Following the bankruptcy of cryptocurrency exchange FTX, a growing number of pension funds and investment firms are revealing that they were directly or indirectly exposed to Sam Bankman-Fried’s crypto empire, resulting in hefty losses for investors in the United States and Canada. This comes as many of these pension funds and Wall Street firms have…
FTX Collapse Adds to 2022 Woes for Pension Funds, Investment Firms
After FTX Collapse, Bank of England Warns of Bigger ‘Crypto Shock’ in Future
November 21, 2022
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The deputy governor of the Bank of England has warned of the need to regulate cryptocurrency following the collapse of the FTX exchange. FTX filed for bankruptcy protection on Nov. 11 as CEO and founder Sam Bankman-Fried resigned. Sir Jon Cunliffe told an audience at a Warwick Business School event on Monday: “While the crypto…
Collapsed FTX Owes Nearly $3.1 Billion to Top 50 Creditors
Cryptocurrency exchange FTX, which has filed for U.S. bankruptcy court protection, said it owes its 50 biggest creditors nearly $3.1 billion. The exchange owes about $1.45 billion to its top ten creditors, it said in a court filing on Saturday, without naming them. FTX and its affiliates filed for bankruptcy in Delaware on Nov. 11…
CEO of Ukrainian Crypto Firm Denies FTX–Ukraine Money-Laundering Allegations
Everstake, a Ukraine-based cryptocurrency firm, has been caught in the crosshairs of a controversial relationship involving Kyiv, Democrats, and the beleaguered FTX exchange that has captured the attention of Washington officials. As part of efforts to generate more funds for the war effort, the Ukrainian government launched “Aid for Ukraine,” a website that accepted cryptocurrency…
Dollar Jumps as China COVID-19 Worries Spur Safe-Haven Buying
LONDON/SINGAPORE—The U.S. dollar rallied against major currencies on Monday, as rising COVID-19 cases in China led to new restrictions there and weighed on global investor sentiment. China is battling numerous coronavirus flare ups. Two deaths were reported in Beijing on Sunday, and the city’s most populous district urged residents to stay at home on Monday….
FTX and the Perils of Democratization of Finance
Commentary The possibilities of intentional fraud and potential international conspiracy of a web of illicit money-laundering activities cannot be ignored. But from the vantage point of this author—who was an employee of a cryptocurrency trading firm from 2018 to 2019–the downfall of FTX isn’t shocking at all. The crypto industry isn’t regulated. And despite their…
Alameda: The Firm at the Heart of FTX’s ‘Catastrophic Collapse’
November 19, 2022
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In late 2017, MIT alumnus Sam Bankman-Fried left the quantitative trading firm Jane Street to start his own cryptocurrency trading firm, Alameda Research. Founded prior to FTX, Alameda got its start by taking advantage of bitcoin price differentials between Japanese and U.S. exchanges, namely by buying bitcoin for a low price in the United States and selling for…
The COVID/Crypto Connection: The Grim Saga of FTX and Sam Bankman-Fried
Commentary A series of revealing texts and tweets by Sam Bankman-Fried, the disgraced CEO of FTX, the once high-flying but now belly-up crypto exchange, had the following to say about his image as a do-gooder: it is a “dumb game we woke westerners play where we say all the right shibboleths and so everyone likes us.” Very…
Bank of America Downgrades Coinbase Following FTX Collapse
November 19, 2022
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Bank of America (BofA) has downgraded the shares of crypto exchange platform Coinbase following the collapse of the FTX crypto exchange while warning about contagion risks in the volatile sector. The FTX crisis means that Coinbase (COIN) will likely face several new headwinds in the near or medium term, BofA analysts said in a note…
PREMIERING NOW: Political Donations May Be Why Crypto CEO Is Not in Custody: Rep. Warren Davidson
November 18, 2022
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2022 Midterm ElectionsAndy BiggsBusiness & MarketscryptocurrencyEpochTVEuropeFresh Look AmericaFTXInvestmentKevin McCarthyLive VideosMarketsPoliticsRussia-Ukraine WarSam Bankman-FriedUSVideoWorld
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Rep. Warren Davidson (R-Ohio) sits on the House Financial Services Committee and is the founder of the Sound Money Caucus. He wants to know what the Securities and Exchange Commission (SEC) knew about the state of the now-bankrupt cryptocurrency exchange FTX. He says the SEC was working closely with FTX and should have been well…
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