![]() A bloodbath has ensued, with some market giants failing and others having to kick off painful mass-layoffs. Tech stocks have plummeted as the threat of a recession has grown. ![]() The woes of the crypto industry have been triggered by the same market volatility that has affected the rest of the tech sector. What shape those new rules will take is something the crypto industry will look out for in 2023.įunding has plummeted as the crypto industry ventures into 2023 Unsurprisingly, the public collapses have triggered renewed calls for tougher policing of the crypto industry, building on the regulation already in place. Companies like have published unedited proof of reserves to that effect. Players have done everything imaginable to show that they won’t be dragged down by the collapse of the business and to show they have healthy finances. The crypto community has distanced itself from FTX. SBF has now been arrested in Bahamas, where FTX was headquartered, and is awaiting extradition to the US, where he faces a number of fraud charges. FTX filed for bankruptcy on the same day. Users fled the company, taking their money with them. ![]() The balance revealed that it was heavily dependent on FTX’s native token, FTT. The article was based on a balance sheet from Alameda Research, SBF’s crypto trading firm. That changed in November when an expose on the crypto news website CoinDesk triggered the collapse of the company. At the beginning of the year, the company was worth $32bn. ![]() The venture had once been hailed as a reliable crypto exchange, with its founder Sam Bankman-Fried, commonly known as SBF, having been seen as the golden boy of the industry. Of those, the implosion of FTX weighs heaviest on the market. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |