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…
Bank of America Downgrades Coinbase Following FTX Collapse
November 19, 2022
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Crypto Executive Compares Sam Bankman-Fried to Ponzi Conman Bernie Madoff
November 18, 2022
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Crypto exchange Binance’s chief strategy officer Patrick Hillmann has compared Sam Bankman-Fried, CEO of the bankrupt crypto exchange FTX, to the infamous Ponzi scheme mastermind Bernie Madoff. In an interview with CNBC, Hillmann said that venture capitalists were attracted to Bankman-Fried’s persona and appearance of credibility. Bankman-Fried is either like Elizabeth Holmes, founder of the…
GOP Lawmakers Introduce Resolution to Audit Ukraine Aid Funds, Citing Ties With Democrat Donor
A group of GOP lawmakers on Nov. 17 introduced legislation seeking to audit funds approved by Congress for Ukraine. The initiative is being led by Rep. Marjorie Taylor Greene (R-Ga.) and backed by other Republican congress members including Reps. Matt Gaetz (Fla.), Barry Moore (Ala.), Andrew Clyde (Ga.), Thomas Massie (Ky.), and Rep-elect Cory Mills (R-Fla.)…
NTD Business (Nov. 17): G-20 Supports Global Vaccine Passports; Groups Call on Advertisers to Leave Twitter
All members of the G-20 have unanimously supported a global vaccine passport system. We talk to some prominent doctors about whether they think it’s a good idea or not. The new CEO of bankrupt cryptocurrency firm FTX is criticizing his predecessor—saying he’s never seen such a complete failure of corporate controls. Left-leaning groups like the BLM Global…
The Curious Case of a $7 Million ‘Trump Lose’ Holding on FTX’s Balance Sheet
November 17, 2022
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With crypto exchange FTX’s implosion triggering worries in the sector, Ken Griffin, the CEO of hedge fund Citadel, highlighted a curious item on the exchange’s balance sheet—a crypto token called TRUMPLOSE valued at over $7 million. “You know, on the balance sheet at FTX there’s a line called ‘Trump Lose.’ And Sam was the second…
NTD Business (Nov. 16): Is Inflation Slowing Holiday Shopping?; Crypto Investors Sue FTX Founder
Target’s profit has plummeted by 50% heading into the holiday season. Will inflation bring us fewer presents for Christmas? The latest on the FTX crypto collapse saga. Investors are suing the founder for damages—while lawmakers expect him to appear before Congress. What is Elon Musk doing to reshape his new company, Twitter? And what effects are…
Charlie Munger Blasts Crypto as ‘Partly Fraud and Partly Delusion’ After FTX Meltdown
November 16, 2022
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Charlie Munger, vice chairman of Berkshire Hathaway, has issued scathing comments on the crypto industry after one of the globally leading exchanges FTX collapsed last week. “It’s partly fraud and partly delusion,” Munger said on CNBC Tuesday. “That’s a bad combination. I don’t like either fraud or delusion. And the delusion may be more extreme than…
Bankman-Fried’s FTX Bankruptcy Looms Large on 2023 Congressional Agenda
Members of Congress from both sides of the aisle are calling for congressional action in the wake of the Chapter 11 bankruptcy filing by FTX Trading Ltd., the world’s second-largest cryptocurrency exchange, which was founded by Democrat mega-money man Sam Bankman-Fried. The cryptocurrency market consists of hundreds of billions of digital financial assets and is…
More Than a Million Creditors Could Be Affected by FTX Fallout
November 15, 2022
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The collapse of the FTX crypto exchange, which was valued at $32 billion at its peak, could end up affecting far more creditors than earlier estimated, according to a recent filing by the company. In its Chapter 11 bankruptcy filing last week, FTX indicated that it had more than 100,000 creditors with claims in the…
LIVE 5 PM ET: NTD Business (Nov. 14): FTX’s Fall Hits Crypto Industry; Elon Musk: ‘Too Much Work on My Plate’
Tesla CEO Elon Musk is a bit busy right now. Just the mention of how busy he is dropped Tesla stock a little bit. What is he up to? The entire cryptocurrency industry is feeling shockwaves from the fall of crypto exchange FTX. CEOs are now in damage control mode, as officials look for criminal liability. TikTok’s…
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