Tag: FTX

Troubled crypto lender Genesis Global Capital has hired specialists from Moelis & Company to consider restructuring options, including a potential bankruptcy, The New York Times reported, citing sources familiar with the matter. The crypto broker hasn’t made any decisions yet as there was still a possibility for the company to avert a bankruptcy filing, the…

Decentralization was and still is the answer, the co-founder of Near Protocol Illia Polosukhin told CoinDesk. The spectacular $32 billion collapse of the FTX exchange and its sister trading firm Alameda Research recently once again has crypto’s detractors gloating in the headlines. In fact, FTX bears no resemblance to most of what the longtime believers…

The real reason why the FTX failure hits so hard is not that the crypto industry was duped but because it proved that the industry was vulnerable to being duped – Sam Kessler explains on CoinDesk. Depending upon whom you ask, last week’s FTX blowup feels bigger than when Mt. Gox, the original Bitcoin exchange,…

In a previously undisclosed detail, former FTX CEO Sam Bankman-Fried personally received $300 million from a $420 million funding round for the company in October 2021, Wall Street Journal reported. Meanwhile, major companies and funds are losing millions of investments stuck in FTX after the troubled crypto exchange filed for bankruptcy protection. According to the…

Jonah Van Bourg, Cumberland’s Head of Trading, said on Twitter that FTX’s collapse will trigger calls for significant changes in crypto markets away from centralization. He also said that these industry-defining events usually come before market recovery. The collapse of crypto exchange FTX would trigger significant market structure changes, namely moving away from a model…

Payments company Visa has ended its partnership with crypto exchange FTX amid its ongoing collapse. FTX announced that it was launching a Visa debit card in more than 40 countries just in October. Payments giant Visa has terminated its partnership with FTX after the cryptocurrency exchange’s recent collapse, Reuters reported.  “The situation with FTX is…