Bitcoin

FTX: A Timeline of the Cryptocurrency Exchange Collapse

Published

9 months ago

11 May, 2024

FTX: A Timeline of the Cryptocurrency Exchange Collapse

FTX, once one of the world’s largest cryptocurrency exchanges, said this week that almost all of its customers will get back the money they are owed, two years after its monumental collapse.

FTX said in a court filing on Tuesday that it owes about $11.2 billion to its creditors. The exchange estimates it has between $14.5 billion and $16.3 billion to distribute to them.

Here’s a timeline of what led up to this week’s announcement, after an implosion at FTX kicked off what many expected would become a “crypto winter.”

2022

November 2: Coindesk reports that Bankman-Fried’s cryptocurrency trading firm Alameda Reseach holds a large amount of FTT, a token issued by FTX, hinting at the two’s finances are interconnected and Alameda faces a cash crisis. The report scares crypto market participants.

November 6: Rival cryptocurrency exchange Binance announces that the company plans to sell all of its holdings in FTT. The price of FTT tanks.

November 8: Binance founder and CEO Changpeng Zhao said his company had signed a letter of intent to buy FTX because the smaller exchange was experiencing a “significant liquidity crisis.” This deal would depend, however, on an analysis of FTX’s books. Bitcoin price drops 13%.

November 9: Cryptocurrency prices plummet and after taking a closer look at FTX’s financials, Binance backed down and said there would be no acquisition. “Initially, our hope was to be able to support FTX customers in providing liquidity, but the issues are beyond our control or ability to help,” Binance said in a statement. Bitcoin prices fall another 14%.

November 10: Cryptocurrency lender BlockFi announced that it is “unable to do business as usual” and has been pausing client withdrawals as a result of the FTX implosion.

November 11th: FTX Files for Chapter 11 and Bankman-Fried resigns. John Ray III, a longtime bankruptcy litigator who is best known for having to clean up the mess made after Enron’s collapse, is named the new CEO.

In its bankruptcy filing, FTX listed more than 130 affiliated companies around the world. The company valued its assets at between $10 billion and $50 billion, with a similar estimate for its liabilities. Bitcoin drops 10%.

November 17th: Ray gives a blunt description of FTX’s operations under Bankman-Fried, from the lack of security controls to the use of corporate funds to buy homes and luxuries for employees.

November 30: As part of a media campaign, Bankman-Fried said Andrew Ross-Sorkin of the New York Time“Look, I messed up,” and did not intentionally misuse customer funds.

December 12th: Bankman-Fried arrested in Bahamaswhere FTX is headquartered.

December 13th: The US government accuses Bankman-Fried of a series of financial crimesclaiming he intentionally misled customers and investors to enrich himself and others, while also playing a central role in the company’s multibillion-dollar collapse.

Federal prosecutors said Bankman-Fried devised “a scheme and ruse to defraud” FTX customers and investors early in the year it was founded. He illegally diverted their money to cover expenses, debts and risky deals at Alameda Research, and to make lavish real estate purchases and large political donations, prosecutors said in a 13-page indictment.

December 22nd: Bankman-Fried’s parents agreed to sign a $250 million bond and keep him at his California home while he awaits trial.

2023

August 11th: The judge revoked Bankman-Fried’s bail and sent him to prison after concluding, he repeatedly tried to influence witnesses against him.

October 3: Jury selection has begun for the trial.

October 27th: Bankman-Fried took the stand at his trial. He again acknowledged the failings but denied defrauding anyone.

November 3: Bankman-Fried is convicted of fraud for stealing at least $10 billion from customers and investors.

2024

March 28: Bankman-Fried is sentenced to 25 years in prison. Bitcoin has recovered from a massive sell-off during the scandal. Prices rose almost 70%.

April 30: Changpeng Zhao, the founder of Binance, is sentenced to four months in prison for looking away while criminals used the platform to move money related to child sexual abuse, drug trafficking and terrorism.

May 8: FTX states that almost all of its customers will get back the money owed to themtwo years after the cryptocurrency exchange implosion, and some will receive more than that.

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SatoshiTimes Staff

We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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