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

The President of El Salvador – Nayib Bukele – reportedly dismissed the arising rumors that his country holds its bitcoin stash on the battered cryptocurrency exchange FTX. The information was revealed by Binance’s CEO – Changpeng Zhao – who said he discussed the matter with the political leader.The Central American nation became the first to make bitcoin legal tender inside its borders. It has purchased over 2,381 coins on a macroeconomic level which equals over $41 million (at current prices).The entire cryptocurrency industry has been under heavy fire following the FTX meltdown and the crash

Crypto lender BlockFi said it could not conduct business as normal and would be limiting activity in the wake of FTX's collapse.The company said in a tweet that the "lack of clarity" around FTX's current situation meant it would pause client withdrawals. It also told clients not to deposit to its wallet or interest accounts."We will share more specifics as soon as possible," the company said. "... we intend to communicate as frequently as possible but anticipate that this will be less frequent than what our clients and other shareholders are used to."BlockFi's tweet Thursday came just two days

After it was claimed that El Salvador’s president, Nayib Bukele, was holding part of the country’s Bitcoin on the FTX cryptocurrency exchange, Changpeng Zhao (CZ), the CEO of Binance, seemed to update the crypto community on the purported rumors.After billionaire Mike Novogratz, a proponent of the Terra (LUNA) ecosystem before its collapse, said during an interview with CNBC’s Squawk Box that El Salvador owned Bitcoin on FTX, CZ took to Twitter on November 10 to correct the internet misinformation:   ”Man, there’s so much false stuff out there. President Nayib and I just exchanged communicatio

FTX CEO Sam Bankman-Fried promised to use “every penny” his crypto exchange has to repay users ahead of investors, apologizing for his “f**k up” in a tweet thread Thursday.The 30-year-old former billionaire took to Twitter to say Alameda Research – his empire’s once mighty crypto quant shop and market maker – would go dark “one way or another.” Of FTX, his upstart derivatives exchange that became the crypto industry’s darling, he said it will “embrace radical transparency” – if it continues operating at all.Bankman-Fried also shut down rumors that Alameda was attempting to short – and possibly

Singapore-based crypto lender Hodlnaut has been dealt another blow on its path to recovery after it emerged that it held $18 million worth of crypto on FTX, the crypto exchange that halted withdrawals earlier this week. According to a report by Hodlnaut's interim judicial managers, which was published on Oct. 28, Hodlnaut consolidated over 95% of its assets on centralized exchanges, with $18.1 million being held on FTX including bitcoin (BTC), ether (ETH) and stablecoins. FTX customers are currently unable to get funds out of the exchange after a liquidity crunch that stemmed from a CoinDesk r

Tron network’s native TRX token momentarily surged some 4,000%, from 6 cents to $2.5, on embattled crypto exchange FTX even though they exchange hands for 6 cents on other prominent exchanges, such as Binance and OKX.TRX bumped to over $2.5 in Asian hours on FTX. (TradingView)Tron-based assets such as BTT, SUN and JST rocketed higher as well, trading for several multiples on FTX in contrast to other bourses.It’s not a result of repetitive fat finger trades, nor have FTX traders gone euphoric on TRX.The high prices are a sign of hope – a hope that Tron-based assets will be redeemed on a 1:1 bas

As bitcoin (BTC) continues to hit record low prices, the shares in Grayscale Investment's bitcoin trust (GBTC) have hit a record low. The discount in GBTC shares relative to the value of the underlying asset held in the fund widened to a record 36.7% on November 7. Bitcoin has dropped by nearly 20% during the past two weeks as the bear market shows its ugly claws. Analysts say that a continued widening of the GBTC discount shows a weakening institutional demand for bitcoin, combined with the ready availability of bitcoin ETFs for retail. In a note to CoinDesk, Henry Liu, CEO of BTSE, a trad

Bankrupt crypto lender Celsius Network said on Thursday that it has filed a motion to extend the exclusivity period for its reorganization plan.This would allow the lender to take more time to work on a reorganization plan. Celsius today filed a motion requesting approval to extend the Exclusivity Periods in our cases. This is the period when Celsius has the exclusive right to submit a plan of reorganization.— Celsius (@CelsiusNetwork)  November 10, 2022  Celsius is facing a slew of lawsuits in addition to its bankruptcy proceedings. A recent motion pitted the shareholders of the firm agains

Cryptocurrency-exposed equities continued their dip Wednesday amid concerns around FTX’s financial health as Binance confirmed Wednesday afternoon that the exchange scrapped its letter of intent to buy rival exchange FTX.Shares of tech firm MicroStrategy (MSTR, which holds about 130,000 bitcoins, fell 20% Wednesday. Crypto exchange Coinbase (COIN) dropped 9.5%. Crypto-focused bank Silvergate (SI) declined 12%, while financial services firm Galaxy Digital (GLXY.TO) fell 16% in Toronto stock exchange. The stocks of bitcoin miners such as Riot Blockchain (RIOT) and Marathon Digital (MARA) also to