FTX Financial News

Multiple important news reached the market as another week of harsh crypto winter neared its end, providing more clarity on where some major industry players stand.

Both major crypto exchange FTX and crypto lender Ledn have reportedly joined the race for a stake in the troubled crypto lender BlockFi.

Sam Bankman-Fried, the Founder of the crypto trading platform FTX, has warned that more crypto exchange failures “are coming,” and has stated: “There are some third-tier exchanges that are already secretly insolvent.”

Voyager Digital Holdings, an owner of a crypto platform, announced today that they entered into a multi-million credit line agreement with Alameda Ventures, but also that they may issue a notice of default to major crypto hedge fund Three Arrows Capital (3AC) for failure to repay its loan.

Major crypto lender BlockFi said it secured a USD 250m loan from the FTX exchange in an attempt to bolster its balance sheet.

With crypto prices continuing to slide, Sam Bankman-Fried, the outspoken CEO of major crypto exchange FTX, argued that the US Federal Reserve (Fed) is to blame for the ongoing downturn, but that large companies such as his have a responsibility to step in and make efforts to contain the resulting losses for crypto investors.

There is not enough liquidity in centralized and decentralized exchanges combined for the troubled crypto lender Celsius to sell their Lido staked ethereum (stETH) tokens on the open market, leaving over-the-counter (OTC) transactions as the only option, according to digital assets data provider Kaiko.

Crypto exchange FTXis not going to slow down hiring new employees despite the adverse market conditions, because the company finds it significantly scaled its revenues and productivity during bullish times -- and is pursuing its hiring plans irrespectively of the industry's general performance, according to Sam Bankman-Fried, the company’s CEO.

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Japan’s upper parliamentary house, the House of Councillors, has approved a legal amendment that will police stablecoin issuance and ensure that only regulated companies are allowed to issue cryptoassets.

crypto exchange FTX is prepared to spend billions of dollars to buy stakes in other companies as it looks to grow the suite of products it offers customers, according to the firm’s chief executive officer. Billionaire Sam Bankman-Fried, who’s also the firm’s co-founder, said on Friday that recent rounds of fundraising by FTX and its US entity — totaling more than $2 billion — could be used to bankroll the moves. “FTX is a profitable company,” he said in an interview. “You can look at the amount that we’ve raised over the last year or two — it’s a few billion dollars. That gives maybe a sense of where we are in terms of cash that was explicitly viewed from a potential acquisition angle.”

Twitter users say they believe that the FTX crypto exchange’s multi-billionaire owner Sam Bankman-Fried’s plans to spend some USD 1 billion or more to fund the US Democratic Party’s 2024 presidential election campaign is a “calculated investment.”

After facing a backlash from the Bitcoin (BTC) community over comments to the Financial Times that Bitcoin is “not a payments network,” Sam Bankman-Fried, the billionaire CEO of crypto exchange FTX, now hints that his exchange may implement Bitcoin Lightning Network payments.

Sam Bankman-Fried, CEO and founder of major crypto exchange FTX, and investor in Solana (SOL), was accused of misleading the public as he omitted important facts while bashing Bitcoin (BTC). The CEO claims that his quotes were chosen "very selectively" by a mainstream media outlet, known for skepticism towards Bitcoin and crypto.

Cryptocurrency exchange FTX's founder has said that Bitcoin has no future as a payments network and criticized the digital currency for its inefficiency and high environmental costs, the Financial Times reported on Monday.

digital tokens across blockchains — are creating opportunities for exchanges and other businesses to offer more secure alternatives. Crypto exchanges FTX and Coinbase Global Inc. are deepening their capabilities to provide bridge-like services on various blockchains, so users invested in Bitcoin or Ethereum can easily participate in other networks’ financial or gaming apps. FTX, for instance, launched a marketplace last year that allows customers to trade Solana-based nonfungible tokens, and to easily swap their Ethereum for the chain’s main Sol coin to buy them. Users can also deposit an Ethereum-based NFT and withdraw it on Solana via FTX — instead of a bridge. And more app developers, like institutional lending marketplace Maple Finance, are moving onto new blockchains, making bridges unnecessary for certain transactions. While some measures may have been in the works prior to the breaches, their urgency and attraction have increased after hackers siphoned more than $1 billion out of crypto bridges like Wormhole and Ronin — most of it in February and March. An April survey of 500 U.S. adults by OnePulse showed that 80% of respondents don’t trust crypto networks to protect their funds. While Ethereum-connected bridges still contain some $17.4 billion in value locked, that’s down about 17% in the past 30 days, according to tracker Dune Analytics.

Neutrino USD (USDN), the flagship stablecoin of the Waves network, lost its peg to the US dollar following the allegations that the project’s founders had been artificially pumping WAVES, the project's native token.

Major crypto exchange FTX is readying to set up shop in the land of the rising sun via the acquisition of the Liquid group, the owner of a licensed Japanese crypto exchange, Quoine.

Cryptocurrency exchange FTX US said on Wednesday it had notched a valuation of $8 billion after raising $400 million in its first funding round from investors including Japan's SoftBank Group Corp and Singapore's Temasek Holdings.

The crypto exchange heavyweight FTX’s subsidiary FTX US raised USD 400m in a Series A investment round that it says values the firm at USD 8bn and adds fresh capital to compete with other American exchange rivals such as Coinbase, Binance US, and Kraken.

Major crypto derivatives exchange FTX has launched a USD 2bn venture fund, FTX Ventures.