Page 8 - Cryptocurrency

After FTX chaos, Indian crypto exchanges try to calm nervous investors

Cryptocurrency news: On Friday, the crypto market cap was at $826 billion, Bitcoin was trading at $16,451 and Ethereum at $1,180

Former FTX CEO has no stake in Twitter as a private company: Musk

Elon Musk on Thursday said that Sam Bankman-Fried (SBF), former CEO of bankrupt crypto exchange FTX, does not have any share in Twitter as a private company.

$740 million in crypto assets recovered in FTX bankruptcy so far

The company tasked with locking down the assets of the failed cryptocurrency exchange FTX says it has managed to recover and secure USD740 million in assets so far, a fraction of the potentially billions of dollars likely missing from the company's coffers. The numbers were disclosed on Wednesday in court filings by FTX, which hired the cryptocurrency custodial company BitGo hours after FTX filed for bankruptcy on November 11. The biggest worry for many of FTX's customers is they'll never see their money again. FTX failed because its founder and former CEO Sam Bankman-Fried and his lieutenants used customer assets to make bets in FTX's closely related trading firm, Alameda Research. Bankman-Fried was reportedly looking for upwards of USD8 billion from new investors to repair the company's balance sheet. Bankman-Fried "proved that there is no such thing as a safe' conflict of interest, BitGo CEO Mike Belshe said in an email. The USD740 million figure is from November 16. BitGo ...

The mercurial should not trump the methodical

Mercurial founders get disproportionate public exposure, but nothing pulls down leaders with extra-gravitational speed than front-page coverage in the media

'Substantial amount' of assets has been stolen, say FTX lawyers

Lawyers for FTX disclosed Tuesday that a "substantial amount" of assets has been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back. The admission came during FTX's first court appearance since the company filed for bankruptcy protection on November 11. Such hearings typically happen days after a filing, but this one was delayed because FTX's collapse came suddenly and management kept few if any records. "This company was run by inexperienced, unsophisticated and potentially personally compromised individuals," said James Bromley, a partner with Sullivan & Cromwell, the law firm hired by FTX's debt holders to navigate the company through bankruptcy. "It is one of the most abrupt and difficult company collapses in the history of corporate America." FTX, short billions of dollars, sought bankruptcy protection after the exchange experienced the crypto equivalent of a bank run. The company ...

Bankrupt crypto exchange FTX owes top creditors more than $3 billion

The failed cryptocurrency exchange FTX owes more than $3 billion to its largest creditors, the company disclosed in a court filing over the weekend. The list of the top 50 unsecured claims against FTX gives the public a first glance into the amount of money Sam Bankman-Fried's companies may owe his customers. The top claim was more than $226 million. The names, addresses and other information about the claims was redacted by the court. Bahamas-based FTX filed for bankruptcy on Nov. 11 after the exchange acknowledged that it had used customer funds to cover bad bets by Bankman-Fried's trading arm, Alameda Research. Since it went into bankruptcy, the lawyers tasked with sorting through the aftermath have described in court filings a company that little risk controls and would use company funds to pay for personal purchases of its employees. Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as

India saw third-highest crypto app downloads between 2015 and 2022: BIS

Experts attributed it to the bull run in the market, curiosity around the crypto technology and access to smartphones and better internet facilities in India

FTX fallout: Crypto markets on the back foot as investors pull funds

Investors continue to pull funds from digital-asset exchanges despite the latter's efforts to reassure markets about their stability.

With crypto in retreat, central banks take a quantum leap to cryptography

What will thrive even after this year's meltdown, however, is cryptographic money.

Best of BS Opinion: Protecting data privacy, the FTX fraud, and more

Here is the best of Business Standard's opinion pieces for today

The FTX fraud and first principles

FTX, which was valued at $32 billion a few months ago and funded by the finest names of the global financial markets, suddenly declared bankruptcy on November 11

To catch a crypto-criminal

Greenberg deftly assembles a rogues' gallery of characters who fell prey to this false sense of invulnerability: drug marketers, thick-necked federal agents, globe-trotting libertarians

Crypto exchange FTX's bankruptcy filing reveals staggering mismanagement

FTX is a company that was valued at $32 billion just a couple of months ago

Crypto exchange doesn't see viable business in India, says Binance chief

"To be honest, I don't think India is a very crypto-friendly environment," Zhao was quoted as saying

Crypto wrap: Bitcoin prices may fall before bouncing back, say experts

The cryptocurrency market cap remained below $850 billion in the last seven days, and on Friday, the market cap was $835 billion

Use of cryptocurrency, virtual assets new ways to radicalise youth: Shah

Home Minister Amit Shah highlighted the use of 'darknet' by terrorists and said there is a need to find solutions to the darknet patterns

New FTX CEO blasts handling of financial info as 'total failure'

Says he's never seen such a "complete failure" of corporate control

New CEO of FTX John Ray III blasts its handling of financial information

The new CEO of the collapse cryptocurrency trading firm FTX, who oversaw Enron's bankruptcy, said he has never seen such a complete failure of corporate control. John Ray III, in a filing with the U.S. bankruptcy court for the district of Delaware, said there was a complete absence of trustworthy financial information." Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," Ray said. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented." Ray was named CEO of FTX less than a week ago when the company filed for bankruptcy protection and its CEO and founder Sam Bankman-Fried resigned.

Which investors will lose the most money because of FTX's implosion?

Out of all the investors, at least two major shareholders, Sequoia and Paradigm, have decided to mark their investments down to zero

Indian investors unsure after international crypto exchanges collapse

The collapse began earlier this month when Binance CEO Changpeng Zhao announced his exchange was liquidating all FTX tokens