SOPA Images/LightRocket via Getty Images Key takeaways On Monday, crypto lender BlockFi filed for Chapter 11 bankruptcy protections in the aftermath of FTX’s implosion Ironically, BlockFi lists FTX as its #2 creditor after a substantial bailout earlier this year The domino-ing bankruptcies reveal the early dangers of crypto lending platforms’ interconnectedness On Monday, crypto lender…
BlockFi representative blames Alameda default for bankruptcy filing. getty A BlockFi representative laid the blame for the crypto lender’s bankruptcy filing Monday squarely on FTX Trading, whose Alameda Research affiliate defaulted on $680 million of collateralized loans to the digital financing platform. An affidavit by Mark A. Renzi of Berkeley Research Group, the proposed financial…
(Photo by Jakub Porzycki/NurPhoto via Getty Images) NurPhoto via Getty Images Key takeaways Crypto platform BlockFi has filed for Chapter 11 Bankruptcy in New Jersey, citing exposure to FTX as a major factor in their collapse. BlockFi has stated in their filings that they have billions in liabilities and over 100,000 creditors. It’s the latest…
ISTANBUL, TURKEY – APRIL 16: A woman uses a bank ATM next to a Bitcoin ATM machine at a shopping … [+] mall on April 16, 2021 in Istanbul, Turkey. (Photo by Chris McGrath/Getty Images) Getty Images Are digital currencies losing their appeal? Some experts say that Gen Z and Millennials are growing tired of…
FTX crisis puts new pressure on crypto markets. Getty Images Week three of the FTX crisis began on a down note for crypto investors as new questions arose following the collapse of the digital-asset exchange. The value of all cryptocurrencies dropped to about $788 billion from $820 billion in the 24 hours leading up to…
Sam Bankman-Fried, founder and CEO of FTX, testifies before the House Financial Services Committee … [+] (Photo By Tom Williams/CQ-Roll Call, Inc via Getty Images) CQ-Roll Call, Inc via Getty Images With the collapse of crypto exchange FTX, policymakers are echoing the adage “a crisis is a terrible thing to waste.” But it takes durable…
Several weeks ago, I wrote about a chart pattern forming in Bitcoin BTC and other cryptocurrencies that indicated that a sharp move was likely ahead. Since then, Bitcoin has fallen sharply after the FTX cryptocurrency exchange experienced a liquidity crisis and filed for Chapter 11 bankruptcy protection. Bitcoin has broken below its descending triangle pattern…
New revelations show that many things went wrong in the corporate governance, business culture and decision-making processes at FTX—the second largest centralized crypto exchange. In the aftermath of the implosion of FTX, many are sure to look for accountability, shining spotlights on the various laws that apply to (or should have applied to) FTX’s business.…
Bitcoin could move toward the $13,000 after falling below key support, according to Morgan Stanley. … [+] (Photo Illustration by Chesnot/Getty Images) Getty Images After breaking through key support near the $18,000 level, Morgan Stanley strategists warned that high-profile cryptocurrency bitcoin might suffer additional losses, possibly falling to prices it reached in 2019 and 2020.…
Sam Bankman-Fried, founder and CEO of FTX, testifies during a House Financial Services Committee … [+] hearing CQ-Roll Call, Inc via Getty Images Imagine betting on human civilization: there’s a 51% chance it doubles, and a 49% chance that it disappears. Would you play that, double or nothing? The vast majority of us would not…