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During a recent interview, leading exchange Kraken’s incoming CEO David Ripley shared his thoughts about last week’s FTX saga. Ripley did not hold back in his criticism of the exchange, as he blasted the team alongside Sam Bankman-Fried calling them thieves. This comes after outgoing CEO, Powell, had branded SBF “sociopathic”. Ripley said on Friday: I think, what it boils down to from all the information we have [and] this bankruptcy report that has now been released is that FTX…

According to new reports, crypto lending platform Genesis sought to obtain a $1 billion loan at the start of the week. The company reportedly sought emergency funds on November 14 in the wake of the FTX crash. However, Genesis was unable to gather the money it needed. Genesis Global May be Facing Liquidity Problems A Washington State Journal report cited a crucial fundraising document as the source of its data. Per the paper, Genesis Global Capital is facing liquidity issues…

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…

In a tweet on Thursday, El Salvador’s pro-Bitcoin president Nayib Bukele announced the nation’s plans to buy 1 Bitcoin per day, starting tomorrow, 18 November 2022. Tron Founder Justin Sun didn't spare a moment to jump into the conversation announcing he would follow in the nation’s footsteps.  We are buying one #Bitcoin every day starting tomorrow, Bukele stated. El Salvador’s BTC Reserves Suffer Major Losses Amid FTX Saga The nation recently celebrated its anniversary of adopting the leading cryptocurrency as…

Per a recent publication from the Wall Street Journal, crypto lending platform BlockFi is set to file for bankruptcy. BlockFi's distressed tweets and recent reports credit the forthcoming move to FTX exchange's historic crash, noting “significant exposure” to the failed company.  BlockFi Halts Withdrawals In the days following the fall of Sam Bankman-Fried’s FTX Global, the crypto industry has continued to feel the aftershocks. FTX filed for Chapter 11 bankruptcy alongside 130 affiliated companies including sister firm Alameda research. According…

MicroStrategy’s Executive Chairman Michael Saylor believes FTX’s collapse only reinforces the importance of Bitcoin – his favorite crypto asset.  The former CEO spoke at length last week about the primary cryptocurrency’s relationship with the rest of the digital asset market. Is the ‘crypto’ industry helpful or harmful in spreading Bitcoin adoption? Bitcoin’s Unique Attributes In a Coin Stories podcast episode published on Monday, Saylor said the biggest lesson from FTX’s meltdown was “Bitcoin; not crypto.” “This week highlights the contrast…

As the FTX crisis draws on, competitor and leading global exchange platform Binance recorded a jump in client withdrawals. Users have pulled out assets such as Bitcoin, Ethereum, and other stablecoins from the firm as tensions soar throughout the market.  CZ however dismissed any worries, describing the increased withdrawals as only 'slight' and 'normal'.  Binance Users Withdraw BTC, ETH, and Others On-chain data platform CryptoQuant reports BTC withdrawals on Binance totaling 81,712 tokens. This amounts to roughly $1.35 billion at…

In the wake of crypto exchange FTX’s resounding crash, Huobi Global has released an asset transparency report. The publication aims to allay user concerns about the security of their funds amidst growing anxiety industry-wide. Huobi Holds $3.5B Worth of Cryptocurrency Per the report, Huobi global’s reserves are worth an estimated total of $3.5 billion. As of Nov 12, the exchange held 191.84 million units of its native token Huobi token (HT), worth about 900M USD. Huobi’s reserves also include 274k…

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $833 billion. Bitcoin is down by nearly 23% following a terrible market crash. Ethereum lost almost 25% over the past seven days. XRP decreased by nearly 29% this past week. Almost all altcoins and Metaverse projects are trading in the red. FTX filed for bankruptcy, revealing over $9 billion in liquidity losses. The DeFi…