FTX's debtors are doing their best to exploit the exchange's remaining assets. Meanwhile, Sam Bankman-Fried said FTX US is the solvent.
Large companies spend a lot of money keeping track of their financial transactions - think accountants, financial analysts, consultants and business accounting software. On the other hand, Sam Bankman-Fried used Microsoft Excel.
January. On December 17, in another faulty Excel spreadsheet, SBF revealed that FTX US was the solvent. The Excel file will show customer balances, bank deposits, and assets held in cold storage. “S&C forgot to include a bank balance” worth about $428 million, SBF said, referring to former FTX legal counsel, Sullivan & Cromwell. "Once you add those in, you're closer to my previous balance sheet" of about $350 million, he said. This week's
Crypto Biz explores an "extraordinary investigative effort" to identify billions of dollars of liquid FTX assets. We also provide you with the latest news on the ongoing story of the Digital Currency Team.
FTX: It took an "extraordinary investigative effort" to identify $5.5 billion in liquid assets
SBF is not alone in seeking to uncover the remaining FTX balance. Debtors of the bankrupt stock exchange identified $5.5 billion in liquid assets, including $1
$7 billion in cash, $3.5 billion in crypto assets, and about $300 million in securities. FTX CEO John Ray said: “We are making significant progress in our efforts to maximize resilience and our team has made an extraordinary investigative effort to uncover this preliminary information. ". Before you get too excited, know that there is still a “significant shortage of digital assets,” according to debtors at FTX. This means that FTX users should not expect to be reinstated anytime soon.
Silvergate reports $1 billion net loss for Q4 2022
The aftermath of the crypto winter continues to hit the industry as a whole, with digital asset bank Silvergate reporting a massive net loss $1 billion in the fourth quarter. In a US Securities and Exchange Commission report, Silvergate disclosed $7.3 billion in customer deposits in the fourth quarter, down from about $12 billion in the third quarter. After hearing the news, rating agency Moody's Investors Service downgraded Silvergate's rating from Baa2 to Ba1. It is an undesirable status for the people you are following. It's starting to make sense why Silvergate laid off 40% of its employees in early January.
The Digital Currency Group pauses its dividend in an attempt to maintain liquidity
The bad news surrounding the Digital Currency Group, or DCG, continues to pile up after the market firm informed the investors. investors that they will suspend quarterly dividend payments indefinitely. It is no secret that DCG is facing liquidity constraints related to its subsidiary Genesis Global Trading. Issues surrounding Genesis were raised publicly by Cameron Winklevoss, Gemini co-founder, who wrote a letter to DCG's board of directors accusing the company of orchestrating "a carefully orchestrated campaign of lies. careful" to hide a large hole in Genesis' balance sheet. When last checked, it was estimated that DCG owed its creditors more than $3 billion.
Hong Kong hedge fund raises $500 million to drive mass adoption of Web3 But behind the scenes, venture capital continues to pump millions into full-blown crypto-centric use cases promise. This week, Hong Kong investment manager HashKey Capital announced a $500 million fund to support future Web3 adoption. The new FinTech III investment fund will primarily invest in projects at the intersection of blockchain infrastructure, tools and applications that can leverage Web3 technology. “Web3 is growing too fast to be ignored,” Xiao Xiao, chief investment officer of HashKey, told Cointelegraph. “Many traditional institutions and internet giants are interested in cryptocurrencies. Some are learning to participate in this paradigm shift.
Before you go: Is Bitcoin in a bull run or a bull trap?
Bitcoin
BTC
losers
$21,830
The price is up more than 25% in the past week, marking the biggest seven-day rally in nearly two years. Naturally, investors wonder if the bear market is over. While there is a high probability that Bitcoin has bottomed out, I wouldn't get too excited about a prolonged bull run. In this week's market report, I sat down with analysts Marcel Pechman and Joe Hall to discuss the short and medium-term outlook for BTC.
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