Tether, the company that issues stablecoins, has officially announced a $1 billion chain transfer to move USDT from the Solana network to the Ethereum blockchain. The entire quantity of the tokens won’t change throughout this operation, according to Tether. The announcement comes at a time when Solana, which was just a few weeks ago among the top 5 cryptocurrencies by market size, is experiencing issues as a result of the collapse of cryptocurrency exchange FTX. Chain swapping is the process of moving cryptocurrency from one blockchain to another. Tether has done this several times in the past whenever demand for…
Author: Rea K.
According to some reports, the cryptocurrency lender Genesis attempted to get a $1 billion loan from investors in order to avoid a “liquidity crisis” brought on by the effects of the bankruptcy of the FTX crypto exchange. The company claimed to get the money by Monday 10 am, but it didn’t. Genesis subsequently made the decision to halt withdrawals from its lending platform on Wednesday morning, attributing the decision to the fall of FTX and “abnormal withdrawal demands which have surpassed our present liquidity.” “There is an ongoing run on deposits driven mainly by retail programs and partners of Genesis…
Sam Bankman-Fried, the former CEO of FTX, is tweeting about the cryptocurrency catastrophe he helped start. He continued a thread on Twitter earlier in the week on Wednesday with an additional 18 tweets. The tweets, which were released at irregular intervals, included both apologies for his mistakes and his analysis of what went wrong at the business he created and oversaw. They supplement an earlier string of cryptic messages that revealed the word “What HAPPENED,” followed by a promise of further information. He made promises to save the user money, reflected on the challenges of regulating the cryptocurrency industry, and…
Nayib Bukele, the president of El Salvador who owns Bitcoin, and Justin Sun, the creator of the Tron cryptocurrency network and the ambassador of Grenada, have chosen to purchase one Bitcoin every day starting from tomorrow. Dollar-cost averaging (DCA) is a method of buying Bitcoin on a regular timetable as opposed to in response to market fluctuations. The benefit of DCA is that it takes the emotion out of the decision-making process, which results in you spending less money overall than you would if you tried to time the market. The recent failure of Sam Bankman-Fried’s cryptocurrency exchange FTX has…
Following the collapse of FTX last week, users from all over the world had assets locked on the exchange, reportedly totaling billions of dollars. Besides that, some individuals also have NFTs locked in FTX and are unable to withdraw. Users unable to withdraw their Solana-based assets from the FTX account wallet are now flooding Discord servers linked to projects launched on the FTX NFTs platform during the past year with complaints. In certain cases, FTX’s difficulties have prevented even users who transferred their NFTs to external, self-custody wallets from viewing the NFT artwork. Additionally, many of the projects that were…
Following the collapse of the crypto exchange FTX, which declared bankruptcy last week, a class-action lawsuit was filed this week against the Golden State Warriors and Stephen Curry, among a number of other well-known celebrities. FTX and its former CEO, Sam Bankman-Fried, were sued over allegations that the platform used celebrities like Curry, the Warrior, Tom Brady, and many others to recruit “unsophisticated investors.” Edwin Garrison, an Oklahoma citizen, complained in a document submitted on Tuesday to a federal court in South Florida. “FTX’s fraudulent plan was meant to take advantage of naive investors from throughout the country to use…
Despite losing money on FTX, Canadian entrepreneur and Shark Tank participant, Kevin O’Leary still thinks Sam Bankman-Fried’s future ventures can be worthwhile investments. O’Leary recently described his exposure to the exchange while asserting that the failure of the firm has a “silver lining.” In an interview the so-called Mr.Wonderful acknowledged that FTX was one of his “poor investments.” but that he is still safe because of the variety of his holdings. The investor nonetheless suffered a “big blow.” He claimed to have many accounts with the exchange that are currently frozen and to be a stakeholder of FTX and FTX…
Australian financial regulations are taking action about the FTX exchange to safeguard users. The most recent event was FTX Australia’s AFS license suspension until May 15, 2023. Numerous people, organizations, and platforms were impacted by the collapse of FTX, which had a domino effect on the cryptocurrency market. Additionally, the likelihood of affiliated companies filing for bankruptcy is rising. As such, SBF, the CEO of FTX, might be the target of several lawsuits and legal actions. However, one thing is for certain: legislators worldwide will step in. The FTX exchange was placed under “voluntary administration,” and the ASIC acknowledged it…
On November 14, Sam Bankman-Fried, the former CEO of FTX, tweeted a series of enigmatic message that sparked a lot of rumor. Without providing any more context, Bankman-Fried published a cryptic number of tweets that spelt out “What Happened.” He declared at the end of the tweets that none of the information was intended to be either legal or financial advice. He acknowledged that his recall could be partially flawed. The tweets confused the crypto community even though the majority of them were only making criticisms in light of previous events. Some compared it, at least in terms of its…
Another major cryptocurrency exchange that attracted attention for its extravagant spending during the previous year’s bull market is in difficulty as users question the state of its finances and draw the unavoidable comparison to the recently collapsed FTX exchange. However, Crypto.com CEO Kris Marszalek urges not to worry because everything is legal and sincere. In an AMA on Twitter on Sunday, Marszalek stated that “business as usual” was being conducted on his platform. People are making deposits, withdrawals, and trades, which is essentially standard activity but at a higher volume. Marszalek said it wasn’t a major concern and that the…