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☆ Factbox: Crypto companies crash into bankruptcy
▼ + stars: | 2022-12-01 | by ( Dietrich Knauth | ) www.reuters.com time to read: +5 min

The price of bitcoin has dropped 65% since the start of the year, the cryptocurrency Luna suffered a total collapse in value, and crypto exchange FTX went from buying Super Bowl ads to crash landing into bankruptcy. Here are the major crypto companies that have gone bankrupt in 2022. BLOCKFICrypto lender BlockFi was the first crypto company to follow FTX into bankruptcy, filing for Chapter 11 about two weeks after FTX's collapse. The proposed sale fell through following FTX's implosion, and Voyager reopened discussions with other potential buyers, including the crypto exchange Binance. Celsius' bankruptcy judge has appointed an examiner to investigate whether Celsius operated as a Ponzi scheme and to broadly review the company's finances.

☆ Nike has a year's worth of 'Off-White' products ready to sell as Virgil Abloh estate plans what comes next
▼ + stars: | 2022-11-29 | by ( Matthew Kish | ) www.businessinsider.com time to read: +2 min

Shannon Abloh, Virgil Abloh's widow, spoke with the New York Times about plans for his estate. The entity is part of Virgil Abloh Securities, the vehicle to continue his creative work. Starting Thursday, Nike and Virgil Abloh Securities will host a four-day exhibit in Miami called "Virgil Abloh: The Codes c/o Architecture" at the Rubell Museum. As part of the exhibit, Nike will unveil the Off-White Nike Terra Forma, the first sneaker Abloh designed from scratch for the brand. Virgil Abloh at work on "The Ten" Courtesy NikeIn 2017, Nike released "The Ten," a collection of 10 iconic Nike models that Abloh rethought and reconstructed.

☆ How FTX 'death spiral' spelled doom for BlockFi, according to bankruptcy filing
▼ + stars: | 2022-11-28 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

The former FTX CEO bailed out and took over crypto firms as cryptocurrency markets withered with Terra's spring crash. Today, BlockFi filed for bankruptcy in New Jersey, after weeks of speculation that the FTX collapse had fatally crippled it. The FTX "death spiral," as BlockFi advisor Mark Renzi put it, has now spread to another crypto entity. According to Renzi, exposure to two successive hedge fund failures, the FTX rescue, and broader market uncertainty all conspired to force BlockFi into bankruptcy. Both firms have already collected millions in fees from BlockFi in preparation work for the bankruptcy, according to court filings.

☆ 3 Crypto lender BlockFi files for Chapter 11
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +6 min

It listed crypto exchange FTX as its second-largest creditor, with $275 million owed on a loan extended earlier this year. MARTHA REYES-HULME, HEAD OF RESEARCH, BEQUANT, LONDON"The BlockFi bankruptcy is a sad chapter in the short history of our industry that has forced participants to be more mindful of risk management, counterparty risk, and governance. MONSUR HUSSAIN, SENIOR DIRECTOR, FITCH RATINGS, LONDON“BlockFi’s Chapter 11 restructuring underscores significant asset contagion risks associated with the crypto ecosystem, and, potentially, deficient risk management processes. The decentralized finance models used proper collateralization and they're intact. It was yet another example of neglected risk management when prices were going up, as crypto winter hit those that took on the most counterparty risk are getting exposed."

☆ 55+ Cyber Monday deals under $100 to shop now
▼ + stars: | 2022-11-27 | by ( Mili Godio | Mili Godio Is An Associate Reporter For Select On Nbc News. | ) www.nbcnews.com time to read: +13 min

Many of these sales — most of which run through Cyber Monday — offer plenty of discounted items under $100. SKIP AHEAD Best Cyber Monday deals under $100 | Best Cyber Monday sales under $100To help you make the most of the shopping holiday, we compiled some of the best early Cyber Monday deals and sales under $100 that we think you’ll want to know about. Best Cyber Monday 2022 deals under $100Below, we’re sharing the best Cyber Monday deals under $100 based on our previous coverage and reporting. 4.7-star average rating from 10,573 reviews on AmazonThis All-Clad two-piece cookware set comes with 8-inch and 10-inch non-stick frying pans. Best early Cyber Monday 2022 sales under $100Here are the best early Cyber Monday sales under$100 that we think you’ll want to know about.

☆ Crypto winter highlights gold’s warming qualities
▼ + stars: | 2022-11-25 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

That’s why crypto pioneers developed stablecoins, which peg their market price to old-fashioned fiat currencies. The FTX founder agreed that digital tokens were impossible to value since they generated no cash flow. In other words, the entire crypto world has the mechanics of a Ponzi scheme. In such a nightmare scenario, access to a decentralised, anonymised type of digital money could prove indispensable. In this world bitcoin serves as the lifeboat for civilisation, offering protection against both anarchy and the surveillance state.

☆ Breakingviews: Crypto winter highlights gold’s warming qualities
▼ + stars: | 2022-11-25 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

LONDON, Nov 25 (Reuters Breakingviews) - The crypto winter is bitterly cold. The FTX founder agreed that digital tokens were impossible to value since they generated no cash flow. In other words, the entire crypto world has the mechanics of a Ponzi scheme. In such a nightmare scenario, access to a decentralised, anonymised type of digital money could prove indispensable. In this world bitcoin serves as the lifeboat for civilisation, offering protection against both anarchy and the surveillance state.

☆ Cuban singer-songwriter Pablo Milanés dies at 79
▼ + stars: | 2022-11-22 | by ( Associated Press | ) www.nbcnews.com time to read: +7 min

“The culture in Cuba is in mourning for the death of Pablo Milanes,” Cuban Prime Minister Manuel Marrero Cruz tweeted Monday night. Milanés and Rodríguez in particular became close, touring the world’s stages as cultural ambassadors for the Cuban Revolution, and bonding during boozy sessions. “If Silvio Rodríguez and I got together, the rum was always there,” Milanés told El Pais in 2003. Cuba’s aging leaders “are stuck in time,” Milanés told Spanish newspaper El Mundo. “These freedoms have been seen in small doses, and we hope that with time they will grow,” Milanés told The Associated Press.

☆ Bitcoin vs. FTX: Crypto king Sam Bankman-Fried is the problem
▼ + stars: | 2022-11-21 | by ( Joshua Hendrickson | Joshua Hendrickson Is An Associate Professor Of Economics At The University Of Mississippi | Senior Fellow At The Bitcoin Policy Institute. | ) www.nbcnews.com time to read: +8 min

Much of the crypto industry has deviated from the principles that were critical to the development of Bitcoin itself. But much of the crypto industry has deviated from the principles that were critical to the development of Bitcoin itself. As the stunning collapse of cryptocurrency exchange FTX highlights, the crypto industry is filled with scams, Ponzi schemes and bad actors. As a result, it has become increasingly clear that Bitcoin must be understood as something outside this crypto industry. Whereas Bitcoin was created to be a censorship-resistant, trustless digital form of money, crypto has become a space dominated by get-rich-quick-schemes.

☆ Here's how bitcoin futures ETFs performed in a dramatic week for crypto
▼ + stars: | 2022-11-13 | by ( Jesse Pound | ) www.cnbc.com time to read: +3 min

The ProShares Bitcoin Strategy ETF (BITO) and Short Bitcoin Strategy ETF (BITI) both saw their largest daily trading volumes on record last week. Applications for a true spot bitcoin ETF have been consistently rebuffed by the SEC , but the agency did allow bitcoin futures ETFs to launch. Bitcoin futures do not perfectly track spot bitcoin and the ETFs can carry additional costs for investors, such as the potential for roll costs when the fund swaps out expiring futures for new ones. However, bitcoin futures are also financially settled, meaning there is no bitcoin that changes hands or is held in an account. He added that the roll costs for bitcoin futures have come down sharply since the ETFs launched.

☆ Dave Chappelle on 'SNL': A timeline of the controversy around his transgender jokes
▼ + stars: | 2022-11-12 | by ( Scottie Andrew | ) edition.cnn.com time to read: +8 min

He made explicit jokes about trans people’s bodies and referred to trans people as “transgenders,” among other comments, Vulture said. These weren’t the first jokes Chappelle had made at trans people’s expense. 2021October 5: Netflix released Chappelle’s special “The Closer.” In it, he goes on an extended tangent about transgender people and makes several jokes at their expense. October 13: Amid calls from LGBTQ advocates, fellow comedians, Netflix employees and social justice organizations to pull the special, Netflix stood by Chappelle. Dave Chappelle attends the UK premiere of "Dave Chappelle: Untitled" at Cineworld Leicester Square on October 17, 2021, in London.

☆ Before his epic fall, Sam Bankman-Fried was hailed as a crypto genius. Some clients saw smoke and mirrors.
▼ + stars: | 2022-11-11 | by ( Gretchen Morgenson | Gretchen Morgenson Is The Senior Financial Reporter For The Nbc News Investigative Unit. A Former Stockbroker | She Won The Pulitzer Prize In For Her | ) www.nbcnews.com time to read: +14 min

Until a few days ago, Sam Bankman-Fried was the king of crypto. “I’m sorry I didn’t do better,” Bankman-Fried said Tuesday in a message to investors reviewed by NBC News. The contentions of the people who spoke with NBC News are echoed in a 2019 lawsuit brought in federal court against FTX Alameda, Bankman-Fried and other executives. But the crypto market does not have the protections or price transparency found in listed stock markets, for example. FTX and Alameda, as a major crypto exchange and market maker, attracted crypto developers to list their projects for trading.

☆ Crypto markets in turmoil over FTX bankruptcy
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +9 min

Nov 11 (Reuters) - Crypto exchange FTX filed for U.S. bankruptcy on Friday and Sam Bankman-Fried stepped down as CEO, after a liquidity crisis that has prompted intervention from regulators around the world. FTX, its affiliated crypto trading fund Alameda Research and about 130 other companies have commenced voluntary Chapter 11 bankruptcy proceedings in Delaware, FTX said. MARKET REACTION:Shares of cryptocurrency and blockchain-related firms dropped on Friday after FTX, one of the biggest crypto exchanges, said it would initiate bankruptcy proceedings in the United States, triggering a potentially massive meltdown in the industry. "The shock was that this guy was the face of the crypto industry and it turned out that the emperor had no clothes. Ultimately, the lesson here is that the crypto industry needs to stop trusting cults of personality, no matter how well-intentioned they might seem."

☆ JPMorgan says FTX collapse fallout could cut the value of cryptocurrencies in half before it's over
▼ + stars: | 2022-11-10 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +3 min

The tumult stems from the potential collapse of crypto-exchange FTX, which was in the process of being acquired by Binance, amid a liquidity crisis. On Wednesday, Binance backed out of the deal, leaving FTX near collapse. At the end of this latest deleveraging cycle, the asset class could see its value cut in half. "A production cost of $13k implies 25% downside from here which would bring the crypto market cap to a low of $650 billion," said Panigirtzoglou. This will be with the goal to safeguard client assets, limit asset concentration and create more diligent risk management, including counterparty risk among crypto market participants.

☆ A Voyager investor says the FTX meltdown puts the bankrupt crypto lender's bailout in jeopardy, with $1.3 billion of customer assets on the line
▼ + stars: | 2022-11-10 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

FTX US, led by Sam Bankman-Fried, was set to buy the assets of the bankrupt crypto-lender Voyager. Bankman-Fried tweeted Thursday that FTX US, which is a separate company from FTX, was "100% liquid." FTX US' bailout was set to offer some relief to Voyager's customers, who faced the complete loss of their crypto assets, with claims of about $1.8 billion in total. Furthermore, some FTX customers had reported issues making withdrawals from their accounts, raising concerns about FTX's liquidity. On Thursday, Bankman-Fried estimated that FTX only had 80% available in liquid assets of the roughly $5 billion in assets customers withdrew on Sunday.

☆ FTX's liquidity crisis shows that debt is toxic for crypto and investors should not lever up highly volatile assets, Tether co-founder says
▼ + stars: | 2022-11-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

FTX's liquidity crisis shows how debt is toxic to crypto, according to Tether co-founder William Quigley. "It just violates a basic principle of finance; you don't lever up highly volatile assets," Quigley said to CNBC. Debt is toxic with crypto," Quigley said in an interview with CNBC on Wednesday, commenting on the recent fall of Sam Bankman-Fried's crypto exchange. "And it just violates a basic principle of finance; you don't lever up highly volatile assets," Quigley said. Bankman-Fried gained exposure to some of that debt by offering multi-million credit lines and credit injections to various crypto firms, like the now-defunct Voyager.

☆ Bitcoin and other cryptos spiral lower as worries about the fallout from FTX's troubles grow
▼ + stars: | 2022-11-09 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Bitcoin and most cryptos extended losses Wednesday as worries built about the FTX fallout. Sol plunged 31% and the crypto market cap dropped 11% on fears the troubles would spread. In a stunning turn of events, FTX CEO Sam-Bankman Fried announced Tuesday that the crypto exchange had agreed to be taken over by rival Binance. The emergency deal sent chills through the crypto world, reviving fears about liquidity risks that could lead to company collapses. The overall value of the crypto market dropped over 11% to $871 billion over the last day, according to CoinMarketCap data.

☆ 'Dr Doom' economist Nouriel Roubini suggests FTX's rescue deal shows how crypto is a Ponzi scheme: 'Who will bail out Binance?'
▼ + stars: | 2022-11-09 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Nouriel Roubini flagged FTX's rescue deal for Binance as a sign crypto investing is a Ponzi scheme. The crypto critic wondered who will bail out Binance when that "house of cards collapses". Crypto exchange Binance stepped in Tuesday with a potential takeover deal to rescue its rival FTX, which it said is facing a liquidity crunch. "First FTX bails out collapsing crypto Ponzi scams. Now FTX is collapsing & being bailed out by Binance," Roubini said in a Tuesday tweet.

☆ Retail investors are rushing in to buy the dip in crypto-linked stocks after FTX drama sparks big sell-off in digital assets
▼ + stars: | 2022-11-09 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Retail investors have been snapping up crypto-linked stocks and ETFs during the latest plunge sparked by FTX's collapse. Net purchases of the long-positioned ProShares Bitcoin Strategy ETF and the ProShares Short Bitcoin Strategy ETF jumped on Tuesday. "Retail are buying the dip again," the firm said about shares of crypto-linked companies and exchange-traded funds in a note published Wednesday. He said net purchases by retail investors of the long-positioned ProShares Bitcoin Strategy ETF and the ProShares Short Bitcoin Strategy ETF jumped by a similar magnitude on Tuesday, by $1.4 million and US$1.1 million, respectively. Among shares of cryptocurrency companies active among retail investors, crypto trading platform Coinbase fell 8.5%, Robinhood slid nearly 10%, and Block lost more than 7%.

☆ 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."

A trove of bronze statues that archeologists say could rewrite the history of Italy's transition to the Roman Empire have been discovered in an ancient Tuscan thermal spring. The more than 20 bronze statues dating back over 2,000 years are being hailed as one of the most important archaeological discoveries in the region. The bronze statues are more than 2,000 years old and mostly in excellent condition. The figures represent gods, including Apollo and Hygieia, complete with anatomical details, suggesting the site was of great significance to ancient Etruscans. The find is considered to be the most important to antiquities since the discovery of the Riace Warriors, rare full-sized Greek bronze statues found in southern Italy in 1972.

☆ Cryptocurrencies slide as worries about FTX fester in latest crypto liquidity scare
▼ + stars: | 2022-11-08 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Crypto assets tied to Alameda, the trading company also owned by billionaire Sam Bankman-Fried, were suffering steeper losses. FTX Token (FTT), the native token of the FTX trading platform, has fallen 23% in the past 24 hours. The token tied to Ethereum competitor Solana , of which Alameda is a big backer, has lost 12%. Binance is the largest crypto exchange in the world by trading volume and was an early backer of FTX. Those revelations refer to rumors about the solvency of FTX, the second-biggest crypto exchange in the world by trading volume.

☆ Binance is buying FTX amid 'significant' liquidity issues. Here's how billionaire Sam Bankman-Fried's exchange got here.
▼ + stars: | 2022-11-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Binance reached an agreement to purchase Sam Bankman-Fried's crypto exchange FTX on Tuesday. Here's what happened as FTX went from market heavyweight to being acquired by a rival. Balance sheets and billionairesBankman-Fried's empire is diverges in two branches: FTX, a cryptocurrency exchange, and Alameda Research, a crypto trading firm. The price of other cryptocurrencies including Solana's SOL, bitcoin, and ether dropped Tuesday as well, as worries seeped across the broader crypto market. "Binance is likely coming in and saying they will cover the liabilities for FTX, and then effectively have FTX hand over the rest of their assets."

☆ Singapore wants to be a hub for blockchain in finance, just not speculative crypto trading, MAS says
▼ + stars: | 2022-11-03 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

Edward Tian | Moment | Getty ImagesSingapore still wants to be a hub for digital assets, but not one for speculating on cryptocurrencies, said Ravi Menon, managing director of central bank the Monetary of Singapore. "If a crypto hub is about experimenting with programmable money, applying digital assets for use cases or tokenizing financial assets to increase efficiency and reduce risk in financial transactions, yes, we want to be a crypto hub," said Menon in his opening address at the Singapore Fintech Festival 2022 on Thursday. "But if it is about trading and speculating in cryptocurrencies, that is not the kind of crypto hub we want to be," said Menon. Singapore has ambitions to become a global crypto hub, but has been cracking down on the industry after many retail investors lost their life savings to crypto trading. We believe Project Guardian can help pave the way for the next evolution of financial markets in Singapore," said Menon.

☆ A Meta exec quit after 11 years to join Web3 at the peak of its hype. Here's why she's staying through a crypto winter.
▼ + stars: | 2022-10-26 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +6 min

Ex-Meta marketing exec Jennifer Kattula quit after 11 years to "take the leap" into Web3. The call piqued her interest and she began to research crypto and Web3 — both still nascent industries. Former Meta marketing executive Jennifer Kattula, now senior vice president of marketing at Polygon. Interest in Web3 and crypto was peaking, with bullish investors pouring a record $30 billion into crypto ventures that year. But Kattula's first foray into crypto did not go smoothly, and she left Celsius after less than six months in April 2022.

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