FTX was engulfed in more chaos on Saturday when the crypto exchange said it had detected unauthorized access and analysts said hundreds of millions of dollars of assets had been moved from the platform in "suspicious circumstances".
The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, US, November 12, 2022. REUTERS/Marco Bello
The exchange's dramatic fall from grace has seen its 30-year-old founder Sam Bankman-Fried, known for his shorts and T-shirt attire, morph from being the poster child of crypto's successes to the protagonist of the industry's biggest crash. Cold storage refers to crypto wallets that are not connected to the internet to guard against hackers.
A document that Bankman-Fried shared with investors on Thursday and was reviewed by Reuters showed FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. Crypto market maker Jump said on Twitter late on Saturday that it had an undisclosed exposure to FTX, adding that the firm remains well capitalized.Since its founding in 2019, FTX had raised more than $2 billion from top investors including Sequoia, SoftBank, BlackRock and Temasek. In January, FTX had raised $400 million from investors at a $32 billion valuation.Cryptocurrency exchange Coinbase Global Inc COIN.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Cryptocurrency platform FTX goes bankrupt in US, boss resignsNEW YORK, United States —Crisis-struck cryptocurrency platform FTX has gone bankrupt in the United States and its chief executive Sam Bankman-Fried has resigned, it said Friday, the latest blow in a saga that has reverberated across the digital currency landscape.
Baca lebih lajut »
FTX scrambles for funds as regulators take action - BusinessWorld OnlineSINGAPORE — Regulators froze some assets of distressed cryptocurrency exchange FTX and industry peers raced to limit losses on Friday amid worsening solvency problems at the firm and heightened scrutiny of its chief executive, Sam Bankman-Fried. The week-long saga that began with a run on FTX, one of the largest crypto exchanges, and a failed […]
Baca lebih lajut »
FTXThe crisis engulfing Sam Bankman-Fried’s is rapidly worsening, with the onetime crypto wunderkind warning of bankruptcy if his firm can’t secure funds to cover a shortfall of as much as $8 billion.
Baca lebih lajut »
Cryptocurrencies plunge as Binance scraps deal for rival FTX - BusinessMirrorFTX is the latest cryptocurrency company this year to come under financial pressure as crypto assets have collapsed in value. Other failures include Celsius, a bank-like company that took in crypto deposits in exchange for yield, as well as an Asia-based hedge fund known as Three Arrows Capital.
Baca lebih lajut »
Pagasa: Fair, warm Saturday in Luzon and Visayas, some rain in MindanaoMANILA, Philippines — The intertropical convergence zone (ITCZ) is expected to bring rain to parts of Mindanao and Palawan on Saturday, according to the Philippine Atmospheric, Geophysical and
Baca lebih lajut »
Marcos condoles with India after bridge accident that killed 135MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. on Saturday offered condolences to the families of the victims of a pedestrian suspension bridge that collapsed in India’s
Baca lebih lajut »