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Rise and Fall of Crypto Exchange FTX

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(C) Reuters. FILE PHOTO: Representations of cryptocurrencies are seen in front of displayed FTX logo and decreasing stock graph in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) – Crypto exchange FTX filed for Chapter 11 bankruptcy protection in the United States on Friday following its spectacular collapse that has sent shivers through the industry.

The U.S. bankruptcy proceedings involve multiple FTX group companies with more than 100,000, and possibly over 1 million, creditors.

Here is a history of FTX since its foundation in 2019:

2019:

May – Former Wall Street trader Sam Bankman-Fried and ex-Google employee Gary Wang founded FTX, the owner and operator of FTX.COM cryptocurrency exchange.

2021:

July – A $900 million funding round valued FTX at $18 billion.

September – FTX signed a sponsorship deal with Mercedes’ Formula 1 team.

October – FTX raised capital at a valuation of $25 billion from investors including Singapore’s Temasek and Tiger Global.

2022:

Jan. 27 – FTX’s U.S. arm said it was valued at $8 billion after raising $400 million in its first funding round from investors including SoftBank Group and Temasek.

Jan. 31 – FTX raised $400 million from investors including SoftBank at a valuation of $32 billion.

June 4 – FTX signed a reportedly $135 million sponsorship deal for naming rights of the Miami Heat’s home court.

July 1 – FTX signed a deal with an option to buy embattled crypto lender BlockFi for up to $240 million.

July 22 – FTX offered a partial bailout of bankrupt crypto lender Voyager Digital. Voyager called it a “low-ball bid”.

Aug. 19 – A U.S. bank regulator ordered FTX to halt “false and misleading” claims it had made about whether funds at the company are insured by the government.

Nov. 2 – Crypto news website CoinDesk reported a leaked balance sheet that showed Alameda Research, Bankman-Fried’s crypto trading firm, was heavily dependent on FTX’s native token, FTT. Reuters was unable to verify the report.

Nov. 6 – Binance CEO Changpeng Zhao said his firm would liquidate its holdings of FTT due to unspecified “recent revelations”.

Nov. 7 – Bankman-Fried said “FTX is fine. Assets are fine”.

Nov. 8 – Binance said it was planning a deal to acquire FTX.

Nov. 9 – Binance decided against pursuing a nonbinding agreement to bail out FTX.

Nov. 10 – FTX suspended on-boarding of new clients as well as withdrawals until further notice

Nov. 10 – Bankman-Fried told staff in a memo that he was seeking a capital raising and had held talks with Justin Sun, founder of the crypto token Tron.

Nov. 10 – Reuters reported that Bankman-Fried was seeking to put together a rescue package of up to $9.4 billion for FTX.

Nov. 11 – FTX started voluntary Chapter 11 proceedings in the United States, along with its U.S. unit, crypto trading firm Alameda Research and nearly 130 other affiliates. Bankman-Fried resigns as CEO.

Nov. 12 – Reuters reported at least $1 billion of customer funds have vanished from FTX.

Nov. 12 – FTX said it had detected unauthorized transactions. Blockchain analytics firms estimated outflows between $473 million and $659 million in “suspicious circumstances”.

Nov. 13 – Bahamas securities regulator launched a probe over collapse of FTX.

Nov. 14 – Reuters reported that U.S. prosecutors in New York were probing FTX’s collapse.

Nov. 15 – Financial regulators in the Bahamas appointed liquidators to run FTX’s unit in the country.

Nov. 16 – FTX outlined a “severe liquidity crisis” in U.S. bankruptcy filings, which showed the group could have more than 1 million creditors.

Nov. 16 – A court filing showed FTX’s Bahamas unit, FTX Digital Markets, was seeking protection from creditors in the U.S. under Chapter 15 of the U.S. Bankruptcy Code.

Nov. 16 – Bankman-Fried was sued in a U.S. court by investors alleging the company’s yield-bearing crypto accounts violated Florida law.

Nov. 16 – Liquidators for FTX Digital Markets “reject the validity” of FTX’s U.S. bankruptcy proceedings.

Nov. 16 – Major crypto player Genesis Global Capital suspended customer redemptions in its lending business, citing the sudden failure of FTX.

Nov. 17 – The U.S. House Financial Services Committee said it planned to hold a hearing in December to investigate the collapse of FTX.

Here is a list of FTX’s investors since 2019, according to private market data provider PitchBook.

2019 Tiger Global Management, Insight Partners, SoftBank

Inves Investment Advisors, Temasek, Telstra (OTC:TLSYY) Ventures,

tors Teachers Venture Growth, Steadview Capital Management,

Redline DAO, Paradigm, New Enterprise Associates,

Lightspeed Ventures, 500 Global, Binance Labs,

Consensus Lab, FBG Capital, Galois Capital, Greylock

Capital Management, Lemniscap, Race Capital, IVP, HOF

Capital

2020 Bitscale Capital, BR Capital, Evangelion Capital,

Inves Exnetwork Capital, Genblock Capital, Insignius

tors Capital, Pantera Capital

2021 BlackRock (NYSE:BLK), Tom Brady, Gisele Bundchen, Samsung (KS:005930) NEXT

Inves Ventures, Sequoia Capital, Coinbase (NASDAQ:COIN) Ventures, Base10

tors Partners, Astronaut Capital, AGE Crypto, Vetamer

Capital, Senator Investment Group, Sea Capital,

Paradigm, Meritech Capital Partners, ICONIQ Growth,

Third Point Ventures, Thoma Bravo, Kevin O’Leary,

Willoughby Capital, Digital Currency Group, Third

Point, Tribe Capital, Bond Capital, Standard

Investments, Circle , Ribbit Capital, Multicoin

Capital, Mayfield, 6ixth Event, Abstract Ventures,

Alan Howard, Altimeter Capital Management, Bond,

Schoeneck & King, DHVC, Israel Englander, Mark VC

2022 Temasek, SoftBank Vision Fund 2, Ontario Teachers

Inves Pension Plan, K5 Global, MiH Ventures, Mint Ventures,

tors NKB Ventures, Signum Capital, Alchemy Ventures, Lux

Capital, Fenrir, Claritas Capital, Hard Yaka, Early

Capital Group, Chapter One Ventures, One Block

Capital, Chainfund Capital, A’Z Angels, Allied

Investors Group, ArkStream Capital

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Original Article: investing.com

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Sri Lanka Central Bank Holds Rates Steady, Says Mkt Interest Rates Must Fall

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Sri Lanka cenbank holds rates steady as expected amid slowing inflation By Reuters

Breaking News

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Economy 8 minutes ago (Nov 23, 2022 09:31PM ET)

(C) Reuters. FILE PHOTO: People walk past the main entrance of the Sri Lanka’s Central Bank in Colombo, Sri Lanka March 24, 2017. REUTERS/Dinuka Liyanawatte

COLOMBO (Reuters) – Sri Lanka’s central bank held rates on Thursday, adding it expects a moderation in market interest rates in line with the prevailing policy interest rates.

The Standing Lending Facility rate was held steady at 15.50% while the Standing Deposit Facility Rate was kept unchanged at 14.50%.

“The Board was of the view that the prevailing tight monetary policy stance is necessary to rein in any underlying demand pressures in the economy,” the central banks said in a statement.

Sri Lanka cenbank holds rates steady as expected amid slowing inflation

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Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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China’s Country Garden Gets New Credit Line of up to $7 Billion – Securities Times

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China’s Country Garden gets new credit line of up to $7 billion – Securities Times By Reuters

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Economy 2 minutes ago (Nov 23, 2022 09:55PM ET)

(C) Reuters. FILE PHOTO: The logo of property developer Country Garden is seen on a building in Dalian, Liaoning province, China May 7, 2017. REUTERS/Stringer

HONG KONG (Reuters) – Major Chinese developer Country Garden has signed a contract with the Postal Savings Bank of China for a credit line of up to 50 billion yuan ($7.0 billion), Securities Times reported on Thursday.

The credit line will be used for loans for land development, mergers and acquisitions, and mortgage financing, it said. On Wednesday, three other commercial banks agreed to provide fundraising support to property developers, including industry giant Vanke, in a coordinated effort to support the country’s embattled property sector.

($1 = 7.1429 Chinese yuan renminbi)

China’s Country Garden gets new credit line of up to $7 billion – Securities Times

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(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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North Korea Slams South Korea’s Yoon, Warns Sanctions Will Fuel More Hostility

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North Korea cautions sanctions and pressure will fuel more hostility By Reuters

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World 4 hours ago (Nov 23, 2022 05:11PM ET)

(C) Reuters. FILE PHHOTO: A North Korean flag flutters at the propaganda village of Gijungdong in North Korea, in this picture taken near the truce village of Panmunjom inside the demilitarized zone (DMZ) separating the two Koreas, South Korea, July 19, 2022. REUTE

By Soo-hyang Choi

SEOUL (Reuters) – North Korea on Thursday denounced Seoul’s push to impose additional sanctions on Pyongyang following its repeated missile launches, saying such measures will add to the North’s “hostility and anger,” state media KCNA reported.

North Korean leader Kim Jong Un’s powerful sister, Kim Yo Jong, made the remarks in a statement carried by KCNA, calling South Korean President Yoon Suk-yeol “and other idiots” a “faithful dog” of the United States.

South Korea’s foreign ministry said on Tuesday it was reviewing independent sanctions on Pyongyang. It said sanctions on the cyber sector were among those considered in case the North pushes ahead with a nuclear test.

North Korea has conducted an unprecedented number of ballistic missile launches this year. For months Washington has said North Korea could conduct a nuclear bomb test, the first since 2017, at any time.

“If they think that they can escape from the present dangerous situation through ‘sanctions,’ they must be really idiots as they do not know how to live in peace and comfort,” Kim Yo Jong said in the statement.

The United States has urged the United Nations Security Council to hold North Korea accountable for its missile tests in one voice, accusing China and Russia of “emboldening” Pyongyang by blocking Security Council action.

China and Russia backed tighter sanctions following Pyongyang’s last nuclear test in 2017, but in May both vetoed a U.S.-led push for more U.N. penalties over its renewed missile launches.

“We warn the impudent and stupid once again that the desperate sanctions and pressure of the U.S. and its South Korean stooges against the DPRK will add fuel to the latter’s hostility and anger,” Kim Yo Jong said, using the initials of the North’s official name.

North Korea cautions sanctions and pressure will fuel more hostility

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Terms And Conditions
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Risk Warning

(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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