U.K. Reportedly Preparing to Limit Crypto Services From Abroad
- Unnamed sourced told the Financial Times that the U.K. Treasury was preparing new rules that would give the FCA broader powers over the crypto market.
- The regulations will allow the FCA to monitor and limit operations and advertising of crypto companies, as well as restrict crypto sales in the U.K. from foreign companies.
a day ago
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Sam Bankman-Fried Unlikely to Testify Before Congress in December
- The former CEO of FTX was invited by Congresswoman Maxine Waters to participate in a 13 December Congress hearing regarding the collapse of the exchange.
- SBF said he was willing to testify before Congress, but only after he has “finished learning and reviewing what happened”, which will likely be next year.
December 5, 2022, 11:36 AM
Sam Bankman-Fried, former CEO of FTX, speaking at the Binance Blockchain Week, Singapore, 19 January, 2019. Binance
Former FTX CEO SBF Claims He Unknowingly Commingled Funds
- Sam Bankman-Fried held an interview with the New York Times, during which he pushed the narrative that FTX’s collapse was caused by bad risk management and the crypto market crash.
- SBF also claimed the he had “unknowingly commingled funds” between Alameda and customer funds at FTX, which was the result of his poor oversight of the company.
December 1, 2022, 12:54 PM
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FTX’s LedgerX to Provide $175M for Bankruptcy Proceedings
- LedgerX, one of the few affiliated companies to remain solvent after the collapse of FTX, will provide $175 million towards FTX Group’s bankruptcy proceedings.
- The money will come out of a $250 million fund the company had set aside to get regulatory approval to settle crypto derivatives without intermediaries.
November 30, 2022, 4:19 PM
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Nov 28, 2022
BlockFi Files for Bankruptcy Following FTX Collapse
- BlockFi’s Chapter 11 filing revealed that it had $257 million in cash on hand, more than 100,000 creditors, and between $1 billion and $10 billion in both assets and liabilities.
- The company’s largest creditors include FTX.US, which has a $275 million unsecured claim, and the Securities and Exchange Commission with a $30 million claim
Nov 28, 2022
Line’s Bitfront Crypto Exchange to Close Down
- Japanese messaging giant Line had decided to close down its crypto exchange business, and focus on its other blockchain and crypto initiatives.
- New signups and credit card payments have already been shut down, additional services will be suspended mid-December, while trading and open orders will be canceled by the end of the month.
Nov 25, 2022
Binance Launches Merkle Tree-Based Proof-of-Reserves System
- Binance’s new proof-of-reserve system shows it has Bitcoin (BTC) balance of 582,485 tokens, while users have a net balance of 575,742 BTC.
- The exchange also plans to involve a third-party auditor to verify its PoR system, as well as implement ZK-SNARKs to improve privacy.
Nov 24, 2022
OKX Launches Proof-of-Reserves Page and Self-Audit Tool
- OKX has become one of the first crypto exchanges to release a Proof-of-Reserves page, giving users a greater visibility in its reserves and liabilities.
- Customers can also verify that their assets are backed 1:1 on the platform, and that they have become a “leaf” in the Merkle tree data structure.
Nov 23, 2022
Mining Giant Core Scientific to Deplete Cash Resources by End of 2022
- Bitcoin miner Core Scientific said in a SEC filing that it would require additional liquidity in order to continue operations past November 2023.
- The company, however, expressed doubts in its ability to raise funds through financing or capital markets due to “uncertainties and current market conditions”.
Nov 22, 2022
FTX Reportedly Purchased $121M Worth of Properties in the Bahamas
- A unit of the exchange, FTX Property Holdings, bought 15 properties worth above $100 million in 2021 and 2022, which included seven luxury condos.
- Sam Bankman-Fried, his parents, and top executives of now bankrupt FTX also made several purchases, including a $16.4 million “vacation home”.