Tech

John Ray, III, the new CEO of FTX, has filed his declaration of support in the defunct exchange’s bankruptcy proceedings.  The new executive revealed numerous details about the internal operations of FTX, and the true state of its financials. Abysmal Accounting at FTX Within the filing, Ray cited experience in legal restructuring for some of history’s largest corporate failures, including Enron and Nortel. Both companies were well-known for their financial mismanagement and fraudulent accounting practices among executives.  However, even he…

On-chain data indicates that FTX US – which filed for bankruptcy alongside FTX on Friday – has frozen customer withdrawals.  According to Etherscan – an Ethereum block explorer – the FTX US wallet hasn’t processed an outbound transaction since 05:20:11 PM UTC on Friday. Trading on the exchange is still live. However, a notice on the site states that trading may be “halted” within a few days, and that withdrawals “are and will remain open.” FTX, the world’s second-largest crypto…

After a week-long liquidity crisis followed by a withdrawal freeze, FTX has officially filed for Chapter 11 bankruptcy. Meanwhile, its high-profile leader and former multi-billionaire – Sam Bankman-Fried (SBF) – has resigned as CEO. In a press release on Friday, FTX announced that it has commenced Chapter 11 proceedings in the United States alongside over 130 affiliated companies.  One of those companies is Alameda Research – a trading desk SBF previously launched. Many believe it deeply intertwines with FTX.  FTX’s…

Former Kraken CEO Jesse Powell is indignant over FTX CEO Sam Bankman-Fried (SBF)’s behavior preceding the fallout of the latter’s company. In a Twitter thread on Thursday, Powell blasted the young billionaire for recklessly tarnishing the crypto industry’s reputation.  Powell Calls Out SBF The Kraken co-founder, known as a long-time crypto veteran and believer, called this week’s events a “massive setback” for the industry.   Noting that the crypto industry is the frequent target of con artists, he said the community…

Binance has announced it is set to acquire its rising rival, FTX. Binance CEO, Changpeng Zhao made this known in a tweet. “This afternoon, FTX asked for our help. There is a significant liquidity crunch,” the tweet began. FTX CEO, Sam Bankman-Fried also confirmed the news that has left the crypto community shocked. https://twitter.com/cz_binance/status/1590013613586411520?s=20&t=Qewt2lazmWepw5Il0h71ag FTX’s solvency has been in doubt since reports emerged that Alameda, FTX’s sister firm, only held FTT on its balance sheet. Following the report, Binance stated…

Binance notoriously devoted $500 million to support Elon Musk’s buyout of Twitter, after the billionaire announced his offer in April.  The company’s CEO, Changpeng Zhao (CZ), has now provided a summary of its 6 primary reasons for doing so.  Binance Supports Free Speech According to a Twitter thread from CZ on Friday, Binance’s foremost reason for supporting the buyout is its support for freedom of speech.  “Twitter is the global Townsquare. From singers/athletes/movie stars to politicians/CEOs/entrepreneurs, the crypto community, and…

America’s largest crypto exchange, Coinbase, has unveiled its Q3 2022 earnings report – and the results are a bit jumbled. While the firm had a roughly $300 million drop in expenses from last quarter, the company’s total revenue also fell by 24%. Slow Trading Season for Coinbase The third quarter shareholder letter showed transaction revenue at $366 million, taking a substantial 44% slash versus Q2. Meanwhile, total trading volume on the platform fell about 27%, from $217 billion to $159…

According to circulating reports, Twitter’s “Chief Twit” Elon Musk is set to introduce paid verification for the platform’s users. This is Musk’s first significant move since entering his new role at the company following the Twitter takeover. Musk finalized his Twitter purchase on October 27 and now, hardly 4 days later is doing some major restructuring.  Reports Claim Employees Must Comply or Be Fired Musk is reportedly leaving little room for question as he moves forward with his plans for…

Per a report from crypto news outlet Wu Blockchain, some Huobi executives have exited their roles following Justin Sun’s acquisition of the exchange. These appear to be the former chief executive officer and chief financial officer at the company.  Sun May Discharge Several Employees The Twitter report stated that Sun has plans for large-scale dismissal. Huobi currently hosts 1600 staff members which Sun reportedly believes is too much. Sources close to the matter claim the TRON founder’s team now occupies…