Crypto exchange FTX filed for bankruptcy in the U.S., the company announced Friday. CEO and founder Sam Bankman-Fried also resigned his role, but will "assist in an orderly transition." John Ray III is the new CEO. FTX Group, which includes the FTX.com entity as well as FTX US, Alameda Research and “approximately 130 additional affiliated companies” have all filed for chapter 11 bankruptcy proceedings, according to a press release. FTX Digital Markets, FTX Australia, FTX Expess Pay and LedgerX (which does business as FTX US Derivatives) are not included, the release said. “The FTX Group has va

Quick take:Datonomy classifies NFTs, gaming and virtual worlds under the metaverse sub-segment.The platform will help investors to identify subsectors in the wider crypto industry.The platform leverages Goldman’s proprietary market technology together with MSCI’s indexing expertise while Coin Metrics will provide crypto.Goldman Sachs has collaborated with MSCI and Coin Metrics to launch Datonomy, a digital assets classification and benchmarking tool. The tool leverages Goldman’s proprietary market technology and MSCI global securities indexing expertise to create a digital assets categorisatio

Following enormous layoffs and as Elon Musk’s ownership of Twitter reached its third week, the billionaire revealed a precarious financial future for the social media site amid a departure of senior privacy and security executives.According to numerous sources, the departures started on the same day Elon Musk addressed the staff for the first time and declared that “bankruptcy isn’t out of the question.”Elon Musk, who is battling to get the platform’s finances under control, cautioned that bankruptcy was a possibility.He told his remaining product team members that the company could see “net n

Celsius filed a request in court for an extension on the deadline for reorganization. The firm claims it needs more time to complete the plan because reorganization is ‘complex’. According to a Celsius Twitter post on November 10, 2022, the company announced that it had submitted a motion to a U.S. court requesting more time to develop a reorganization plan.Celsius’ continued bankruptcy troublesThe troubled crypto firm froze billions of dollars in customer funds in June as it continues to face bankruptcy proceedings.Celsius believes that it’s the best time to request an extension. The company

Twitter’s new owner Elon Musk has asked his followers to prepare for “lots of dumb things in [the] coming months” on his newly acquired social media platform.The Tesla CEO, now sole director of Twitter has already made a swathe of changes to the platform since taking over the company on Oct. 27, and has now pledged to continue the work over the coming months, stating:“Please note that Twitter will do lots of dumb things in coming months. We will keep what works & change what doesn’t,” he wrote in a Twitter post on Nov. 9.  Please note that Twitter will do lots of dumb things in coming months.

As a ‘last resort’ option, Meta CEO Mark Zuckerberg has announced that his company will be slashing 11,000 employees from its workforce. That’s 13% of the company. In a blog post shared with employees on Wednesday, Zuckerberg said Meta was taking steps to become “leaner” and more efficient, but regrets that he now must lay off employees.  Zuckerberg explained that the company had been shifting resources into “high priority growth areas,” including the metaverse, while cutting costs in other areas. However, he acknowledged that these measures wouldn’t be enough to bring the company’s exp

Binance CEO Changpeng Zhao (CZ) on Wednesday tweeted an internal note that he had shared earlier in the day with Binance employees. CZ said he was sharing the note - in which he addresses the ongoing situation with FTX - in the spirit of transparency, The full note is below:Source: Twitter

The venture capital arm of cryptocurrency exchange FTX has been a prominent investor in some of the biggest names in the crypto ecosystem. With Binance's possible acquisition of its rival FTX, questions swirl around what will happen to these investments.Among the biggest names in which FTX Ventures invested were Bored Ape Yacht Club creator Yuga Labs, USDC stablecoin issuer Circle, layer 1 blockchains Near Protocol and Sui, crypto lender BlockFi and two different funding rounds for the Aptos blockchain, according to crypto data analytics firm Cryptorank. The exact number of investments by FTX

October data showed a continued deceleration in the pace of crypto venture capital investment to under $1 billion a month, JPMorgan said in a research report last Thursday.The downtrend began last May following the Terra collapse, said the report authors led by Nikolaos Panigirtzoglou, and the weak October numbers suggest more than just a seasonal summer slowdown.The current level of venture capital investment of $500 million to $1 billion per month gives an annual rate of almost $10 billion, which is less than one-third of last year’s pace, they wrote.Panigirtzoglou called it a worrying devel

Crypto assets like the Bitcoin, altcoins such as Ethereum, stablecoins and non-fungible tokens share one objective: to be be part of the global mainstream financial system.But ideas such as anonymity, decentralization and the lack of clear framework that allow the digital asset class to be easily associated with illicit activities continue to slow down the process for wider acceptance and more usage of digital currencies.In fact, according to data from Chainalysis, after reaching its all-time high (ATH) in the second quarter of 2021, global adoption of cryptocurrency fell during the third quar