Nexo Makes the Case for Why it Won’t Go Down Like BlockFi

The crypto borrowing and lending platform Nexo recently provided transparency into exactly how its business makes money. Its lengthy breakdown follows the collapse of numerous high-profile crypto lending firms that were overexposed to defunct projects and businesses.  Nexo’s Business Model As Nexo explained in a Twitter thread on Monday, Nexo’s primary business strategy is to facilitate collateralized credit. Its core services include crypto collateralized loans, interest-bearing crypto accounts, and spot, futures, and options trading.  Through its Earn product (crypto interest…

Elon Musk Blasts Legacy Media’s ‘Gingerly’ SBF Coverage

While busy managing Twitter, Elon Musk has still been keeping up with the drama surrounding FTX and its former CEO, Sam Bankman-Fried (SBF). The billionaire has written numerous tweets this week signaling his distaste for SBF and media outlets covering him uncritically.  Musk began by ripping into the Wall Street Journal on Monday. The outlet published an opinion piece claiming that FTX ultimately failed “because Sam Bankman-Fried’s supporters lost confidence in him.” “Yeah umm … that is definitely not the…

Hacker Drains Fenbushi Founder’s Wallet of $42M

Bo Shen, co-founder of venture capital firm Fenbushi Capital, shared via Twitter on Wednesday that his wallet had suffered an attack. A malicious actor carted off assets worth $42 million from the Chinese investor’s personal holdings on November 10. Hacker Gains Access Via Compromised Seed Phrase Per the tweet, the stolen funds included 38M USDC. Shen made sure to clarify in his post that the hack was isolated to his own accounts and Fenbushi wallets remained unaffected.  https://twitter.com/boshen1011/status/1595265219898789888?s=20  Blockchain security…

Highlights From FTX CEO’s Latest Bankruptcy Filing: “A Failure of Corporate Controls”

John Ray, III, the new CEO of FTX, has filed his declaration of support in the defunct exchange’s bankruptcy proceedings.  The new executive revealed numerous details about the internal operations of FTX, and the true state of its financials. Abysmal Accounting at FTX Within the filing, Ray cited experience in legal restructuring for some of history’s largest corporate failures, including Enron and Nortel. Both companies were well-known for their financial mismanagement and fraudulent accounting practices among executives.  However, even he…

FTX US Seemingly Freezes Withdrawals Following Bankruptcy Filing

On-chain data indicates that FTX US – which filed for bankruptcy alongside FTX on Friday – has frozen customer withdrawals.  According to Etherscan – an Ethereum block explorer – the FTX US wallet hasn’t processed an outbound transaction since 05:20:11 PM UTC on Friday. Trading on the exchange is still live. However, a notice on the site states that trading may be “halted” within a few days, and that withdrawals “are and will remain open.” FTX, the world’s second-largest crypto…

It’s Official: FTX, FTX US, and Alameda File for Chapter 11 Bankruptcy

After a week-long liquidity crisis followed by a withdrawal freeze, FTX has officially filed for Chapter 11 bankruptcy. Meanwhile, its high-profile leader and former multi-billionaire – Sam Bankman-Fried (SBF) – has resigned as CEO. In a press release on Friday, FTX announced that it has commenced Chapter 11 proceedings in the United States alongside over 130 affiliated companies.  One of those companies is Alameda Research – a trading desk SBF previously launched. Many believe it deeply intertwines with FTX.  FTX’s…

Ex-Kraken Chief Calls Out Sam Bankman-Fried for “Sociopathic” Behavior

Former Kraken CEO Jesse Powell is indignant over FTX CEO Sam Bankman-Fried (SBF)’s behavior preceding the fallout of the latter’s company. In a Twitter thread on Thursday, Powell blasted the young billionaire for recklessly tarnishing the crypto industry’s reputation.  Powell Calls Out SBF The Kraken co-founder, known as a long-time crypto veteran and believer, called this week’s events a “massive setback” for the industry.   Noting that the crypto industry is the frequent target of con artists, he said the community…

Checkmate: Binance Moves to Acquire FTX

Binance has announced it is set to acquire its rising rival, FTX. Binance CEO, Changpeng Zhao made this known in a tweet. “This afternoon, FTX asked for our help. There is a significant liquidity crunch,” the tweet began. FTX CEO, Sam Bankman-Fried also confirmed the news that has left the crypto community shocked. https://twitter.com/cz_binance/status/1590013613586411520?s=20&t=Qewt2lazmWepw5Il0h71ag FTX’s solvency has been in doubt since reports emerged that Alameda, FTX’s sister firm, only held FTT on its balance sheet. Following the report, Binance stated…

6 Reasons Binance Backed Elon Musk’s Twitter Buyout

Binance notoriously devoted $500 million to support Elon Musk’s buyout of Twitter, after the billionaire announced his offer in April.  The company’s CEO, Changpeng Zhao (CZ), has now provided a summary of its 6 primary reasons for doing so.  Binance Supports Free Speech According to a Twitter thread from CZ on Friday, Binance’s foremost reason for supporting the buyout is its support for freedom of speech.  “Twitter is the global Townsquare. From singers/athletes/movie stars to politicians/CEOs/entrepreneurs, the crypto community, and…

1 2 3 32