The troubled global cryptocurrency exchange has appointed administrators from KordaMentha,who plan to sift through the books and records of FTX’s local entities.
Trent Barnes,chief innovation officer at digital asset firm Zerocap,says the FTX debacle has shaken the industry ‘to the core’.
After the past 24 hours,it’s little wonder there are those who liken the crypto sector to a giant Ponzi scheme.
Bitcoin has tumbled to the lowest levels in two years as Binance’s planned takeover of FTX.com collapses.
Just weeks ago,Sam Bankman-Fried was considered crypto’s version of JP Morgan,willing to throw around his massive fortune to save the industry. Now,the future of all of it is in doubt.
The latest convulsion in cryptoland has all the hallmarks of a conspiracy,with a well-timed leak triggering a “liquidity crunch” that forced one of the biggest crypto exchanges into the arms of its major rival.
Billionaire Changpeng “CZ” Zhao has swooped with a stunning move to take over FTX.com,the suddenly troubled firm led by his chief rival and one-time disciple,Sam Bankman-Fried.
Decentralised autonomous organisations (DAOs) are a new entity with no central structure,rules encoded in computer programs,and are entirely self-governing.
Three young Australians are behind an obscure business that reported more income with the tax office than Bunnings’ owner Wesfarmers last year.
British software engineer Stephen Diehl is on a mission to convince policymakers about the major pitfalls of crypto.
More than 79,000 individuals and entities who bought Qoin may have believed that it was compliant with financial services laws. The Australian Securities and Investments Commission alleges this was not the case.