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2022-11-13 03:25:00 Miami to yank FTX name from iconic downtown stadium

Miami-Dade County said it would terminate its business relationship with FTX and remove the company's name on the iconic arena, home to the NBA's Miami Heat, just hours after the troubled crypto exchange filed for bankruptcy. has invested heavily in Miami and recently named the city as its national headquarters. Miami-Dade County and the Miami Heat are immediately taking action to terminate our business relationships with FTX, and we will be working together to find a new naming rights partner for the arena," Miami-Dade County Mayor Daniella Levine Cava and the Miami Heat said in a joint statement. "The reports about FTX and its affiliates are extremely disappointing. FTX Arena since a $135 million naming rights deal was announced and signed last year.

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2022-11-12 21:14:00 Pantera Capital's exposure to FTX is from its Blockfolio investment

FTX announced that it was facing a liquidity crunch earlier this week and that it would be acquired by rival exchange Binance. The deal with Binance fell through on Wednesday. On Thursday, FTX CEO Sam Bankman-Fried apologized and said that he would look to wind down trading at sister firm Alameda Research. FTX acquired the crypto data application Blockfolio in 2020 for $150 million. The FTX exposure from the Blockfolio investment is roughly 2% of the firm's total assets under management, said Franklin Bi, Pantera's director of portfolio development, on Twitter. The firm oversees $5.8 billion in assets, according to a recent investment adviser filing, Pantera is one of the oldest investment firms in the crypto industry, having been founded in 2013.

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2022-11-12 15:14:02 Polychain-backed DFX Finance hacked for $7.5 million

DFX Finance, a decentralized exchange protocol for fiat-pegged stablecoins, reported that it was attacked at 2:21 pm ET. An unknown attacker siphoned approximately $7.5 million from DFX, according to estimates from security researchers at BlockSec. The DFX Finance team acknowledged the security exploit and said it has paused all of its smart contracts to contain the issue. “We were notified of the suspicious activity within 20-30 mins of the first transaction and executed a pause on all DFX contracts within a few minutes after confirming the attack,” it said. The remaining portion of the stolen assets — about $3.2 million — was extracted by an MEV bot in a front-running transaction, also called a sandwich attack.

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2022-11-12 09:20:02 FTX faces SEC and CFTC investigation: Bloomberg

Crypto exchange FTX faces an investigation by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) into its mismanagement of customer funds and the firm’s relationships with FTX.US and Alameda Research. The SEC first began looking into FTX US’s crypto lending activities and operations months ago, Bloomberg first reported, citing anonymous sources. Now, the CTFC is getting involved with the SEC and investigating FTX in addition to FTX.US, looking into the relationships between the two exchanges and trading firm Alameda, Bloomberg reports. The FTX liquidity crisis has raised a concern and a call for more regulation.

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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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