DCG’s Barry Silbert writes letter to investors after FTX collapse

Barry Silbert, the founder of crypto conglomerate Digital Currency Group, has joined a growing list of industry leaders in trying to settle investors’ nerves after the sudden collapse of FTX. In a note to shareholders on Tuesday, Silbert addressed all the “noise” about the financial health of DCG’s subsidiaries, which includes trading firm Genesis, Grayscale … Read more

CME’s Terry Duffy says he saw trouble before FTX collapse

A major exchange executive says he detected red flags months before the historic FTX collapse. CME Group chairman and CEO Terry Duffy said he suspected corruption at the cryptocurrency exchange the day of his first one-on-one meeting with founder Sam Bankman-Fried. “I told my team this had nothing to do with crypto,” Duffy told CNBC’s … Read more

Crypto firm Multicoin says contagion fallout from FTX will continue

FTX logo displayed on a phone screen and representation of Bitcoin cryptocurrency are seen in this illustration photo taken in Krakow, Poland on November 14, 2022. Jakub Porzycki | Nurphoto | Getty Images Crypto venture firm Multicoin Capital told investors in a letter on Thursday that FTX’s collapse and the price declines across the industry … Read more

FTX collapse an example of ‘greed and FOMO,’ says short-seller Carson Block

Carson Block, founder of short selling investment firm Muddy Waters, thinks the collapse of cryptocurrency exchange FTX under Sam Bankman-Fried is a “great example of greed and FOMO.” Block told CNBC’s “The Exchange” he had seen the business trajectory of the former billionaire and thought there was “obviously something wrong.” related investing news ‘Big Short’ … Read more

$1 billion to $2 billion of FTX customer funds missing: Report

Sam Bankman-Fried, co-founder and chief executive officer of FTX, in Hong Kong, China, on Tuesday, May 11, 2021. Lam Yik | Bloomberg | Getty Images As Sam Bankman-Fried’s FTX enters bankruptcy protection, Reuters reports that between $1 billion to $2 billion of customer funds have vanished from the failed crypto exchange. Both Reuters and The … Read more

Crypto sell-off resumes as week-long FTX saga ends in bankruptcy filing

Bitcoin continues to trade in a tight range of $18,000 to $25,000 mark, keeping investors on edge about where the price is going next. The crytpo market has been plagued with a number of issues from collapsed projects to bankruptcies. Nurphoto | Getty Images Cryptocurrencies resumed their sell-off on Friday morning as FTX announced it … Read more

‘10 cents on the dollar’: What happens if Sam Bankman-Fried’s empire is forced into a fire sale

And while his personal holdings may remain in limbo, industry players suggest to Fortune that his companies’ privately held equity likely will be sold in the coming months, for pennies on the dollar—or later liquidated during bankruptcy proceedings. The question yesterday was how much he was in the hole. The question now is how dismantling … Read more

Sam Bankman-Fried was the face of crypto in D.C. What would FTX’s acquisition mean for regulation?

As lawmakers in D.C. have debated legislation to regulate the crypto industry, they have turned to Sam Bankman-Fried, the 30-year-old founder of FTX known for an unruly mop of hair and a willingness to open his checkbook.  A stunning series of events saw Binance, FTX’s chief competitor, announce on Tuesday that it would acquire the … Read more

FTX’s FTT token plunges 80%, wiping out over $2 billion in value

FTT, the token native to crypto exchange FTX, lost most of its value after rival Binance, the world’s largest cryptocurrency firm, announced plans to acquire the company. The coin traded at around $22 on Monday and sank below $5 Tuesday afternoon in New York. The selloff wiped out more than $2 billion in value in … Read more

In bankrupt Lebanon, locals mine bitcoin and buy groceries with tether

Aerial view during landing of the seafront Manara district near downtown Beirut. Bilwander | Getty Images When Georgio Abou Gebrael first heard about bitcoin in 2016, it sounded like a scam. But by 2019, as Lebanon plunged into a financial crisis following decades of expensive wars and bad spending decisions, a decentralized and borderless digital … Read more