Temasek Writes Down its Full $275M FTX Investment to $0.
Temasek Holdings, a Singaporean state investor, said that it will write off the whole value of its $275 million stake in the collapsed crypto exchange FTX.
Temasek Holdings, a Singaporean state investor, said that it will write off the whole value of its $275 million stake in the collapsed crypto exchange FTX.
Sam Bankman-Fried has been dubbed the Bernie Madoff of crypto after his firm, FTX, was insolvent and its filing for chapter 11 bankruptcy on November 11.
Along with the collapse of competitor exchange FTX, Binance saw record volumes of withdrawals of Bitcoin, Ethereum, and stablecoins. Read CNL.
Influencers in the cryptocurrency sector have been advising that all funds be completely withdrawn from exchanges like Gate.io and Cex.io. Read CNL.
Crypto.com’s 20% reserves were in meme coin Shiba Inu FTX tokens have withdrawal limits in the exchange Crypto.com assures continuous user withdrawals Crypto.com’s CEO, Kris Marszalek responded to users who asked why about 20% of the exchange’s reserves were in meme coin Shiba Inu by saying that these deposits were just from customers. Additionally, the company denied that Crono, the exchange’s native cryptocurrency, was used as collateral for loans. According to Marszalek, the exchange doesn’t need to use because it earns a fairly substantial amount of revenue, so he prefers to concentrate on that instead. He also assured that the
The CEO of Crypto.com asserted that the company would disprove any claims that the platform is in jeopardy, and that it has a strong balance sheet. Read CNL.
Binance, the crypto exchange behemoth, is creating an industry recovery fund to aid enterprises that are otherwise solid but are affected by the liquidity crisis.
Notably, the exchanges that gave off the appearance of being the most stable were actually among the first to crash.
Sam Bankman-Fried, the founder of FTX, allegedly covertly transferred $10 billion to an Alameda trading business on Friday night via a software “backdoor.”
Huobi reveals a transparency report to boost user confidence. Recently, the exchange holds an estimated $3.5 billion. Read CNL
Crypto.com made an unusual transfer of 320,000 Ether to Gate.io. CEO commits to releasing the company’s proof of reserves. Read CNL
Late on Friday, more than $600 million in cryptocurrency vanished from the wallets of the bankrupt cryptocurrency corporation FTX