Business Financial News

17.11 / 09:59

business FTX No red flags at FTX despite 8 months of 'extensive due diligence' — Temasek

Singapore's state-owned investment firm Temasek revealed despite eight months of due diligence in 2021, it didn't find any significant red flags in FTXs financials before deciding to invest $275 million into the now-bankrupt crypto exchange.

17.11 / 09:01

business Investments Funding PHILANTHROPY Tremors from FTX's collapse reverberate through the scientific community

The fall of crypto exchange FTX appears to have already begun to impact the hundreds of grant recipients across a variety of philanthropic organizations backed by the exchange.

17.11 / 08:29

business exchanges DLT Aussie stock exchange abandons blockchain plans, leaving $170M hole

The long-anticipated plans by the Australian Securities Exchange (ASX) to use blockchain to bring its clearing and settlements system into the 21st century have just been canceled.

17.11 / 07:43

business Law Court Bitcoin Bahamian liquidators reject validity of FTX's US bankruptcy filing

Brian Simms, the court-appointed provisional liquidator overseeing the bankruptcy proceedings of FTX Digital Markets in The Bahamas, has called into question the validity of a Chapter 11 bankruptcy filing by subsidiary FTX Trading and 134 other affiliates in a Delaware court on Nov. 14.

17.11 / 05:23

business Blockchain Sport Gaming Deal Esports team TSM suspends $210M sponsorship deal with FTX

Professional esports organization Team SoloMid (TSM) (previously TSM FTX) has suspended its $210 million sponsorship deal with the now-bankrupt FTX crypto exchange “effective immediately” following the cryptocurrency trading platform’s shock collapse last week.

17.11 / 05:23

business regulation interview Bankruptcy Fried Sam Sam Bankman-Fried says he regrets filing for bankruptcy: Report

The former CEO of FTX Sam Bankman-Fried has expressed deep regret over filing for Chapter 11 bankruptcy last week, calling it his “biggest single fuckup.”

17.11 / 03:31

business Twitter FTX Bankruptcy FTX’s new CEO John Ray coldly addresses SBF’s erratic tweets

The new CEO and chief restructuring officer for the bankrupt FTX cryptocurrency exchange, John Ray, has icily responded to the erratic series of tweets from former CEO and founder Sam Bankman-Fried.

17.11 / 01:21

business Stablecoin Tether Tether says it has no exposure to Genesis Global or Gemini Earn

Tether issued a short statement on Nov. 16 saying that it has no exposure to institutional crypto lender Genesis Global or the Gemini Earn program after the announcement that Genesis Global and the Gemini exchange were freezing withdrawals. Genesis Global is the lending partner for interest-bearing Gemini Earn.

17.11 / 00:45

business Blockchain FTX class action Tom Brady and other celebrities named in class action lawsuit against FTX

Former FTX CEO, Sam Bankman-Fried ‘SBF’, as well as a number of celebrities who endorsed FTX, have been named in a class action lawsuit filed on Nov.15 in Miami.

17.11 / 00:09

business FTX Bankruptcy Fried Sam Updates Sam Bankman-Fried updates investors: 'We got overconfident and careless,' claims $13B leverage

Former FTX chief executive officer Sam Bankman-Fried said he was “wrong” in his estimates of the crypto exchange’s leverage prior to its collapse, claiming it wasn’t $5 billion, but closer to $13 billion.

16.11 / 22:55

business Blockchain FTX Reserve Bybit releases reserve wallet addresses amid calls for transparency

Crypto exchange Bybit publicly released the addresses of its largest crypto wallets on Nov. 16. This came on the heels of FTX’s collapse and calls within the industry for greater transparency. Bybit listed the addresses in a press release.

16.11 / 22:55

business Blockchain Technology Blockstream CEO Adam Back talks Bitcoin over a game of Jenga

Ever since his childhood years, Adam Back, now CEO of Blockstream, would spend his time fidgeting with programming code to look for encryption keys embedded in the software. Born in 1970, the London native completed his A-levels in mathematics, physics, and economics before focusing on computing science and earning a Ph.D. from the University of Exeter. Having devoted his career to applied cryptography, Back invented HashCash in 1997, a proof-of-work system used to limit email spam and denial-of-service attacks that later became more renowned for its use in Bitcoin. In fact, Back was one of the few people to be cited in the original Bitcoin whitepaper.

16.11 / 21:35

business Stablecoin Fraud Terraform Labs audit Terra Labs, Luna Guard commission audit to defend against allegations of misusing funds

The Luna Foundation Guard (LFG) and Terraform Labs (TFL) commissioned a technical audit of their efforts to defend the price of TerraUSD (UST) between May 8 and 12, 2022. The audit was intended to answer “allegations posed in social media” about the fate of funds transferred during efforts to defend the UST dollar peg, according to the LFG blog.

16.11 / 18:03

business Blockchain Grayscale Withdrawals Crypto lender Genesis Breaking: Crypto lender Genesis Global halts withdrawals

According to a new tweet by Genesis Global on Nov. 16, the institutional crypto lender said it would “temporarily suspend redemptions and new loan originations in the lending business.” In explaining the decision, the firm cited “unprecedented market turmoil” related to the collapse of troubled cryptocurrency exchange FTX, resulting in “abnormal” levels of withdrawals that Genesis Global claims to have exceeded its current liquidity.

16.11 / 18:03

business Adoption Binance applications crypto apps How are ‘lite’ versions of crypto apps helping adoption?

Companies become industry giants when they provide the best user experience in the simplest form possible. Google, for example, has the most advanced search engine on the whole planet. And how does it provide that sci-fi-level technology to the user? By a simple, one-line search bar.

16.11 / 18:03

business Ethereum 2.0 Funding Open Source zkSync open zkSync developer Matter Labs raises $200M, commits to open-sourcing platform

Matter Labs, the developer behind the Ethereum Virtual Machine-compatible zkSync, has received major industry backing as it pledges to fully open-source its platform — marking the first such initiative for a zk-Rollup technology.

16.11 / 09:29

business Binance coinbase The New York Times FTX downfall was a turning point for citizen journalism: Coinbase CEO

Coinbase CEO and co-founder Brian Armstrong have applauded the work of citizen journalists and blockchain analysts surrounding the unfolding FTX crisis and its former CEO Sam Bankman-Fried.

16.11 / 05:49

business Investments Venture Capital FTX Paradigm co-founder feels 'deep regret' investing in SBF and FTX

The co-founder of asset management firm Paradigm says they feel “deep regret” for having invested in FTX amid recent revelations involving FTX, Alameda Research, and Sam Bankman-Fried.

16.11 / 03:31

business Funding FTX FTX bankruptcy freezes millions worth of crypto company funds

The collapse of the cryptocurrency exchange FTX continues to have knock-on effects throughout the crypto industry with multiple crypto-focused companies reporting significant amounts of their capital stuck on FTX.

16.11 / 01:31

business Twitter FTX SBF winds down mystifying Twitter thread that said little over many hours

Sam Bankman-Fried, the former CEO of bankrupt cryptocurrency exchange FTX, has concluded a Twitter thread he started Nov. 14. In approximately 40 hours, he spelled out “What HAPPENED” across nine tweets and then concluded with five tweets of text.

16.11 / 00:33

business Blockchain defi Bankruptcy Withdrawals FTX fallout continues: BlockFi reportedly mulling bankruptcy, SALT pauses withdrawals and deposits

In an official update sent to clients on Nov 14, BlockFi admitted to having “significant exposure” to FTX and its affiliated companies, but insisted it had “the necessary liquidity to explore all options”. The news came as somewhat of a surprise since on Nov. 8, BlockFi’s founder and chief operating officer, Flori Marquez, assured users in a Twitter thread that all BlockFi products were “fully operational” because it had a $400 million line of credit from FTX US, which is a separate entity from FTX, the global entity affected by the liquidity crunch.

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