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THE TRUTH ABOUT: 53 | History Defined

The Weekly Wrap for Saturday, 12 November 2022

Sam Bankman-Fried's cryptocurrency empire collapsed this week. His $16bn personal fortune was incinerated in a matter of days (another rousing win for the normative determinists). Not bad for a 30-year-old.

inkl Originals

Cryptocurrency platform FTX files for bankruptcy

NEW YORK: 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.

Bangkok Post

The Bitcoin, Ethereum And Dogecoin Setup Into The Weekend After FTX Mess, CPI Data, This Bullish Pattern

Bitcoin (CRYPTO: BTC) swung wildly between 9 a.m. and 10 a.m. after news hit that cryptocurrency platform FTX had filed for bankruptcy.

Benzinga

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read the most diverse news in one place.

FTX customers may have used multi-million dollar transactions on the company's NFT platform to recover locked funds

Suspicious six- and seven-figure trades may have been FTX customers rescuing funds that couldn’t be transferred.

Fortune

Binance's CZ compares current crypto crash to 2008 financial crisis but insists 'the market will heal itself'

“With FTX going down, we will see cascading effects."

Fortune

Equities soar as US inflation shows signs of easing

RECAP: Asian shares jumped yesterday as slowing US inflation and an easing of some Chinese Covid quarantine rules triggered a relief rally. The MSCI Asia Pacific Index climbed as much as 3.5%, on track for its best weekly gain since April 2020.

Bangkok Post

NFL star Tom Brady could lose a fortune after crypto company's bankruptcy announcement

Tom Brady and Gisele Bundchen took an equity stake in the crypto company FTX last year, who are now in freefall after a 70% crash was announced with the couple potential losing millions

Daily Mirror

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How To Lose $16 Billion In 3 Days: How Sam Bankman-Fried's Wealth Disappeared

Several days ago, FTX co-founder Sam Bankman Fried saw his wealth plummet by over 90% to a value of $1 billion.

Benzinga

‘A lot of people have compared this to Lehman. I would compare it to Enron’: Larry Summers has some choice words for Sam Bankman-Fried and FTX

Lessons from the FTX collapse center more around accounting than crypto complexity, believes ex-Treasury Secretary Larry Summers.

Fortune

Australian investors in limbo after collapse of FTX cryptocurrency exchange

Australians who invested in the FTX cryptocurrency exchange are unable to withdraw their funds as the company's local arm goes into voluntary administration.

ABC News

CZ Slams Reports Binance's Reserves Are Full Of Its Own Tokens: 'Numbers Are All Wrong'

Binance CEO Changpeng Zhao on Friday came down heavily on a report the cryptocurrency exchange holds $74.6 billion in tokens, out of which nearly 40% are its own stablecoin

Benzinga

How Binance played a key role as FTX collapse unfolded

Cryptocurrency exchange run by Changpeng Zhao pulled out of deal to rescue its rival

The Guardian - UK

What's Going To Happen To All The Companies FTX Bought?

FTX founder and former CEO Sam Bankman-Fried announced via Twitter Friday that FTX US, FTX Trading, quantitative research firm Alameda Research and 130 additional affiliated companies to the FTX Group have commenced

Benzinga

Shiba Inu Swings Violently With Bitcoin, Ethereum Following FTX Bankruptcy: What's Happening?

Shiba Inu (CRYPTO: SHIB) swung wildly between 9 a.m. and 10 a.m. after news hit that cryptocurrency platform FTX had filed for bankruptcy.

Benzinga

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The Texas Tribune

Crypto company that faces scrutiny from Texas regulators files for bankruptcy after competitor questioned its viability

FTX’s collapse came after customers raced to cash out their deposits when a major competitor questioned its viability and declined to buy the company in a bailout deal.

Fortune

The FTX debacle makes SEC Chair Gensler look bad—again

Gary Gensler missed the biggest crypto collapse to date. It’s a bad look for the SEC and by extension the Democrats.

Al Jazeera

Distressed crypto exchange FTX files for bankruptcy

The trading platform had been struggling to raise billions in funds to stave off collapse after a wave of withdrawals.

The Conversation

FTX contagion will be ugly within crypto, but probably less damaging to the wider world

Crypto assets are infamous for being highly speculative and volatile, but it is their “debt problems” that have once again made headlines. Since November 2021, the total value of cryptocurrencies has now fallen from a peak of over US$3 trillion (£2.6 trillion) to circa US$830 billion (£706 billion).

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Fortune

FTX founder Sam Bankman-Fried says he was "shocked" at how fast things unraveled

The founder makes a statement after resigning as CEO and entering FTX into bankruptcy.

Tribune News Service

Cryptocurrencies extend losses as FTX commences US bankruptcy

Crypto markets extended losses on Friday morning after FTX Group said it has commenced bankruptcy proceedings in the U.S. and that Sam Bankman-Fried has resigned as chief executive officer.

WEKU

FTX crypto exchange, billions of dollars low and under DOJ scrutiny, seeks bankruptcy

FTX had agreed earlier this week to sell itself to bigger rival Binance after experiencing the cryptocurrency equivalent of a bank run. The Department of Justice and the SEC are investigating.

The Guardian - UK

Cryptocurrency exchange FTX files for bankruptcy protection in US

Founder Sam Bankman-Fried resigns as CEO and tells of shock ‘to see things unravel the way they did’

The Independent UK

Embattled crypto exchange FTX files for bankruptcy

Embattled cryptocurrency exchange FTX, short billions of dollars, is seeking bankruptcy protection following its collapse this week

Fortune

This week in the metaverse: NFT prices, Capital One trademarks, and Wrangler's NFT-themed apparel

NFT collections are so far resisting headwinds from the collapse of the FTX and Binance acquisition deal after prices fell steeply in the immediate aftermath.

Benzinga

TRON Founder Justin Sun Prepared To Pump Billions In FTX

Tron is prepared to pump in billions to rescue beleaguered cryptocurrency exchange FTX, the company’s founder Justin Sun said on Friday.

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