This bear market has seen the collapse of Celsius, Three Arrows Capital, Voyager and FTX, but it can only get better from here, says the former head of risk at Credit Suisse.
While the FTX crisis is continuing to unfold, the former head of risk at Credit Suisse believes the exchange's fall from grace should beCK Zheng, the former head of valuation risk at Credit Suisse and now co-founder of crypto hedge fund ZX Squared Capital said that FTX’s fall was part of a “deleveraging process” that began after the COVID-19 pandemic and further accelerated after the fall of Terra Luna Classic , formerly Terra .
On Nov. 14, crypto exchange BlockFi admitted to having “significant exposure” to FTX and its affiliated companies. A day later, a Wall Street Journal reporthalted withdrawals and deposits On Nov. 16, institutional crypto lender Genesis Global said it would temporarily suspend withdrawals citing 'unprecedented market turmoil.'Zheng noted that moments like this are all normal signs of a lengthy, stressful crypto winter which “basically wipes out many of the weak players.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
TSM FTX drops FTXFTX had signed a huge sponsorship deal with TSM.
Read more »
The FTX contagion: Which companies were affected by the FTX collapse?Some of the firms affected include Genesis, Sequoia Capital, Galaxy Digital, and Galois Capital.
Read more »
Athletes, venture capital firms, others among victims in FTX collapseFTX, one of the world's largest cryptocurrency exchanges, has rapidly collapsed. Here are some of the entities and individuals potentially impacted by it.
Read more »
The Fall of Crypto's Golden Boy - The Journal. - WSJ PodcastsUntil last week, FTX founder Sam Bankman-Fried was the face of crypto. Admirers saw him as an approachable, friendly billionaire eager to deploy his wealth for good. Then his crypto empire imploded, leaving hundreds of thousands of investors’ assets in doubt. WSJ’s Greg Zuckerman profiles the man behind FTX. Further Reading: -How FTX’s Sam Bankman-Fried Went From Crypto Golden Boy to Villain -FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall -Alameda, FTX Executives Are Said to Have Known FTX Was Using Customer Funds -FTX’s Collapse Leaves Employees Sick With Anger Further Listening: -How Crypto Giant FTX Suddenly Imploded
Read more »
Australia Suspends Financial Services License of Local FTX Entity – Exchanges Bitcoin NewsAustralia’s securities regulator has suspended the license of the Australian unit of the bankrupt crypto exchange FTX until mid-May.
Read more »
Binance to Relaunch Bid for Bankrupt Lender Voyager: SourceSCOOP: BinanceUS is said to be preparing a bid for bankrupt crypto lender Voyager, according to a source. By IanAllison123
Read more »