Category: crypto collapse

Fiat Money Has Won the Battle Against Cryptocurrencies, Says BIS Chief

February 23, 2023
Bank for International Settlements BISBusiness & Marketscrypto collapseCrypto Marketscryptocurrenciescryptocurrencyfiat currencyMarketsUS
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Agustin Carstens, head of the Bank for International Settlements (BIS), believes the battle between cryptocurrency and fiat currencies has come to an end, with the latter emerging as the winner. Fiat currency refers to money that has legal tender by government decree. “That battle has been won … A technology doesn’t make for trusted money,”…

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Binance Withdrawals Surge to $3 Billion in 24 Hours as Crypto Industry Trembles Amid FTX Fallout

December 14, 2022
binancebitcoinBusiness & MarketsCompaniescrypto collapseCrypto Exchange FTXcrypto fraudCrypto MarketscryptocurrencyMarketsUS
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Billions of dollars have flowed out of Binance, one of the leading cryptocurrency exchanges in the world, as the industry struggles with the high-profile fallout of FTX. Binance’s 24-hour net outflow hit $3 billion, according to a Dec. 13 tweet by blockchain data firm Nansen. The exchange reported more than $62.5 billion in disclosed holdings….

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Bahamas AG Says FTX ‘Debacle’ Not Their Fault

November 28, 2022
Alameda ResearchBusiness & MarketsCompaniescrypto bankruptcycrypto collapseCrypto Exchange FTXcryptocurrencyInvestmentMarketsMedia & Big TechTechWorld
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Bahamas Attorney General Ryan Pinder took to the podium Sunday night to defend his country’s securities regulators against “inaccurate allegations” by the U.S.-based legal team, led by veteran work-out attorney John Ray III, that has taken over management of FTX in bankruptcy, following the cryptocurrency exchange’s abrupt collapse in early November. “It is possible that…

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Bankrupt Crypto Exchange FTX Has Cash Balance of Over $1 Billion

November 22, 2022
Business & MarketsCompaniescrypto collapseCrypto Exchange FTXcryptocurrencyMarketsSam Bankman-FriedUS
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Bankrupt crypto exchange FTX has a cash balance in excess of $1 billion, according to a new filing by the company. The latest tally “identifies substantially higher cash balances than the debtors were in a position to substantiate as of Wednesday, Nov. 16,” the filing states, according to Bloomberg. In total, FTX is reported to…

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New CEO of Bankrupt FTX Being Paid $1,300 an Hour, Court Filings Show

November 21, 2022
bankruptcyBusiness & MarketsCompaniescrypto collapseCrypto Exchange FTXcrypto fraudcryptocurrencyeconomic policiesMarketsUS
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John Ray, who has been hired as the new CEO of bankrupt crypto exchange FTX, is being paid a hefty sum of money for his services, according to legal documents filed by the company. Ray, who once led the infamous energy firm Enron through its bankruptcy proceedings, replaced FTX’s former CEO Sam Bankman-Fried. Ray is…

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