NFL football star Tom Brady and supermodel Gisele Bündchen staked a $650 million fortune in the now-beleaguered FTX crypto exchange during its bullish days. In June 2021, Brady and Bündchen each took an equity stake in FTX Trading Limited as part of a long-term partnership. The deal gave Brady an ambassador role for FTX and…
Several leading crypto exchanges, including Binance, Huobi, OKX, KuCoin, etc., have revealed intentions to publish their fund reserves to arrest the current contagion fears grappling the crypto market. Binance CEO Changpeng Zhao advised that crypto exchanges should do a Merkle-tree proof-of-reserves. According to him, while traditional financial institutions like banks can run on fractional reserves,…
Binance’s market-altering deal to acquire rival FTX might not go through, sources close to the matter told CoinDesk. On Tuesday, Binance announced a non-binding letter of intent to take over FTX but noted that it needed to perform due diligence on the struggling exchange. Less than a day into the process, Binance is strongly leaning…
Galaxy Digital, one of the largest crypto financial services firms on the market, released its financial results for the third quarter of the year. The report revealed that the company has an exposure of approximately $76.8 million in cash and cryptocurrencies to FTX. Out of the $76.8 million, $47.5 million is currently “in the withdrawal…
Technical Analyst @DU09BTC warned that 18 million Solana tokens are due to hit the market following the end of their staking lock-in period at the current epoch. He fears that holders will exit positions causing a “second wave of selling.” 18 mil #SOL about to hit the market within 24h. 👇 Those with a lot…
Active addresses transacting with FTX’s FTT token have been close to zero throughout 2022, according to Glassnode data analyzed by CryptoSlate. Before Binance announced a potential FTX acquisition, it appears the token has been relatively inactive on-chain. Source: Glassnode Given that most activity on exchanges happens off-chain and FTT is the native token of FTX,…
Coinbase CEO Brian Armstrong took to Twitter on Nov. 8 with a thread that started by sharing his “sympathy for everyone involved in the current situation with FTX.” Armstrong empathized that it can be “stressful” when customer assets are at risk. However, the Coinbase CEO ensured the community understood the differences between Coinbase and FTX,…
The Bloomberg Terminal has updated its estimate of FTX CEO Sam Bankman-Fried’s net worth on Nov. 8 to $991 million, down from $16 billion the day before. Source: Bloomberg The reduced estimate that takes away SBF’s billionaire status comes as the native token of the FTX exchange, FTT, fell over 83% to a low of…
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FTX recorded a withdrawal of over $360 million worth of Bitcoin(BTC) in two days, with the majority of sell pressure coming from whales. This is reportedly the tenth-biggest BTC withdrawal this year. In addition, Nansen data shows that FTX stablecoin outflows were the highest among exchanges over the past seven days, as reported by Data…