Kevin O'Leary Tells US Lawmakers FTX Failed Because Binance Intentionally Killed It
Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has told U.S. Congress that he believes the collapsed crypto exchange FTX failed because rival Binance intentionally put it out of business. He said former FTX CEO Sam Bankman-Fried (SBF) told him that Binance, which owned a 20% equity stake in FTX, refused to comply with regulators’ requests whenever FTX applied for a license in different jurisdictions.
Japan Ruling Party Lawmaker Calls for Regulatory Clarity After FTX Debacle
Akihisa Shiozaki, a lawmaker who helped formulate the country’s cryptocurrency policy, called for more transparent regulations for the industry following the meltdown of FTX.com, where investors were not warned of the potential risks associated with the bankrupt exchange’s native cryptocurrency, FTX Token (FTT). (forkast)
Realized Losses from FTX Collapse Peaked at $9B, far Below Earlier Crises
Blockchain analytics firm Chainalysis has attempted to put the FTX collapse into perspective — comparing peak weekly-realized losses in the wake of the exchange’s collapse compared to previous major crypto collapses in 2022. The Dec. 14 report found the de-pegging of Terra USD (UST) in May saw weekly-realized losses peak at $20.5 billion, while the subsequent collapse of Three Arrows Capital and Celsius in June saw weekly-realized losses peak at $33 billion. (Cointelegraph)
FTX Digital Exec Tipped Off Bahamian Authorities About Funds Sent to Alameda
As the crypto world continues to grapple with the fallout from the collapse of FTX, documents obtained by the Wall Street Journal on Wednesday revealed that FTX Digital Chairman Ryan Salame tipped off authorities in the Bahamas about FTX using customer funds to cover losses at Alameda Research. Christina Rolle, Executive Director of the Securities Commission of The Bahamas, sent a request to investigate, marked urgent, to the Commissioner of the Royal Bahamas Police Force on November 9, 2022, based on the information from Salame. (Decrypt)
FTX Ex-staffer: Extravagant Expenditures and Cult-like Worshipping of SBF
A former employee of crypto exchange FTX has seemingly exposed the company’s excessive luxury expenditures, obsessive workplace culture and gruelling work hours leading to the hiring of a company psychiatrist in the year before its collapse. Danielle Cloud, a former employee of FTX claiming to work in the marketing department, posted a series of Tweets on Dec. 13 saying FTX employed her in Oct. 2021 before she resigned roughly two weeks ago. (Cointelegraph)
US Senator Elizabeth Warren Submits Crypto Know-Your-Customer Bill in Wake of FTX Collapse
As U.S. prosecutors line up charges against Sam Bankman-Fried, the founder of the collapsed FTX cryptocurrency exchange, Senator Elizabeth Warren is seeking to pass bipartisan regulation to rein in the “dark underbelly” of the crypto industry. (forkast)
FTX Collapse Not the Worst for Crypto Investors This Year, Says Chainalysis Study
While the bankruptcy of Sam Bankman-Fried’s cryptocurrency exchange FTX has dominated headlines at the end of this year, it doesn’t represent the biggest losses for crypto investors in 2022, according to a Wednesday <a href="https://blog.chainalysis.com/reports/ftx-investor-impact-less-than-previous-crises/" target="_blank">report</a> from US-based blockchain analytics firm Chainalysis.
Bankman-Fried Lieutenant Alerted Regulators to Misuse of Customer Funds
One of Sam Bankman-Fried’s top lieutenants told Bahamian authorities that customer funds from the firm were used to plug holes in the balance sheet of his investment fund, Alameda Research.
Tether: Bloomberg’s Inexperienced Editorial Team Falls Victim to Short-Sellers
Tether restated that it had absolutely no credit towards FTX or Alameda Research. No special deal whatsoever was established between FTX/Alameda and Tether.
BitGo Refused to Unwind $50 Million in Wrapped Bitcoin for Alameda
Digital asset custodian BitGo refused to allow Alameda Research to unwind $50 million worth of wrapped bitcoin days before the latter firm went into bankruptcy, BitGo CEO Mike Belshe said today in a Twitter Spaces hosted by crypto MakerDAO delegate and founder of Blec Report Chris Blec.
