The bear market and the wave of bankruptcies in the crypto industry drained $116 billion from the pockets of founders and investors in the past nine months, according to recent estimates by Forbes. The loss represents the combined personal equity of 17 people in the space, with over 15 losing more than half of their fortunes since March. As a result, 10 names were removed from the crypto billionaires list. One of the major losses was attributed to Binance CEO Changpeng "CZ" Zhao. In March, his 70% stake in the crypto exchange was valued at $65 billion, but it is …

Bankman-Fried has openly admitted that FTX loaned customer deposits to Alameda Research, FTX’s sister hedge fund, although he has characterized this as a mistake that was caused by “confusing internal labeling.” FTX’s terms of service explicitly state that customer funds will never be lent to other financial institutions or used by FTX for proprietary trades. Sam publicly stated in a now-deleted tweet, “We don’t invest client assets (even in treasuries).” The broader crypto markets have bled red in response, and other industry stalwarts now face insolvency risk with the contagion spreading to Genesis, Grayscale and many other firms that held …

The crypto community on Twitter is heavily criticizing the mainstream media for its poor and biased coverage of the collapse of cryptocurrency exchange FTX. In a piece published on Nov. 18 by Forbes Magazine, the CEO of FTX’s affiliate company Alameda Research, Caroline Ellison, has been dubbed “Queen Caroline.” The magazine attempts to portray Caroline Ellison in a neutral light by simply calling her “a math whiz who loves Harry Potter and taking big risks.” The magazine paints her as “a new darling of the alt-right,” which many are simply calling false since former FTX CEO Sam Bankman-Fried and the …

Ethereum's native token Ether (ETH) shows the potential to log major gains versus Bitcoin (BTC) with the ETH/BTC pair nearing yearly highs. Ether paints classic bullish reversal pattern The bullish cues come from a classic technical pattern called the inverse head and shoulders, which develops when the price forms three troughs below a common support level known as neckline. The middle trough, or head, is deeper than the other two, called the shoulders. An inverse head and shoulders setup resolves after the price breaks above the neckline while accompanying an increase in trading volume. As a rule of technical analysis, …

The Forbes crypto billionaires list has been updated, and the number of individuals who have made vast fortunes in digital assets has increased substantially. The crypto elite list now has 19 billionaires on it, which is seven more than last year and expands the list by 58%. The publication released its latest crypto richest on April 5, but the king of the crop remains unchanged. Binance CEO and founder Changpeng “CZ” Zhao is still the richest man in the industry and now the 19th richest in the world due to his relatively newly accrued wealth. The outlet has downgraded CZ’s …

Binance is looking to diversify its business interests by acquiring company’s outside the scope of cryptocurrency, according to a report from the Financial Times. “We want to identify and invest in one or two targets in every economic sector and try to bring them into crypto,” said Binance CEO Changpeng Zhao, affectionately known to his 5.3 million Twitter followers as ‘CZ’. Already holding the title of the world’s largest crypto exchange, Binance is aiming to bring in companies from traditional markets in an attempt to further increase broad-scale crypto adoption and diversify its own bushiness. In the interview Zhao went …

Binance, the world’s largest cryptocurrency exchange by trading volumes, is making a strategic investment in the 104-year old magazine Forbes to improve consumer understanding of cryptocurrencies and blockchain. Forbes and Magnum Opus Acquisition Limited, a publicly-traded special purpose acquisition company (SPAC), officially announced Thursday securing a $200 million strategic investment from Binance. Forbes previously announced plans to go public through a business combination with Magnum Opus in August 2021, with the deal expected to close in Q1 of 2022. Binance’s strategic investment will be through Binance’s assumption of subscription agreements representing $200 million of commitments in the $400 million private …

Forbes has named 15 youthful crypto business leaders on the 2022 edition of its 30 under 30 list. Despite its misleading name, the annual Forbes 30 under 30 list is actually comprised of 600 people aged 30 and under from a total of 20 categories such as finance, gaming and music. Notable alumni from last year’s edition include FTX and Alameda Research founder Sam Bankman-Fried, and Brian Tubergen, the co-founder of U.S.-based initial token offering and exchange platform CoinList. In the latest edition published on Dec. 1, Forbes noted that the latest batch of under 30s raised more than $1 …

Blockchain holding group Borderless Services Inc. made headlines in late April amid reports that it had placed a $700 million bid to acquire business news publisher Forbes Media LLC. In an interview with Cointelegraph, CEO Patrick McConlogue shed light on the acquisition target and why it aligns with the organization’s overall vision. “Acquiring any company is a long process, and there are a lot of moving parts,” McConlogue wrote in an email, adding: “We are excited to participate either as owners, partners, or combined force with the other bidders. Collectively we all want Forbes back under US ownership and are …

Crypto companies have been on the rise in tandem with the industry’s growth in recent years. A report from Forbes recently detailed a number of large investments into blockchain and digital asset entities, with one $440 million play rising to the forefront. “Circle, creator of the second-largest stablecoin, USDC, has just raised $440 million in private investment from an array of private equity, institutional and strategic investors,” Forbes wrote on Friday. Circle inked the deal on Friday, capturing investment from Fidelity Management and Research company, FTX, and others. The article recapped the details around the top-12 most sizable monetary contributions …

The New York Stock Exchange has jumped on the NFT bandwagon by minting nonfungible tokens celebrating the first trade made in the shares of prominent United State companies. In an announcement on Tuesday, NYSE president Stacey Cunningham described NFTs as a “new, fun way to mark the moment” of a company’s first trade on the NYSE. The first six NYSE NFTs commemorate the first trades for Spotify, Snowflake, Unity, DoorDash, Roblox and Coupang, with Cunningham confirming “there will be many more NYSE NFTs to come.” The first NFTs are already listed on Crypto.com’s NFT marketplace, with the tokens hosting a …

Forbes released their annual billionaires list on April 6, with Amazon overlord Jeff Bezos and his $177 billion topping the list for a fourth consecutive year. Announcing Forbes’ 35th Annual World’s Billionaires List -- The Richest in 2021 #ForbesBillionaires https://t.co/Sc7ie8JlQI pic.twitter.com/YniOjfZwSi — Forbes (@Forbes) April 6, 2021 The “digital gold rush” has seen nine new crypto billionaires join the Forbes list, pushing the total up to 12 (depending on whether you count the Winklevoss twins as one or two entries.) That's up from just four in last year's Forbes World’s Billionaires list Sam Bankman-Fried - Newcomer Sam Bankman-Fried is the …