FTX

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…

In a statement on the platform’s official Telegram page, FTX’s Telegram admins revealed the platform has been the victim of a hack.  PeckShield Tracks the Hack in Real Time In the closing hours of Friday, several wallets linked to FTX exchange began to suspiciously move assets worth millions of dollars, without any prior notice. This morning, FTX raised the alarm of a breach via its official telegram page. [caption id="" align="aligncenter" width="695"] An alarm was first raised by the FTX…

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…

In a tweet on Thursday, Tether CTO Paolo Ardoino revealed that the stablecoin issuer has no intentions of an FTX bailout.  SBF Seeks Funds From Various Sources Sam Bankman Fried-led crypto exchange FTX is grappling to stay above water as fears of insolvency push an ongoing bank run. The platform’s Tuesday controversy regarding a Binance acquisition further worsened the situation. Now SBF is on the hunt for rescue funds scaling $9 billion and he is looking to both investors and…

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…