PHOTOTHEK VIA GETTY IMAGES For crypto markets, it is the best of times and the worst of times. Yesterday the world’s largest crypto exchange Binance pleaded guilty to criminal charges and will pay a record $4.3 billion fine to the U.S. Department of Justice and the CFTC. Its billionaire founder Changpeng Zhao agreed to step […]
Former FTX chief executive Sam Bankman-Fried leaves Manhattan federal court, New York, January 3, 2023. (Photo by Ed JONES / AFP)…FP via Getty Images Add Google, Meta, TikTok, Twitter and Apple to the list of companies owed money by the ill-starred crypto exchange FTX in the aftermath of its catastrophic collapse. A new “creditor matrix,” […]
[Nataliia Shulga/Al Jazeera] It will likely survive, but only after more firms and currencies crash and burn. Here’s why. As the Los Angeles Rams beat the Cincinnati Bengals in the championship game of the National Football League last February, an unlikely set of players made a splash off the field, in living rooms across the […]
Sam Bankman-Fried, former CEO of FTX… Photo: Getty Images The financial collapse of FTX may seem like a distant concern since the mostly unregulated industry is different from software, e-commerce, manufacturing, or services. But the heart of FTX’s strategic error – using customer funds to pay for risky business bets – exists throughout the small […]
(Photo by Jakub Porzycki/NurPhoto via Getty Images)…NurPhoto via Getty Images The FTX fiasco took bitcoin a big chunk of the way towards my target of $13,000. So was that the bottom or is there more to come? More to come. Remember my red flags: Billionaires from nowhere. Heavy PR of the “messiah type.” Deals that […]