Several mainstream media outlets have published favorable articles on former FTX CEO Sam Bankman-Fried (SBF) — much to the disdain of the crypto community. The collapse of FTX has revealed lax internal controls and risky investment practices can culminate in a giant financial disaster for the entire industry. Not only have billions been lost, but…
Due to the chain reaction of events following the FTX collapse, the leading exchange Coinbase felt the need to clarify that it has a ‘strong capital position’ amid market turmoil, and has zero exposure to Genesis. 2/ We won’t comment on every event in crypto, but for the sake of clarity: Coinbase has zero exposure…
Speaking to CNBC about the FTX collapse, Three Arrow Capital co-founder Kyle Davies slighted the bankrupt exchange by saying: “In the trueness of time, we will find out the truth and we’re looking forward to justice.” FTX filed for bankruptcy on Nov. 11 following a run that depleted the exchange’s liquid reserves. Precise details of…
Crypto exchange Gemini services are down, causing speculation that it is the latest victim of the FTX crisis. However, the exchange has maintained on its status page that wire transfers are affected, but funds are secure. “Gemini is investigating reports of potential service disruptions. All customer accounts and funds remain completely secure,” Gemini said Further…
Nexo responded to rumors of insolvency that sprang up on Nov. 16 after its website stopped displaying the real-time audit of its assets versus liabilities and said the attestation would be back up soon. A Nexo representative told CryptoSlate that similar oracle technical difficulties have happened in the past and it had already reached out…
Gemini, a cryptocurrency exchange based in the U.S., said that it has paused withdrawals on its Earn program. Genesis Global, the lending partner of the Earn program, is no longer able to meet customer redemptions as mandated in its service-level agreement (SLA). The exchange said it was working with the Genesis team to help its…
FTX filed for Chapter 11 bankruptcy on Nov. 11 following days of intense speculation over the company’s financial health. Over this period, numerous allegations emerged that suggested FTX’s top brass were in over their heads. These include the criminal mismanagement of user funds, favorable treatment of trading arm Alameda, including “insider info” to front-run token…
Cryptocurrency exchange Gate.io allegedly covered up a hack that occurred on April 18, 2018, which saw $230 million swiped from the exchange, according to a Nov. 14 Twitter thread detailing the incident by on-chain sleuth ZachXBT. ZachXBT called out Gate.io’s founder and CEO Lin Han for advocating for blockchain asset security and claiming Gate.io has…
Transactions on the Three Arrows Capital (3AC) wallet have been revitalized as funds began to move again in its main wallet. Large movements of Ethereum (ETH), USDT, and USDC can be seen in the image above, transacting between Nov. 9 and Nov. 11. A total of over $20 million in the three crypto assets was…
Lawmakers in the U.K. have asked Binance to submit internal discussions and documents relating to its attempted purchase of FTX and the sale of the bankrupt exchange token FTT, Bloomberg News reported on Nov. 15. According to the report, the U.K. Parliament’s Treasury Committee questioned why Binance revealed it was selling $500 million worth of…