Dec 06, 2022 11:50 AM IST

Goldman Sachs on hunt for bargain crypto firms after FTX fiasco

FTX's implosion has heightened the need for more trustworthy, regulated cryptocurrency players, and big banks see an opportunity to pick up business, Mathew McDermott, Goldman's head of digital assets, told Reuters.

FTX Collapse: All you need to know about effective altruism

The FTX collapse and the meltdown in crypto has put the spotlight on the effective altruism movement, to which Sam Bankman-Fried, the founder of the crypto exchange, subscribed.

Crypto coin cracks after luring Indians with 3,100% returns

These days, the 51-year-old drives around in his new Toyota sedan — one he couldn’t afford a year ago — on the dusty streets of his home town in rural India, showing off his success from investing in BlockAura tokens.

Kraken to cut about 1,100 global jobs as crypto winter bites

Higher interest rates and worries of an economic downturn have roiled cryptocurrencies as investors fled risky assets, with recent bankruptcies adding to the uncertainty.

US crypto broker Genesis says it is working to avoid bankruptcy filing

Citing people with knowledge of the situation, the report said law firms Proskauer Rose and Kirkland & Ellis are being consulted by creditor groups, who are seeking to avoid a situation similar to crypto exchange FTX's rapid descent into bankruptcy.

Singapore government faces parliament grilling over FTX fallout

The FTX exchange collapsed into bankruptcy on Nov. 11 and there are questions about whether the platform misappropriated customer funds for use by sister trading house Alameda Research.

Crypto lender seeks $1.5 billion funding value despite FTX chaos

The Singapore outfit has commitments from lead investors for $50 million at a valuation of $1.5 billion in the round, up from $1 billion a year earlier, according to people familiar with the matter.

Binance to commit $1 billion for crypto recovery initiative

The move comes at a time when the crypto market is teetering from the collapse of FTX, which is seeking Chapter 11 bankruptcy protection in the United States.

Global regulators to target crypto platforms after FTX crash

Jean-Paul Servais said regulating crypto platforms could draw on principles from other sectors which handle conflicts of interest, such as at credit rating agencies and compilers of market benchmarks, without having to start from scratch.

$740 million in crypto assets recovered in FTX bankruptcy so far

The numbers were disclosed on Wednesday in court filings by FTX, which hired the cryptocurrency custodial company BitGo hours after FTX filed for bankruptcy on November 11.

Dollar cedes some ground, bitcoin hunkers down

The euro was up 0.3% at $1.0265 after an 0.8% loss on Monday, sterling rose 0.46% to $1.187, partially reversing its 0.6% fall, and the dollar was at 141.86 yen, down 0.6% after a 1.2% gain.

Crypto lender Genesis says no plans to file bankruptcy imminently

"We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing," the firm said in an emailed statement to Reuters, adding it continues to have conversations with creditors.

US prosecutors opened probe of FTX months before its collapse

The U.S. Attorney's Office for the Southern District of New York spent months working on a sweeping examination of cryptocurrency platforms that have U.S. and offshore arms including FTX's massive exchange operations, the report added.

How are crypto investors celebrating the FIFA World Cup?

Collapsed FTX owes nearly $3.1 billion to top 50 creditors

The exchange owes about $1.45 billion to its top ten creditors, it said in a court filing on Saturday, without naming them.

Cryptocurrency roundup for November 20: Why Mark Cuban still believes in crypto, banks need to take over cryptocurrency, and more

A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.

FTX launches strategic review, seeks court relief to pay critical vendors

FTX, along with about 101 affiliated firms, also sought court relief to allow the operation of a new global cash management system and payment to its critical vendors.

Binance boss says India not a viable market for crypto

“To be honest, I don’t think India is a very crypto-friendly environment,” Changpeng Zhao, co-founder and CEO of crypto exchange Binance, said

What will happen to crypto investors if an FTX-like collapse happens in India?

Crypto investments carry a higher risk, especially for an average investor, considering the big gaps in regulation, supervision and grievance redressal mechanism. Investors risk losing their money in such assets

New FTX CEO slams "complete failure of corporate control"

"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," Ray said.

AI can make crypto safer for everyone

AI is relevant because it holds the potential for making crypto workable for the vast majority of Americans who do not wish to bother with the intricacies of a crypto wallet.

FTX's Bankman-Fried, Tom Brady and other celebrity promoters sued by crypto investors

The proposed class action filed on Tuesday night in Miami alleges that FTX yield-bearing accounts were unregistered securities that were unlawfully sold in the United States.

FTX fallout hits crypto lender Genesis; Bankman-Fried, celebrities sued

FTX filed for bankruptcy protection in the United States on Friday in the highest-profile crypto blowup to date, after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal.

Grayscale Bitcoin Trust falls as cryptocurrencies slide again

Genesis, the latest company to be hit by FTX turmoil, is owned by Digital Currency Group (DCG), which is also the parent company of Grayscale.

Crypto broker Genesis suspends redemptions, new loans to shore up liquidity

The suspension at Genesis "has no impact on the business operations of DCG and our other wholly owned subsidiaries", Digital Currency Group tweeted.