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“The whole operation was run by a gang of kids in the Bahamas,” a person familiar with the matter told CoinDesk on condition of anonymity. FTX CEO Sam Bankman-Fried (Danny Nelson/CoinDesk) "Shocking" is a word that aptly describes therapid fall of Sam Bankman-Fried’s cryptocurrency empire. To a surprising degree, it’s a sentiment that pours out from people who worked for...
The two crypto exchange giants signed a non-binding letter of intent, Binance CEO Changpeng "CZ" Zhao confirmed on Twitter. Binance agreed to buy rival cryptocurrency exchange FTX, a stunning outcome that followed days of speculation – spurred by aCoinDesk article on Nov. 2– that FTX and corporate sibling Alameda Research faced a liquidity crisis. The deal – which, like so...
Alameda's CEO offered to buy Binance's FTT token holdings for $22 apiece. Binance’s CEO, responding to aCoinDesk scoopabout trading firm Alameda Research’s balance sheet,tweeted Sundaythat he will sell the remainingFTT tokensheld on his books that he took on as part of his exit from Alameda sister company FTX last year. Binance CEO Changpeng "CZ" Zhao did not say how much...
The crypto exchange’s transaction revenue fell 44% from the second quarter. Crypto exchange Coinbase (COIN) cut its third-quarter losses by 50% to $545 million from $1.1 billion in the second quarter, the company reported Thursday, as the company reined in costs and cut workers, and also increased its interest income. However, its transaction revenue continued to be significantly impacted by...
Though the city’s regulator has set a high bar for companies to operate at present, the door is open for the further relaxing of rules. Hong Kong (Anthony Kwan/Getty Images) HONG KONG — On Monday, at the opening of Hong Kong FinTech Week, regulators declared the city’s ambitions to be a virtual asset hub. The governmentannouncedthat it will hold consultations...
The government says it's ready to engage with virtual asset service providers and invite them to the city. Hong Kong FSTB Secretary Christopher Hui talks to co-founder of Animoca Brands Yat Siu at Hong Kong FinTech Week. (Lavender Au/CoinDesk) Hong Kong’s Financial Services and Treasury Bureau issued apolicy statement on virtual assetsat the opening of the city's flagship tech conference...
Musk’s buyout occurred after a lengthy back-and-forth between the two sides. Tesla CEO Elon Musk has completed his deal to buy Twitter. (Photo by John Shearer/Getty Images) Tesla (TSLA) CEO Elon Musk, the world's richest man, has finally closed his deal to buy social media platform Twitter (TWTR)CNBC reported, citing sources. The deal's closure faced a deadline of this Friday...
In a separate document, the Monetary Authority of Singapore said it's also considering measures to limit retail investors without access to professional advice from engaging in crypto markets. (Shutterstock) The Monetary Authority of Singapore (MAS) has proposed a slew of new rules to rein in the local crypto industry – starting with some stringent standards for stablecoin issuers. The rules...
Small cap platform that promised users up to 43% in annual awards puts the brakes on withdrawals and scrubs team from site. Freeway, a crypto staking platform, announced late Sunday that it had paused withdrawal services, citing volatility in the crypto and forex markets and sending its token into a free-fall. The Freeway (FWT)token is downroughly 80% in the hours...
The federal regulator’s annual enforcement results revealed that over 20% of the CFTC’s enforcement actions in 2022 involved crypto. CFTC Chair Rostin Behnam (Nikhilesh De/CoinDesk) The U.S. Commodity Futures Trading Commission (CFTC) brought 82 enforcement actions in fiscal year 2022 – a whopping 22% of which were filed against crypto-related entities. According to the federal regulator’sannual enforcement reportpublished Thursday, the...
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