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The Latest Breaking News from Crypto

The Weekly Wrap for Saturday, 12 November 2022

Sam Bankman-Fried's cryptocurrency empire collapsed this week. His $16bn personal fortune was incinerated in a matter of days (another rousing win for the normative determinists). Not bad for a 30-year-old.

inkl Originals

Cryptocurrency platform FTX files for bankruptcy

NEW YORK: Crisis-struck cryptocurrency platform FTX has gone bankrupt in the United States and its chief executive Sam Bankman-Fried has resigned, it said Friday, the latest blow in a saga that has reverberated across the digital currency landscape.

Bangkok Post

The Bitcoin, Ethereum And Dogecoin Setup Into The Weekend After FTX Mess, CPI Data, This Bullish Pattern

Bitcoin (CRYPTO: BTC) swung wildly between 9 a.m. and 10 a.m. after news hit that cryptocurrency platform FTX had filed for bankruptcy.

Benzinga

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Floyd Mayweather, Kim Kardashian Poised To Win Cryptocurrency Lawsuit

The famed boxer looks to score another victory — outside the ring.

Zenger

Binance's CZ compares current crypto crash to 2008 financial crisis but insists 'the market will heal itself'

“With FTX going down, we will see cascading effects."

Fortune

3 Stocks You Need to Sell Pronto

Despite the latest inflation data showing a marginal slowdown, inflation is still hovering around an uncomfortably high level, and an end to Fed’s hawkish stance is nowhere in sight. With businesses being increasingly hurt by slowing down demand and rising borrowing costs, it could be wise to get rid of…

StockNews.com

NFL star Tom Brady could lose a fortune after crypto company's bankruptcy announcement

Tom Brady and Gisele Bundchen took an equity stake in the crypto company FTX last year, who are now in freefall after a 70% crash was announced with the couple potential losing millions

Daily Mirror

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The historic crypto bubble: Bitcoin is now the fifth-biggest wipeout of all time, BofA says

Bitcoin has dropped 77% from its trading peak in November of last year to the latest blizzard of the crypto winter: FTX’s implosion and bankruptcy.

Fortune

‘A lot of people have compared this to Lehman. I would compare it to Enron’: Larry Summers has some choice words for Sam Bankman-Fried and FTX

Lessons from the FTX collapse center more around accounting than crypto complexity, believes ex-Treasury Secretary Larry Summers.

Fortune

CZ Slams Reports Binance's Reserves Are Full Of Its Own Tokens: 'Numbers Are All Wrong'

Binance CEO Changpeng Zhao on Friday came down heavily on a report the cryptocurrency exchange holds $74.6 billion in tokens, out of which nearly 40% are its own stablecoin

Benzinga

How Binance played a key role as FTX collapse unfolded

Cryptocurrency exchange run by Changpeng Zhao pulled out of deal to rescue its rival

The Guardian - UK

Shiba Inu Swings Violently With Bitcoin, Ethereum Following FTX Bankruptcy: What's Happening?

Shiba Inu (CRYPTO: SHIB) swung wildly between 9 a.m. and 10 a.m. after news hit that cryptocurrency platform FTX had filed for bankruptcy.

Benzinga

Crypto company that faces scrutiny from Texas regulators files for bankruptcy after competitor questioned its viability

FTX’s collapse came after customers raced to cash out their deposits when a major competitor questioned its viability and declined to buy the company in a bailout deal.

The Texas Tribune

The FTX debacle makes SEC Chair Gensler look bad—again

Gary Gensler missed the biggest crypto collapse to date. It’s a bad look for the SEC and by extension the Democrats.

Fortune

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Al Jazeera

Distressed crypto exchange FTX files for bankruptcy

The trading platform had been struggling to raise billions in funds to stave off collapse after a wave of withdrawals.

The Conversation

FTX contagion will be ugly within crypto, but probably less damaging to the wider world

Crypto assets are infamous for being highly speculative and volatile, but it is their “debt problems” that have once again made headlines. Since November 2021, the total value of cryptocurrencies has now fallen from a peak of over US$3 trillion (£2.6 trillion) to circa US$830 billion (£706 billion).

Tribune News Service

Cryptocurrencies extend losses as FTX commences US bankruptcy

Crypto markets extended losses on Friday morning after FTX Group said it has commenced bankruptcy proceedings in the U.S. and that Sam Bankman-Fried has resigned as chief executive officer.

Axios

FTX files Chapter 11, SBF resigns

FTX’s filing is the culmination of a stunning week in cryptocurrency.

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WEKU

FTX crypto exchange, billions of dollars low and under DOJ scrutiny, seeks bankruptcy

FTX had agreed earlier this week to sell itself to bigger rival Binance after experiencing the cryptocurrency equivalent of a bank run. The Department of Justice and the SEC are investigating.

The Guardian - UK

Cryptocurrency exchange FTX files for bankruptcy protection in US

Founder Sam Bankman-Fried resigns as CEO and tells of shock ‘to see things unravel the way they did’

The Independent UK

Embattled crypto exchange FTX files for bankruptcy

Embattled cryptocurrency exchange FTX, short billions of dollars, is seeking bankruptcy protection following its collapse this week

Benzinga

TRON Founder Justin Sun Prepared To Pump Billions In FTX

Tron is prepared to pump in billions to rescue beleaguered cryptocurrency exchange FTX, the company’s founder Justin Sun said on Friday.

Fortune

Sam Bankman-Fried resigns as FTX files Chapter 11 bankruptcy

The cryptocurrency exchange ends a messy week.

Benzinga

How CoinFlip Bitcoin ATMs Are Onboarding New Users To Web3 Throughout The Crypto Winter

More major disappointment and failure has beset the crypto space this week.

Fortune

What happens to the FTX empire’s 200+ crypto investments now?

SBF’s entities had their hands in everything, from stablecoin issuer Circle to investment firm SkyBridge Capital. What happens to those now?

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