CEO Financial News

FTX's  desperate scramble for investors to repair its balance sheet has ended in bankruptcy. 

In a statement posted on the official FTX Twitter account, the firm announced that they had commenced voluntary Chapter 11 bankruptcy proceedings. The news comes despite efforts by founder Sam Bankman-Fried (SBF) to raise funding to plug the $9.4 billion hole left by fund mismanagement.

Crypto liquidity provider B2C2 has promoted Nicola White to group chief executive.

According to reports the decision could be announced on Friday, following a week of turmoil for the exchange which collapsed in dramatic fashion after experiencing a liquidity crunch. The firm secured a CySEC license to operate as a Cyprus investment firm in September, allowing it to operate across the entire European Economic Area, including the EU as well as Iceland, Liechtenstein and Norway.

The collapse of FTX is already attracting the attention of US regulators, who are now reportedly looking into whether the firm mishandled customer funds. The investigation is starting as people in the community are beginning to wonder where CEO Sam Bankman-Fried is, given his lack of updates on Twitter.

Investment managers have warned FTSE companies to keep pay packets for their top executives in check over the coming year as UK households grapple with the cost-of-living crisis.

The Asian session has started with a crypto market massacre, with all of the main cryptocurrencies on a strong negative run and the global crypto market cap plummeting below $1 trillion amid FTX insolvency fears. Bitcoin price fell sharply and broke through an upward trendline to trade at $19,600. Similarly, Ethereum fell 7.5% to $1,470.

The price of FTX (FTT) has declined by 3% in the past 24 hours, following Binance's announcement that it would liquidate the entirety of its holdings in the token. Binance's decision comes after a leaked report suggested that the exchange utility token comprises nearly 40% of the assets of Alameda Research, which owns the rival FTX trading platform. 

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

South Korean prosecutors say they have evidence that proves the missing Terraform Labs Co-founder Do Kwon told an employee to manipulate coin prices. But Kwon has suggested that he is ready to hold a “meetup,” with “cops from all over the world welcome” to attend.

SGX-owned MaxxTrader provides foreign exchange pricing and risk services to over 100 global and regional banks, broker-dealers and hedge funds. It is now moving into crypto with the MaxxDigital offering, which promises the ability to price, trade and distribute any cash or tradable tokenised digital assets.

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

Under this first industry pilot, the banks conducted foreign exchange and government bond transactions against liquidity pools comprising of tokenised Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen (JPY) and Singapore Dollar (SGD). Further, a live cross-currency transaction involving tokenised JPY and SGD deposits was successfully conducted and a simulated exercise was performed involving the buying and selling of tokenised government bonds.

Bitcoin (BTC) bull Michael Saylor’s company MicroStrategy delivered earnings that fell short of expectations on Tuesday, despite relatively stable bitcoin prices during the quarter.

The tech elite is returning to the Portuguese capital for Europe’s largest technology event which opens its doors on Tuesday evening.

HSBC's chief financial officer decided to leave the company after becoming impatient with the timetable for the chief executive job to open up, according to people familiar with the matter.

Sam Bankman-Fried, the outspoken CEO and founder of major crypto exchange FTX, has offered what he calls his "final thoughts" on the optimal lobbying strategy for the crypto and blockchain industry that could pave the way for more industry-friendly regulation in the U.S.  At the same time, he warned the industry over the potential negative outcome of engaging in "relatively strident/adversarial strategies”

It is now moving into crypto with the MaxxDigital offering, which promises the ability to price, trade and distribute any cash or tradable tokenised digital assets. The platform incorporates OTC and FX execution features for digital asset trading, as well as streaming, Request for Stream and Request for Quote workflows.Manish Kedia, CEO, MaxxTrader, says: "There is currently a large gap in the digital assets trading market for a robust, functionality-rich trading solution and we believe that MaxxDigital can fill this critical gap."Jacky Tai, MD, group head, trading and structuring, treasury and markets, DBS, adds: "Partnering with MaxxTrader and leveraging their expertise enhances our digital asset trading offering and trading hours even over weekends without having to commit to additional backend resources."Separately, DBS has formed a partnership with Open Government Products (OGP) to launch a live pilot where purpose-bound money-based vouchers (PBM vouchers) are issued using tokenised SGD to facilitate “real-world” live transactions with selected merchants.

It is now moving into crypto with the MaxxDigital offering, which promises the ability to price, trade and distribute any cash or tradable tokenised digital assets.

Elon Musk has taken control of Twitter and ousted the CEO, chief financial officer and the company’s top lawyer, two people familiar with the deal said Thursday night.

Facebook-owner Meta recorded a loss of over $3.5bn in the third quarter of this year, as the company continues to burn cash on its new metaverse-related initiative.