Crypto crash?

[Itsallaguess]

it looks like one of the biggest exchanges FTX is in a death spiral after Binance walked away from a rescue deal.

FTX has now filed for bankruptcy -

Embattled cryptocurrency exchange FTX has filed for bankruptcy in the US, seeking court protection as it looks for a way to return money to users.

The company said that former boss Sam Bankman-Fried had also stepped down as chief executive.

It said the goal was to "begin an orderly process to review and monetize assets for the benefit of all global stakeholders".

The moves cap a week of turmoil for the world's second largest crypto exchange.

Earlier this week, customers rushed to withdraw their funds as rumours swirled that FTX and other firms headed by Mr Bankman-Fried were on shaky financial ground.

Mr Bankman-Fried tried to organize a bailout, hoping to be bought by Binance, a rival, and one of the world's biggest cryptocurrency exchanges.

But Binance walked away from the deal, leaving FTX, an exchange used to buy and sell digital tokens, scrambling to raise billions of dollars and many customers unable to access their money.

"I'm sorry," Mr Bankman-Fried wrote on Twitter on Thursday. "I... should have done better."

https://www.bbc.co.uk/news/business-63601213

I read one of the best interviews I've come across regarding Crypto earlier in this year, and it was actually given by the above Sam Bankman-Fried and gave as good an account as I've ever heard regarding the smoke and mirrors, snake-oil approach to some of the ideas that these Crypto movers and shakers have, and I'd urge anyone who's interested in this space to give it a look -

[In this article] we reunited FTX Chief Executive Officer and crypto billionaire Sam Bankman-Fried with Bloomberg Opinion columnist Matt Levine, to talk about how people are making money in crypto right now.

Matt asked Sam exactly how yield farming actually works -

https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned

Cheers,

Itsallaguess

[Hallucigenia]

FTX' Superbowl advert has not aged well - Larry David is shown through history dismissing new inventions like the wheel and lightbulbs, until 2:10 where he faces the prospect of "FTX, the safe and easy way to get into crypto".

https://www.youtube.com/watch?v=BH5-rSxilxo

[terminal7]

. . . and he did respond 'nah'

T7

[scotia]

and another one goes bust
https://www.bbc.co.uk/news/business-63786201

Crypto firm BlockFi files for bankruptcy after FTX collapse

[DrFfybes]

I've been watching this fall from grace for a while - Bitcoin now back to the heady heights of the 2018 peak.

I am tempted to chuck some cash that way purely as a gamble - I tend to pick a "going big or going under" punt every now and then and put a small proportion of our assets in there. So far SONG has proven a bit disappointing, and Rivian earlier this year has not turned any heads.

Perhaps Crypto is the next punt, I've done dumber things and it's probably a slightly better bet than my weekly Euromillions "lucky" dip (I wonder if I could sue them under the trades descriptions act ).

I strongly suspect it will fall further, there will be some more players going under in the FTX fallout, but people have short memories and do daft things in a recession and I can see people getting excited about it again if it hits the bargain basement price of £10k.

And if it does fly like a sheep I can always offset it against the Shell shares I bought in 2020

Paul

[scotia]

From Reuters today:-https://www.reuters.com/technology/doj-watchdog-seeks-independent-review-ftx-bankruptcy-2022-12-01/

Dec 1 (Reuters) - The U.S. Department of Justice's bankruptcy watchdog on Thursday called for an independent investigation into the collapse of crypto exchange FTX, saying customers need a neutral party to investigate allegations of "fraud, dishonesty, incompetence, misconduct, and mismanagement."

[Urbandreamer]

From Reuters today:-https://www.reuters.com/technology/doj-watchdog-seeks-independent-review-ftx-bankruptcy-2022-12-01/

Dec 1 (Reuters) - The U.S. Department of Justice's bankruptcy watchdog on Thursday called for an independent investigation into the collapse of crypto exchange FTX, saying customers need a neutral party to investigate allegations of "fraud, dishonesty, incompetence, misconduct, and mismanagement."

There are better sources than Reuters if you are actually interested in the information.

Guy at CoinBureau did a good explanation of the bankruptcy filing.
https://www.youtube.com/watch?v=AAnRXnfhmAY&t=0s

More info has come out since. There seems far too much evidence that the allegations you quote may be mostly true. Worse, it looks like too many trusted them with significant funds. Other exchanges and businesses will be seriously adversely affected.

Many have been asking over the 10 days since that filing quite why there have not been charges and arrests.

[scotia]

There are better sources than Reuters if you are actually interested in the information.

Thanks for the link. I should add that I hold no crypto, and never have. I have no faith in bubbles. But even I was surprised at the apparent management of FTX.

[terminal7]

From Reuters today:-https://www.reuters.com/technology/doj-watchdog-seeks-independent-review-ftx-bankruptcy-2022-12-01/

Dec 1 (Reuters) - The U.S. Department of Justice's bankruptcy watchdog on Thursday called for an independent investigation into the collapse of crypto exchange FTX, saying customers need a neutral party to investigate allegations of "fraud, dishonesty, incompetence, misconduct, and mismanagement."

There are better sources than Reuters if you are actually interested in the information.

Guy at CoinBureau did a good explanation of the bankruptcy filing.
https://www.youtube.com/watch?v=AAnRXnfhmAY&t=0s

More info has come out since. There seems far too much evidence that the allegations you quote may be mostly true. Worse, it looks like too many trusted them with significant funds. Other exchanges and businesses will be seriously adversely affected.

Many have been asking over the 10 days since that filing quite why there have not been charges and arrests.

You had to wait less than a week!

T7

[terminal7]

The promotion of FTX is beginning to look more and more like the Brass Eye episode on 'Cake'. Of course, the difference is the FTX 'experts' that were willing to promote FTX were paid considerable sums to advertise and/or appear at conferences in the Bahamas. All those well known 'experts' on crypto such as Larry David, Katie Perry, Orlando Bloom, Blair, Clinton, NFL star Tom Brady, Gisele Bündchen, basketball stars Shaquille O’Neal and Steph Curry, tennis star Naomi Osaka etc should pay back their 'fees' to the saps who put their money in FTX - but maybe their remuneration was placed in an FTX account.

T7

[Hallucigenia]

Mazars, who certified reserves for a lot of the crypto mob, are now suspending all crypto work. That'll be good for confidence then.

https://www.bloomberg.com/news/articles ... s-lbqbamw7

[torata]

This article was flagged up in FT's Unhedged this morning, with the following description:
"From the blog that brought you “Is Alameda Research Insolvent?” a week before FTX’s hedge fund proved to be just that: Is Binance.US a Fake Exchange?"

https://dirtybubblemedia.substack.com/p/is-binanceus-a-fake-exchange
It'll be interesting to see how it turns out. Binance is the big one.

torata

[Hallucigenia]

27 October :

This is errr...suboptimal, coming from Core Scientific (CORZ on Nasdaq) the biggest listed Bitcoin miner, currently $1.01 down 91% yoy but still $360m market cap :

Now reportedly filing for Chapter 11 :
https://cointelegraph.com/news/bitcoin- ... bankruptcy
On Dec. 14, Financial services platform B. Riley offered to finance Core Scientific with $72 million — $42 million with zero contingencies and $32 million with conditions — to retain the value for stakeholders. The decision was made after Core’s valuation fell from $4.3 billion in July 2021 to $78 million at the time of reporting.

"$72 million — $42 million...and $32 million " perhaps says something about the mathematical ability of those involved in crypto...

[Voloshka]

I think, that bitcoin is dying now

[bungeejumper]

I think, that bitcoin is dying now

Welcome to the forum. Care to expand, or is that just a finger in the wind?

BJ

[Urbandreamer]

I think, that bitcoin is dying now

Welcome to the forum. Care to expand, or is that just a finger in the wind?

BJ

For those who might care about the assertion, can I recommend Clarks dashboard.

https://bitcoin.clarkmoody.com/dashboard/

Or possibly this chart of transactions.

https://www.blockchain.com/explorer/cha ... ansactions

As the ledger is public, there are facts that can be known.

[1nvest]

I think, that bitcoin is dying now

The founder of crypto exchange FTX went from being worth $16 billion to being worth $0 in the span of a day.