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☆ From $32 billion to criminal investigations: How Sam Bankman-Fried's empire vanished overnight
▼ + stars: | 2022-11-15 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +17 min

Alameda's success spurred the launch of crypto exchange FTX in the spring of 2019. A Twitter fight with the CEO of rival exchange Binance pulled the mask off the scheme. Alameda, FTX and a host of subsidiaries Bankman-Fried founded have filed for bankruptcy protection in Delaware. On Nov. 2, CoinDesk reported a leaked balance sheet showing that a significant amount of Alameda's assets were held in FTX's illiquid FTT token. On Nov. 6, according to Bankman-Fried, the exchange had roughly $5 billion of withdrawals, "the largest by a huge margin."

Nov 15 (Reuters) - Solana, a poster coin of the crypto future, is in trouble. "In the current crypto shakeout, the most unfortunate innocent victim is the Solana ecosystem," said Stefan Rust, CEO of blockchain wallet company Laguna Labs. Solana co-founder Anatoly Yakovenko tweeted that development company Solana Labs didn't hold any assets on FTX and had enough financial runway for around 30 months. Ether's market cap has fallen 21% to $150.7 billion, while bitcoin's has fallen 18% to $319 billion. The collapse of the company has seen more than $190 billion wiped from the value of the overall crypto market.

☆ FTX users appear to be cashing out of bankrupt crypto exchange through a Bahamas loophole
▼ + stars: | 2022-11-12 | by ( Kate Rooney | ) www.cnbc.com time to read: +3 min

Some FTX users appear to have found a way to move money off of the exchange through a back door in the Bahamas. The patterns suggest "desperate" customers were turning to FTX users in the Bahamas for help, according to Argus. The now-bankrupt global cryptocurrency exchange is only allowing withdrawals in the Bahamas after halting FTX liquidations everywhere else in the world. High-net-worth users are paying astronomical prices for NFTs on FTX at a time when the broader crypto and digital collectible market has nosedived. Argus said this type of trading is likely an attempt by FTX users to access money in any way they can.

SINGAPORE/LONDON, Nov 11 (Reuters) - Regulators are moving in on distressed crypto exchange FTX as it scrambles to raise billions in funds to stave off collapse, while its chief executive, Sam Bankman-Fried, faces heightened scrutiny. The Securities Commission of the Bahamas has frozen assets of FTX Digital Markets, an FTX subsidiary. FTX Australia called in administrators on Friday, the Australian Financial Review reported, citing a company statement. Bankman-Fried is under investigation by the U.S. Securities and Exchange Commission for potential securities law violations, Bloomberg reported, citing a source. This source said helping out FTX was the question for larger investors in FTX.

Meanwhile, the Securities Commission Of the Bahamas said on Thursday it had frozen assets of FTX Digital Markets, an FTX subsidiary. Broker Genesis Trading disclosed its derivatives business has approximately $175 million in locked funds on FTX. "We believe there is a 20-30% chance of a FTX rescue at best," said Matthew Dibb, chief operating officer of Singapore-based crypto investment manager Stack Funds. He is seeking the remainder from other funds, including current investors such as Sequoia Capital, the source added. It was not clear whether Bankman-Fried will be able to raise the funds he needs or if these investors would participate.

☆ What We Know—and Don’t Know—About Tether’s Books
▼ + stars: | 2022-11-11 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

Tether, the world’s largest stablecoin, has surged in popularity in the past two years. Now that tether has broken the buck again, questions are swirling about whether the stablecoin can maintain investor confidence in the midst of the meltdown in the cryptocurrency market. Tether fell as low as 97.7 cents Thursday, according to CoinDesk, after which it quickly rebounded to its intended $1 peg. Paolo Ardoino , chief technology officer of Tether Holdings Ltd., said on Twitter that it had been processing redemptions with “no issues” and “we keep going.”

He is seeking the remainder from other funds, including current investors in FTX such as venture capital fund Sequoia Capital, the source added. Tether's chief technology officer, Paolo Ardoino, tweeted that it had "no plans to invest in or lend assets to FTX." FTX also got hit by the Bahamas Securities Commission, where the company is based, freezing assets of FTX Digital Markets "and related parties". In a tweet, FTX said it had reached a deal with Tron to establish a special facility that would allow clients to swap some crypto assets from FTX to external wallets. Bankman-Fried told investors that Alameda owes FTX about $10 billion, the Wall Street Journal reported.

☆ Crypto: What's next as FTX collapse triggers 'Lehman moment'?
▼ + stars: | 2022-11-11 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

And can the beaten-down crypto industry bounce back? What’s clear is that the fallout from the FTX crisis injects significant volatility into the crypto ecosystem. “Thank God!”Can the crypto industry survive? “In the short term, this is going to be really, really bad for the crypto industry,” said Jog of Sei Labs. Fok said he expects the FTX collapse will push institutional investors away from the crypto space just as they had been warming up to it.

☆ Crypto's Lehman moment: Here's how Sam Bankman-Fried's FTX compares to the biggest collapse of the Global Financial Crisis
▼ + stars: | 2022-11-11 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

Experts have drawn comparisons between the collapse of crypto exchange FTX and the fall of Lehman Brothers in 2008. Here's how the two events compare and what FTX's fall means for the broader financial system. In the years leading up to the Great Financial Crisis, Lehman loaded its balance sheet with vast amounts of subprime mortgage debt. When the "bank run" began this week, FTX didn't have the funds to meet withdrawal requests. But compared to 14 years ago, it probably won't be FTX's downfall that sparks a broader financial crisis, Allen said.

☆ Tron founder Justin Sun ready to give billions in aid to FTX - Bloomberg
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

Nov 11 (Reuters) - Justin Sun, founder of the crypto token Tron, said he was prepared to provide distressed cryptocurrency exchange FTX with billions in aid, according to a tweet by a Bloomberg News reporter on Friday. loadingThe funding is subject to due diligence and is a "good moment to show unity in the crypto industry", the tweet said, citing Sun. Regulators froze some assets of FTX and industry peers raced to limit losses on Friday amid worsening solvency problems at the firm and heightened scrutiny of its chief executive, Sam Bankman-Fried. Bankman-Fried has discussed raising $1 billion each from Sun, rival exchange OKX and stablecoin platform Tether, a source who has direct knowledge of the matter told Reuters on Thursday. Reporting by Manya Saini in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ 7 best dog harnesses to shop in 2022, according to experts
▼ + stars: | 2022-11-10 | by ( Mili Godio | Mili Godio Is An Associate Reporter For Select On Nbc News. | ) www.nbcnews.com time to read: +11 min

Dog harnesses versus collars: Which one is best? Best dog harnesses to shopBelow, we compiled expert-recommended back- and front-clip dog harnesses that can work with your dog’s training, demeanor and size. Best dog harness overall: Wild One“This harness looks good, is well constructed and comes with really nice matching leashes,” Haussmann said. Best adjustable dog harness: WildebeestWildebeest’s no-pull dog harness — which Haussmann said is both functional and durable — offers four highly adjustable straps along with a single buckle to easily get it on or off, according to the brand. , a certified dog trainer and co-founder of dog training service Dogboy NYC.

☆ Tether says it holds $39.7 billion in U.S. Treasury Bills
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

LONDON, Nov 10 (Reuters) - The largest stablecoin, Tether, increased its holdings of U.S. Treasury bills to $39.7 billion and reduced its commercial paper to around $50 million as of Sept. 30, 2022, according to a reserves attestation published on Thursday. Tether said its reserves are "extremely liquid" with 82% of investments in cash, cash equivalents and other short-term deposits. Treasury bills make up over 58% of the total $68 billion in reserves, Tether said. Reporting by Elizabeth Howcroft Editing by Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

☆ 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".

☆ Understanding FTX's missteps, with Tether co-founder Reeve Collins
▼ + stars: | 2022-11-10 | 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 EmailUnderstanding FTX's missteps, with Tether co-founder Reeve CollinsReeve Collins, Tether co-founder, joins 'THe Exchange' to discuss FTX's failed deal with Binance, the financial vitality of Sam Bankman-Fried's assets, and the crucial differentials between forms of crypto.

He is seeking the remainder from other funds, including current investors in FTX such as venture capital fund Sequoia Capital, the source added. Bankman-Fried told investors that Alameda owes FTX about $10 billion, the Wall Street Journal reported. FTX had lent more than half of its customer funds to Alameda, the newspaper said. The U.S. securities regulator is investigating FTX.com's handling of customer funds and crypto-lending activities, according to a source with knowledge of the inquiry. Canada's Ontario Teachers Pension Plan, Tiger Global and Japan's Softbank are also FTX investors.

☆ EXCLUSIVE Bankman-Fried seeks $9.4 bln package for FTX rescue-sources
▼ + stars: | 2022-11-10 | by ( Anirban Sen | ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/IllustrationNEW YORK, Nov 10 (Reuters) - Sam Bankman-Fried is seeking to put together a rescue package of up to $9.4 billion for his troubled cryptocurrency exchange FTX, a person with direct knowledge of the matter said on Thursday. Bankman-Fried is discussing raising about $1 billion from crypto-token Tron founder Justin Sun, $1 billion from cryptocurrency exchange OKX, $1 billion from cryptocurrency firm Tether and $2 billion from a consortium of investment funds, the source said. One of the investors in talks with FTX is Daniel Loeb's hedge fund Third Point, according to the source. Bankman-Fried has had little progress so far in putting the rescue package together, according to the source. FTX, Sun, OKX and Third Point did not immediately respond to requests for comment.

☆ 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.

☆ FTX's liquidity crunch and future crunches all depend on leverage, says Tether co-founder
▼ + stars: | 2022-11-09 | 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 EmailFTX's liquidity crunch and future crunches all depend on leverage, says Tether co-founderWilliam Quigley, Tether and Worldwide Asset Exchange co-founder, joins 'Squawk on the Street' to discuss whether FTX raises the risk of more severe contagion in crypto.

☆ 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.

☆ This 22-year-old survives Lebanon with a bitcoin mining business that's been earning $20,000 a month
▼ + stars: | 2022-11-08 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +18 min

Against this backdrop, Abu Daher jumped into the crypto mining business a little over two years ago. Zoom In Icon Arrows pointing outwards Ahmad Abu Daher repairing mining equipment in the basement of a home in Zaarouriyeh. Ahmad Abu DaherIt has been 26 months since Abu Daher first set up shop, and he says that business is thriving. watch nowBuilding a bitcoin mining businessAbu Daher had a few black swan events on his side soon after he broke into crypto mining. In January, police raided a small crypto mining farm in the hydro-powered town of Jezzine, seizing and dismantling mining rigs in the process.

☆ Lebanese locals turn to bitcoin and tether to earn, save, and spend as hyperinflation takes over
▼ + stars: | 2022-11-07 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLebanese locals turn to bitcoin and tether to earn, save, and spend as hyperinflation takes overAs Lebanon's economy spirals into hyperinflation, locals explain how cryptocurrency has replaced a financial system that no longer makes sense. CNBC's MacKenzie Sigalos reports.

☆ In bankrupt Lebanon, locals mine bitcoin and buy groceries with tether, as $1 is now worth 15 cents
▼ + stars: | 2022-11-05 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +32 min

Others arrange clandestine meetings via Telegram to swap the stablecoin tether for U.S. dollars in order to buy groceries. In Jan., police raided a small crypto mining farm in the hydro-powered town of Jezzine, seizing and dismantling mining rigs in the process. But mining crypto tokens to earn a living is not for everybody. Younes tells CNBC that he initially moved 15% of his money into bitcoin, and he kept the remaining balance in cash. Lebanon has six bitcoin ATMs — one in Aamchit and five in Beirut, according to metrics offered by coinatmradar.com.

Almost all the funds, some $7.8 billion, flowed between Binance and Iran's largest crypto exchange, Nobitex, according to a review of data from leading U.S. blockchain researcher Chainalysis. The scale of Binance's Iranian crypto flows – and the fact that they are continuing – has not been previously reported. The total volume of Iranian transactions flowing through Binance is far greater than through any other exchange, the data show. The vast majority of the $8 billion in Iranian crypto transactions identified by Reuters involved the main Binance exchange. This October, the Treasury fined Seattle-based crypto exchange Bittrex $24 million for violating sanctions on Iran and other countries by processing crypto transactions worth over $260 million.

But for the past few months, bitcoin's price has bounced stubbornly around $20,000 in a sign that volatility in the market has settled. Large crypto investors with highly leveraged bets like Three Arrows Capital were floored by the pressure on prices, further accelerating the market's drop. Mastercard announced a service that allows banks to offer crypto trading, having previously launched a new blockchain security tool for card issuers. In a note released Thursday, analysts at the bank said there were parallels with bitcoin's trading in Nov. 2018, when prices steadied for a while before rising steadily. Publicly-traded bitcoin miners sold 12,000 bitcoins in June and only around 3,000 in September, according to Goldman Sachs.

☆ Bitcoin's break above $20,000 has investors wondering if the crypto bottom is in. Here's what analysts say
▼ + stars: | 2022-10-30 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

October is a historically strong month for crypto, but this month, prices and volatility have been relatively flat. Don't call it a bottom yet The odd inactivity has investors wondering if the crypto market could be turning for the better and breaking out of this year's rut. That, combined with the recent low volatility, would provide more evidence of a bottom, but bitcoin today is still leaving derivative exchanges. "For low price volatility to be associated with bottoms, the portion of bitcoin inflows into exchanges dominated by whales ought to be relatively low," he said. CryptoQuant also analyzed bitcoin's MVRV, or market value to realized value, ratio, which shows crypto hasn't gone into undervalued territory.

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