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Class action lawsuit targets SBF, celebrity FTX endorsers Tom Brady, Naomi Osaka and others

Sam Bankman-Fried and roughly a dozen of the embattled exchange’s celebrity endorsers are the subject of a class action lawsuit filed by FTX users.

How Hong Kong and Singapore can make Asia the center of crypto’s future

Yes, there is rivalry between the two global finance hubs. But their strengths are also complementary for Asia to become an even bigger crypto powerhouse, writes Lily Z. King.

Singapore’s Temasek writes off US$275 mln in FTX

Temasek says its belief in Sam Bankman-Fried may have been ‘misplaced.’

Markets: Bitcoin, Ether fall as FTX implosion, job cuts in tech industry cloud outlook

Bitcoin and Ether prices fell in Thursday morning trading in Asia along with all other top 10 tokens by market capitalization, excluding stablecoins.

Vitalik Buterin sounds warning over risks of DeFi

Ethereum cofounder Vitalik Buterin has sounded a warning against the pitfalls of decentralized finance (DeFi) and self-custody, namely of bugs in smart contract code.

Crypto winter may last until end of 2023: Coinbase research

The collapse of FTX may extend crypto winter to the end of 2023, according to a monthly outlook report by U.S.-based crypto exchange Coinbase dated Nov. 15.  

Crypto exchanges see record-high week of BTC outflows, following FTX saga

Bitcoin outflows from centralized crypto exchanges rose to a historic high this week, as investors turned to self-custody options following the collapse of FTX.

Binance gets Abu Dhabi regulator’s nod to offer crypto custody services

Binance, world’s largest cryptocurrency exchange, has obtained Financial Services Permission from Abu Dhabi’s Financial Services Regulatory Authority (FSRA), to provide custody to professional clients in and from the Abu Dhabi Global Market (ADGM), the international financial center of the UAE’s capital.

Twitter Users are Looking for Alternative

Elon Musk’s messy Twitter acquisition has users looking for a decentralized social media alternative.

FTX collapse leaves investors jittery over crypto contagion

Top blockchain and crypto news: FTX fallout spooks sector. Crypto.com’s $400 million ‘accident.’ Hong Kong’s new digital asset drive.

Markets: Bitcoin inches up, Ether falls; most top 10 crypto rebound

Bitcoin inched up during Wednesday afternoon trade in Asia while most of the top 10 cryptocurrencies by market capitalization, excluding stablecoins, rallied from recent losses.

Korbit is first South Korean exchange to disclose full crypto reserves, post-FTX debacle

Korbit, one of South Korea’s five fully licensed crypto exchanges, announced Wednesday that it will reveal its full list of crypto reserves.

USDC stablecoin issuer Circle expects slower growth over Binance’s BUSD conversion

Circle, the issuer of U.S. dollar-pegged stablecoin USDC, has said that stronger competition in the stablecoin market is likely to pressure Circle stablecoins, thereby slowing its growth and weighing on the financial outlook of the company. 

FTX founder Sam Bankman-Fried to potentially face questioning in US: report

The former CEO of FTX may face questioning by authorities in the U.S. as scrutiny over the role he played in the exchange’s sudden collapse and bankruptcy intensifies.

AAX crypto exchange at risk of capital deficit, says market vulnerable from FTX collapse

AAX wants to reopen withdrawal services with additional capital, while VP Caselin told Forkast AAX is caught in a market-wide vulnerability.

NFT platform, art collective launch collaboration in aid of Ukraine

NFT platform laCollection has launched a series of collaborations with international artists to raise funds for Ukrainian cultural institutions.

Terra cofounder Daniel Shin’s Chai Corp. raided by S.Korean authorities

Daniel Shin’s Chai Corporation, which partnered with Terraform Labs in 2019, is accused of violating capital market rules in past dealings with Terra.

Crypto lender BlockFi faces possible failure amid FTX collapse, WSJ says

BlockFi Inc. is preparing for possible bankruptcy filings after it acknowledged “significant exposure” to bankrupt cryptocurrency exchange FTX.com.

Japan investment manager SoftBank reportedly writes down stake in FTX to zero

Masayoshi Son’s SoftBank Group is having an awful year on the investment front and has now been hit by the FTX failure.

Trezor, Ledger report surge in hard wallet sales amid FTX meltdown

What to do when one of the world’s most trusted crypto exchanges implodes? For many it’s finding a safer place for their assets, and that is typically hardware wallets.

Markets: Bitcoin, Ether rise amid positive inflation data, despite reports of Russian missile strikes in Poland

Bitcoin and Ether rose on Wednesday morning in Asia amid reports of alleged Russian missile strikes on Poland while inflationary data out of the U.S. provided support.

FTX hacker becomes 35th largest Ethereum holder

The address associated with the FTX hack swapped US$48.2 million worth of DAI stablecoins to 37,570 Ether and became the 35th largest holder of the world’s second-largest crypto.

DeFi’s real estate revolution: The rise of tokenization

The tokenization of property in DeFi differs greatly from the securitization that led to the global financial crisis. In this introductory part of a special series of three articles, Forkast looks at the origins of the phenomenon, what’s new about it, and the promise it holds for investors.

Why FTX Shows We Underestimate Our Risk

The FTX sage continues and brings in questions about where should we be keeping our crypto.

Enron veteran is FTX’s new head: Does he have what it takes to win back user’s funds?

The failure of cryptocurrency exchange FTX has been compared to the Lehman Brothers collapse in 2008, but it may have more similarity to the bankruptcy of energy trading giant Enron Corp. – an event FTX’s new chief executive officer knows all too well.

Coinbase officially enters the fray in XRP lawsuit to support Ripple against SEC

U.S.-based cryptocurrency exchange Coinbase has officially submitted its amicus brief to support Ripple in the lawsuit the U.S. SEC filed in 2020 against Ripple.

Retail crypto sees more new users when Bitcoin prices rise: BIS report

A rise in Bitcoin prices is the most important factor for a significant increase in the number of new investors, instead of distrust in public institutions, dislike for traditional banks, or search for a store of value, according to a report by the Bank for International Settlements. 

Shark Tank’s Kevin O’Leary says FTX debacle will never happen again

O’Leary remains committed to crypto even after losing his investment in FTX.com, but said that the industry will become more regulated.

FTX collapse ‘sad’ for crypto industry, but underlying technology still sound

Panelists at Forkast’s livestreamed event ‘Crypto Rising: How Top VCs Are Investing Out of Crypto Winter’ shared their thoughts on the future of the industry following FTX.

FTX bankruptcy and fallout; Tuesday updates and commentary

The following is a running compilation of views and comments on the FTX bankruptcy and implications for the industry.

FTX is crypto’s Lehman Bros. moment. What happens now?

Unlike the 2008 crash, the government won’t be bailing out FTX’s investors, writes Nick Saponaro of Divi Labs. Will regulators see this as a cue to crack down on exchanges?

Crypto prices recover amid plans by Binance, others to aid cash-short projects post FTX failure

Exchanges to the rescue? Cash is reportedly being made available to help blockchain and crypto projects caught in the fallout of the FTX exchange collapse.
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Vitalik Buterin seeks to build proof-of-reserves protocol with Binance as ‘guinea pig,’ says Binance chief

Ethereum founder Vitalik Buterin is looking to develop a proof-of-reserves protocol and Binance may be the “guinea pig” and serve as its first test case, said Binance chief Changpeng Zhao.

Crypto.com claims user funds safe despite ‘accidental’ Ether transaction

The chief executive of Crypto.com, said the exchange’s exposure to FTX when it shut was under US$10 million.

FTX saga worsens

The weekend revealed plenty of the FTX saga – a potential hack and at least US$1 billion of client funds missing.

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

Cryptocurrency mining rig maker Canaan posted shrinking revenues and profits in the third quarter of this year, as the crypto bear market continued to plague the mining industry.

Binance says it will set up crypto recovery fund, industry standards group

Changpeng Zhao, founder and chief executive of Binance, tells the B20 Summit in Indonesia that the world’s largest cryptocurrency exchange aims to help improve business and operation standards in the crypto industry.

Why DeFi is in dire straits — and what could save it

DeFi remains unusable for all beyond a niche community, writes Dennis Jarvis of Bitcoin.com. ‘Should it stay like this, it will never attract a wide audience.’

Hong Kong said it remains upbeat on digital assets after FTX debacle

Hong Kong remains bullish on virtual assets in the financial sector after the FTX debacle, while maintaining the view that regulation of businesses is a prerequisite for market development.

Former Huobi CEO Leon Li offers US$14 mln loan to cover funds locked in FTX

Huobi Global’s ex-CEO Leon Li has extended a US$14 million loan to New Huo Technology after a subsidiary had US$18 million of cryptocurrency locked in the bankrupt FTX exchange.

FTX, authorities investigate potential US$477 mln theft

FTX officials confirmed on Sunday that unauthorized transactions have drained millions of remaining user funds from wallets over the weekend.

S.Korea summons ex-Terra exec Daniel Shin over US$100M in LUNA gains

Daniel Shin has been summoned by South Korean prosecutors to attend an investigation as a suspect for allegedly earning ill-gotten profits with LUNA.

Bahamian regulator contradicts FTX, says no approval given for fund withdrawals

Regulators in the Bahamas, where FTX is headquartered, say the bankrupt exchange’s claims that Bahamian fund withdrawals were requested by officials are false.

AAX crypto exchange says it is suspending withdrawals amid FTX fallout

Hong Kong-based crypto exchange AAX is suspending withdrawals for seven to 10 days for a scheduled system upgrade to protect users.

Crypto prices slide as investors pull funds on concerns other exchanges may follow FTX implosion

The collapse of one of the world’s biggest crypto exchanges last week has investors worried about the finances of other trading platforms. Cold wallet time?

Singapore’s central bank partners New York Fed to explore wholesale CBDCs

The Monetary Authority of Singapore (MAS) has partnered The New York Innovation Center of the Federal Reserve Bank of New York, to study if wholesale central bank digital currencies (wCBDCs) can make cross-border payments more efficient.

FTX files for bankruptcy, Sam Bankman-Fried steps down as CEO

FTX.com, FTX US and 130 additional affiliates have filed for bankruptcy, its new CEO John J. Ray III says.

Tron’s Justin Sun stresses ‘due diligence’ needed before considering FTX bailout

Tron founder Justin Sun’s plans to save FTX include debt, equity investments and a full takeover, he told BloombergTV on Friday, Asia time.

Binance chief says FTX bailout deal ‘didn’t make sense’

Changpeng Zhao, founder of the world’s largest crypto exchange, said its earlier pledge to acquire FTX fell through partially due to regulatory concerns.

Could FTX woes bring on another crypto freeze resembling Terra-Luna?

Crypto exchanges and lending platforms are starting to use the dreaded F word for Freeze amid worries about the possible collapse of FTX.com, part of one of the world’s biggest cryptocurrency trading networks.
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FTX Japan resumes withdrawals, FTX Turkey firms up plans

FTX Japan, the Japanese arm of the embattled crypto exchange FTX.com, said on Friday it has resumed yen withdrawals after the country’s Financial Services Agency (FSA) ordered the exchange on Thursday to suspend operations and put together a “business improvement plan.”

FTX Contagion Worries

SBF apologized to FTX customers and investors in a Twitter thread earlier, but can people recover their money?

Shark Tank’s Kevin O’Leary says ‘FTX still has value,’ its story still being written

While FTX’s cash crunch has rattled global markets and investors, a White Knight investor could quickly turn the tide for the company, O’Leary told Forkast in an interview.

Markets: Bitcoin, Ether prices rise as crypto market shows sign of pick-up

Bitcoin and Ether strengthened in Friday afternoon trading in Asia, reversing some of Wednesday’s and Thursday’s sharp losses. All other top 10 cryptocurrencies by market capitalization, excluding stablecoins, also increased.

SEC gets more support in XRP lawsuit against Ripple

Three more companies and organizations have requested to weigh in on the ongoing lawsuit the SEC filed in 2020 against Ripple.

FTX US warns user trading could be halted ‘in a few days’

Sam Bankman-Fried says FTX US is insulated from FTX.com’s liquidity crunch, but the American-based platform could freeze trading in the next few days.

U.S. regulators reportedly talking with Binance over failed FTX bail out

US regulators want to know more about what Binance discovered when it took a look at FTX’s books, and then canceled a bailout deal.

California financial regulator launches probe into FTX

The state of California has launched an investigation into the ‘apparent failure’ of crypto asset platform FTX.

Markets: Bitcoin, Ether gain in crypto market rebound off slowing U.S. inflation

Bitcoin rose on Friday in Asia along with Ether and most other major tokens, reversing  a three-day slump as the Consumer Price Index (CPI) released Thursday showed inflation in the U.S. slowed in October.
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FTX assets frozen by Bahamas securities regulator

The Securities Commission of the Bahamas has frozen assets of FTX and related parties, and has suspended its registration.

Sam Bankman-Fried apologizes in first tweet since Binance saga: I F***** Up

Sam Bankman-Fried sent his first series of tweets since Binance announced and then scrapped an offer to buy his cash-strapped cryptocurrency exchange. He apologized, acknowledged mistakes and said he will do right by FTX users.

FTX Japan ordered to suspend operations by the country’s regulators 

FTX Japan was ordered by the country’s Financial Services Agency (FSA) to suspend operations until Dec. 9 and put together a “business improvement plan.”

Industry reacts: FTX bankruptcy fears rise after Binance scraps rescue

There are not many white knight investors that are large enough to bail out the embattled crypto exchange, industry insiders say.
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Bitcoin gains 5% as U.S. inflation slows down in October

Bitcoin gained 5% after the U.S. Bureau of Labor Statistics reported that the consumer price index (CPI), a key inflation indicator, rose 0.4% in October from September. CPI was up 7.7% from a year earlier, less than the expected 7.9%, and down from 8.2% in September. October’s CPI recorded the smallest 12-month increase since January. 

FTX allegedly used customer assets in Alameda bailout: report

A portion of the bailout package worth at least US$4 billion that FTX’s Sam Bankman-Fried sent to Alameda Research was allegedly comprised of customer funds. 

Crypto exchange outflows rise amid FTX fiasco

Over 5.2 billion stablecoins left crypto exchanges on Wednesday, the most in five months, on-chain data showed.

FTX debacle has crypto industry pointing finger at regulators in call for clear rules of the road

The FTX.com unraveling has prompted crypto industry leaders to demand clearer rules of the road for trading digital assets.

Will Contagion Spread?

Binance backs out of its initial offer to buy FTX. What could happen to FTX next?

Sequoia Capital marks down US$214 mln FTX stake to zero

Venture capital firm Sequoia Capital has written down its entire US$213.5 million investment in FTX, the company revealed in a tweet on Thursday.

Binance the winner in FTX saga, set to gain more customers

Binance may have nixed the deal to bailout rival exchange FTX.com, but it could still gain a big chunk of FTX’s business as investors flee the platform.

US regulators DoJ, SEC, CFTC probe crypto platform FTX

US regulators the Department of Justice, the Securities and Exchange Commission and the Commodity Futures Trading Commission are probing beleaguered crypto exchange FTX.

Ark Invest swoops in to buy US$21.4 mln in Coinbase shares

Cathie Wood’s Ark Invest seized the opportunity provided by Wednesday’s market downturn to snatch a considerable chunk of Coinbase stock.