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☆ Jeremy Siegel says the crypto meltdown sparked by FTX's implosion is not a Lehman Brothers moment and won't spread contagion to stocks
▼ + stars: | 2022-11-11 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

The FTX implosion is not a Lehman Brothers moment that will spread risk to stocks, according to Jeremy Siegel. "It's not a Lehman moment because the value has already gone down so much," Siegel said. One thing traditional assets like stocks and bonds have that crypto doesn't is the backing of the Federal Reserve. As some people say, 'Is this a Lehman moment if it [prices] really goes down?' "One thing that's really important: back when Lehman went under, I had money in money market mutual funds.

☆ FTX's Sam Bankman-Fried ignored a helping hand from the CEO of Jefferies 4 months ago as the exec tried to reach out with financial advice
▼ + stars: | 2022-11-10 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Jefferies CEO Rich Handler said he could have helped FTX avoid its financial troubles if Bankman-Fried had taken a meeting with him months ago. Handler wrote in a July email that his firm's expertise in rescuing financial services companies could be worthwhile for FTX. "Do you know Sam Bankman-Fried? "I'm at the Rosewood Hotel in the Bahamas today," Handler wrote to a colleague September 16. Finally, in another tweet of an email sent Tuesday — as FTX's liquidity crunch became clear — Handler wrote: "Sure looks like Sam Bankman-Fried should have taken the meeting.

☆ Regulators punishing crypto firms for FTX's meltdown 'makes no sense' since most trading activity is offshore, Coinbase CEO says
▼ + stars: | 2022-11-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Regulators punishing crypto firms after FTX's crash "makes no sense," according to Coinbase CEO Brian Armstrong. In a tweet, Armstrong pointed to the fact that most crypto trading activity takes place offshore. Binance has since walked away, with the troubled crypto exchange now facing probes by regulators on its handling of client funds. But Armstrong suggested regulatory action may be limited, due to the fact that FTX, which now faces possible bankruptcy, was an offshore crypto exchange not regulated by the Securities and Exchange Commission. Top economist Mohamed El-Erian said that FTX's downfall would keep crypto regulators up at night playing "catch-up".

☆ The tech boom is officially over - and the FTX fiasco will spark a crypto crackdown, ex-Treasury chief Larry Summers says
▼ + stars: | 2022-11-10 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The tech boom is over, thanks to the pandemic receding and interest rates rising, Larry Summers said. The ex-Treasury chief predicted the FTX fiasco will lead to greater crypto regulation. He warned some of the recent excesses in the tech sector won't return until the next speculative boom, if at all. Investors need to reset their expectations after years of venture capitalists subsidizing companies' user acquisition with zero regard for profits or sustainable growth, he continued. Summers also touched on the financial troubles of Sam Bankman-Fried's FTX and Alameda Research, which have roiled cryptocurrency markets this week.

☆ What Cramer is watching Thursday — cooler inflation, FTX crypto fallout, TJX upgrade
▼ + stars: | 2022-11-10 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

Binance backs out of rescue of Bankman-Fried's FTX, leaving the crypto exchange on the brink of collapse. Citi cuts price target on Coinbase Global (COIN) to $80 per share from $105, believing the FTX troubles could be a clearing event in the crypto market. Oppenheimer cuts price target on Club holding Salesforce (CRM) to $200 per share from $240; keeps outperform (buy) rating. Gordon Haskett upgrades Club holdings TJX Companies (TJX) to buy from hold, with an $80 per share price target. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Cathie Wood, unfazed by crypto collapse and Twitter mayhem, doubles down on Coinbase and Tesla
▼ + stars: | 2022-11-10 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

A crypto crash, worsening results and insider selling didn't faze Ark Invest's Cathie Wood, who this week doubled down on a of host of her innovation stocks, including Coinbase , Tesla and Roblox . Wood snapped up shares of six companies for her flagship ARK Innovation ETF on Wednesday, including adding to some of her largest holdings, Zoom Video and Tesla. The popular investor has been adding to her Coinbase stake for two straight days, purchasing 420,000 shares Tuesday and 207,527 shares Wednesday for ARKK. Shares of the crypto exchange plunged 19.3% over the past two days as bitcoin dropped to its lowest since November 2020 amid the potential collapse of popular crypto exchange FTX. Wedbush's Dan Ives removed Tesla from the firm's "Best Ideas list" after what he called a "very nervous few months" for Tesla shareholders amid the "Twitter train wreck disaster."

☆ Tether stablecoin loses its dollar peg as contagion from FTX's collapse spreads through the crypto market
▼ + stars: | 2022-11-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Tether briefly lost its dollar peg on Thursday after the implosion of FTX shook the confidence of the entire crypto market. Tether is the third largest cryptocurrency with a current market value of about $70 billion. The development is unsettling because it adds to concerns of contagion spreading throughout the crypto market as trust declines considerably. Tether, which is the third largest cryptocurrency and the world's largest stablecoin, fell to a low of $0.98 in Thursday morning trades before it recovered most of those losses. Responding to the downfall of FTX, Tether co-founder William Quigley told CNBC on Wednesday that crypto exchanges and currencies shouldn't lever up highly volatile assets with debt.

☆ Binance just bought FTX. Here's how rumors of insolvency and fears of contagion led Sam Bankman-Fried into a deal.
▼ + stars: | 2022-11-09 | by ( Phil Rosen | ) www.businessinsider.com time to read: +8 min

Here's the short of it: The once-top-dog crypto firm, FTX, helmed by 30-year-old billionaire Sam Bankman-Fried, is being bought by Binance amid significant liquidity issues and rumors of insolvency. But Binance CEO Changpeng "CZ" Zhao seemed to think saving a floundering FTX was worth the risk of any future downside. CoinDesk published a revealing report on November 2 about the crypto trading firm Alameda Research, another branch of Sam Bankman-Fried's empire. It turns out that the trading firm held billions of dollars' worth of FTX's native token, FTT. Anthony Georgiades, co-founder of blockchain company Pastel Network told me he doesn't think Binance is too concerned about making those investors whole again at this point.

☆ FTX made massive sponsorship deals with sports leagues and star athletes like Tom Brady. Here's what experts say could happen after the crypto exchange's implosion.
▼ + stars: | 2022-11-09 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +1 min

Sam Bankman-Fried's FTX poured millions of dollars into naming rights, partnerships, and sponsorships in the sports world. With FTX's survival in question, massive deals with the likes of Tom Brady, the Miami Heat, and MLB are in jeopardy. Experts say Miami's FTX Arena may see a name change soon, but some celebrities may have trouble getting paid. Sam Bankman-Fried's crypto-exchange platform FTX is facing an uncertain future. Here are some of FTX's most high-profile sports deals and what experts say may become of them:

☆ The Fed's jumbo-sized rate hikes will uncover more 'skeletons in the closet' for crypto after FTX's rescue, economist says
▼ + stars: | 2022-11-09 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Rising interest rates will cause further casualties in the crypto space, according to the Peterson Institute's Martin Chorzempa. FTX announced Tuesday it agreed to be taken over by rival exchange Binance, shocking investors. "We can expect a lot more problems to come," Chorzempa told CNBC. "We can expect a lot more problems to come," Chorzempa told CNBC on Wednesday. "When rates come up, a lot of skeletons that have been waiting in the closet in highly-speculative, highly-levered markets tend to come out."

☆ Binance CEO says he didn't 'master plan' FTX collapse
▼ + stars: | 2022-11-09 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +1 min

Binance CEO Changpeng Zhao said on Wednesday that he "did not master plan" the collapse of rival crypto exchange FTX. Zhao said in the memo that Binance employees should not buy or sell FTT. "DO NOT trade FTT tokens," Zhao wrote in the letter. Zhao said Binance plans to significantly increase its transparency, proof of reserves and insurance funds. WATCH: Crypto investors still rattled by FTX liquidity

☆ What Cramer is watching Wednesday — Disney CEO must go, no Red wave, Meta job cuts
▼ + stars: | 2022-11-09 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

We looked how Club stocks did a year after the past five midterms. Affirm (AFRM): Many price target cuts and the stock down 12% in the premarket. Morgan Stanley cuts price target to $11.50 per share from $15; keeps underperform (sell) rating. BofA cuts price target to $61 per share from $73. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Binance offers to buy FTX's non-U.S. operations to fix 'liquidity crunch'
▼ + stars: | 2022-11-08 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +4 min

Binance, the world's largest cryptocurrency firm, has reached a deal with Sam Bankman-Fried's FTX to buy the rival crypto exchange for an undisclosed amount, rescuing the company from a liquidity crisis. The deal, according to Tweets from both Zhao and Bankman-Fried, rests on a non-binding letter of intent, pending full due diligence. A major sell-off began Monday evening amid concerns surrounding the solvency of both FTX and its sister trading firm, Alameda Research. Zhao said in his tweet that Binance has about $2.1 billion worth of FTT and BUSD, the fiat-backed stablecoin issued by Binance and Paxos, combined. The revelation also sparked concern about Alameda Research, Bankman-Fried's trading firm and sister company to FTX.

☆ Bankrupt crypto lender Voyager to sell assets to Sam Bankman-Fried's FTX for $1.4 billion
▼ + stars: | 2022-09-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022. Customers of beleaguered cryptocurrency lender Voyager Digital may find some solace in the news that FTX, the bitcoin exchange founded by billionaire Sam Bankman-Fried, is set to take on the company's assets after winning a bankruptcy auction. After several rounds of bidding, FTX's U.S. subsidiary was selected as the highest bidder for Voyager's assets, the companies said in a statement late Monday. The bid was valued at roughly $1.4 billion, a figure that includes $1.3 billion for the fair market value of Voyager's digital assets, plus a $111 million "additional consideration" in anticipated incremental value. The sale of Voyager's assets to FTX U.S. is dependent on a vote by creditors, as well as "other customary closing conditions," according to the statement.

☆ Sam Bankman-Fried's Alameda will repay $200 million in crypto to bankrupt lender Voyager - after the crash hit dollar values
▼ + stars: | 2022-09-20 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried's Alameda plans to give crypto worth $200 million to Voyager to pay off a loan. The loan was worth $377 million before the crypto slump, which helped push lender Voyager into bankruptcy. Alameda agreed to make the payment in bitcoin, ether and seven smaller cryptos by the end of September. For its part, Voyager will return the tokens Alameda pledged as collateral against the loans, including 4.65 million FTT and 63.75 million SRM tokens. In July, the crypto billionaire offered Voyager $250 million in credit, but the crypto lender turned it down.

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