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The Latest Breaking News from Crypto

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

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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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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.

Al Jazeera

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).

The Conversation

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.

Tribune News Service

FTX files Chapter 11, SBF resigns

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

Axios

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.

WEKU

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 Guardian - 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

The Independent UK

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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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The Guardian - UK

FTX assets frozen by Bahamas regulator as crypto exchange fights for survival

Founder Sam Bankman-Fried races to find funds to fill multibillion-dollar hole in exchange

The Conversation

The spectacular collapse of a $30 billion crypto exchange should come as no surprise

Not long ago, FTX was one of the world’s largest trading platforms for cryptocurrencies. Founded in 2019, the Bahamas-based crypto exchange had a meteoric rise to prominence, and was valued at more than US$30 billion earlier this year.

Benzinga

Dogecoin Soars, Bitcoin, Ethereum Recover Some Ground After Inflation Data: Analyst Says 'FTX Contagion Risks Remain Elevated'

Major coins regained buoyancy late on Thursday, after crashing a day prior, in wake of soft economic data released. The global cryptocurrency market cap shot up 8.85% to $880 billion at 8:41 p.m. EST.

Fortune

Why Congress shouldn’t escape some responsibility for the FTX fiasco

Years of hesitation on digital asset legislation helped create the conditions for yet another crypto calamity.

Fortune

Sam Bankman Fried breaks silence on what went wrong with FTX: 'I f****d up twice'

"I was slammed with things to do and didn't give updates to you all. And so we are where we are. Which sucks, and that's on me. I'm sorry.”

Fortune

People charmed by FTX CEO Sam Bankman-Fried will be 'looking and feeling fairly silly,' Larry Summers warns of crypto crackdown

The former Treasury secretary said the tech sector “has over-extrapolated from past success to believe that trees grow to the sky."

Fortune

Some financial advisors say you should keep your money in crypto amid FTX's collapse

It's been a wild few days during a wild year in crypto world.

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