The Sam Backman Fried exchange FTX is under regulatory scrutiny in the US as a consequence of Binance’s withdrawal from the acquisition of FTX. The United States Securities and Exchange Commission is investigating into cryptocurrency exchange. The Commodity Futures Trading Commission (CFTC), according to Bloomberg, is also probing the cryptocurrency
Sequoia Capital, the US-based venture capital firm, has dropped its FTX investment to zero dollars. In a recent letter to investors, Sequoia Capital disclosed that the platform was writing down the entire value of its holdings in the FTX exchange. The VC platform has clarified its latest decision by citing
Binance, the top cryptocurrency exchange in the world, declared on Wednesday that it will not proceed with the acquisition of FTX. As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will
The current scandal over Sam Bankman Fried’s crypto exchange FTX and his trading company Alameda Research resulted in a significant loss on Solana’s SOL token. The worst-case scenario is SBF’s Alameda Research holding a significant amount of Solana tokens. The so-called Ethereum killer Solana (SOL) which supports the rapid layer-1
World’s one of the most prominent cryptocurrency exchanges FTX CEO Sam Bankman-Fried’s total net worth fell by nearly 94% to $991.5 million in a single day. Also, he has disappeared from the Bloomberg Billionaires Index. Prior to FTX financial crisis, SBF’s personal wealth was estimated to be $15.2 billion, as
Binance CEO Changpeng Zhao confirmed the largest exchange’s move to “fully acquire” its rival FTX on Twitter on Tuesday, putting an end to all the speculations. Binance signing a non-binding letter of intent (LOI) with FTX.com marked the initiation of the bailout. This afternoon, FTX asked for our help. There
The CEO of Binance, Changpeng “CZ” Zhao, announced that his exchange would soon launch a Proof-of-Reserves audit mechanism to enable verification of its holdings of digital assets in the wake of the liquidity issue and the acquisition of cryptocurrency exchange FTX. All crypto exchanges should do merkle-tree proof-of-reserves. Banks run
Following recent developments, Binance CEO Changpeng Zhao declared over the weekend that the exchange will sell off all of its FTT holdings. After the announcement, the price of FTT dropped dramatically, losing about 10% of its value in a single day. Before the crypto community had time to process what
As the digital asset market continues to grapple with the scandal surrounding trading firm Alameda Research’s balance sheet, traders in Asia rose to a market that was partially in the red. As a result of a public dispute between Binance CEO Changpeng CZ Zhao and Alameda CEO Caroline Ellison over
Binance CEO Changpeng Zhao also known as CZ announced his decision to sell all FTT tokens. FTT is a native currency of the most prominent crypto exchange FTX. Binance is world’s largest cryptocurrency exchange by daily trading volume and it holds around 23 million FTX tokens, valued at about $517
