The bankruptcy of digital asset lending/custodial platform BlockFi is the latest casualty of the FTX exchange’s collapse, while FTX’s founder continues his carefree existence in his alternative reality.
Digital Currency Group boss Barry Silbert has issued a note to shareholders, noting the “difficult industry conditions” plaguing the digital asset sector.
The current creditor protection, granted in August, runs out on December 2, and each of the five Zipmex subsidiaries has filed in Singapore for an extension.
Another day, another flood of damning developments in the ongoing FTX debacle, with fears of contagion showing no sign of abating.
The FTX meltdown revived the 2011 crackdown on the online gambling industry, where 11 high-stakes individuals and poker players from PokerStars, Full Tilt Poker, and Absolute Poker were indicted.
John Ray, who was appointed after Sam Bankman-Fried resigned in disgrace last week, submitted a sworn statement ostensibly to take the company through its bankruptcy proceedings.
Celsius said that the reorganization process was more complex than anticipated, requiring a tentative approach to achieve success.
Bloomberg covered what's going on with FTX, talking to experts from rival exchanges and SEC Commissioner Hester Peirce about what happens next.
Observers noticed on-chain records showing "hundreds of millions of dollars" worth of digital assets began leaving the FTX exchange’s wallets late on Friday night.
The FTX exchange may have filed for bankruptcy protection but there’s no real defense against the sector-wide carnage this scandal has unleashed.
A few months ago, FTX CEO Sam Bankman-Fried was seen as a savior, but now some see him as a villain trying to corner the digital asset market by snapping up its failing projects at bargain prices.