Sam Bankman-Fried’s Supersized Bet: $1 Billion for a Bitcoin Miner on the Kazakh Steppe

Sam Bankman-Fried’s Supersized Bet: $1 Billion for a Bitcoin Miner on the Kazakh Steppe

Caroline Ellison says she’s ‘truly sorry for what I did,’ as she pleads guilty

Caroline Ellison has apologized for stealing billions in customer deposits at crypto exchange platform FTX to make bets at Alameda Research, the hedge fund she ran. “‘I am truly sorry for what I did.’” — Caroline Ellison, former head of Alameda Research Ellison made her comments in front of a judge in New York federal … Read more

The Crypto Ice Age Is Here. It Could Get Even Worse.

For crypto investors, the only thing to celebrate about 2022 is that it is almost over. The industry is fighting for its life amid a cascade of scandals, bankruptcies, and fury in Washington over its freewheeling, if not fraudulent, ways. Bitcoin has lost 67%  since late 2021. The token market is down by $2 trillion … Read more

FTX fiasco one of the most egregious cases of ‘gross negligence,’ says Ackman

Hedge-fund titan Bill Ackman appears to be walking back comments he made via Twitter last week about Sam Bankman-Fried that some interpreted as implicit support for the 30-something who presided over one of the most epic bankruptcies in financial markets in recent memory. Last week, Ackman tweeted that Bankman-Fried’s statements made during a widely watched … Read more

FTX bankruptcy is ‘somebody running a company that’s just dumb-as-f—ing greedy,’ says Mark Cuban

Billionaire tech entrepreneur and Dallas Mavericks owner Mark Cuban has offered his perspective on the implosion of crypto platform FTX late this week. “‘That’s somebody running a company that’s just dumb-as-fucking greedy.’” — Mark Cuban Cuban, speaking on Friday at a conference in Washington, D.C., hosted by Sports Business Journal, shared the view that avarice … Read more

FTX collapse nothing like Theranos, says Tim Draper

Tim Draper, founder and managing partner of Draper Associates and Draper University, balked at comparing the stunning implosion of crypto trading platform FTX to the notorious biotech startup Theranos, in a conversation with MarketWatch. “It’s not like Theranos,” he said. In a Friday phone interview, Draper said he hadn’t been aware of anyone genuinely comparing … Read more

Crypto crash? It’s ‘just a blip’ says BTCS boss Charles Allen

The crypto winter is upon us, hammering institutional and retail investors alike. In a Barron’s Live webinar on 21 July, Financial News talked to Charles Allen, chief executive of blockchain infrastructure firm BTCS, to discuss the lasting consequences of the crash, the role of regulators, and what’s next for digital assets. This excerpt has been edited for clarity and … Read more

Coinbase Stock Soars as Crypto Exchange Forms Partnership With BlackRock

Text size BlackRock is partnering with Coinbase to offer Bitcoin trading services. Michael Nagle/Bloomberg BlackRock is partnering with Coinbase Global to offer Bitcoin trading services to institutional clients, representing a push into cryptocurrencies for the world’s largest asset manager and a ringing endorsement for the embattled crypto exchange. Institutional investors who use BlackRock ’s Aladdin … Read more

Crypto’s Domino Effect Is Widening, Threatening More Pain

Turmoil in the digital-assets ecosystem has grown in recent weeks, with losses in cryptocurrencies blowing holes in balance sheets and pushing firms near bankruptcy. After a pair of cryptocurrencies crashed, wiping out billions of dollars in value in May, a British Virgin Islands court this past week ordered a hedge fund that had survived several … Read more

Asian markets mostly fall ahead of U.S. holiday

TOKYO (AP) — Asian markets were mostly lower in cautious trading Monday ahead of a federal holiday in the U.S. Worries over inflation and risks of a global recession from central bank efforts to bring it under control appeared to outweigh Wall Street’s positive close on Friday. The price of the world’s most popular cryptocurrency … Read more