The valuation of Chipper Cash, one of the numerous African fintech businesses funded by the now-defunct FTX, fell from $2 billion to $1.25 billion after the company received investment from the now-defunct crypto exchange. Even as this news broke, reports emerged that Chipper Cash had laid off as many as
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
Three Arrows Capital (3AC) crypto hedge fund co-founder Zhu Su is battling former FTX CEO Sam Bankman-Fried for allegedly manipulating the media and avoiding tough questions. Zhu Su resorted to Twitter today to elaborate on why he has been more active on social media since the FTX disaster. He says
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
FTX, the bankrupt crypto exchange has hired financial forensic investigators to find the missing cryptocurrencies. According to a recent report from the Wall Street Journal, the new management of FTX has appointed a group of forensic investigators from the advisory company, AlixPartners to help find the billions of dollars that
On Wednesday, Japan’s Financial Services Agency (FSA) said that it intends to prolong the suspension order for FTX Japan, a cryptocurrency exchange. Because of delays in resuming withdrawals and returning client monies in Japan, the company has made the decision to implement the change. In November, the FSA demanded that
Sherlock, a crypto auditing platform, anticipates a massive loss from the troubled loans on the blockchain-based institutional capital marketplace, Maple Finance. In a recent blog post, Sherlock predicted a $4 million loss for its stakers, or roughly one-third of the capital in its staking pool, due to Orthogonal Trading FTX-induced
Goldman Sachs (GS), one of the world’s leading digital banking platforms, announced plans to invest $10 million to buy or invest in crypto firms whose valuations have been impacted by the demise of the crypto exchange FTX. According to Reuters, Goldman Sachs’ head of digital assets Mathew McDermott stated that
The United States Federal Trade Commission (FTC) is investigating several cryptocurrency businesses. For what it believes to be fraudulent or misleading cryptocurrency-related advertising. A spokesperson for the Federal Trade Commission, Juliana Gruenwald, was quoted in a Bloomberg article published on December 6. She said that the agency is looking into
