Page 38 - Cryptocurrency

Use of cryptocurrency, virtual assets new ways to radicalise youth: Shah

Home Minister Amit Shah highlighted the use of 'darknet' by terrorists and said there is a need to find solutions to the darknet patterns

New FTX CEO blasts handling of financial info as 'total failure'

Says he's never seen such a "complete failure" of corporate control

New CEO of FTX John Ray III blasts its handling of financial information

The new CEO of the collapse cryptocurrency trading firm FTX, who oversaw Enron's bankruptcy, said he has never seen such a complete failure of corporate control. John Ray III, in a filing with the U.S. bankruptcy court for the district of Delaware, said there was a complete absence of trustworthy financial information." Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," Ray said. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented." Ray was named CEO of FTX less than a week ago when the company filed for bankruptcy protection and its CEO and founder Sam Bankman-Fried resigned.

Which investors will lose the most money because of FTX's implosion?

Out of all the investors, at least two major shareholders, Sequoia and Paradigm, have decided to mark their investments down to zero

Indian investors unsure after international crypto exchanges collapse

The collapse began earlier this month when Binance CEO Changpeng Zhao announced his exchange was liquidating all FTX tokens

Top US Fed regulator urges Congress to impose regulations on cryptocurrency

The top US banking regulator at the Federal Reserve is urging Congress to pass legislation that would impose regulation on crypto currencies in the wake of the swift collapse last week of FTX, a leading crypto exchange. Michael Barr, the Fed's vice chair for supervision, said in prepared testimony released Monday that "recent events in crypto ... have highlighted the risks to investors and consumers associated with new and novel asset classes and activities when not accompanied by strong guardrails." Barr, who took office in July, is scheduled to testify before Congress Tuesday for the first time as vice chair. He did not refer specifically to FTX in his written remarks. Yet his appearance comes after FTX, the third-largest crypto currency exchange, formerly led by Sam Bankman-Fried, filed for bankruptcy Friday. The fall of FTX has rippled throughout the crypto world, with lender BlockFi pausing customer withdrawals. Barr said "some financial innovations offer opportunities, but as

Is it the beginning of crypto's end?

FTX, the world's second biggest crypto exchange, has gone bankrupt. Bitcoin fell another 12% in the last five days, after shedding over 70% this past year. So is it the beginning of the end of crypto?

SoftBank writes off $100 mn investment in bankrupt crypto exchange FTX

Beleaguered Japanese investment firm SoftBank invested the money as part of its Vision Fund 2 in FTX

Best of BS Opinion: Crypto meltdown, forced transmission, and more

Here are the best of Business Standard's opinion pieces for today

Crypto meltdown

FTX underlines the risk of unregulated markets

Binance forming recovery fund to help projects in liquidity crisis

Binance CEO's announcement triggers rise in Bitcoin, Ether

Amid FTX collapse, Hong Kong-based crypto exchange suspends withdrawals

Hong Kong-based crypto exchange AAX has suspended withdrawals, citing the "failure of our third-party partner", which caused some users' balance data to be improperly recorded while

Crypto.com mistakenly sends Ethereum worth $400 mn to another exchange

The Crypto.com CEO said the transfers that generated so much speculation on Twitter "were made over three weeks ago, on October 21 to Crypto.com's whitelisted corporate account at Gate.io."

Binance-FTX saga deepens crypto investors' fears, Bitcoin near two-year low

With the fall deepening, experts said that the markets may not reach the November 2021 level anytime soon

What's happening at bankrupt crypto exchange FTX? All you need to know

The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run. The exchange, formerly one of the world's largest, sought bankruptcy protection last week, and its CEO and founder resigned. Hours later, the trading firm said there had been unauthorised access and that funds had disappeared. Analysts say hundreds of millions of dollars may have vanished. The unravelling of the once-giant exchange is sending shockwaves through the industry. Here's a look at the company's collapse so far: WHY DID FTX GO BANKRUPT? Customers fled the exchange over fears about whether FTX had sufficient capital, and it agreed to sell itself to rival crypto exchange Binance. But the deal fell through while Binance's due diligence on FTX's balance sheet was still pending. FTX had valued its assets between USD 10 billion to USD 50 billion, and listed more than 130 affiliated companies around the world, according to its bankruptcy filing

Crypto exchange FTX's collapse being scrutinised by Bahamas authorities

FTX filed for bankruptcy on Friday, one of the highest profile crypto blowups, after traders rushed to withdraw $6 billion from the platform in just 72 hours

I hope to attract a bunch of interns from IIT-Bombay: Binance's Rohit Wad

Binance's Chief Technology Officer Rohit Wad talks to with Shivani Shinde about hiring more interns from India, making crypto easy to use and ensuring regulatory compliance

Despite regulatory uncertainties, investors betting big on Web3 startups

Money is pouring into a sector that is still evolving, despite regulatory uncertainties

Crypto exchange FTX says investigating 'unauthorised transactions'

FTX filed for U.S. bankruptcy protection on Friday and founder Sam Bankman-Fried resigned as chief executive

Bankrupt FTX hit by mysterious outflow of about $662 mn in past 24 hours

It's unclear exactly who's making the transactions, but you wouldn't expect to see these on-chain trades at this time: Alex Svanevik, chief executive officer at Nansen