The year 2022 will be remembered as one of the key and pivotal years in the development of the cryptocurrency market. This year has seen some of the biggest crashes, from the Terra LUNA crash to the most recent collapse of the FTX exchange, which was previously the third-largest cryptocurrency
FalconX, a cryptocurrency trading firm, announced on Thursday that it had a portion of its assets caught on collapsed crypto exchange FTX. According to the corporation, its assets locked on FTX account for only 18% of its unencumbered cash equivalents. This ratio was within their counterparty exposure limit. FalconX insisted
An unexpected turn was revealed in Sam Bankman-Fried’s FTX disaster despite U.S. representatives summoning SBF to testify at a hearing on December 13, the House Committee on Financial Services. Federal prosecutors and the Securities and Exchange Commission (SEC) opened an investigation into whether the former FTX CEO manipulated the market’s
DappRadar, the world’s largest dapp store, has released its latest industry report, which demonstrates the blockchain industry’s fortitude in the face of recent setbacks like the FTX exchange’s closure and an increase in hacks, frauds, and vulnerabilities in the decentralized financial sector. Though one would expect consumers to flee in massive
According to the Financial Times, the UK Treasury is working to finalize a framework for Crypto regulation. There have been some major legislative shifts in the crypto industry and its interactions with overseas businesses that have made headlines recently. The regulatory status of cryptocurrencies has dominated headlines throughout the FTX
The UK Treasury is reportedly finalizing a framework for the regulation of the cryptocurrency industry. According to The Financial Times, the country’s financial authorities are currently putting the finishing touches on the significant crypto regulation. This includes prohibitions on international businesses selling to the UK, strategies for dealing with business
SINGAPORE–(BUSINESS WIRE)–The collapse of the cryptocurrency exchange FTX highlights the importance of effective corporate governance, according to a new AM Best commentary. The Best’s Commentary, “Corporate Governance Lessons for Insurers in the Wake of the Failure of FTX,” notes that although FTX is not an insurance company, the series of
Swyftx, an Australian cryptocurrency exchange, has announced the layoff of 90 employees in preparation for a “worst-case scenario” resulting from the collapse of FTX and a possible reduction in global trading volumes in 2023. Moreover, Swyftx co-CEO Alex Harper announced the decision in a statement on December 5, stressing that
On Saturday, Brian Armstrong, CEO of Coinbase, criticized Sam Bankman-Fried’s story of how FTX lost $8 billion. According to Armstrong, FTX’s prior CEO, a physicist with a degree from MIT, would not allow billions of dollars to go without a trace. The CEO of Coinbase then explained how he thought
The bankruptcy watchdog at the US Department of Justice (DOJ) demanded a separate investigation. Into the FTX Group’s demise on Thursday. Allegations of “fraud, dishonesty, incompetence, misconduct, and mismanagement” were made against the cryptocurrency exchange. Prompting the need for an independent investigation. The US Trustee, a branch of the Department
