Най-новото от FTX: Ликвидаторите казват, че фалитът на фирмата е неразрешен

(Bloomberg) — Crypto broker Genesis has warned of the risk of bankruptcy amid contagion from the rapid collapse of Sam Bankman-Fried’s FTX empire.

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Tampa Bay Buccaneers quarterback Tom Brady and Steph Curry of the Golden State Warriors are among the celebrities being investigated by a Texas regulator for potential securities law violations related to their FTX promotions.

The decline of Bankman-Fried’s businesses, including the Alameda Research trading desk, is contributing to the reduced liquidity in crypto markets.

Concerns about Genesis and other ailing crypto companies, such as BlockFi Inc., are troubling investors. Bitcoin’s selloff stalled on Tuesday, but the token remains near its lowest level since November 2020.

Key stories and developments:

  • Crypto firm Genesis warns of bankruptcy without new funds

  • Bitcoin’s slide stalls in anticipation of the next domino to fall after FTX

  • US prosecutors began investigating FTX months before its collapse

  • Tom Brady, Steph Curry draw Texas attention to FTX plugs

(Time references are New York unless otherwise noted.)

FTX Group’s bankruptcy filing shows cash balance of $1.24 billion (1:30pm HK)

A bankruptcy filing by FTX Group showed that the fallen cryptocurrency exchange and a number of affiliates had a combined cash balance of $1.24 billion.

The latest result, dated Nov. 20, “identified significantly higher cash balances than the debtors were able to substantiate as of Wednesday, Nov. 16,” according to the filing.

Bahamas agrees to let Delaware judge handle part of FTX collapse (8am HK)

Judicial officials in the Bahamas dropped their objection to moving part of the FTX restructuring case to a U.S. court in Delaware, according to a court filing.

Liquidators appointed in the Bahamas for one FTX affiliate have agreed to move a lawsuit they filed in New York to Delaware, where more than 100 units are under the supervision of a federal judge, FTX lawyers said in court filings in US Bankruptcy in Wilmington, Delaware.

FalconX says to resume use of Silvergate payment network (7:40am HK)

Institutional cryptocurrency platform FalconX said it will resume allowing clients to use Silvergate Capital Corp’s payment system. to transfer money after she was stopped last week.

Uncertainty surrounding cryptocurrency market conditions following the FTX crash and the outage that affected Silvergate’s “bank payments network” prompted the shutdown, FalconX said Monday in a note to clients. Concerns have since subsided, San Francisco-based FalconX said.

Tom Brady, Steph Curry draw Texas attention to FTX plugs (7:15am HK)

Texas regulator scrutinizes payments received by celebrities to support FTX US, along with what disclosures were made and how accessible they were to retail investors

Tampa Bay Buccaneers quarterback Tom Brady and Steph Curry of the Golden State Warriors are among the high-profile individuals being investigated.

Bitcoin Holds Near November 2020 Low (7:10am HK)

Crypto markets continue to be under pressure due to concerns about the spillover effects of the FTX crisis. Bitcoin faltered on Tuesday, trading below $16,000 at around its lowest level since November 2020. The gauge of the top 100 digital assets is down more than 70% in the past year.

Crypto firm Genesis warns of bankruptcy (6am HK)

Digital asset brokerage Genesis is struggling to raise fresh cash for its credit division and is warning potential investors it may have to file for bankruptcy if its efforts fail, according to people familiar with the matter.

Genesis, which faced a liquidity crunch after crypto exchange FTX filed for bankruptcy this month, has spent the past few days seeking at least $1 billion in fresh capital, the people said. That included talks of a potential investment from crypto exchange Binance, they said, but funding has so far failed to materialize.

US prosecutors launched investigation into FTX months before collapse (16:14)

Long before Sam Bankman-Fried’s FTX cryptocurrency empire collapsed this month, it was already on the radar of federal prosecutors in Manhattan.

The U.S. Attorney’s Office for the Southern District of New York, led by Damien Williams, spent several months working on a thorough investigation of U.S.-armed and offshore cryptocurrency platforms and had begun to look into FTX’s large-scale exchange operations, according to people familiar with the matter. an investigation.

Fidelity should review bitcoin exposure in 401(k)s: Senators (15:43)

Democratic Senators Dick Durbin, Elizabeth Warren and Tina Smith are calling on Fidelity Investments to reconsider allowing 401(k) plan sponsors to offer exposure to bitcoin.

“The recent collapse of FTX, a cryptocurrency exchange, has made it abundantly clear that the digital asset industry is in serious trouble,” the senators said in a letter to Fidelity CEO Abigail Johnson.

Tiger Global’s now-worthless FTX bet under Bain due diligence (15:03)

Bain & Co. was among the advisory firms that helped conduct due diligence on Tiger Global Management’s investment in now-defunct crypto exchange FTX, according to people familiar with the matter.

Tiger Global, which pays Bain more than $100 million a year to research private companies, has now reduced its $38 million stake in FTX to zero, the people said. Sam Bankman-Fried’s oversight of a vast network of FTX-related entities was one of the risks highlighted during the due diligence process, but the money manager still believed it was a good investment at the time, one of the people said.

Cathie Wood Starts Buying Coinbase as Wall Street Sours (12:21 PM)

Wall Street’s waning faith in Coinbase Global Inc. didn’t do much to deter Kathy Wood. Instead, it has been picking up shares of the struggling cryptocurrency exchange since the collapse of FTX.

Wood’s Ark Investment Management funds have bought more than 1.3 million shares of Coinbase since early November, worth about $56 million based on Monday’s trading price, according to data compiled by Bloomberg. The buying spree, which began just as FTX’s slide began, increased Ark’s total holdings by roughly 19% to about 8.4 million shares. This equates to about 4.7% of Coinbase’s total shares.

‘Alameda Gap’ Seen Helping Drain Liquidity Across Crypto Market (11:26am)

The destruction of Sam Bankman-Fried’s crypto empire, including its crown exchange FTX and subsidiary trading desk Alameda Research, is helping to reduce the liquidity of the entire crypto market.

The decline has been dubbed the “Alameda Gap” by blockchain data firm Kaiko, named after the trading group at the center of the storm that is closing its books. Liquidity declines typically come during periods of volatility as trading shops pull bids and asks from their order books to better regulate risks, Kaiko noted in a Nov. 17 bulletin.

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