• Home
  • About
  • Contact
  • Privacy
  • Terms
  • DCMA
  • Write For Us / Submit
Tech News, Magazine & Review WordPress Theme 2017
  • Tech
    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

    Enhance your omnichannel service strategies with data-driven insights.

    Black Market for Fraudulent Ad Accounts Found on Facebook

    Sen. Mark Warner and Sen. Marco Rubio at a hearing.

    Trump’s TikTok ban might have been right after all

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    6 Android Apps for Budget Management

    Twitter, Facebook, Lyft layoffs spark fears of dotcom crash 2.0

    Facebook layoffs are a reminder that your job won’t love you back

    Facebook layoffs are a reminder that your job won’t love you back

    Facebook Reels app on a smartphone on a yellow background

    How to Hide Reels on Facebook

    6 Android Apps for Budget Management

    Meta lays off 11,000 workers as it faces competition from TikTok

  • Gear
    • All
    • Camera
    • Laptop
    • Smartphone
    Pixel Watch in the test

    Google Pixel Watch in the Test

    Top 5 Websites To Buy Camera Lenses At Reasonable Price

    Top 5 Websites To Buy Camera Lenses At Reasonable Price

    US midterm results latest: Republicans win 218 seats to take House as Kevin McCarthy wins initial GOP speaker vote

    US midterm results latest: Republicans win 218 seats to take House as Kevin McCarthy wins initial GOP speaker vote

    Google Pixel Watch

    Your Pixel Watch is Getting Better at Sleep Tracking

    Analyst: iPhone 14 Plus Sales Lagged Behind iPhone 13 Mini, Strategy 'Failed'

    Apple’s Emergency SOS Service for iPhone 14 Goes Live in US and Canada

    Pixel 7 Pro hazel top down view with display on

    Survey shows few people have had major issues with the Pixel 7 series

    Trending Tags

    • Best iPhone 7 deals
    • Apple Watch 2
    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • iOS 10
    • iPhone 7
    • Sillicon Valley
  • Gaming
    AR in Gaming and Entertainment Industry

    Impact of AR in Gaming and Entertainment Industry

    The Growth of Mobile Gaming and Its Impact on the Industry

    The Growth of Mobile Gaming and Its Impact

    Discover the Top Five GBA Emulators for iOS 15!

    Discover the Top Five GBA Emulators for iOS 15!

    Discord on Xbox is dropping its reliance on your phone

    Xbox rolls out official support for Discord, Lightstream, and Streamlabs

    Samsung brings Xbox Cloud Gaming and GeForce Now to 2021 sets

    Samsung brings Xbox Cloud Gaming and GeForce Now to 2021 sets

    Virtual Gaming Revolution Continuing To Develop

    Virtual Gaming Revolution Continuing To Develop

  • Crypto
    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

    Enhance your omnichannel service strategies with data-driven insights.

    Black Market for Fraudulent Ad Accounts Found on Facebook

    Sen. Mark Warner and Sen. Marco Rubio at a hearing.

    Trump’s TikTok ban might have been right after all

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    6 Android Apps for Budget Management

    Twitter, Facebook, Lyft layoffs spark fears of dotcom crash 2.0

    Facebook layoffs are a reminder that your job won’t love you back

    Facebook layoffs are a reminder that your job won’t love you back

    Facebook Reels app on a smartphone on a yellow background

    How to Hide Reels on Facebook

    6 Android Apps for Budget Management

    Meta lays off 11,000 workers as it faces competition from TikTok

  • Business
    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

    Enhance your omnichannel service strategies with data-driven insights.

    Black Market for Fraudulent Ad Accounts Found on Facebook

    Sen. Mark Warner and Sen. Marco Rubio at a hearing.

    Trump’s TikTok ban might have been right after all

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    6 Android Apps for Budget Management

    Twitter, Facebook, Lyft layoffs spark fears of dotcom crash 2.0

    Facebook layoffs are a reminder that your job won’t love you back

    Facebook layoffs are a reminder that your job won’t love you back

    Facebook Reels app on a smartphone on a yellow background

    How to Hide Reels on Facebook

    6 Android Apps for Budget Management

    Meta lays off 11,000 workers as it faces competition from TikTok

No Result
View All Result
Geeky Insider
  • Tech
    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

    Enhance your omnichannel service strategies with data-driven insights.

    Black Market for Fraudulent Ad Accounts Found on Facebook

    Sen. Mark Warner and Sen. Marco Rubio at a hearing.

    Trump’s TikTok ban might have been right after all

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    6 Android Apps for Budget Management

    Twitter, Facebook, Lyft layoffs spark fears of dotcom crash 2.0

    Facebook layoffs are a reminder that your job won’t love you back

    Facebook layoffs are a reminder that your job won’t love you back

    Facebook Reels app on a smartphone on a yellow background

    How to Hide Reels on Facebook

    6 Android Apps for Budget Management

    Meta lays off 11,000 workers as it faces competition from TikTok

  • Gear
    • All
    • Camera
    • Laptop
    • Smartphone
    Pixel Watch in the test

    Google Pixel Watch in the Test

    Top 5 Websites To Buy Camera Lenses At Reasonable Price

    Top 5 Websites To Buy Camera Lenses At Reasonable Price

    US midterm results latest: Republicans win 218 seats to take House as Kevin McCarthy wins initial GOP speaker vote

    US midterm results latest: Republicans win 218 seats to take House as Kevin McCarthy wins initial GOP speaker vote

    Google Pixel Watch

    Your Pixel Watch is Getting Better at Sleep Tracking

    Analyst: iPhone 14 Plus Sales Lagged Behind iPhone 13 Mini, Strategy 'Failed'

    Apple’s Emergency SOS Service for iPhone 14 Goes Live in US and Canada

    Pixel 7 Pro hazel top down view with display on

    Survey shows few people have had major issues with the Pixel 7 series

    Trending Tags

    • Best iPhone 7 deals
    • Apple Watch 2
    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • iOS 10
    • iPhone 7
    • Sillicon Valley
  • Gaming
    AR in Gaming and Entertainment Industry

    Impact of AR in Gaming and Entertainment Industry

    The Growth of Mobile Gaming and Its Impact on the Industry

    The Growth of Mobile Gaming and Its Impact

    Discover the Top Five GBA Emulators for iOS 15!

    Discover the Top Five GBA Emulators for iOS 15!

    Discord on Xbox is dropping its reliance on your phone

    Xbox rolls out official support for Discord, Lightstream, and Streamlabs

    Samsung brings Xbox Cloud Gaming and GeForce Now to 2021 sets

    Samsung brings Xbox Cloud Gaming and GeForce Now to 2021 sets

    Virtual Gaming Revolution Continuing To Develop

    Virtual Gaming Revolution Continuing To Develop

  • Crypto
    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

    Enhance your omnichannel service strategies with data-driven insights.

    Black Market for Fraudulent Ad Accounts Found on Facebook

    Sen. Mark Warner and Sen. Marco Rubio at a hearing.

    Trump’s TikTok ban might have been right after all

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    6 Android Apps for Budget Management

    Twitter, Facebook, Lyft layoffs spark fears of dotcom crash 2.0

    Facebook layoffs are a reminder that your job won’t love you back

    Facebook layoffs are a reminder that your job won’t love you back

    Facebook Reels app on a smartphone on a yellow background

    How to Hide Reels on Facebook

    6 Android Apps for Budget Management

    Meta lays off 11,000 workers as it faces competition from TikTok

  • Business
    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

    Enhance your omnichannel service strategies with data-driven insights.

    Black Market for Fraudulent Ad Accounts Found on Facebook

    Sen. Mark Warner and Sen. Marco Rubio at a hearing.

    Trump’s TikTok ban might have been right after all

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    6 Android Apps for Budget Management

    Twitter, Facebook, Lyft layoffs spark fears of dotcom crash 2.0

    Facebook layoffs are a reminder that your job won’t love you back

    Facebook layoffs are a reminder that your job won’t love you back

    Facebook Reels app on a smartphone on a yellow background

    How to Hide Reels on Facebook

    6 Android Apps for Budget Management

    Meta lays off 11,000 workers as it faces competition from TikTok

Submit
Geeky Insider
No Result
View All Result

FTX collapse: The latest updates on the cryptocurrency crisis

by Staff Writer
November 14, 2022
in Crypto
Reading Time: 8 mins read
FTX collapse: The latest updates on the cryptocurrency crisis
Share on FacebookShare on Twitter

New Delhi
CNN Business
 — 

Aftershocks from the massive earthquake in the trillion-dollar crypto industry last week continued to reverberate on Monday.

READ ALSO

Ripple Vs SEC Images

Coinbase officially weighs in to support Ripple against SEC

November 15, 2022
Canaan unveiled two Avalon Made A13 series models in October.

Mining rig maker Canaan’s stocks fall as Q3 profits shrink

November 14, 2022

Prices of digital currencies fell again as the crisis engulfing the market deepened over the weekend. Bitcoin, the world’s biggest cryptocurrency, has plummeted about 65% so far this year. It was trading at about $16,500 on Monday, according to CoinDesk. Analysts believe that it could fall below $10,000.

Ether, the world’s second most valuable cryptocurrency, isn’t faring much better. It was trading at about $1,230 on Monday, having sunk over 20% over the last week, CoinDesk data showed.

The plunge comes as investors continue to grapple with the stunning implosion of FTX, one of the biggest and most powerful players in the industry.

Some industry insiders have said the company’s downfall had triggered a “Lehman moment,” referring to the 2008 collapse of the investment bank that sent shockwaves around the world.

The episode has not just destroyed confidence in the crypto industry, but will also embolden global regulators to tighten the screws. Some of the biggest names in the business said they will welcome the scrutiny, if it helps restore faith in the industry.

There is a “lot of risk,” said Changpeng Zhao, who runs Binance, the biggest crypto exchange. “We have seen in the past week things go crazy in the industry, so we do need some regulations, we do need to do this properly,” he added.

CZ, as he’s known, was speaking at a conference in Indonesia on Monday. He said last week that comparing the current crypto turmoil to the 2008 global financial crisis is “probably an accurate analogy.”

Binance had reached a tentative rescue deal with FTX earlier last week, but that transaction almost immediately fell apart.

FTX has continued its downward spiral after filing for bankruptcy on Friday. Another big name from the industry has also admitted to mishandling funds, spooking investors even more.

Here is how things have unfolded over the last few days, showing the crisis has only just begun.

FTX moved its headquarters from Hong Kong to The Bahamas last year, with former CEO Sam Bankman-Fried hailing it as “one of the few places to set up a comprehensive framework for crypto” at the time.

On Sunday, the authorities in The Bahamas said they were investigating potential criminal misconduct surrounding the company’s implosion.

“In light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd., a team of financial investigators from the Financial Crimes Investigation Branch are working closely with the Bahamas Securities Commission to investigate if any criminal misconduct occurred,” the Royal Bahamas Police Force said in a statement.

It’s not clear which particular aspect of the swift collapse of FTX authorities are investigating.

Bankman-Fried, the 30-year-old founder of the exchange, was one of the faces of the crypto industry, amassing a fortune once totaling $25 billion that has since vanished. He had been viewed as the crypto world’s white knight, stepping in previously to rescue companies struggling after the collapse of the TerraUSD stablecoin in May.

FTX, backed by elite investors like BlackRock and Sequoia Capital, rapidly became one of the biggest crypto exchanges in the world. Its collapse was preceded by the decision to lend billions of dollars’ worth of customer assets to fund risky bets by Alameda, Bankman-Fried’s crypto hedge fund, The Wall Street Journal reported on Thursday.

The Bahamas probe came a day after the bankrupt exchange said it was launching an investigation of its own.

On Saturday, FTX said it was looking into whether crypto assets were stolen. Crypto risk management firm Elliptic said $473 million in crypto assets appear to have been nabbed from FTX.

FTX General Counsel Ryne Miller said Saturday the company “initiated precautionary steps” on Friday and moved all its digital assets offline. The process was expedited Friday evening “to mitigate damage upon observing unauthorized transactions.”

Miller said that FTX was “investigating abnormalities” regarding movements in crypto wallets “related to consolidation of FTX balances across exchanges.”

The facts are still unclear, and the company will share more information as soon as possible, he added.

As scrutiny of big players in the crypto world increases, Singapore-based Crypto.com admitted to accidentally sending more than $400 million in ether to the wrong account.

CEO Kris Marszalek said Sunday that the transfer of 320,000 ETH was made three weeks ago to a corporate account at competing exchange Gate.io, instead of to one of its offline, or “cold,” wallets.

Though the funds were recovered, users are withdrawing their funds from the platform, fearing it could collapse like FTX.

“We have since strengthened our process and systems to better manage these internal transfers,” Marszalek tweeted Sunday. The platform’s native token has fallen over 20% in the last 24 hours, according to CoinDesk.

Marszalek said Monday that his firm has acted as a “responsible, regulated player since inception” and will soon “prove all the naysayers …wrong with our actions.”

Crypto.com has 70 million people on its platform globally, and its business model is “completely different” from FTX, he added.

“We never took any third-party risks, we do not run a hedge fund, we do not trade customer assets,” he said.

Marszalek said his firm will publish an audited report showing its reserves soon.

At the conference in Bali, Binance boss Zhao signaled that regulating the industry won’t be easy.

Authorities’ “natural response is to borrow regulations from traditional banking systems … but crypto exchanges operate very, very differently from banks,” he said.

“It is very, very normal for a bank to move user assets for investments and try to make returns,” he explained. If a crypto exchange operates that way it is “almost guaranteed to go down,” he said. adding that the industry collectively had a role to play in protecting consumers.

“Regulators have a role… but no can can protect a bad player,” he said.

— Matt Egan, Ramishah Maruf and Allison Morrow contributed to this report.

Source by www.cnn.com

Related Posts

winter landscape with mixed snow
Crypto

Crypto winter may last until end of 2023: Coinbase research

November 16, 2022
Vitalik Buterin, founder of Ethereum sff 2022
Crypto

Ethereum’s Vitalik explains what ETH merge means for users

November 16, 2022
Nike launches NFT platform to sell virtual shoes and jerseys
Crypto

Nike launches NFT platform to sell virtual shoes and jerseys

November 15, 2022
FTX, authorities investigate potential US$477 mln theft
Crypto

FTX hacker becomes 35th largest Ethereum holder

November 15, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

The Default Tech Settings You Should Turn Off Right Away

The Default Tech Settings You Should Turn Off Right Away

July 27, 2022
A Uvalde police department officer, standing next to Uvalde CISD police chief Pete Arredondo, reacts during a press conference in Uvalde, Texas.

Uvalde police chief fired for botched response to school shooting | Gun Violence News

August 25, 2022

Trending.

Augmented Reality

Augmented Reality: Bridging the Gap Between the Virtual and Physical Worlds

May 30, 2023
An Apple Watch SE 2 user customizes a multisport workout.

How to use the new triathlon mode on the Apple Watch

November 11, 2022
Top Photo Editing Apps For Android 2022

10 Top Photo Editing Apps For Android 2022

October 26, 2022
Symbolic Link Header Image. A Windows folder on a blue background.

The Complete Guide to Creating Symbolic Links (aka Symlinks) on Windows

July 27, 2022
What is Stakeholder Management? The Ultimate Guide

What is Stakeholder Management? The Ultimate Guide

May 4, 2023
Geeky Insider

Geeky Insider is Web based independent Tech Magazine covering Topics Related to Technology, Gadgets, Software, Gaming, Crypto, Business And So on. Read More...

Submit a Techy Post | Write For Us

Feel free to contact us for submission queries. via contact form or email us at [email protected].

Categories

  • Android
  • Apple
  • Apps And Softwares
  • Articles
  • Business
  • Camera
  • Crypto
  • Education
  • Entertainment
  • Gadget and Gear
  • Gaming
  • How To
  • Laptop
  • Marketing
  • Microsoft
  • Review
  • Security
  • Smartphone
  • Technology
AR in Gaming and Entertainment Industry

Impact of AR in Gaming and Entertainment Industry

June 6, 2023
Social Media Marketing and Influencer Marketing - Unlocking the Potential

Potential of Social Media Marketing and Influencer Marketing

June 6, 2023
Augmented Reality

Augmented Reality: Bridging the Gap Between the Virtual and Physical Worlds

May 30, 2023
  • Home
  • About
  • Contact
  • Privacy
  • Terms
  • DCMA
  • Write For Us / Submit

© 2022 GeekyInsider.com

No Result
View All Result
  • Home
  • Review
  • Apple
  • Gaming
  • Gadget and Gear
    • Camera
    • Smartphone
  • Microsoft
  • Security