More than one possible savior has backed out as the cryptocurrency exchange FTX struggles to plug a multi-billion dollar hole in its financial sheet. After Binance, Tether’s CTO Paolo Ardoino said on November 10 that the business has “any plans to invest or lend money to FTX/Alameda.” Tether does not
The current critical crisis of FTX crypto exchange is creating a significant impact on the whole crypto market. It is becoming the hottest story in the town, affecting large users and the investors. In addition, prices fell dramatically for all the cryptocurrencies. As the situation worsens day by day, the
Genesis Trading, the market maker and lending arm of Digital Currency Group, disclosed that its derivatives division had over $175 million funds stored in an FTX trading account. Also, the trading company confirmed that it has no ongoing business ties with FTX or Alameda Research, the cryptocurrency trading company run
According to a press release on Thursday, Bahamian officials have frozen the assets of FTX Digital Markets and linked parties as a “prudent course of action” to preserve assets and stabilize the company. Brian Sims, a senior partner at Lennox Paton, was chosen by the Securities Commission of the Bahamas
BlockFi, one of the leading crypto lending firms has declared withdrawal halting “as per their terms”. The clients are furthermore restricted from depositing in BlockFi wallets and interest accounts. pic.twitter.com/zNF1uP6evl — BlockFi (@BlockFi) November 11, 2022 FTX’s financial struggle is snowballing along with its international counterparts. The bad effect of
Japan’s Financial Services Agency (FSA) has reportedly ordered the local branch of FTX to shut down, according to a statement issued on Thursday. The decision states that effective immediately, FTX Japan is to discontinue all operations as a cryptocurrency exchange. Including the acceptance of new customers, and will not resume
Tether reportedly froze $46 million USDT at the request of law authorities. The trusted stablecoin provider has fulfilled the request, which may have been related to the FTX exchange. Little is known about the nature or goals of the inquiry beyond the fact that it is taking place. A Tether
On its most recent quarterly earnings statement on November 9th, blockchain financial services company Galaxy Digital revealed that it has $76.8 million in cash and digital assets exposed to struggling cryptocurrency exchange FTX. Galaxy Digital has reported that $47.5 million is in the withdrawal process now. After a consumer bank
According to a Reuter’s report, when Alameda Research suffered a string of losses in its operations, FTX continued to assist the company using consumer monies. The loss of a $500 million loan agreement with the now-defunct crypto lender Voyager Digital was one of the biggest. The American branch of FTX
As the recent talk of the town, FTX crypto exchange is spreading globally, thereby causing a crash for the entire crypto market. In just this week, the crypto market has lost almost 20% of its market cap, which is around $200B. In light of the ongoing crisis, a crypto strategist
