The FTX collapse has reignited a power struggle between the two federal agencies—the Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Many in the crypto business have pointed to the fact that the two agencies have been battling for domain over digital assets for a long time, which may be one of…
Crypto Exchange Bitfront Shuts Down
Bitfront, a U.S. crypto exchange backed by Japanese social media firm Line Corp., said it has suspended new sign-ups and credit card payments and will cease operations in a few months despite efforts to overcome challenges in the rapidly evolving industry. “However, despite our efforts … we have regretfully determined that we need to shut…
Australian Crypto Ownership Drops Following Market Fluctuations in 2022: Research
New research shows fewer Australians are embracing cryptocurrencies (crypto) following the plunges in their value in 2022. However, the sharp fluctuations in prices have not deterred a proportion of the population from getting in deeper into crypto. According to a new report by the digital currency exchange Independent Reserve, the Independent Reserve Cryptocurrency Index (IRCI),…
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…
From Crypto Carnage to a Financial Crash?
Cryptocurrencies have been on the doldrums since the ‘Crypto Carnage’ of Spring 2021. Over the weekend, a Bahama-based crypto exchange FTX Exchange collapsed. It will probably not be the last one. Due to the massive financial speculation, induced by the credit (QE) programs of central banks, the crypto market grew into a hub of speculation….
30,000 Australian Crypto Investors Impacted by FTX’s Collapse
Thousands of Australian crypto investors have found themselves in a precarious situation and now face the risk of losing their entire investments following the collapse of the popular crypto exchange FTX. According to the Australian Financial Review, close to 30,000 Australian investors are now looking to recover part of their losses after the crypto trading…
Fraud, Romance, and Regulatory Neglect: The FTX Scandal Deepens
U.S. politicians are calling for stricter regulations on the crypto industry as a result of the FTX bankruptcy and potential fraud. “It shows the weaknesses of this entire sector,” Secretary of the Treasury Janet Yellen told Bloomberg on Nov. 12, emphasizing the need for “very careful regulation.” “The notion you could use the deposits of…
Falling Meteorite FTX Scorches Crypto Landscape
November 14, 2022
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After several months of calm in the crypto industry, characterized by a role reversal in which equities were highly volatile and cryptocurrencies flat and boring, a familiar if tragic drama reminiscent of Icarus is now playing out. This week saw the dramatic failure of FTX, one of the world’s largest cryptocurrency exchanges, and the ignoble…
FTX Collapse Offers Lessons for Investors
News Analysis The cryptocurrency industry is imploding at a shocking rate. FTX, which a few weeks ago was considered a “lender of last resort” and a crypto industry stalwart, filed for bankruptcy. Its charismatic founder and (former) CEO, Sam Bankman-Fried, lost a $16 billion fortune in a matter of days. Bankman-Fried, whom a few months…
Kim Kardashian to Pay $1.26 Million to Settle SEC Crypto Charges
Kim Kardashian has agreed to pay $1.26 million to settle Securities and Exchange Commission (SEC) charges that she promoted a cryptocurrency on Instagram without disclosing that she’d been paid $250,000 to do so. The SEC said Monday that the reality TV star and entrepreneur has agreed to cooperate with its ongoing investigation. The SEC said…
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