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Russian President Vladimir Putin believes a new system for international money transfers is needed to reduce dependence on big banks and third parties. He is convinced that cross-border payments relying on digital currency and distributed ledger technology will be “much more convenient.” Russia’s Head of State Urges for Blockchain-Powered International Payments President
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The International Monetary Fund (IMF) is calling for increased regulation of Africa's crypto markets, one of the fastest-growing markets in the world, the global institution blog reported on Nov. 22. Among the reasons why countries in the region should embrace regulation, the monetary fund cited the collapse of FTX and its
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Cryptocurrency lending firm Genesis Global Capital has reportedly hired a restructuring adviser to explore all possible options that include, but aren’t limited to, a potential bankruptcy. It is understood that the firm has hired investment bank Moelis & Company to explore options, while people familiar with the situation have stressed that
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Just before the FTX collapse, bitcoin was trading above the $20K zone and after the problems started to show and the company filed for bankruptcy, bitcoin’s price dropped close to 19% lower than it was days before the fiasco. According to the official Bitcoin Obituaries list, the sliding crypto prices
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“[The subcommittee] is seeking detailed information on the significant liquidity issues faced by FTX, the company’s abrupt decision to declare bankruptcy, and the potential impact of these actions on customers who used your exchange,” Krishnamoorthi continued. Source
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Julia Leung, deputy CEO and executive director at Hong Kong’s Securities and Futures Commission (SFC), said that the recent turmoil in crypto markets highlighted not only the volatility and structural vulnerabilities in the industry, but also how it is becoming more connected with traditional financial services. Source
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Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s right-hand man, has commented on the collapse of crypto exchange FTX, stating that “it is partly fraud and party delusion.” Noting that “the country did not need a currency that’s good for kidnappers,” he stressed: “I basically like the existence of the
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Circle CEO and founder Jeremy Allaire wrote to prominent financial services lawmakers in the U.S., calling for workable, clear legislation on stablecoins and warning of the risks to the country of not doing so. Original Source
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The FTX hacker that drained over $450 million worth of assets just moments after the doomed crypto exchange filed for bankruptcy on Nov. 11, continues to drain assets from the exchange, four days after the hack was first flagged.Crypto analytic firm Certik, in a tweet, noted that the hacker wallet
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The sudden fall of FTX revealed the need for fresh reforms aimed at protecting investor funds against manipulation and misdirections. The co-founder of Ethereum, Vitalik Buterin, believes what FTX did was a bigger fraud when compared to the infamous Mt. Gox and Terra (LUNA) collapses.Buterin believed that people running Mt.
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