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The Latest Breaking News from FTX

The spectacular collapse of a $30 billion crypto exchange should come as no surprise

Not long ago, FTX was one of the world’s largest trading platforms for cryptocurrencies. Founded in 2019, the Bahamas-based crypto exchange had a meteoric rise to prominence, and was valued at more than US$30 billion earlier this year.

The Conversation

ASIC is looking into FTX’s Australian operations following the cryptocurrency exchange’s collapse

The financial watchdog is speaking to FTX’s Australian arms about what the sudden downfall of one of the world’s most valuable cryptocurrency companies means for its local operations.

Crikey

Dogecoin Soars, Bitcoin, Ethereum Recover Some Ground After Inflation Data: Analyst Says 'FTX Contagion Risks Remain Elevated'

Major coins regained buoyancy late on Thursday, after crashing a day prior, in wake of soft economic data released. The global cryptocurrency market cap shot up 8.85% to $880 billion at 8:41 p.m. EST.

Benzinga

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Daily Telegraph’s ‘inaccurate’ reporting taken into account by judge when sentencing paedophile

‘Sensational’ reporting by News Corp and 2GB should be considered as additional punishment when deciding sentence, judge says. Plus: the AFR’s kiss of death

The Guardian - AU

Why Congress shouldn’t escape some responsibility for the FTX fiasco

Years of hesitation on digital asset legislation helped create the conditions for yet another crypto calamity.

Fortune

VC giant Sequoia writes down $214 million investment in FTX to zero: 'We are in the business of taking risk'

One of the most successful VC firms of all time invested in FTX in July 2021, when it was valued at $18 billion.

Fortune

Sam Bankman Fried breaks silence on what went wrong with FTX: 'I f****d up twice'

"I was slammed with things to do and didn't give updates to you all. And so we are where we are. Which sucks, and that's on me. I'm sorry.”

Fortune

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People charmed by FTX CEO Sam Bankman-Fried will be 'looking and feeling fairly silly,' Larry Summers warns of crypto crackdown

The former Treasury secretary said the tech sector “has over-extrapolated from past success to believe that trees grow to the sky."

Fortune

Robinhood Bounces Back Unaffected By Its Savior's Setbacks

FTX's stake in Robinhood will not impact the brokerage's future outlook.

The Street

Former Billionaire Behind Crypto Crash Apologizes: "I F----- Up"

Sam Bankman-Fried has apologized as the damage caused by the fall of his empire is still far from fully known.

The Street

What happened to FTX and could the crisis spill over to the rest of crypto?

International exchange for crypto assets is in effect unregulated – and may have been built on sand

The Guardian - UK

Is FTX the new Lehman Brothers—or worse?

FTX is a lot like Lehman Brothers—minus the government having its back.

Fortune

Inside Sam Bankman-Fried's call with investors

FTX's founder and CEO was apologetic, but not terribly forthcoming.

Axios

"I Fucked Up" Says Former Crypto Billionaire Behind Crash

Sam Bankman-Fried has apologized as the damage caused by the fall of his empire is still far from fully known.

The Street

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Benzinga

With Bitcoin, Ether And Altcoins Drowning In A Sea Of Blood, Can Investors Hope To Catch A Falling Knife?

The cryptocurrency market continued its downward trajectory on Thursday morning, reeling under the implications of a failed deal between cryptocurrency exchange Binance and its rival FTX, with prices of major digital assets, including altcoins, trading at levels not seen

The Street

Stock Market Today: Stocks End Sharply Higher On Cooling Inflation

A notable slowdown in October inflation pressures sent stocks higher on bets the the Fed will slow its interest rate hikes.

Benzinga

Troubled FTX Faces SEC Probe And 'Urgently Needs' $8B To Avoid Bankruptcy, NIO Posts Wider Q3 Loss, AstraZeneca Ditches US Application Submission For COVID-19 Shot: Top Stories Thursday, Nov. 11

Bloomberg

The Conversation

Cryptocurrencies: why Binance's failed FTX rescue deal could mean 'crypto winter' is coming

Life in the cryptocurrency industry is rarely quiet for long, and after a tumultuous summer, it seems the market is now entering a “crypto winter”. Over the past week, the founders of two of the largest cryptocurrency exchanges – Binance and FTX – have had a public Twitter spat that…

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news in one place.

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Fortune

Sam Bankman-Fried needs $4 billion. Fast.

Bankman-Fried apologized to investors and said he would be “incredibly, unbelievably grateful” if they could help out.

Fortune

3 ways crypto venture capital may change after the FTX debacle

CoinFund’s David Pakman weighs in on lessons learned for the industry amid the Binance/FTX mess.

The Guardian - UK

Cryptocurrency exchange FTX now worthless, says key investor

Firm valued at $25bn in 2021 suffered bank run-style crisis as investors rushed to withdraw money

The Street

FTX On The Brink As It Halts Client Onboarding After Binance Scraps Rescue

"I'm deeply sorry that we got into this place, and for my role in it," Sam Bankman-Fried to FTX employees. "That's on me, and me alone, and it sucks, and I'm sorry."

The National (Scotland)

Massive cryptocurrency exchange FTX on verge of collapse as takeover fails

Binance said it would not be pursuing a deal after completing due diligence.

The Street

Stocks Edge Higher, Inflation Data, FTX, Apple And Rivian In Focus - Five Things To Know

Stock futures nudge higher, eyeing CPI data and crypto fallout; Mixed October inflation data unlikely to alter Fed rate path; FTX on the brink as reports suggest $8 billion black hole on books; Apple supplier Foxconn sees weaker Q4 smartphone revenues and Rivian shares jump on smaller q3 loss, 2022…

Bangkok Post

Investors expect crypto turmoil to get worse

Cryptocurrency markets endured heavy losses on Thursday, with bitcoin near a two-year low as investors fretted about the fallout from the implosion of FTX, the world’s second-largest crypto exchange.

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