Cryptocurrency
Everything You Need To Know About FTX Founder Sam Bankman-Fried
Published
2 weeks agoon
By
arti
FTX CEO John Ray III and Sam Bankman-Fried traded fresh barbs Thursday, 19 January 2023
Sam Bankman-Fried, is a finance and cryptocurrency entrepreneur and the co-founder and former chief executive officer (CEO) of the now-bankrupt crypto exchange FTX. According to Investopedia, he rose to prominence as head of one of the world’s largest cryptocurrency exchanges, with a personal net worth once exceeding $26 billion, before an abrupt end to his digital currency empire in early November 2022.
Prior to FTX’s collapse, Bankman-Fried was ranked the 41st richest American in the Forbes 400, and the 60th richest person in the world by The World’s Billionaires. His net worth peaked at $26 billion. In October 2022, he had an estimated net worth of $10.5 billion. By November 8, 2022, amid the bankruptcy of FTX, his net worth was estimated to have dropped 94 percent in a day to $991.5 million according to the Bloomberg Billionaires Index, the largest one-day drop in the index’s history. On November 11, 2022, the Bloomberg Billionaires Index considered Bankman-Fried to have no material wealth.
Before Bankman-Fried’s wealth disappeared in November 2022, Bankman-Fried was a major donor to Democratic political campaigns and planned to spend tens of millions in the 2024 U.S. presidential election.
In the aftermath of the collapse, Bankman-Fried made a bizarre media blitz, offering the public a mea culpa, apparently without grasping the gravity of his wrongdoing. He confessed that he had gotten “a little cocky” and “wasn’t spending any time or effort trying to manage risk on FTX” but insisted that he “didn’t knowingly commingle funds” and “didn’t ever try to commit fraud.”
He acknowledged “messy accounting” and “huge management failures,” but his explanation did little to assuage the losses suffered by a massive number of customers. For all his intent on being an effective altruist, it was as if he were unaware of the age-old aphorism “The road to hell is paved with good intentions.”
On December 12, 2022, he was taken into custody at his home in the Bahamas; the following day, he was indicted on eight criminal charges by the U.S. Department of Justice and two separate civil charges by the CFTC and the Securities and Exchange Commission (SEC).
In an interview with the Wall Street Journal published Thursday, Ray said the founder’s recent comments have not been productive or helpful.
“We don’t need to be dialoguing with him,” Ray told the Journal. “He hasn’t told us anything that I don’t already know.”
In a text message response, per the report, Bankman-Fried shot back: “This is a shocking and damning comment from someone pretending to care about customers.”
Since taking over in November, Ray has moved to overhaul FTX and recover lost assets to pay back customers and creditors. He’s slammed Bankman-Fried and former staffers for haphazard bookkeeping and a lack of management experience.
“FTX in my view now gets painted as a crypto problem. I think if you really peel enough onion layers, it’s not really a crypto problem to happen here, it’s fraud. And I think we should not pretend it’s something else,” Brad Garlinghouse, CEO, Ripple, told CNBC.
Garlinghouse also spelled out Ripple’s own exposure to the collapsed crypto exchange. In an interview Wednesday, he said that Ripple had leased some $10 million of XRP to FTX, which “they used on various things related to FTX.” XRP is the native cryptocurrency of Ripple.
Sam has called some claims made by the firm’s lawyers about FTX US “extremely misleading”. He added FTX US “was and is solvent, likely with hundreds of millions of dollars in excess of customer balances”. The lawyers failed to include $428 million in FTX US’ bank accounts as an asset in a presentation submitted to the court.
The post Everything You Need to Know about FTX Founder Sam Bankman-Fried appeared first on Analytics Insight.
You may like
-
Top 10 Data Science Programming Languages You Should Know In 2023
-
ChatGPT For Writing Marketing Emails
-
Crypto Market Turns Red – Here Are The Key Events To Watch This Week
-
What Is WEB3? What All You Need To Know About WEB3 Technology?
-
Why Python And C Are Still Among Most In-Demand Programming Skills?
-
Top 10 Forecasts For The Quantum Industry In 2023 And Beyond
Bitcoin Price
Crypto Market Turns Red – Here Are The Key Events To Watch This Week
Published
14 hours agoon
January 30, 2023By
Elena R
The crypto market started the year on a positive note where most of the cryptocurrencies doubled their value. Since the start of 2023 Bitcoin has jumped nearly 40% and managed to hit a high of $23,861 just a day before, on January 29. This phenomenon pushed the overall cryptocurrencies on a brighter side where even the global crypto market cap has moved beyond the $1 trillion mark.
At the time of writing, Bitcoin is valued at $23,236 after a fall of 1.32% over the last 24hrs.
However, many industry experts have claimed that the upcoming week will not be a cakewalk for the crypto market. This is because they expect many global events that might rebound the positive market and the same is already felt as BTC loses nearly 2% in the last 24hrs.
Top Events Affecting Crypto Market
- Fed’s Interest Rate Hike
The Federal Open Market Committee or also known as FOMC is set to have its next meeting on February 1st. Even though most of the investors and traders expect the US Federal Reserve to reduce the interest rate hike by 25bps, the possibility for 50 bps is still under consideration. Further, this interest rate hike will influence Fed Chair Jerome Powell’s approach.
- Interest Rate Hike By European Central Bank
Next, as per the reports, the European Central Bank is expected to increase interest rate by 50 bps. Along with the European Central Bank, even the Bank of England is set to hike interest rates by 50 bps on February 2nd.
- Major Tech Companies To Release Quarterly Results
It’s a known fact that the crypto market is always correlated with the US stock market, especially Nasdaq 100. This week major tech companies like Meta, Apple, Google and Microsoft are set to release their quarterly report which will have a deep impact on Bitcoin.
- US Unemployment Data
This week the US Bureau of Labor Statistics will release the non-farm payrolls and their unemployment rate data. As of December 2022, the US unemployment data has decreased to 3.5% as the country’s economy had added 223,000 jobs during the same time.
The coming week will be extremely important for the crypto market because of which the traders and investors will have to reconsider their investment decisions.
Was this writing helpful?
No Yes
Elena R
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
Cryptocurrency
Top Cryptocurrency Prices Today: Bitcoin And Ethereum Trade Higher
Published
1 day agoon
January 30, 2023By
Jayanti
Bitcoin with many others register hikes. Analytics Insight lists the top cryptocurrency prices for today
Top cryptocurrency Prices today were trading higher and the world’s largest and most popular digital token Bitcoin is trading at more than US$23K. The value of Ethereum also surged by more than 2 percent and is trading above the US$1,600 mark. Other top Cryptocurrencies such as Solana, Tether, BNB, and XRP also posted decent gains. The global cryptocurrency market cap was trading higher at the US$1.08 trillion mark, registering a hike of nearly 2 percent in the last 24 hours.
Below, Analytics Insight enlists the top 10 cryptocurrency prices for January 30, 2023.
Bitcoin: US$23,719.99 (up by 0.02%)
Ethereum: US$1,635.12 (down by 0.12%)
Tether: US$1.00 (down by 0.00%)
BNB: US$314.66 (down by 0.20%)
USD Coin: US$0.9999 (up by 0.01%)
XRP: US$0.4119 (down by 0.62%)
Binance USD: US$$1.00 (up by 0.03%)
Cardano: US$0.392 (down by 0.18%)
Dogecoin: US$0.06051 (down by 0.23%%)
Polygon: US$$1.16 (up by 0.09%)
According to coinmarketcap, the global crypto market cap is standing at US$1.08T, indicating an increase of over 1.63% over the last day.
The post Top Cryptocurrency Prices Today: Bitcoin and Ethereum Trade Higher appeared first on Analytics Insight.
Big eyes made $17.5 million at presale
Big Eyes Just Made $17.5 Million At Presale. Should Delisted Shiba Inu And Doge Expect A New Member Of The Meme Gang?
Published
2 days agoon
January 29, 2023
Meme coin OG Shiba Inu (SHIB) was delisted by Binance. At the same time, the latest meme coin Big Eyes (BIG) just ranked at more than $16 million at the presale. Is this the end of Shibu?
Binance is a highly respected crypto exchange, one that everyone in the crypto trading world looks to when in need of advice. It caused shockwaves, when Binance delisted the popular crypto coin Shiba Inu from its trading floor. Don’t fear though, SHIB isn’t going anywhere.
According to Finbold, SHIB was the third-watched cryptocurrency last year, meaning people are still interested in SHIBA. However, Binance has made absolutely no statement on why they have chosen to remove the coin. Some sources state SHIBA’s low liquidity is to blame.
Despite this, Binance has a lot more to worry about. Due to the withdrawal of the exchange from a last-minute deal to rescue FTX, speculation surrounding the future of the exchange arose. Binance has, despite this, announced mass hirings, meaning they are still committed to company growth, no matter how controversial this is amongst investors.
When SHIBA burst onto the scene of crypto in 2020 they were called the “Dogecoin killer” by the crypto community. They managed to become one of the most successful meme coins ever, with Binance owning 16% of their total coins (worth over $700 million). This can perhaps point to Binance not fully letting go of Shiba Inu anytime soon.
SHIBA has managed to keep afloat, alongside its main competition, Dogecoin. DOGE is considered to be the first meme coin. Founded by software engineers Billy Markus and Jackson Palmer, the coin was a satirical take on all the buzz being made around crypto. The currency ended up being hugely successful until Shiba Inu took some of that market share. Now that Shiba Inu has been knocked down, to a degree, by Binance, is there room for one more?
Enter Big Eyes Coin, a new cryptocurrency that has been able to gather $17.5 million in presales. Big Eyes is a community-led coin/ meme token that has gained traction in the cryptocurrency and the NFT market. The NFT itself is cutesy and feline-themed, maybe an obvious contradiction to DOGE and SHIBA’s dogs. Big Eyes made a splash with investors with a donation wallet, where 5% of all profits would go to marine conservation projects. This environmentalism taps into a new Gen Z/ Millennial demographic, where climate change overwhelmingly gets support.
Big Eyes has been able to cement itself into the meme coin world, it’s clearly on the path to overtaking DOGE or SHIBA. It won’t be too long before we can see it gain traction. However, as we have just seen with Binance, even when a coin struggles, it doesn’t go away that easily. Rather than an overtake, we could be witnessing a new face in meme coins. Maybe raining cats and dogs won’t be such a bad thing after all!
Big Eyes Coin (BIG)
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
The post Big Eyes Just Made $17.5 million At Presale. Should Delisted Shiba Inu and Doge Expect A New Member Of The Meme Gang? appeared first on Analytics Insight.
Top posts


Arbitrum-Based Vest Exchange Emerges, Aims To Democratize Perpetual Futures
A new decentralized exchange (dex) on Arbitrum, called Vest Exchange, was announced this past weekend, and the team that created...


Best Options this Week
Looking for the best options this week? The government and the Federal Reserve have created plenty of volatility for options...


Litecoin breaks above its realized price after almost a year
Got a story tip? Email [email protected] Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy...


SBF tried to meet FTX replacement CEO John Ray
SBF tried to meet FTX replacement CEO John Ray Mike Dalton · 4 seconds ago · 2 min read Sam...


Bitcoin liquidations in last 24 hours top $160M
Bitcoin liquidations in last 24 hours top $160M Zeynep Geylan · 25 mins ago · 1 min read Data shows...
![Polkadot [DOT] dropped to a key support zone; can bulls prevail?](https://btcminingvolt.b-cdn.net/wp-content/uploads/2023/01/102485-attachment-400x240.jpg)
![Polkadot [DOT] dropped to a key support zone; can bulls prevail?](https://btcminingvolt.b-cdn.net/wp-content/uploads/2023/01/102485-attachment-80x80.jpg)
Polkadot [DOT] dropped to a key support zone; can bulls prevail?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s...


BlockFi permitted to auction mining equipment
BlockFi permitted to auction mining equipment Mike Dalton · 2 hours ago · 1 min read Courts have determined that...
![Why Solana’s [SOL] recent gains might be undercut by this metric’s findings](https://btcminingvolt.b-cdn.net/wp-content/uploads/2023/01/102488-attachment-400x240.jpg)
![Why Solana’s [SOL] recent gains might be undercut by this metric’s findings](https://btcminingvolt.b-cdn.net/wp-content/uploads/2023/01/102488-attachment-80x80.jpg)
Why Solana’s [SOL] recent gains might be undercut by this metric’s findings
‘Overvalued’ Solana’s indicators seemed to indicate the arrival of market bears On the contrary, SOL’s demand across the derivatives market...


Twitter moving ahead with payment processing service; crypto integration may come later
Twitter moving ahead with payment processing service; crypto integration may come later Dorian Batycka · 42 mins ago · 1...


Stablecoin withdrawals from exchanges reach $800M on Jan. 30
Got a story tip? Email [email protected] Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy...


Bitcoin Rise In First Month Of 2023 Moves Crypto Fear Index From ‘Extreme Fear’ To ‘Greed’
Last month, statistics showed that the Crypto Fear and Greed Index (CFGI) had a score of 25, indicating “extreme fear.”...


Unbanked And Mastercard Team Up To Accelerate Crypto Card Adoption Within Web3 Organizations In Europe
press release PRESS RELEASE. Today it was announced that Unbanked, the leading provider of white-label crypto card issuance and program...


Twitter: Elon Musk reportedly plans to build crypto functionality to payments service
Elon Musk’s Twitter plans on bringing payment services that could add support to crypto Dogecoin registered a rise in its...


Top 10 Data Science Programming Languages You Should Know In 2023
The Top 10 data science programming languages you should know in 2023 Data science has become an increasingly popular field...


ChatGPT For Writing Marketing Emails
ChatGPT for writing marketing emails is one of the biggest benefits of email marketing it assists businesses to increase user...


Crypto Market Turns Red – Here Are The Key Events To Watch This Week
The crypto market started the year on a positive note where most of the cryptocurrencies doubled their value. Since the...


Biggest Movers: MATIC Retreats From 12-Week High On Monday
Polygon retreated from a multi-month high to start the week, as traders moved in to secure recent gains. Chainlink also...


What Is WEB3? What All You Need To Know About WEB3 Technology?
What is web3? What do you need to know about web3 technology? Its features and layers Web 3 or Web...
Trending
-
altcoin7 days ago
Binance Coin repays investor confidence as it soars above $300, will $350 be next
-
Uncategorized7 days ago
Quicknode Raises $60 Million In Series B To ‘Fuel Blockchain Adoption’ And Expand Globally
-
crypto regulations7 days ago
U.K policymakers debate prohibition on crypto investment products… Details inside
-
Bitcoin7 days ago
Analyzing retail investors’ growing faith in Bitcoin [BTC] as prices soar
-
altcoin7 days ago
ApeCoin Buckles As News Of Stolen BAYC NFT Hits The Market
-
Analysis7 days ago
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead Of US GDP, Consumer Sentiment Data
-
altcoin7 days ago
TRON becomes legal tender in this country: Here’s how TRX will be affected
-
Crypto news7 days ago
BlockFi’s Troubles Mount: $160Mn In Crypto Loans To Be Liquidated