Amy Wu, an investor in FTX and the head of the firm’s venture capital arm, FTX Ventures, has reportedly resigned her position. According to a Nov. 11 report from The Information, Wu resigned as head of FTX Ventures following the announcement FTX would be moving forward with bankruptcy proceedings in the United States. According to her LinkedIn profile, Wu had been based at FTX Venture’s offices in The Bahamas since January. FTX Ventures’ website along with that of Alameda Research went dark on Nov. 9 amid its parent company’s liquidity crisis and deal with Binance falling apart. Wu said on …

Up until the start of this week, Bitcoin (BTC) had been demonstrating record-low volatility, and this gave altcoins enough latitude to paint some nice technical setups. At the same time, on-chain data and technical analysis were beginning to suggest that BTC was midway through carving out a bottom, and many analysts believed that brighter days lay ahead. Fast forward to the present, and the volatility spike the market received actually turned out to be a black swan event. As you already know, FTX is kaput. Alameda Research is kaput. BlockFi has put a stop to withdrawals, citing an inability to …

In a matter of weeks, two major players in the tech industry have seen their net worth drop by billions of dollars — partly the result of their own business decisions. Sam Bankman-Fried, the now former CEO of crypto exchange FTX, reportedly had a net worth of roughly $24 billion in March and $16 billion as recently as Nov. 7, but no longer even qualifies for a listing on the Bloomberg Billionaires Index. Some reports suggest that with his stakes in crypto and stock trading platform Robinhood, FTX companies, and Alameda Research, SBF could be facing serious financial difficulties in …

Who would’ve thought that the implosion of Terra, the collapse of Three Arrows Capital and the bankruptcies of Celsius and Voyager wouldn’t be the most terrible crypto stories of 2022? In retrospect, crypto’s day of reckoning — and the new low for the cycle — hadn’t arrived even after all these tumultuous events. The industry’s cyclical execution occurred this week when FTX — the world’s second-largest crypto exchange — was feared to be insolvent and on the brink of collapse. Those fears stemmed from FTX’s incestuous relationship with Alameda Research, a trading firm founded by FTX CEO Sam Bankman-Fried — …

As the FTX crisis continues its outpour, users of the platform try various ways to bypass the official process of withdrawing their funds from the collapsing exchange. On Nov. 10, the exchange announced that it will begin withdrawals of funds based in the Bahamas. According to the exchange, the move aims to have its comply Bahamian headquarters with the demands of regulators within the country. 1) Per our Bahamian HQ's regulation and regulators, we have begun to facilitate withdrawals of Bahamian funds. As such, you may have seen some withdrawals processed by FTX recently as we complied with the regulators. …

The world’s third-largest cryptocurrency exchange, FTX, started the year with a $400 million Series C funding round, taking its valuation to over $32 billion. Ten months later, the crypto exchange is staring down the possibility of bankruptcy after its bid to be acquired by Binance failed. FTX was seen as one of the largest global crypto players as it established itself with multiple mainstream brand and sponsorship partnerships and billions in fundraising. The crypto exchange’s finances were never in question, given it bailed out multiple lending firms during the crypto contagion in the second quarter of 2022. However, things took …

The annual supply rate of Ether (ETH) slipped below zero for the first time since Ethereum's transition to proof-of-stake via the Merge in September. The reason? A spike in on-chain activity amid a massive cryptocurrency market crash. Ethereum turns deflationary for real As of Nov. 9, more Ether tokens are being burned than created as a part of Ethereum's fee-burning mechanism. Simply put, the more on-chain transactions, the more ETH transaction fees get burned. On a 30-day timeframe, the Ethereum network has been burning ETH at an annual rate of 773,000 tokens against the issuance of 603,000 tokens. In other …

The founder of the Chain blockchain infrastructure company, who goes by the internet pseudonym Deepak.eth, took to Twitter to announce the sale of their nonfungible token (NFT) collection. Deepak.eth tweeted that the collection will either be sold to the highest bidder, or else placed in a “fractional DAO” in which they would sell 80% of the ownership. According to the Chain founder the collection is going for 8,000 (ETH), which is roughly $10, 258,720 million at the time of writing. My NFT Collection is now available. It will either be sold to the highest bidder or be placed in a …

The crypto community continues to be bombarded with rumors and conspiracy entering into the fifth day of FTX's fall. From reports that Sam Bankman-Fried (SBF) was arrested on the tarmac at the Bahamas airport to rumors that employees of the exchange are trying to sell the company’s assets, it has been very difficult for the community to separate fact from fiction. PAULY.SOL, the founder of the nonfungible token (NFT) project Not Larva Labs was one of the first to spur rumors of SBF’s arrest. The NFT founder retweeted a post of a Flightradar24 map that reported a private jet to …

The Department of Financial Protection and Innovation (DFPI) in the state of California announced on Nov. 10 that it will open up an investigation as to the “apparent failure” of the cryptocurrency exchange FTX. California regulators said in the announcement that the DFPI takes this oversight responsibility “very seriously” and that the department expects all entities offering financial services in the state to comply with local financial laws. It also encouraged anyone in the state who has been affected by the events of the ongoing FTX saga, to call a dedicated hotline. The state of California is one of many …

United States senators Debbie Stabenow and John Boozman have doubled down on their commitment to publishing a final version of the Digital Commodities Consumer Protection Act 2022 (DCCPA) in the wake of FTX’s shocking collapse. For a short time, the cryptocurrency community wasn’t sure how the senators would respond to the FTX crisis — as the DCCPA bill is understood to have been strongly supported by FTX CEO Sam Bankman-Fried. But the members of the U.S. Senate Committee on Agriculture, Nutrition and Forestry confirmed their intentions in a Nov. 10 statement — stating “the events that have transpired this week …

Cryptocurrency exchange FTX has lost at least one potential rescuer as it battles to fill a reported multi-billion dollar hole in its balance sheet. The CTO of stablecoin issuer Tether, Paolo Ardoino on Nov. 10 confirmed the company does not have “any plans to invest or lend money to FTX/Alameda.” Tether does not have any plans to invest or lend money to FTX/Alameda. Full stop. — Paolo Ardoino (@paoloardoino) November 10, 2022 Ardoino’s comments came after a Nov. 10 report from Reuters suggested that FTX is now at a $9.4 billion shortfall, with FTX CEO Sam Bankman-Fried reaching out to …