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☆ FTX's Sam Bankman-Fried is 'one of the greatest fraudsters in history' and a 'master manipulator,' Binance CEO says
▼ + stars: | 2022-12-07 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Binance's CEO says FTX founder Sam Bankman-Fried is "one of the greatest fraudsters in history." "FTX killed themselves (and their users) because they stole billions of dollars of user funds," the CEO said. Bankman-Fried chalks up FTX's collapse to accounting errors and denied allegations of the misuse of customer funds. "SBF is one of the greatest fraudsters in history, he is also a master manipulator when it comes to media and key opinion leaders." Bankman-Fried chalks up FTX's collapse to accounting errors and maintains he never intentionally misused funds or defrauded anyone.

☆ An independent study shows Binance has enough reserves to pay out all customers holding bitcoin
▼ + stars: | 2022-12-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

A proof of reserves report revealed Binance's bitcoin reserves have enough collateral, according to Mazars. The accounting firm conducted the review after being tapped by Binance last week. Since the implosion of Sam Bankman-Fried's FTX, crypto companies have fallen under increased scrutiny, and face pressure for more disclosure on their balance sheets. Binance, which is the world's largest crypto exchange by trading volume, had vowed to conduct a proof of reserves, as have several other exchanges. Binance CEO Changpeng Zhao has said it would foster "full transparency" between exchanges and their clients.

Bitcoin balances on crypto exchanges - where retail investors typically transact - have fallen to around 2.3 million from its 2020 all-time high of 3.1 million, exchange Bitfinex said. "There are signs that a significant number of retail investors have been discouraged to the point of exiting crypto entirely," Bitfinex analysts said. DAVID VS GOLIATHCrypto retail investors losing money is nothing new. A study from the Bank of International Settlements (BIS), conducted between 2015 and 2022, estimated that 73% to 81% likely lost money on their investments in cryptocurrencies. Eloisa Marchesoni, a trader who said she had about $2,000 on FTX she was unable to withdraw, is sure crypto will retain its attraction for smaller investors.

☆ French startup Ledger launches new hardware crypto wallet Ledger Stax
▼ + stars: | 2022-12-06 | by ( Ryan Browne | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFrench startup Ledger launches new hardware crypto wallet Ledger StaxResembling a smartphone but roughly the same size as a credit card, the new Ledger Stax weighs less than an iPhone. Its launch comes at a time when trust in centralized crypto platforms is fading after the collapse of Sam Bankman-Fried's FTX.

☆ iPod creator Tony Fadell designed a $279 credit card-sized device for storing your crypto
▼ + stars: | 2022-12-06 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

watch nowThe creator of the iPod, Tony Fadell, designed a new hardware wallet for people to store their cryptocurrency. The Ledger Stax sports a black-and-white E-ink display, similar to that of Amazon's Kindle e-readers. The Ledger Stax is the latest hardware crypto wallet from French startup Ledger. The Ledger Stax, which retails at $279, is available for preorder starting Tuesday and will start shipping in the first quarter of 2023, Ledger said. In 2018, during the last so-called "crypto winter," HTC launched the Exodus 1, a mid-range phone with a crypto wallet included.

☆ After FTX collapse, pressure builds for tougher crypto rules
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +4 min

The collapse of Sam Bankman-Fried's FTX was the biggest in string of big crypto-related failures this year. Some crypto investors share these concerns. "Regulators could have posted a lot more guidance for crypto," said Brian Fakhoury at crypto venture capital fund Mechanism Capital. India's Finance Minister Nirmala Sitharaman said the collapse of FTX underscored the need for greater visibility on often-anonymous crypto transactions. The FTX collapse "shows the importance of a well-framed regulation," Sitharaman said, "so that countries can be clearly aware of by whom, for what for these transactions are happening.

☆ Treasury Secretary Janet Yellen says FTX crash marked the Lehman moment for crypto as substantial harm hit investors
▼ + stars: | 2022-12-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Treasury Secretary Janet Yellen likened the collapse of FTX to that of Lehman Brothers in 2008. Substantial harm fell upon investors, especially those who weren't well informed about the risks, she said at the DealBook Summit. Still, Yellen maintained that while FTX's crash has been dramatic, it hasn't spilled over into the traditional banking sector. Two weeks ago, Yellen said that the collapse of FTX strengthened her view that the cryptocurrency market requires "very careful regulation." "I have been skeptical, and I remain quite skeptical," she said Wednesday.

☆ Billionaire investor Leon Cooperman says the S&P 500 won't hit a new high for a long time - and predicts a US recession and stubborn inflation
▼ + stars: | 2022-12-01 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Leon Cooperman expects the S&P 500 to eke out mediocre returns for the rest of this decade. The billionaire investor predicts a US recession and stubbornly high inflation. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. "The 4,800 high this year will be the high for quite some time," he said about the benchmark stock index. Rising prices, declining growthA prolonged economic downturn and elevated inflation lie ahead for the US, Cooperman said.

☆ BlackRock's Fink says crypto technology still relevant despite FTX
▼ + stars: | 2022-11-30 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

NEW YORK, Nov 30 (Reuters) - BlackRock Inc (BLK.N) Chief Executive Larry Fink said on Wednesday that there appear to have been "misbehaviors" by the now-bankrupt FTX crypto exchange, but that the technology behind crypto is relevant for the future. "We're going to have to wait to see how this all plays out (with FTX)," Fink said. "I mean, right now we can make all the judgment calls and it looks like there were misbehaviors of major consequences." BlackRock invested $24 million in FTX through a billionaire fund it manages, he said. Despite all the problems around FTX, Fink said he considers the technology behind crypto "will be very important."

☆ Bitcoin is on the 'road to irrelevance' and its last gasp was already on the horizon before FTX's collapse, ECB officials say
▼ + stars: | 2022-11-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Bitcoin was heading for a dead-end even before the collapse of Sam Bankman-Fried's FTX, ECB officials wrote Wednesday. The recent price spike is likely an "artificial last gasp before the road to irrelevance," officials noted. "More likely, however, it is an artificially induced last gasp before the road to irrelevance – and this was already foreseeable before FTX went bust and sent the bitcoin price to well below $16,000." Despite the ongoing 'crypto winter', VC investments in the crypto and blockchain industry totalled $17.9 billion as of mid-July." And while the crypto industry faces growing calls for oversight, the ECB officials cautioned that regulation can be misunderstood as approval.

☆ Bitcoin Family is moving more than $1 million into decentralized exchanges after Sam Bankman-Fried's FTX disaster
▼ + stars: | 2022-11-30 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +11 min

The Taihuttu family in November, days after moving back to Phuket. Didi TaihuttuZoom In Icon Arrows pointing outwards The Taihuttu family in Lagos, Portugal on the day they adopted Teddy, their Pomeranian puppy. Thumb drive-size devices like a Trezor or Ledger offer a way to secure crypto tokens "cold." When asked why he is going all in on DEXs instead of keeping his crypto cold, Didi pointed to ease of access. Under it all, the Bitcoin Family still believes that the original cryptocurrency is a solid bet.

"I've had a bad month," Bankman-Fried added later. Sorkin asked Bankman-Fried what motivated his acquisitions in the crypto industry, given the size of Alameda's borrowing from companies Bankman-Fried intended to acquire. Bankman-Fried claimed that he believed that by the middle of 2022, Alameda had repaid all lines of credit to various borrowing desks. Sorkin asked Bankman-Fried why FTX and Bankman-Fried even had access to customer money. By 2022, Bankman-Fried claimed, that number was down to 2%, which led him to believe that FTX's exposure was lessened.

☆ Here’s how China’s COVID lockdown protests are sparking unrest across markets and rattling the global investing landscape.
▼ + stars: | 2022-11-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Today we're going over what the ongoing protests in China mean for markets and investors. While the protests in China have been largely peaceful, some protesters have been met with violence from the authorities. Anti-government protests have erupted from Shanghai to Beijing as citizens rise up in opposition of China's zero-COVID policies. "Markets don't like bad news, and protests are bad news," Laffer told me on a phone call yesterday. China protests over lockdown measures could mean inflation gets stuck at 4%, according to Mohamed El-Erian.

☆ Mark Cuban still believes in crypto's fundamental value but thinks FTX's Sam Bankman-Fried is headed for jail
▼ + stars: | 2022-11-28 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Billionaire investor Mark Cuban isn't giving up on cryptocurrencies despite the collapse of FTX. He told TMZ on Saturday that crypto still has underlying value, urging people to "separate the signal from the noise." As for FTX founder Sam Bankman-Fried, Cuban said "I don't know all the details, but if I were him, I'd be afraid of going to jail for a long time." The billionaire owner of the Dallas Mavericks NBA team and "Shark Tank" investor told TMZ on Saturday that faith in fundamentals outweigh the short-term turbulence. Cuban also touched on Bankman-Fried, and said that the former FTX chief executive should be worried about potential jail time.

☆ Cathie Wood breaks down FTX, Elon Musk, and Twitter in a new interview. Here are her 9 best quotes.
▼ + stars: | 2022-11-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Cathie Wood spoke to Bloomberg on Tuesday in a wide-ranging conversation on crypto, FTX, Elon Musk, and investing. She compared Sam Bankman-Fried's FTX to Bernie Madoff's Ponzi scheme, and shared her thoughts on Elon Musk, Twitter, and Tesla. "We do think bitcoin — and you can see through the behavior of the infrastructure it hasn't skipped a beat, not one beat — it's more secure than yesterday, the day before, the day before. "We think bitcoin is coming out of this smelling like a rose." "Think about the amount of data Twitter has, and think about the combination of that and artificial intelligence.

☆ CoinDesk's chief content officer breaks down crypto media's advertising challenges and how he's steering the site through by exploring opportunities in NFTs and Web3
▼ + stars: | 2022-11-23 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

The incident has led to stress on other crypto companies, including one owned by CoinDesk's parent company. It's all unfolding as media companies fend off cuts and layoffs and an industry-wide slump in advertising revenue, which has seen big crypto companies like Grayscale, Binance, and Coinbase slash their advertising budgets. In an email to Insider, Casey reiterated that the incident does not impact CoinDesk's business. Are you a crypto or media insider with insight to share? Disclosure: Axel Springer is Insider's parent company.

☆ New York governor signs first-of-its-kind law cracking down on bitcoin mining — here's everything that's in it
▼ + stars: | 2022-11-23 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +8 min

Kathy Hochul signed a law Tuesday banning certain bitcoin mining operations that run on carbon-based power sources. "The bitcoin mining industry is actually leading in terms of compliance with that Act." "Our customers are being scared off from investing in New York state," said Foundry's Zhang. "Bitcoin mining operations are providing high-paying and high-grade, great jobs for local communities. "Other blue states often follow the lead of New York state and this would be giving them an easy template to replicate," said Foundry's Zhang.

☆ Bankman-Fried's FTX, senior staff, parents bought Bahamas property worth $300 mln
▼ + stars: | 2022-11-22 | by ( Koh Gui Qing | ) www.reuters.com time to read: +5 min

[1/5] View of the entrance to the condominium complex ONE Cable Beach, a beachfront residence in New Providence, Bahamas, November 18, 2022. The deeds show these properties, bought by a unit of FTX, were to be used as "residence for key personnel" of the company. PROPERTY PURCHASESReuters searched property records at the Bahamas Registrar General's Department for FTX, Bankman-Fried, his parents and some of the company's key executives. FTX Property Holdings Ltd, an FTX unit, bought 15 properties worth nearly $100 million in 2021 and 2022. The property records for the penthouse, dated March 17, were signed by Ryan Salame, the president of FTX Property, and showed it was intended as "residence for key personnel."

Nov 22 (Reuters) - As the crypto castle crumbles, some true believers say the answer is to double down on DEX. Decentralized exchanges, that is. "It is now clear that there can be risk associated with holding assets in a centralized entity," said Varun Kumar, CEO of decentralized crypto exchange Hashflow. "Data is showing that users are turning to decentralized trading solutions." Many market participants see both centralized and decentralized exchanges coexisting.

☆ EXCLUSIVE Bankman-Fried's FTX, parents bought Bahamas property worth $121 mln
▼ + stars: | 2022-11-22 | by ( Koh Gui Qing | ) www.reuters.com time to read: +5 min

The deeds show these properties, bought by a unit of FTX, were to be used as "residence for key personnel" of the company. Reuters could not determine the source of funds that FTX and its executives used to buy these properties. PROPERTY PURCHASESReuters searched property records at the Bahamas Registrar General's Department for FTX, Bankman-Fried, his parents and some of the company's key executives. FTX Property Holdings Ltd, an FTX unit, bought 15 properties worth nearly $100 million in 2021 and 2022. The property records for the penthouse, dated March 17, were signed by Ryan Salame, the president of FTX Property, and showed it was intended as "residence for key personnel."

☆ Cathie Wood is buying the dip in Coinbase, adding $53 million this month as the FTX collapse pressures the crypto industry
▼ + stars: | 2022-11-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Cathie Wood's ARK Invest bought over 1.3 million shares of Coinbase this month, per Bloomberg. In total, Wood's Ark holds about 8.7 million shares of Coinbase, or about 4.7% of the company's total outstanding shares. Amid the plunge, Wood's ARK Invest has bought over 1.3 million shares this month alone, worth about $53 million, according to Bloomberg data. That brings the fund's total stake to about 8.4 million shares, or about 4.7% of Coinbase's total outstanding shares. The majority of ARK Coinbase holdings are part of its flagship fund, ARK Innovation ETF, making up its 13th largest position.

☆ 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.

☆ 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.

☆ The unbelievably fast world of Caroline Ellison where 'someone suggests something' then 'an hour later and it's already happened'
▼ + stars: | 2022-11-20 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

In a 2020 FTX podcast, former Alameda Research CEO said she "took a blind leap into the unknown" when she joined Sam Bankman-Fried. WSJ first reported on the remarks, after Ellison has drawn increased scrutiny for her role in the demise of FTX. According to WSJ, critics of the practice say effective altruism encourages excessive risk-taking. "The general idea of effective altruism is trying to do the most good you can and using expected value to measure that good," Ellison explained on the FTX podcast. Ellison was asked about her plans of saving money for future retirement after explaining effective altruism in the 2020 podcast episode.

☆ Warren Buffett's right-hand man blasted crypto, praised Elon Musk and Tesla, and defended the Fed in a rare interview this week. Here are the 14 best quotes.
▼ + stars: | 2022-11-19 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Charlie Munger called out fraud and delusion in crypto, days after Sam Bankman-Fried's FTX imploded. Warren Buffett's right-hand man said bitcoin and other crypto should never have been legal. He made the incendiary comments in a rare CNBC interview this week, just days after Sam Bankman-Fried's FTX exchange became the latest crypto player to implode. "It's partly fraud and partly delusion — that's a bad combination. I think that's totally crazy.

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