BlockFi restricts platform activity, stopping customer withdrawals
Following the collapse of FTX, cryptocurrency lender BlockFi has stopped client withdrawals on its platform as part of a broader restriction on platform activity. BlockFi claimed in a tweet on Nov. 11 that it was unable to conduct business as usual due to “a lack of clarification on the status of FTX.com, FTX US, and […]
Market volatility and redemptions destabilize major stablecoins
Almost all significant stablecoins lost their dollar pegs after the FTX scandal, but most have gained them again as markets have stabilized. Stablecoins have been affected by this week’s significant market volatility, which was brought on by the failure of the FTX exchange, with many of them momentarily de-pegging. The fall in cryptocurrency prices this […]
Tether CTO affirms there are no intentions to save FTX
Tether has indicated that it has no plans to invest cash into FTX, despite the CEO allegedly approaching many companies for assistance. On November 10, Tether CTO, Paolo Ardoino, affirmed the company has “no plans to invest or lend money to FTX/Alameda.” As it struggles to close a purported multi-billion dollar hole in its financial […]
JPMorgan and Bloomberg forecasts Bitcoin will fall to $13,000
According to JPMorgan experts, the FTX catastrophe may have caused the price of Bitcoin to plunge as low as $13,000. The American financial behemoth JPMorgan predicts that Bitcoin, which currently costs about $15,000, might go below its production cost. According to JPMorgan, the downfall of one of the biggest cryptocurrency exchanges would result in “a […]
Sequoia Capital reduces its $214 million stake in FTX to zero
Sequoia Capital, a venture capital firm, gave partners the assurance that it had conducted a thorough investigation before investing in FTX and had discovered that the exchange generated $1 billion in revenue and $250 million in operational income. Sequoia Capital, a venture capital firm, said in a letter to its partners on November 10 that […]