With the exception of one involving its own stablecoin, Binance is terminating a number of trading pairs and contracts that use FTT, the cryptocurrency exchange revealed today. The now-defunct FTX exchange’s native utility token, FTT, offered holders reduced trading fees. Since the platform’s liquidity problem began, the token’s value has drastically decreased. On Monday morning, Binance said that it had delisted all margin pairs, futures contracts, and Binance Flexible Products for FTX’s native token from the exchange. On November 15, trading on FTT pairing with Bitcoin, Ethereum, Tether, and Binance coins will stop. Several spot trading pairs will also be…
Author: Rea K.
The introduction of account-linked Visa Debit Cards in 40 new countries, with an emphasis on Latin America, Asia, and Europe, was part of an extended cooperation between FTX and Visa that was announced in the first few days of October. The largest payment processor in the world, Visa Inc., stated on Sunday that it was ending its global credit card agreement with the insolvent crypto exchange FTX. “We have terminated our global agreements with FTX, and their U.S. debit card program is being wound down by their issues.” FTX and Visa announced extended cooperation at the beginning of October, which…
Hbit, a Huobi Global company, has disclosed that it has $18.1 million in FTX, which it cannot recover. $13.2 million out of $18.1 Million were user funds. Huobi declared that the FTX scandal had affected it as well. It stated in a notice that it was unable to withdraw $18.1 million from the exchange that is currently in bankruptcy. Users own $13.2 million of them, while Hbit’s subsidiary owns the remaining $5 million. In addition, Huobi stated that it had requested a $14 million unsecured loan to assist cover the $13.2 million in lost revenue, creating a $32 million liability…
This last week has been full of news about FTX and its CEO, Sam Bankman-Fried, filing for bankruptcy. Following this news, the latest report is that FTX is allegedly being hacked, with over $600 million taken from a number of FTX-linked wallets. “FTX has been hacked. FTX apps are malware. Delete them. Chat is open. Don’t go on FTX site as it might download Trojans,” says a post by an account administrator in FTX’s Telegram channel. Ryne Miller, FTX General Counsel, has pinned the message after a tweet today that he was “investigating abnormalities with wallet movements related to consolidation…
One of the largest energy companies, Shell, has agreed to sponsor Bitcoin magazine for two ongoing years in Bitcoin mining. As a result, Shell will be able to exhibit its revolutionary cooling techniques for the Bitcoin mining industry at the next Bitcoin Conference. Darin Gonzalez, Manager of Shell Lubricants’ US Immersion Cooling, said: “Shell Lubricants is committed to providing customers with carbon reduction alternatives, and one of the most important benefits of immersion cooling fluid is sustainability and renewable energy.” Therefore, Shell’s main objectives are to cut carbon emissions through sustainable solutions and lower the electricity cost used for Bitcoin…
Sam Bankman-Fried’s trading company, Alameda Research, owes his cryptocurrency exchange, FTX, over $10 billion for taking out loans financed by deposits from FTX users. Frances Coppola, an economist, said that exchanges like FTX shouldn’t be investing their clients’ money. It shouldn’t be handling such assets in any way. According to some reports, FTX loaned more than half of its users’ assets to Alameda, which then used them to wager on other cryptocurrencies and support other companies trying to survive the market crash. The problems for FTX began after Alameda’s balance sheet was questioned, claiming that a significant portion of it…
The crypto market is undergoing a bearish run, with the latest news circulating in the last few days. Amidst this “crypto winter,” a lot of cryptocurrency exchanges are undergoing a staff reduction. That being said, Coinbase is one of them. On Thursday, the Coinbase exchange said they would be reducing staff as a sign of trying to cut costs in this bear market. The company’s institutional onboarding and recruitment teams are the main targets of the layoffs. Elliott Suthers, the company’s head of corporate and worldwide communications, said in a statement that “these are discrete and focused activities by two…
According to Binance CEO Changpeng Zhao, El Salvador’s president, who previously admitted to buying Bitcoin while wearing just his underwear, today reassured citizens that the nation’s cryptocurrency holdings were secure and not on the failing exchange FTX. The CEO of the largest cryptocurrency exchange in the world said in a tweet on Thursday that he had spoken with President Nayib Bukele, who disputed that the nation had used FTX to hold its Bitcoin. The Salvadoran government may have exposure to FTX, a cryptocurrency exchange that launched a massive collapse this week and took down the whole crypto market with it. …
After experiencing a drop similar to a monsoon earlier this week, the price of Bitcoin is now seeing a great comeback. Investors wonder whether a secure market bottom is in as the price rise. In order to predict BTC’s future movement, key levels have already been determined. Since breaking a new low on November 9, the peer-to-peer digital currency, Bitcoin, has railed impressively, rising by 14%. BTC still has to do more to convince investors to place bids on shorter time scales. The prospect of more gains should not be completely ruled out, though. At the time of writing, the…
Since Justin Sun, the CEO of Tron, said that a solution was being developed to allow users to “get back to normality,” he has emerged as the next potential rescuer of FTX. Without a capital infusion, Sam Bankman Fried’s firm might file for bankruptcy following the failure of Binance’s rescue attempt for FTX. Sun has now entered the debate, asserting that an answer is being developed “to revive and restore normalcy for all FTX users.” Holders of TRX, SUN, JST, BTT and HT will be able to redeem them on a 1:1 ratio even if withdrawals from FTX fail, according…