Alert — If You Trade Crypto On Binance, Consider Yourself Warned
Late last year, as crypto markets were struggling to regain their footing, the world’s biggest cryptocurrency exchange quietly moved $1.8 billion of collateral meant to back its customers’ stablecoins, putting the assets to other undisclosed uses. They did this without informing their customers. According to blockchain data examined by Forbes, from August 17 to early December–about the same time FTX was imploding–holders of more than $1 billion of crypto known as B-peg USDC tokens were left with no collateral for instruments that Binance claimed would be 100% backed by whichever token they were pegged to. B-peg USDC tokens are digital replicas of USDC, a dollar-pegged stablecoin issued by Boston-based Circle Financial, that exist on blockchains not supported by the firm such as Binance’s proprietary Binance Smart Chain. Each stablecoin is worth one U.S. dollar.
Indian-Origin Engineer Nishad Singh Pleads Guilty To FTX Crypto Fraud Charges
The Securities and Exchange Commission charged Indian-origin engineer Nishad Singh, who was the co-lead engineer for FTX, and he decided to plead guilty to commodities fraud and other charges.
White House Targets Cryptocurrencies, Calls For Stronger Enforcement By Regulators
A blog post was co-written by national security adviser Jake Sullivan, director of the National Economic Council Brian Deese, director of the Office of Science and Technology Policy Arati Prabhakar, and chair of the Council of Economic Advisors Cecilia Rouse on the official White House website targets cryptocurrencies and calls for stronger enforcement by regulators.
How Bill Clinton Is Involved In FTX Scandal
According to the NY Post, SBF was able to defraud investors thanks to its strong ties to the Clintons, which was how Bill Clinton was involved in the FTX scandal.
FTX Pre-Mortem Overview – SBF Substack
In mid November, FTX International became effectively insolvent. The FTX saga, at the end of the day, is somewhere between that of Voyager and Celsius.
FTX Collapse And Digital Dollar
The economic effects of the billions of dollars lost due to FTX’s collapse are starting to be felt, and the digital dollar is one of them.
These Crypto Founders And Bitcoin Moguls Lost $116 Billion In 2022
After the failure of cryptocurrency exchange FTX and hedge fund Alameda Research, the troubled cryptocurrency sector and its rich pioneers face a day of reckoning. In particular, these crypto founders and bitcoin moguls lost $116 billion in 2022.
SBF Tried To Destabilize Crypto Market To Save FTX
On November 11, FTX Group and roughly 130 companies, comprising FTX Trading, FTX US, and Alameda Research, declared bankruptcy in the United States, citing a liquidity crunch. This occurred after SBF tried to destabilize the crypto market to save FTX, per reports.
FTX One Of The Biggest Financial Frauds In History
Following FTX’s demise last month, which resulted in the destruction of billions of dollars’ worth of user assets, the cryptocurrency ecosystem has suffered greatly from a lack of trust. FTX was “one of the biggest financial frauds” in history, SDNY says.
A Grand Unified Theory Of The FTX Disaster
“No matter what political reasons are given for the war, the underlying reason is always economic.” -A. J. P. Taylor