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The Latest Breaking News from Crypto

Cryptocurrency firm FTX’s fall pains industry, but Texas stays optimistic

FTX’s bankruptcy has been a painful setback for the industry. But many legislators, investors and enthusiasts remain believers in making Texas crypto’s top destination.

The Texas Tribune

Crypto exchange FTX owes nearly $3.1bn to 50 biggest creditors

Company says cryptocurrency allegedly stolen in collapse being transferred to other exchanges

The Guardian - UK

Cryptos sag as funds drained from FTX switch out of ether

SINGAPORE: Cryptocurrency prices struggled Monday in the ongoing crisis sparked by the downfall of Sam Bankman-Fried’s once powerful FTX empire

Bangkok Post

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Stephen Diehl: Crypto is the ‘commoditisation of populist anger, gambling and crime’

The software engineer has denounced crypto assets as vehicles for pure speculation. But his views have made him a target of harassment — including death threats

Financial Times

The Myth of Tech God Is Crumbling

Tech is full of smart people who build, run and invest in successful companies that have produced a tremendous amount of innovation. But the industry's recent spate of failures and reversals has made one thing clear: Many of its leaders aren't as smart as they thought they were.

Bangkok Post

Polyamory, penthouses and plenty of loans: inside the crazy world of FTX

After the crypto firm collapsed, the executive who handled the Enron debacle was brought in – and said he’d never seen anything like it

The Guardian - UK

‘The money is gone’: people who lost out in FTX’s collapse

Smaller investors tell how they found themselves unable to withdraw money as rumours of the exchange’s troubles spread

The Guardian - UK

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The FTX crash could be the start of a 'gold rush' for crypto lawyers

Lawyers with specialties in digital assets are giving way to experts in restructuring. “There's going to be a lot of work.”

Fortune

The Weekly Wrap for Saturday, 19 November 2022

We're loathe to kick someone while they are down but this story has gone from ludicrous to fever-dream. Sam Bankman-Fried is trying to tweet through it. FTX's bankruptcy specialists are rending their garments and ululating.

inkl Originals

Crypto Asset Class Going ‘Down In Flames,’ Steph Curry, Shaq Likely Safe In FTX Ponzi Case

FTX's bankruptcy may have cost investors $11 billion in damages, while celebrity promoters will probably walk away.

Zenger

How FTX's own token was the final nail in its coffin

“In the current crypto atmosphere, investors are right to ask questions of exchanges that have tokens, because they don't know what the exchange is doing behind the scenes,” Bitwise CIO Matt Hougan told Fortune.

Fortune

The Bahamas' endangered status as a crypto hub

The Caribbean nation is setting up a battle with the U.S. to protect its reputation.

Fortune

What do we know so far about collapse of crypto exchange FTX?

How did Sam Bankman-Fried’s FTX fail and what does the firm’s fate tell us about cryptocurrencies?

The Guardian - UK

Tech venture capital fueled FTX’s rise—and bears some responsibility for its downfall

Mounting evidence shows VC firms ignored major warning signs and failed to take basic risk-mitigation steps.

Fortune

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Tribune News Service

Alexis Leondis: FTX users can’t count on help from the IRS

When market investors suffer losses — or get taken for a ride — they’re often eligible for a tax write-off to soften the blow. Users of the bankrupt crypto exchange FTX won’t be so lucky.

Los Angeles Times

FTX's downfall casts a shadow over other sports-rights deals. What's up, Crypto.com Arena?

When the Miami Heat announced in March 2021 that the team had sold naming rights for its arena to FTX, the response from sports fans was a resounding: Who?

Fortune

Binance's CZ calls alleged FTX fraudster SBF a 'psychopath' over tell-all threat

Changpeng Zhao, who suspects FTX of leaking information that endangered his children, had set in motion the events that sank FTX last week and wiped out all of his rival's wealth.

Axios

Why the FTX scandal gets compared to Enron

If FTX's blowup is anything like Enron's, that means big changes are on the horizon for the systems that enabled the crypto company's rise and fall.

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news in one place.

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Fortune

A prominent investor once advised Sam Bankman-Fried’s FTX to form a board

The crypto exchange FTX, once valued at $26 billion, was operating without a real board. Its downfall could lead to renewed pressure for private companies to have independent directors.

Chicago Tribune

Editorial: Cryptocurrency stars can flame out. But they can’t take their customers with them

Out of nowhere, 30-year-old Sam Bankman-Fried became a billionaire mover and shaker in the world of cryptocurrency. Careful to make friends of powerful Democrats and media columnists alike, he threw money around the halls of Congress — and everywhere else he went — while threatening to disrupt Chicago’s financial futures…

Salon

FTX collapse a warning to crypto bros

Crypto exchange FTX was valued at more than $30 billion just weeks ago. Now it's in bankruptcy proceedings

ABC News

FTX had a 'complete absence of trustworthy financial information' says new CEO

The man appointed to administer the collapsed crypto exchange in chapter 11 bankruptcy, who oversaw the clean-up after Enron's collapse, says he has never seen "such a complete failure of corporate controls".

Fortune

FTX users have a leg up on other crypto bankruptcy victims—on paper

If FTX customers retain control of their digital assets, then those funds need to be returned—not put through bankruptcy.

Daily Mirror

Tom Brady sued over crypto currency collapse which could cost NFL legend millions

Seven-time Super Bowl champion Tom Brady is being sued for his role in promoting cryptocurrency exchange FTX, which had to seek bankruptcy protection last Friday

Fortune

Tech venture capital fueled FTX’s rise—and bears some responsibility for its downfall

Mounting evidence shows VC firms ignored major warning signs and failed to take basic risk-mitigation steps.

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