Business Financial News

10.11 / 05:17

business Ethereum Binance Google Solana TVL drops 32.4% as FTX turmoil rocks ecosystem

The total value locked (TVL) on the Solana chain has plummeted 32.4% in the last 24 hours, as news stemming from the collapse of FTX has sent waves through the crypto ecosystem.

10.11 / 01:31

business defi lending Orthogonal Credit alleged key weaknesses in Alameda’s due diligence early in 2022

Orthogonal Credit, an arm of the digital asset hedge fund Orthogonal Trading, disclosed on Nov. 9 that it pushed to close Alameda Research’s dedicated borrower pool on Maple Finance in the second quarter of 2022 after identifying “key weaknesses” in its due diligence.

10.11 / 01:31

business Blockchain FTX reserves OKX, Kucoin say proof of reserves will be ready in a month

In the wake of the FTX liquidity crisis, two major crypto exchanges have announced that they will provide Proof of Reserves, also known as Proof of Funds (PoF) within the next month.

10.11 / 01:31

business Blockchain Binance Rescue Deal Breaking: FTX’s Binance rescue deal falls apart in less than 48 hours

On Nov. 9, less than 48 hours after Changpeng “CZ” Zhao, CEO of cryptocurrency exchange Binance, announced his intentions to bail out troubled competitor FTX, the firm stated that it would not be pursuing the deal. Binance had signed a nonbinding letter of intent on Nov. 8 that allowed the firm to either fully acquire the FTX exchange, proceed with a partial acquisition of assets, or walk away from the agreement.

10.11 / 00:09

business defi FTX Alameda Research and FTX Ventures websites go dark

Websites linked to the crypto exchange FTX have been taken down on Nov. 9, following a liquidity crisis and a pending acquisition of the company by its rival Binance. Websites for Alameda Research and the company's venture capital arm FTX ventures were offline and made private, while both FTX's main site and FTX US's website remain accessible.

09.11 / 23:55

business Binance FTX centralized exchanges Binance’s victory over FTX means more users moving away from centralized exchanges

Based on the joint statements on Twitter this week from Binance CEO Changpeng “CZ” Zhao and FTX CEO Sam “SBF” Bankman-Fried, it seems clear that FTX has serious solvency problems — so dire that few in the market are willing to save it. As a result, FTX is turning to CZ as a prospective buyer.

09.11 / 21:49

business Binance Investments Singapore's Temasek engages with FTX in liquidity crisis

Singapore’s state-owned investment firm Temasek, a shareholder at FTX, is reportedly engaging with the cryptocurrency exchange in the liquidity crisis that led to its unexpected (and still pending) bail out on Nov 8.

09.11 / 21:15

business Blockchain FTX Nexo dodges $219M bullet just days before FTX’s solvency crisis

According to a Nov. 8 tweet, crypto lender Nexo currently has net zero exposure to the ongoing crisis embroiling cryptocurrency exchange FTX and crypto trading firm Alameda Research. Nexo also explained that it withdrew its entire balance of funds from FTX within “the past few days.”

09.11 / 20:39

business Blockchain Investments Withdrawals Galaxy Digital discloses $77M exposure to FTX, $48M likely locked in withdrawals

In its latest quarterly earnings call on Nov. 9, blockchain financial services firm Galaxy Digital disclosed that it had an exposure of $76.8 million consisting of cash and digital assets to troubled cryptocurrency exchange FTX. Of this amount, Galaxy Digital said that $47.5 million are currently in the withdrawal process.

09.11 / 20:01

business Law Deal letter In staff letter, Binance CEO embraces scrutiny from regulators amid potential FTX deal

Changpeng Zhao, the chief executive officer of crypto exchange Binance also known as “CZ,” warned users its intention to acquire FTX may invite scrutiny from global regulators — but the firm is ready.

09.11 / 17:17

business Blockchain Cybersecurity Fraud Blockchain intelligence firm TRM Labs raises $70M in expanded Series B round

Blockchain-based intelligence company TRM Labs has announced a $70 million expansion to its Series B funding round, bringing the total raised to $130 million, announced the company on Nov. 9. Among the world's largest private equity firms, Series B investor Thoma Bravo manages more than $122 billion in assets.

09.11 / 16:55

business Binance regulation Alameda Research FTT token transfer from September fuels wild speculations

The rumors about the possible liquidity crisis for the world’s third-largest crypto exchange turned out to be true. Just a day after assuring funds are fine, and they have the assets to back customer’s funds, FTX CEO Sam Bankman-Fried (SBF) announced on Tuesday that Binance has shown intent to acquire the global crypto platform to help with the liquidity crisis.

09.11 / 16:55

business Payments Funding Venture Capital Ramp, builder of crypto payment rails, raises $70M

Crypto-focused fintech company Ramp has raised $70 million in venture capital, upping its pledge to continue building a unified payment experience for digital assets.

09.11 / 16:55

business Facebook Twitter Meta Ceo Meta joins big tech layoffs, lets go of 11,000 employees

The Facebook parent company Meta announced that about 13% of its current workforce has been cut in the first mass layoff in the company’s history.

09.11 / 12:51

business Tether coinbase Usd Coin Tether, Circle and Coinbase deny having exposure to FTX and Alameda

Amid the liquidity crisis that fell over crypto exchange FTX and trading firm Alameda Research, some of the largest crypto companies face calls for transparency to let users know if there are risks. However, executives assured the community that they do not have exposure to either of the troubled firms.

09.11 / 12:51

business Twitter Bitcoin Fried Sam FTX founder Sam Bankman-Fried removes ‘assets are fine’ flood from Twitter

Sam Bankman-Fried, founder and CEO of the troubled cryptocurrency exchange FTX, appears to have retracted his words about the safety of client holdings on FTX.

09.11 / 09:39

business Blockchain Middle East, Asia and Africa blockchain association launches in Abu Dhabi

A new blockchain and cryptocurrency-focused association has been launched within Abu Dhabi's free economic zone that aims to further the development of blockchain and crypto ecosystems across the Middle Eastern, North Africa, and Asian regions.

09.11 / 08:55

business Bloomberg FTX index SBF tumbles off Bloomberg's billionaire index after trouble at FTX

Crypto billionaire Sam Bankman-Fried may not be able to claim the "billionaire" accolade anymore after an estimated 94% plummet in his personal wealth overnight, according to the Bloomberg Billionaires Index.

09.11 / 08:07

business NFT Marketplace Opensea Royalties Bored Apes founders propose new model for NFT creator royalties

The founder of Bored Ape Yacht Club (BAYC) has weighed in on the ongoing non-fungible token (NFT) creator royalties debate and shared a potential path forward that they believe best deals with the issue.

09.11 / 06:11

business Blockchain Adoption Binance Reserve Support Binance Proof-of-Reserve pledge gains support following FTX crisis

Following the liquidity crisis and acquisition of cryptocurrency exchange FTX, Binance CEO Changpeng “CZ” Zhao said his exchange will soon start a Proof-of-Reserves audit system to allow verification of its digital asset holdings.

09.11 / 05:41

business Binance Liquidity Bitcoin Binance CEO shares 'two big lessons' after FTX's liquidity crunch

Binance CEO Changpeng “CZ” Zhao has shared his take on "two big lessons" to be learned from the FTX saga, saying cryptocurrency firms shouldn’t use their own tokens as collateral and should also keep “large reserves.”

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