aboard the flight in question. Speculation over SBF's (a nickname given to the former FTX CEO) whereabouts come as authorities close in on Bankman-Fried and his failed crypto empire.

☆ FTX's fortunes fell off a cliff in a matter of days. Here's what experts think the company's fiasco could mean for the future of crypto.
▼ + stars: | 2022-11-11 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +5 min

Sam Bankman-Fried's crypto exchange FTX collapsed in a matter of days and has started Chapter 11 bankruptcy proceedings. Less than a year after it boasted a $32 billion valuation, the crypto exchange, owned by Sam Bankman-Fried, faced a "liquidity crunch" that forced it to try to sell itself to rival Binance. "It's been a long time coming, and it's a real wild west out there for anybody who is trading crypto." Crypto exchanges should watch for contagion riskOther exchanges and companies should be on high alert for continued fallout. "As an investor, you should be seriously questioning what you're investing in if it can evaporate over a weekend," Royal said.

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