Category: Crypto Markets

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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DOJ Watchdog Urges Probe Into FTX Collapse Amid ‘Serious Allegations of Fraud, Dishonesty, Incompetence’

December 4, 2022
Business & MarketsCompaniesCrypto Exchange FTXCrypto MarketscryptocurrencyDOJ investigationeconomyExecutive BranchMarketsPoliticsSam Bankman-FriedUSUS News
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A Department of Justice (DOJ) watchdog is seeking an independent examination into the collapse of cryptoexchange FTX, according to a recent court filing. The Justice Department is already investigating the exchange. The DOJ’s U.S. Trustee for Regions Three and Nine now wants an independent examiner to be appointed by a bankruptcy court to look into…

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Crypto Executive Compares Sam Bankman-Fried to Ponzi Conman Bernie Madoff

November 18, 2022
Bernie MadoffbinanceBusiness & MarketsCompaniesCrypto Exchange FTXCrypto MarketsCrypto ScamscryptocurrencyeconomyMarketsPonzi SchemesSam Bankman-FriedTechTech NewsUS
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Crypto exchange Binance’s chief strategy officer Patrick Hillmann has compared Sam Bankman-Fried, CEO of the bankrupt crypto exchange FTX, to the infamous Ponzi scheme mastermind Bernie Madoff. In an interview with CNBC, Hillmann said that venture capitalists were attracted to Bankman-Fried’s persona and appearance of credibility. Bankman-Fried is either like Elizabeth Holmes, founder of the…

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The Curious Case of a $7 Million ‘Trump Lose’ Holding on FTX’s Balance Sheet

November 17, 2022
Business & MarketsCompaniesCrypto Exchange FTXcrypto fraudCrypto MarketsDemocratsPoliticsSam Bankman-FriedtokensUS
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With crypto exchange FTX’s implosion triggering worries in the sector, Ken Griffin, the CEO of hedge fund Citadel, highlighted a curious item on the exchange’s balance sheet—a crypto token called TRUMPLOSE valued at over $7 million. “You know, on the balance sheet at FTX there’s a line called ‘Trump Lose.’ And Sam was the second…

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Charlie Munger Blasts Crypto as ‘Partly Fraud and Partly Delusion’ After FTX Meltdown

November 16, 2022
Business & Marketscharlie mungerCrypto Exchange FTXCrypto Marketscrypto regulationsCrypto ScamscryptocurrencyMarketsUS
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Charlie Munger, vice chairman of Berkshire Hathaway, has issued scathing comments on the crypto industry after one of the globally leading exchanges FTX collapsed last week. “It’s partly fraud and partly delusion,” Munger said on CNBC Tuesday. “That’s a bad combination. I don’t like either fraud or delusion. And the delusion may be more extreme than…

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