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2022-11-12 03:14:01 BlockFi suspends withdrawals after FTX collapse

Crypto lender BlockFi suspended withdrawals and will not be able to operate business as usual given the lack of clarity over the status of FTX, the company said on Twitter. In July, BlockFi brokered a $680 million deal with FTX.US that included a $400 million credit line and an option for FTX to buy the firm for $280 million. Earlier in the day BlockFi said that it would delay the processing of ACH and wire transactions scheduled for Nov. 11 until Nov. 14, due to the observance of Veterans Day by its U.S. based-banking partner Silvergate. It is now unclear whether those delayed transactions will go through. client withdrawals will be paused “as is allowed under our Terms,” the company said. No exact time frame was specified in terms of service restoration.

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2022-11-11 20:41:01 Justin Sun says he is working on 'solution' with FTX

Justin Sun, the billionaire founder of the Tron blockchain, said late on Nov. 9 that he is working on a solution with FTX, the crypto exchange engulfed in a liquidity crisis. Sun said, “Further to my announcement to stand behind all Tron token (#TRX, #BTT, #JST, #SUN, #HT) holders on FTX, we are putting together a solution together with #FTX to initiate a pathway forward.” FTX’s CEO Sam Bankman-Fried retweeted the post — his first action on Twitter since he announced that Binance had agreed to acquire the embattled exchange. That proposal fell apart earlier today, with Binance stating that FTX’s issues are beyond its control. The Tron founder was recently rumored to have quietly masterminded the acquisition of crypto exchange Huobi.

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2022-11-11 17:40:17 Kraken CEO on FTX collapse: 'The damage here is huge’

The crypto industry needs to raise its standards in the wake of the implosion of Sam Bankman-Fried’s cryptocurrency exchange FTX. That’s according to fellow exchange Kraken's CEO and co-founder Jesse Powell, who hit out at “clowns” in the industry who sell out their customers. Kraken is one of several companies with exposure to FTX. It holds about 9,000 FTT, the native token of FTX. Amber Group, Crypto.com, Galaxy Digital, Multicoin Capital, Selling Capital, Sequoia Capital and Wintermute have also released statements detailing their exposure to the company. FTX ran into trouble at the start of this month following reports that Sam Bankman-Fried’s trading firm held significant amounts of FTT.

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2022-11-11 14:29:02 Justice Department joins SEC in FTX probe: WSJ

For collapsed cryptocurrency exchange FTX, legal troubles are mounting. The Department of Justice (DoJ) and the Securities and Exchange Commission (SEC) are working together to investigate FTX’s U.S. subsidiary, The Wall Street Journal reported, citing an unnamed person familiar with the matter. FTX, now facing potential bankruptcy, has garnered the attention of multiple regulators. Amid the expansion of the SEC’s months-long probe into whether assets on FTX.us may be considered securities, the agency is in close contact with the DoJ, the newspaper reported. If the SEC determines the assets in question to be securities, it would mean FTX may have violated U.S. exchange laws. Regulators also are turning their attention to the relationship between FTX.us.

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2022-11-11 03:14:02 Marathon is now the 2nd-largest listed holder of Bitcoin — CEO

During the company’s third-quarter earnings call on Nov. 8, Marathon Digital CEO Fred Thiel revealed the company now holds 11,300 BTC, worth around $205 million at the time of writing, “making Marathon the second largest holder of Bitcoin among publicly traded companies worldwide, ” referring to unnamed third-party data. According to CoinGecko, the Nasdaq-listed crypto miner is ranked second only to MicroStrategy Inc., which holds nearly 130,000 BTC. It’s followed by crypto exchange Coinbase and Jack Dorsey-founded payments company Block Inc.

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2022-11-10 20:30:02 Singapore state investor Temasek engaging with FTX as a shareholder: Reuters

Singapore government-owned investment firm Temasek said it's monitoring the situation with crypto exchange FTX, one of its investments, according to Reuters. "We are aware of the developments between FTX and Binance, and are engaging FTX in our capacity as shareholder," Temasek told Reuters. FTX shocked the world of crypto on Tuesday by announcing it would sell its non-U.S. assets to Binance. FTX's FTT token had tumbled after Binance CEO Changpeng Zhao said it would begin selling off its holdings.

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2022-11-10 17:40:02 EU crypto legislation will mitigate events like FTX collapse: policy experts

The proposed acquisition of the FTX crypto exchange by rival Binance is bringing European regulators and experts forward — and they're commenting that the bloc’s new digital asset legislation will mitigate such market spirals in the future. EU regulators may be influenced by the unfolding story while drafting the new rules for the MiCA regulation. The crypto space is not a gambling casino," Stefan Berger, a social-liberal member of the European Parliament who was a lead negotiator on the Markets in Crypto-Assets legislation expected to pass Parliament early next year.

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2022-11-10 09:14:02 Nearly $1 billion of solana is set to be unstaked in 24 hours

Solana validators are scheduled to unlock 49.6 million SOL ($945 million) when the current epoch ends in less than 24 hours time. Representing 13% of the coin's supply, it's the second-largest volume of tokens to be unlocked in any Solana epoch and it is coming amid a time of considerable tumult in the crypto market. An epoch refers to a number of slots (like blocks) on the chain and takes around two to three days. Data from Solana Compass shows that Epoch 370, the current Solana network epoch, is set to end at around 8.30 AM UTC on Nov. 10.

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2022-11-10 03:14:01 Ether officially turns deflationary amid intense crypto-market fear

Ether, the native coin of the Ethereum network, officially turned deflationary 55 days after The Merge — its transition from proof-of-work to proof-of-stake. The post-Merge supply of ether has declined by over 400 ETH ($469,000), as of 5:35 a.m. ET, according to the Ethereum supply tracking website ultrasound.money. Ethereum's deflation rate is currently 0.001% annually. Though Ethereum proponents are widely pleased to see the total ether supply decrease, it comes at a worrying time for the blockchain and cryptocurrency industry. Following a withdrawal freeze, FTX announced its intention to sell to rival crypto exchange Binance after apparently turning insolvent.

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2022-11-09 21:06:01 Riot Blockchain third quarter revenue falls short of analyst estimates

Bitcoin mining company Riot Blockchain fell short in the third quarter, missing analyst targets for revenue. Riot posted a net loss of $36.6 million, or 24 cents a share, compared to $15.3 million, or 16 cents a share, from a year earlier, the company said. Revenue dipped 28% to $46.3 million, missing what Bloomberg said was a $54.2 million analyst expectation. Despite the decreasing revenue, Riot is still in relatively strong shape compared to other mining firms. Iris Energy faces default claims, Core Scientific warned it might have trouble paying its debts and Argo said it was in a similar position.

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