FTX sets up credit facility with Tron to allow certain crypto holders to remove...
source link: https://finance.yahoo.com/news/bankman-fried-ftx-172024591.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
FTX sets up credit facility with Tron to allow certain crypto holders to remove assets
S&P Futures
3,986.50+25.50(+0.64%)Dow Futures
33,915.00+203.00(+0.60%)Nasdaq Futures
11,727.75+95.50(+0.82%)Russell 2000 Futures
1,886.30+15.90(+0.85%)Crude Oil
88.66+2.19(+2.53%)- 1,760.20+6.50(+0.37%)
Silver
21.85+0.15(+0.71%)EUR/USD
1.0247+0.0050(+0.49%)10-Yr Bond
3.82900.0000(0.00%)- 23.53-2.56(-9.81%)
GBP/USD
1.1727+0.0025(+0.21%)USD/JPY
141.3130-0.4070(-0.29%)BTC-USD
17,355.89+791.44(+4.78%)CMC Crypto 200
406.58+25.29(+6.63%)FTSE 100
7,385.18+9.84(+0.13%)Nikkei 225
28,263.57+817.47(+2.98%)
FTX, saying, in part,
FTX sets up credit facility with Tron to allow certain crypto holders to remove assets
FTX on Thursday said it will open a Tron credit facility to allow holders of TRX, BTT, JST, SUN, and HT to remove their assets from the platform.
"As part of this agreement, we will be disabling Tron deposits for all users during this period. The only deposits will be the pre-announced deposits conducted weekly by the Tron Team. Initially, $13,000,000 of assets will be deployed to facilitate such swaps," the exchange said.
The development comes after founder of the Tron cryptocurrency network, Justin Sun, publicly stepped into the unfolding saga Wednesday evening.
Sources familiar with the matter told Yahoo Finance of Sun's plan that “for now, the focus is to protect all the TRON ecosystem token holders and facilitate a place to resume withdrawals."
While FTX reportedly resumed customer withdrawals Thursday, its unravelling this week continues to send tremors through the crypto world as analysts guess which entities have exposure to the troubled exchange.
Further to my announcement to stand behind all Tron token (#TRX, #BTT, #JST, #SUN, #HT) holders on #FTX, we are putting together a solution together with #FTX to initiate a pathway forward. @FTX_Official
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 10, 2022
FTX Founder and CEO Sam Bankman-Fried said earlier Thursday that the company is seeking other means to make up for the hole in its balance sheet after Binance called off a much-needed bailout for the troubled crypto exchange.
TechCrunchSam Bankman-Fried says FTX in talks to raise capital, Alameda Research to wind down trading
Sam Bankman-Fried said on Thursday that he will be winding down the trading firm Alameda Research and is attempting to raise liquidity for the troubled FTX International, as he scrambles to keep the world's second largest crypto exchange alive after a bailout deal with Binance failed earlier this week. Bankman-Fried said in a series of tweets that he is engaging with a "number of players" to raise capital for FTX's international business and those discussions are at various stages, including letters of intent and term sheet deliberations. FTX's U.S. business is "fine" and "100% liquid," he said.
18h ago
FortunePeople charmed by FTX CEO Sam Bankman-Fried will be ‘looking and feeling fairly silly,’ Larry Summers warns of crypto crackdown
The former Treasury secretary said the tech sector “has over-extrapolated from past success to believe that trees grow to the sky."
15h ago
CoinDeskLegal Expert on What FTX's Collapse Means for Users
Crypto exchange FTX US – the U.S. wing of Sam Bankman-Fried's crypto trading empire – warned its users to close their positions as it might halt trading in the coming days. Keystone Law Partner Louise Abbott discusses the legal considerations of FTX's downfall and what they suggest about the fate of its users.
12h ago
Yahoo Finance Video‘I’m sorry’: Sam Bankman-Fried apologizes over FTX collapse in 22 tweets
Yahoo Finance Live anchors discuss FTX’s Sam Bankman-Fried apologizing to investors via Twitter after Binance's acquisition of the crypto exchange fell through.
17h ago
FortuneCanadian teachers could have a $95 million hole in their pensions due to the FTX crypto implosion
The Ontario Teachers Pension Plan shared details about its investments in troubled cryptocurrency exchange FTX. It isn't pretty.
10h ago
BloombergAs FTX Melts, Analysts Race to Calculate SoftBank’s Exposure
(Bloomberg) -- How much will SoftBank Group Corp. lose on the spectacular meltdown of crypto exchange FTX.com?Most Read from BloombergMusk’s First Email to Twitter Staff Ends Remote WorkMusk Warns Twitter Bankruptcy Possible If Cash Burn LingersSam Bankman-Fried’s $16 Billion Fortune Is Eviscerated in DaysUS Inflation Slows More Than Forecast, Gives Fed Downshift RoomStocks Skyrocket in Best Post-CPI Day on Record: Markets WrapInvestors and analysts raced to answer that question Thursday after c
23h ago
Yahoo FinanceCathie Wood’s ARKK hits 5-year low as FTX collapse spurs crypto wreck
The flagship exchange-traded fund of ARK Invest has fallen to its lowest level in five years after cryptoworld’s latest crisis sent risk assets into a tailspin this week.
21h ago
Yahoo FinanceAMC CEO: We will still accept crypto despite the crash in prices
AMC CEO Adam Aron weighs in on crypto as payment.
15h ago
MarketWatchDespite FTX collapse, some investors are still as bullish as ever on the future of the crypto industry
Venture capitalists and investors are rethinking what it means to invest in crypto companies after a possible deal between two of the world largest crypto exchanges, FTX and Binance, collapsed Wednesday, but despite the shocking nature of the ordeal, many are continuing business as usual. To recap, after a stunning announcement that he had signed a non-binding letter of intent to buy FTX on Tuesday, Changpeng Zhao, the chief executive of Binance, the world’s largest crypto exchange, said Wednesday that Binance will walk away from the deal “as a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations.”
13h ago
ReutersFTX looks for $9.4 billion in rescue funds, Bahamas freezes some assets
FTX is scrambling to raise about $9.4 billion from investors and rivals, a source said on Thursday, as Chief Executive Sam Bankman-Fried urgently seeks to save the cryptocurrency exchange that has been buffeted by a rush of customer withdrawals. Bankman-Fried has discussed raising $1 billion each from Justin Sun, the founder of crypto token Tron, rival exchange OKX and stablecoin platform Tether, according to the source who has direct knowledge of the matter. He is seeking the remainder from other funds, including current investors in FTX such as venture capital fund Sequoia Capital, the source added.
1d ago
ReutersUS STOCKS-Wall St soars as cooling inflation spurs bets of smaller rate hikes
Wall Street's main indexes rallied on Thursday, with the tech-heavy Nasdaq leading gains, after data showed consumer prices rose less than expected in October, spurring hopes that the Fed might scale down the size of its future rate hikes. The benchmark S&P 500 and the Nasdaq were set for their biggest percentage gain since April 2020 as the data pointed to strongest signs yet that inflation was starting to subside, with the annual number below 8% for the first time in eight months.
16h ago
Yahoo Finance VideoOctober’s CPI report an ‘encouraging sign,’ strategist says
CreditSights Senior Strategist Zachary Griffiths joins Yahoo Finance Live to discuss October CPI data, what inflation readings mean for the Fed’s December policy decision, and how to set up portfolios amid volatility.
16h ago
Yahoo FinanceGalaxy Digital reveals $76.8M FTX exposure after reporting Q3 loss
The crypto financial services firm reported total losses for the third quarter of $68.1 million.
2d ago
GOBankingRatesWill Midterm Elections Impact Biden’s Student Loan Forgiveness Initiative?
Two days after the midterm elections, it is still too close to call which party will take leadership of Congress. If the Republicans take both the U.S. Senate and the House majority, President Biden's...
14h ago
Barrons.comCrypto Is Losing a Big Trader. One of Its Largest Exchanges May Also Be Worthless.
FTX's backers include major institutional investors like BlackRock, SoftBank, Singaporean state-owned Temasek, and the Ontario Teachers' Pension Plan.
11h ago
TechCrunchBinance chief says FTX going down 'not good for anyone', warns of greater regulatory scrutiny
Binance founder and chief executive Changpeng Zhao says FTX “going down is not good for anyone in the industry,” and the ongoing episode has “severely shaken” the confidence of consumers, a day after the world’s largest exchange signed a non-binding agreement to acquire its most formidable rival firm. Zhao said the sudden liquidity crunch at FTX will attract greater scrutiny of crypto exchanges from regulators. The billionaire, widely considered as the most powerful man in crypto, also asked the employees to not trade FTT, FTX’s native token.
2d ago
Yahoo FinanceWhere inflation is improving the most
There are finally tangible signs that inflation is abating. We show you exactly where.
13h ago
BloombergCiti Strategists Say Exit Short US Equity Positions in Shift
(Bloomberg) -- Citigroup Inc. macro strategists have recommended exiting a short position in the S&P 500 and buying 10-year Treasuries after Thursday’s better-than-expected inflation data.Most Read from BloombergMusk’s First Email to Twitter Staff Ends Remote WorkMusk Warns Twitter Bankruptcy Possible If Cash Burn LingersSam Bankman-Fried’s $16 Billion Fortune Is Eviscerated in DaysUS Inflation Slows More Than Forecast, Gives Fed Downshift RoomStocks Skyrocket in Best Post-CPI Day on Record: Mar
6h ago
The Wall Street JournalTrump Lawyers Sanctioned for Filing ‘Frivolous’ Lawsuit Against Hillary Clinton
A federal judge in Florida has imposed monetary sanctions on a team of former President Donald Trump’s lawyers, castigating them for filing a “frivolous” lawsuit against Hillary Clinton and other Democrats earlier this year. In a scathing 19-page decision, U.S. District Judge Donald Middlebrooks said a group of lawyers for Mr. Trump, led by Alina Habba and Peter Ticktin, showed a “cavalier attitude towards facts” throughout the brief history of the case. The judge, who dismissed the case in September, ordered the Trump lawyers to pay a combined $50,000 monetary penalty to the court and to reimburse a public-relations executive, Charles Dolan, for approximately $16,200 he spent defending himself in the litigation.
8h ago
CoinDeskFTX US Warns of Trading Halt Hours After Bankman-Fried Says It's '100% Liquid'
FTX US warned that it might halt trading in a banner on its website Thursday.
14h ago
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK