Crypto crash

Share to Twitter Share to Linkedin Topline Former FTX CEO Sam Bankman-Fried claimed in a live New York Times interview Wednesday the collapse of his cryptocurrency exchange was driven by numerous mistakes on his part rather than fraudulent activity, as FTX faces allegations it wrongly used billions of dollars in customer funds in a failed attempt to prop up its sister trading firm Alameda Research. Key Facts Bankman-Fried acknowledged “clearly I didn't do a good job” as head of FTX, saying there were immense accounting mistakes he should have caught, but he insisted he “didn’t ever try to commit fraud” and was “shocked” by the exchange’s collapse earlier this month. He also pushed back on concerns that FTX’s ties to Alameda Research were inappropriate, insisting he “wasn't running Alameda” and “didn't know exactly what was going on,” even though Bankman-Fried co-founded Alameda, had extensive ties to its leaders and said he worked as a consultant … [Read more...] about ‘I Didn’t Ever Try To Commit Fraud’: Sam Bankman-Fried Responds To FTX Collapse In New Interview

BlackRock invested $24 million into bankrupt crypto exchange FTX founded by former crypto billionaire Sam-Bankman-Fried, CEO Larry Fink said at The New York Times Dealbook Summit. Fink disclosed that the firm invested on behalf of BlackRock’s clients through a fund of a fund and hinted the firm may have been given false information, The New York Times (NYT) reported. Fink observed about FTX “it looks like there was some misbehavior of major consequence” and said “Until we have more facts, I will not speculate” about being misled, he told the NYT. News: Larry Fink said this morning that BlackRock’s FTX investment was $24 million, a sum not previously publicly known, and that he sees a sea change ahead in the types of ventures that get funded: “I don’t believe we need another food-delivery company.” https://t.co/0FDENMxaXA — Rebecca Ungarino (@ungarino) November 30, 2022 He went on to blame venture capitalists for the FTX debacle because they made large investments in … [Read more...] about BlackRock Invested $24 Million In Sam Bankman-Fried’s Crypto Exchange, CEO Says

- A + A PORTLAND (Dec 1): The crypto exchange Kraken is laying off 30% of its workforce, or about 1,100 people, as the fallout from this year’s digit-asset market meltdown worsens. The job eliminations at the world’s third-biggest crypto exchange by daily trading volume follows similar moves by rivals including Coinbase Global Inc and Gemini. Many exchanges have seen revenue slump as trading activity fell off in recent months with crypto prices plunging. The recent collapse of the crypto exchange FTX added to market uncertainty. “Unfortunately, negative influences on the financial markets have continued and we have exhausted preferable options for bringing costs in line with demand,” the company said in a blog post on Wednesday. Kraken had recently expanded quickly, and the cuts will return its workforce to where it was a year ago, according to the blog. “Mostly, it’s an obvious follow on to declines in crypto trading volumes,” said Aaron Brown, a crypto investor … [Read more...] about Kraken exchange to lay off 1,100 as crypto pain deepens

Representative image Bharat Web3 Association (BWA), a newly formed cryptocurrency and web3 industry body, has written to the finance ministry sharing its concerns and recommendations on taxation and regulatory uncertainty ahead of the Union Budget 2023-24. The industry body is expected to meet concerned officials from the Central Board of Direct Taxes (CBDT) and others next week, according to a source familiar with the developments. The cryptocurrency industry in India is currently dealing with a number of issues, including rapidly declining trading volumes across exchanges, global volatility of crypto tokens since nearly the beginning of 2022, and, most recently, the collapse of the world's third largest crypto exchange, FTX, which has caused widespread distrust among retail investors. In India, the situation has been exacerbated by the introduction of a new taxation regime earlier this year, which has resulted in an 85-90 percent decline in trading volumes on … [Read more...] about Budget 2023: Crypto industry body calls for rationalisation of taxes, regulatory body

Share to Twitter Share to Linkedin Sam Bankman-Fried had little to add more than he was sorry, and that he should have done better, in his first public appearance since his FTX cryptocurrency exchange filed for bankruptcy protection. The founder of the high-profile company, whose logo appeared on American baseball umpires uniforms during the 2022 season, could not or would not explain exactly what happened to customer funds that were apparently transferred to FTX’s sister company, hedge fund Alameda Research. He rejected the notion that FTX’s ties to that company were inappropriate, insisting he “wasn't running Alameda” and “didn't know exactly what was going on.” But Bankman-Fried co-founded Alameda, had extensive ties to its leaders and said he worked as a consultant for the business “involved in venture investing.” He acknowledged that “clearly I didn't do a good job” as head of FTX, saying there were immense accounting mistakes he should have … [Read more...] about Bankman-Fried, Offering Little Clarity, Says ‘I’ve Had A Bad Month’

Share to Twitter Share to Linkedin It seems Sam Bankman-Fried isn’t done making a spectacle of himself. The founder of collapsed crypto exchange FTX is set to make two public appearances this week, where he may be asked to address if and why he used customer funds for his financial empire’s own investment machinations, why he is speaking now and what’s next for him. In his first appearance, Bankman-Fried is scheduled to speak with New York Times columnist Andrew Sorkin at the newspaper’s DealBook Summit at 5 p.m. in New York on Wednesday, where he’ll video conference from The Bahamas, a Times spokesperson said. For those wishing to listen to him in person, attendees must be willing to spend $2,499 (after submitting an application and being approved to attend). But the conversation will also be livestreamed for free on the Times ’ website . Other conversations will be available on YouTube after the event. On Thursday, Bankman-Fried is slated to … [Read more...] about Bankman-Fried Slated For A Return To The Public Stage

Profile image of FTX founder and ex-CEO Sam Bankman-Fried (File Photo) David Yaffe-Bellany When cryptocurrency exchange FTX filed for bankruptcy November 11, the company’s founder, Sam Bankman-Fried, announced the news in a contrite message on Twitter. But his attempt to calm the situation belied what had just taken place within the company. As the crisis unfolded, a group of FTX lawyers and executives moved to strip authority from Bankman-Fried and urged the company’s top leaders to prepare for bankruptcy . For days, Bankman-Fried ignored their warnings and clung to power, seemingly convinced that he could save the firm, despite mounting evidence to the contrary. “The exchanges must be halted immediately,” Ryne Miller, a top FTX lawyer, wrote in an email to Bankman-Fried and other staff November 10. “The founding team is not currently in a cooperative posture.” Bankman-Fried eventually relented, stepping down as FTX’s CEO and authorising the company to file for … [Read more...] about How Sam Bankman-Fried tried to cling to FTX

SentBe CEO Alex Choi speaks during an interview with Korea JoongAng Daily in the company office in Gangnam, southern Seoul, on Nov. 22. [PARK SANG-MOON] SentBe, a remittance provider, started offering transfer services from the United States on Monday. It also offers outward remittance services to Singapore and Indonesia. “I’ve learned that different countries have different standards and market practices,” said Choi in an interview with Korea JoongAng Daily at the company office in Gangnam, southern Seoul, on Nov. 22. Choi said different markets all have very different business environments for overseas foreign exchange remittance. In the United States, SentBe had to be “particularly cautious about information security.” Choi added, “there are so many unicorn startups competing, but a lot of their primary markets are South America or Europe. They don’t seem to consider Southeast Asia as a primary market." He named Vietnam, the Philippines, Indonesia and Thailand as some … [Read more...] about SentBe offers U.S. remittance services

Share to Twitter Share to Linkedin On January 17, 1991, America launched the most successful air campaign in history against Saddam Hussein’s Iraq. At the tip of the spear in those opening attacks were several B-52s, which launched from Barksdale Air Force Base in Louisiana and flew non-stop over 7,000 miles to hit their targets in Iraq. Since then, bombers have played a key role in nearly every subsequent conflict the U.S. has engaged in—Kosovo, Afghanistan, Iraq, Libya and Syria. The reason for this is simple: these aircraft possessed the range, payload, persistence, flexibility, and lethality commanders require to net key objectives when war erupts and results count. However, despite the unrivaled value bombers afford, America has run its investment in these aircraft too thin for too long. The B-21, which will be unveiled this Friday, presents a crucial opportunity to reverse America’s bomber deficit. The U.S. bomber force totaled 411 aircraft at the end of … [Read more...] about The B-21 Will Reestablish The U.S. Power Projection Edge—If Bought In Needed Quantities

Share to Twitter Share to Linkedin How consumers engage online is changing rapidly. In a recent survey , 71% of customers said they would shop more frequently with AR. Now, with the arrival of the metaverse, users are exposed to a new alternate world that allows them to experience an immersive and virtual experience, ushered in by advanced technologies such as augmented reality and virtual reality. For users, this allows for seamless transitions between virtual and physical environments. Metaverse is offering many features afforded by blockchain technology, such as non-fungible tokens (NFTs) and other digital assets. In many ways, immersive commerce is an extension of traditional ecommerce as it creates new and improved customer experience by utilizing new tech. As the metaverse gains ground as the new shiny thing, the concept itself isn’t new. Back in 1992, Neal Stephenson spoke about the metaverse in his sci-fi novel called ‘Snow Crash’: “This imaginary … [Read more...] about The Rise Of The Metaverse, NFTs And Immersive Commerce