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☆ Inside the relationship between Sam Bankman-Fried's FTX and Solana, the blockchain he championed whose token is down 96% from its highs
▼ + stars: | 2022-12-29 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

Sam Bankman-Fried was a big supporter of Solana, the layer-1 blockchain that bills itself as a faster alternative to Ethereum's network. He backed projects on its ecosystem, and his firms amassed huge sums of the blockchain's native token, also called Solana (SOL). The disgraced former crypto mogul backed projects in its ecosystem, and his firms amassed huge sums of the blockchain's native token, also called Solana (SOL). Meanwhile, Bankman-Fried's hedge fund Alameda Research and crypto exchange FTX purchased large sums of SOL tokens from the Solana Foundation, the nonprofit that supports the blockchain, and Solana Labs, the blockchain's developer. That's despite the fact that around 80% of projects on Solana's blockchain had zero exposure to FTX, Yakovenko told Bloomberg.

☆ 4 crypto experts break down what's next for the industry with trading volumes down 50% since the FTX collapse
▼ + stars: | 2022-12-16 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +5 min

Crypto daily trading volumes plunged 50% following FTX's collapse, per Bloomberg and Kaiko data. Insider spoke with four crypto experts about what's next for the nascent industry. The plunge in trading volumes comes at a pivotal time for the industry, which is enduring a prolonged and brutal bear market. "Many bull market retail investors have vacated the market causing significant lower trading volumes," Andreas Christensen, the founder of blockchain gaming developer SuperOne, said. Christensen added: "In such a fragile bear market, a big-time criminal act like SBF did with FTX will have a severe impact on the market sentiment and trading volumes."

☆ Goldman Sachs plans to spend millions on crypto-related investments after FTX's downfall, report says
▼ + stars: | 2022-12-06 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Goldman Sachs plans on spending tens of millions on crypto company investments, Reuters reported. "We have seen more client interest since the demise of FTX," Goldman's head of digital assets said. In fact, the Wall Street giant plans to spend "tens of millions" on investments in crypto companies even after FTX's implosion, Reuters reported on Tuesday. Amid continued layoffs in crypto, Goldman sees the time as a recruitment opportunity to snatch up talent in the industry. Goldman Sachs did not immediately respond to Insider's request for comment.

☆ The unraveling of $3 billion crypto lender BlockFi amid FTX's 'death spiral', according to bankruptcy filings
▼ + stars: | 2022-12-03 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +5 min

The crypto platform owes $30 million to the SEC, per bankruptcy filings. FTX, which once offered BlockFi a $400 million credit line, ultimately led to the firm's bankruptcy. BlockFi cited significant exposure to Sam Bankman-Fried's crypto empire, which filed for bankruptcy on November 11. Ironically, once FTX's "death spiral" began, BlockFi's liquidity crisis ensued and the company paused user account withdrawals on its platform. Due to the loan agreement and $355 million in digital assets held on FTX, BlockFi had substantial exposure.

☆ Bitcoin jumps to a 2-week high of $17,000, but crypto experts say don't cheer the rally as FTX contagion is far from contained
▼ + stars: | 2022-11-30 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Bitcoin hit $17,000 on Wednesday, trading at a two-week high. FTX, the once-$32 billion digital asset empire started by Sam Bankman-Fried, swiftly collapsed earlier this month and is raising contagion fears. And industry giant Genesis is organizing restructuring lawyers to prevent the crypto brokerage from going bankrupt, Bloomberg reported Tuesday. After losing two-thirds of its value since November 2021, the crypto industry continues to take hits — and despite the current bump in prices, the blows aren't done yet. Franzen see headwinds across the board for asset prices, with crypto looking particularly weak given the contagion events that have occurred.

☆ 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.

☆ 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.

☆ Explainer: Crypto industry spends millions on U.S. midterm elections
▼ + stars: | 2022-11-08 | by ( Hannah Lang | ) www.reuters.com time to read: +5 min

Crypto companies are eager to back industry-friendly political candidates. The election comes at a time of turmoil for the crypto industry. FTX's CEO Sam Bankman-Fried has far outspent all others in the crypto industry. WHAT IS THE CRYPTO INDUSTRY LOOKING TO GET IN RETURN? Crypto companies such as Circle want lawmakers to create a framework for stablecoins to help mature the industry and codify consumer protections.

☆ Internal forums, major deals, and employee exits: Inside BlackRock's long road to embracing crypto
▼ + stars: | 2022-11-07 | by ( Rebecca Ungarino | Morgan Chittum | ) www.businessinsider.com time to read: +13 min

A group of employees at the firm organized and started holding a forum to discuss crypto, five people familiar with the group told Insider. Eager, usually more junior, staff members huddled around to hear industry experts talk about crypto and blockchain. A junior employee touched off BlackRock's crypto effortsThe blockchain working group and the informal crypto-asset forum will end up being key footnotes in the firm's history. Leaving BlackRock for cryptoLader left BlackRock in June 2021 for Uniswap, the world's largest decentralized-exchange protocol, where she is now the chief operating officer. She was "very, very central" to the firm's crypto efforts," a former employee said.

☆ A Goldman Sachs alum turned crypto exec breaks down why Wall Street's next push into digital assets will be through bitcoin
▼ + stars: | 2022-10-15 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

John Haar, a managing director at digital asset services platform Swan Bitcoin, previously had a 12-year stint at Goldman Sachs. He says bitcoin is the biggest contender to gain traction in legacy finance and pull institutional interest in further. Investors saw the first wave of institutional interest in crypto through bitcoin as well. First, the value prop of bitcoin, Haar says, is the concept of "sound money," a currency that isn't prone to a sudden depreciation or appreciation in value. "I think Bitcoin is an easier sell, but I think we're still very early in terms of them potentially getting on board.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrypto reacts to CPI data, and Treasury faces new lawsuit over Tornado sanctions: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Messari CEO Ryan Selkis discusses his outlook for crypto regulation in the United States.

☆ FTX's Sam Bankman-Fried breaks down his 3 favorite use cases for blockchain tech — and explains the role of regulatory oversight in crypto markets
▼ + stars: | 2022-10-13 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

Sam Bankman-Fried, also known as SBF, is the CEO and cofounder of crypto giant FTX. Sam Bankman-Fried, the CEO and cofounder of crypto giant FTX, broke down three blockchain use cases in an interview at the Bipartisan Policy Center on Wednesday. In traditional equities, per Bankman-Fried, buying a share of a company can take an exuberant amount of time. Crypto regulation is 'necessary' and 'good'The 30-year-old billionaire welcomes regulation, specifically citing clear stablecoin oversight. "Crypto is big enough and starting to touch enough things that it is important to have regulatory oversight. "

Data from Bloomberg Economics shows that El Salvador tops its ranking of emerging market countries that are vulnerable to a debt default. Another survey by the institute found that 76 out of 100 small and medium-size enterprises in El Salvador do not accept bitcoin payments. But in 2022, recent data shows that only 1.6% of remittances were sent to El Salvador via digital wallets. Meanwhile, its other national currency, bitcoin, is revered for the fact that it, too, is impossible to mint out of thin air. "Bitcoin doesn't solve any of El Salvador's important economic problems," he added.

☆ Crypto startup Edge & Node's newly named interim CEO has a plan to make Web3 easier for software developers to build in
▼ + stars: | 2022-10-12 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

Edge & Node, the startup behind the Web3 protocol The Graph, has a new interim CEO, Brandon Ramirez. The same goes for the developers seeking to build decentralized apps, or dapps, as they're commonly called. Companies such as the decentralized-finance startups Sushi and Lido and the crypto research startup Messari have used The Graph for their development. Like many blockchain developers, Ramirez earned his programming chops in enterprise software. Ramirez, Tal, and Pohlmann founded The Graph in 2018 to help create some of that basic infrastructure.

☆ Grammy-nominated DJ Steve Aoki told us he's made more money from NFTs than royalties. Here's how he says he's profited $10 million — and how Web3 can disrupt the multi-billion-dollar music industry.
▼ + stars: | 2022-10-11 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +5 min

Aoki was "shocked and excited" when he realized he made more from NFT sales than music royalties. NFTs can disrupt the music industry by creating a new revenue stream for artists, Blau previously told Insider. "This could facilitate a change that I've been waiting to see for most of my career as an independent artist," Blau said of tokenized music royalties. NFT earnings vs music royaltiesThe 2X Grammy-nominated artist says he's made more from NFTs than a decade of music royalties, Decrypt first reported. Aoki touts Web3, or the metaverse, as a chance for artists to truly own their work via the blockchain.

☆ The bond market is in the middle of its worst decline since 1949. It's set to unravel some very popular trades, BofA says.
▼ + stars: | 2022-09-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

And below, I'm breaking down what Bank of America has to say about the worst bond market decline in over 70 years. The bond market is in the middle of a historic crash and it'll hammer stocks, according to a Friday note from Bank of America. As central banks around the world move to stem inflation, BofA analysts said bonds are experiencing their worst decline since 1949. What's your stock market outlook heading into year-end? As stocks sell off, Fundstrat's Tom Lee is sticking to his bullish year-end stock market forecast.

☆ Crypto parties are still raging in the bear market. Here's what it's like at Mainnet, where tickets cost $2,100 and attendees network on yachts.
▼ + stars: | 2022-09-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Crypto enthusiasts, Web3 founders, and investors convened at Messari Mainnet in New York City this week. The tone was firmly upbeat, despite bitcoin, ether, and other digital assets struggling through a bear market. "The bear market just means more building"Nathani, like a dozen other attendees I spoke to this week, is shrugging off the crypto winter and is increasingly upbeat about what comes next. "The bear market just means more building," Brandon Rochon, lead data scientist at Covalent told Insider. Those who have been in the crypto space for long enough, he said, understand the next wave of crypto adoption is still coming, whether the economy is choppy or not.

☆ The S&P Global exec in charge of the firm's DeFi efforts breaks down Wall Street's biggest hurdles to institutional adoption of crypto
▼ + stars: | 2022-09-23 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Chief DeFi Officer at S&P Global, Chuck Mounts, spoke at the Messari Mainnet conference on Thursday. Mounts says institutional capital will flood into crypto once there's more regulatory clarity. In recent years, Wall Street giants have made progress in offering crypto and its related products to their clients. S&P Global Ratings has followed in line with the other financial giants, who've signaled interest in crypto. In terms of policy, Mount says, these include both clear and educated regulation and legislation in crypto.

☆ A former Point72 portfolio manager turned crypto CIO breaks down why Ethereum's Merge is not a bullish enough catalyst for a market rally right now
▼ + stars: | 2022-09-21 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

Travis Kling is the chief investment officer at crypto asset management firm, Ikigai. The ex-Point72 portfolio manager says crypto markets won't rally until macro conditions recover. The exec breaks down why Ethereum's Merge is not a catalyst for an immediate bull run. Travis Kling, the CIO of crypto asset management firm Ikigai, says the upgrade isn't a catalyst for an immediate bull run or even rally. Although, the Merge is "the most significant catalyst in crypto history" traditional makes are in "turmoil," Kling says.

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