In one of his first public statements since rumors and concerns about FTX’s insolvency flooded the crypto market, CEO Sam Bankman-Fried, or SBF, has said: “I’m sorry.” In a Nov. 10 Twitter thread, SBF admitted to investors he “should have done better” in providing transparency on the situation with FTX. The CEO reported the exchange was experiencing a “liquidity crunch” caused by user withdrawals and requested financial assistance from Binance — a potential deal that later fell apart. According to SBF, the exchange saw roughly $5 billion in withdrawals on Nov. 6. The total market value of FTX International’s assets …

In light of the FTX liquidity crisis and the almost-acquisition by Binance, Binance CEO Changpeng “CZ” Zhao assured his community that his network would provide full transparency on asset holdings. On Nov. 10, Binance published a new page titled “Proof of Assets” on which all details are available of its on-chain activity for its hot and cold wallet addresses. This comes only two days after the initial tweet from CZ on Nov. 8, in which he pledged to create a proof of reserve mechanism to ensure “full transparency” to the community. Binance released an official statement on the new page, …

Hardware-based cryptocurrency wallet provider Ledger has experienced some issues due to massive outflows from crypto exchanges amid the FTX bloodbath, according to its chief technology officer. Ledger saw a “massive usage” of their platforms and suffered a “few scalability challenges” on Nov. 9, Ledger CTO Charles Guillemet reported in a statement on Twitter. Guillemet reasoned Ledger’s issues by the outcomes of the ongoing crisis of a major global cryptocurrency exchange, FTX. The CTO said that crypto investors have been increasingly offloading their holdings from crypto exchanges to Ledger, stating: “ After the FTX earthquake, there's a massive outflow from exchanges …

Kris Marszalek, CEO of cryptocurrency exchange Crypto.com has become the latest crypto company promising to publish "audited proof of reserves," amid the downfall of rival exchange FTX. "We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves," said Marszalek, adding that his company "will be publishing our audited proof of reserves." We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves and https://t.co/pFc4Pz9nFR will be publishing our audited proof of reserves. — Kris | Crypto.com (@kris) November 10, 2022 The idea for crypto companies …

Sam Bankman-Fried has reportedly asked investors for $8 billion in emergency funding to cover a shortfall caused by the flood of withdrawal requests to his crypto exchange in recent days. According to a report in the Wall Street Journal (WSJ) citing "people familiar with the matter,” the CEO reportedly made the request to investors in a Nov. 9 call where he outlined ways to help solve FTX's financial woes. The source suggests that Bankman-Fried is looking to raise $3 billion to $4 billion in equity and that the exchange could raise some debt to cover the shortfall. Bankman-Fried has also …

Investor sentiment in the crypto market is floundering after Binance decided to nix its agreement with FTX to purchase the distressed cryptocurrency exchange. The events have sent Bitcoin to a new yearly low, while other altcoins have also taken a sharp downturn. Data from Cointelegraph shows Bitcoin (BTC) declining to $15,698 amid the chaos caused by FTX’s potential insolvency and the failure of the Binance deal. Analysts are turning to technical charts to try and find the next price path. Analyst expects downside continuation with brief support at $12K Independent market analyst, CanteringClark said that BTC price could possibly find …

In the wake of the FTX liquidity crisis, two major crypto exchanges have announced that they will provide Proof of Reserves, also known as Proof of Funds (PoF) within the next month. In an official tweet, OKX stated “We're hiring Armanino for auditing & will publish an auditable Merkle POF asap.” The company then listed 23 BTC addresses and 13 Ethereum addresses containing some of the exchange’s reserves. For #OKX, transparency, risk management, & consumer protection come first. We're hiring Armanino for auditing & will publish an auditable Merkle POF asap. Here are 23 BTC addresses (~69K BTC) & 13 …

European Parliament economics committee member Stefan Berger has compared the current situation with FTX to the 2008 financial crisis, using “such Lehman Brothers moments” in justifying the need for regulating crypto. In a Nov. 9 tweet, Berger said proper regulation was needed to avoid issues which “cost enormous trust” in the crypto space, amid FTX reporting financial difficulties. The parliamentary committee member pointed to the Markets in Crypto-Assets, or MiCA, framework currently moving through the European Council as a way to require crypto firms to “ensure internal risk management mechanisms.” Shame! The #FTX/#Alameda case has cost enormous trust. Such Lehman …

Websites linked to the crypto exchange FTX have been taken down on Nov. 9, following a liquidity crisis and a pending acquisition of the company by its rival Binance. Websites for Alameda Research and the company's venture capital arm FTX ventures were offline and made private, while both FTX's main site and FTX US's website remain accessible. Cointelegraph reached out to Alameda on Nov. 9, but has not heard back as of publication time. The latest developments include unconfirmed reports about most of FTX's legal and compliance staff quitting on Tuesday evening. The liquidity crunch was announced on Nov. 8 …

Based on the joint statements on Twitter this week from Binance CEO Changpeng “CZ” Zhao and FTX CEO Sam “SBF” Bankman-Fried, it seems clear that FTX has serious solvency problems — so dire that few in the market are willing to save it. As a result, FTX is turning to CZ as a prospective buyer. After CZ exposed FTX’s problems earlier in the week by announcing his plan to dump $500 million of its FTX Token (FTT) on the market, the companies said on Nov. 8 that they had entered into a nonbinding agreement for Binance to purchase FTX. It’s …

Changpeng Zhao, the chief executive officer of crypto exchange Binance also known as “CZ,” warned users its intention to acquire FTX may invite scrutiny from global regulators — but the firm is ready. In a letter to Binance staff tweeted on Nov. 9, CZ said though the deal to acquire another major crypto exchange was still in the works, regulators would likely “scrutinize exchanges even more” and make it difficult to acquire operating licenses. He added that if the deal resulted in FTX going down, it would be a loss for the crypto industry and not a “win” for Binance. …

Despite crypto markets being on a downturn, members of the community have expressed their undying faith that Bitcoin (BTC) and crypto are here to stay. Even with the FTX and Alameda Research debacle highlighting issues within the crypto market, a community member urged others not to be stressed. The Twitter user argued that the crisis was only a black swan event that only FTX CEO Sam Bankman-Fried (SBF), Binance CEO Changpeng Zhao and a few others could have seen coming. The community member believes that despite this, crypto is still here to stay. While the current state of the market …