ftx
By Mohammed Kudrati The collapse of five banks over 12 days has caused shockwaves throughout global financial markets. These five banks are spread across the United States and Europe. There is little to link them directly, except the general trends of central banks raising interest rates to combat inflation and COVID-19 pandemic-era easy money policies. However, their near simultaneous troubles have led to regulators across the globe hurriedly taking measures to prevent further crisis. Though not all of these five banks have failed, and a larger domino effect is yet to be observed; the pace of...
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By The Conversation In modern capitalism, it seems as if stories of companies and managers who engage in fraud and swindle their investors occur like the changing of the seasons. In fact, these scandals can be traced back to the origins of publicly traded companies, when the first stockbrokers bought and sold company shares and government securities in the coffee houses of London's Exchange Alley during the 1700s. As a historian of 18th century finance, I am struck by the similarities between what's known as the Charitable Corporation Scandal and the recent collapse of FTX. A noble causeThe Ch...
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By Sourit Sanyal On Monday, Sam Bankman-Fried, the founder of FTX and Alameda Research was arrested in the Bahamas after being criminally charged by US prosecutors. He was earlier slated to testify in the US Congress on Tuesday before getting arrested by the Royal Bahamas Police Force. This marks a sharp fall from grace for Bankman-Fried, who often goes by the abbreviation SBF. His arrest comes after FTX filed for bankruptcy in November after being unable to fulfil customers' withdrawal requests. Here's the journey of the 30-year-old crypto entrepreneur, whose empire went from riches to rags i...
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By The Conversation Not long ago, FTX was one of the world's largest trading platforms for cryptocurrencies. Founded in 2019, the Bahamas-based crypto exchange had a meteoric rise to prominence, and was valued at more than US$30 billion earlier this year. All that has changed in the past two weeks. First, concerns emerged about links between FTX and an asset-trading firm called Alameda Research, including suggestions that customers' funds have been transferred from FTX to Alameda. Also Read:FTX Bankruptcy Won't Have Effects To The Wider World. Here's Why A few days later, rival firm Binance (t...
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By The Conversation Crypto assets are infamous for being highly speculative and volatile, but it is their "debt problems" that have once again made headlines. Since November 2021, the total value of cryptocurrencies has now fallen from a peak of over US$3 trillion (£2.6 trillion) to circa US$830 billion (£706 billion). This has coincided with a major downturn in global markets due to interest rates going up, but falling prices also reflect a series of collapses and bankruptcies within the industry. These include the Terra Luna blockchain, lender Celsius, the Voyager exchange/brokerage, hedge f...
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