ftxforarc

Most addresses holding bitcoin are now losing money, on-chain data shows. "It's just the short-term overhang that's pretty dangerous at this point ... everyone is focused on [FTX] contagion risks," says Nauman Sheikh, Wave Financial head of protocol and treasury management. But, he explains why he's optimistic in the long term.

21 nov 2022

A lawsuit seeks to extract billions in damages from celebrities who endorsed FTX, including Tom Brady, Gisele Bündchen, Stephen Curry and Larry David. Adam Moskowitz, managing partner at the Moskowitz Law Firm, says they have named 21 of 32 "brand ambassadors" of FTX so far, and they "will be suing the rest of them."

21 nov 2022

"The FTX rounds were a byproduct of the funding environment from last year," says Dragonfly Partner Tom Schmidt, citing more bidders than opportunities in a low interest rate environment. He discusses how VC firms may have missed red flags with FTX.

21 nov 2022

Bitcoin (BTC) slipped 2% but held above its recent $16K support while other major cryptos dropped significantly. Wave Financial’s Head of Protocol and Treasury Management Nauman Sheikh discusses the impact of FTX’s collapse on the broader crypto markets. Plus, insights on Grayscale’s Bitcoin Trust (GBTC) shares trading at a discount of 45% below the net asset value. CoinDesk is an independent subsidiary of Digital Currency Group (DCG), which also owns Grayscale.

21 nov 2022

FTX’s largest creditors have claims ranging from hundreds of millions to tens of millions of dollars, according to a recently filed court document. The identities of these creditors are not disclosed, but collectively they are owed approximately $3.1 billion. CoinDesk Global Policy & Regulation Managing Editor Nikhilesh De discusses the latest in FTX’s bankruptcy. Plus, reaction to new FTX CEO John Ray’s compensation.

21 nov 2022

High-profile celebrities including Tom Brady, Stephen Curry and Larry David were named as defendants in a lawsuit for their roles in promoting crypto exchange FTX. The lawyer behind the suit, Adam Moskowitz of Moskowitz Law Firm, discusses the legal considerations of the case and the outlook for celebrity crypto endorsements.

21 nov 2022

In Q3 of this year, venture capitalist funding for crypto startups hit a new low in 2022, at roughly $5.5 billion in fundraising, according to Galaxy Digital. Dragonfly Capital Partner Tom Schmidt discusses the impact of crypto exchange FTX's collapse on the industry and outlook for investments in DeFi and NFTs amid crypto winter.

21 nov 2022

Ontario Teachers' Pension Plan, one of Canada's largest pension funds with nearly $250 billion in assets under management (AUM), will write down the entirety of its $95 million investment in FTX after the troubled crypto exchange filed for bankruptcy protection. And Genesis Block will cease over-the-counter (OTC) trading services in wake of contagion risks from the now-bankrupt FTX exchange, according to a Reuters report. Genesis Block Trading is unrelated to Genesis Global Capital, which is owned by Digital Currency Group (DCG). DCG is also the parent company of CoinDesk.

18 nov 2022

CoinDesk Markets Managing Editor Brad Keoun and Tech Managing Editor Christie Harkin review the impact of crypto exchange FTX's implosion on bitcoin as the cryptocurrency continues to trade sideways around $16,000. Plus, what it reveals about the need for self custody and the state of the crypto industry.

18 nov 2022

CoinDesk's Brad Keoun and Christie Harkin discuss their outlook for bitcoin (BTC) outflows from centralized exchanges and the wider crypto markets amid the continued FTX contagion.

18 nov 2022