The Senate Banking Committee held a two-hour hearing on the FTX collapse one day after former CEO Sam Bankman-Fried was charged with fraud by the Justice Department.Senate lawmakers are taking a closer look at Binance in the wake of FTX's collapse, with a hearing today frequently touching on the off-shore exchange while senators also expressed broader concerns around the whole digital asset industry.
"Regardless of whether Binance itself is connected with the Chinese Communist Party, which Binance denies, but regardless of whether that's the case, by having a system in the United States that's unclear, that's regulatorily hostile, we could go so far as banning cryptocurrency in the United States,” argued Jennifer Schulp, director of financial regulation studies at the Cato Institute's Center for Monetary and Financial Alternatives, another of the witnesses at...
“These two behemoths that own the unregulated market together, and grew these incredible businesses in terms of growth, were at war with each other. And one put the other out of business intentionally,” O’Leary said. Sen. Elizabeth Warren, D-Mass., noted money laundering investigations around the firm and introduced a bipartisan bill this morning that would tighten reporting requirements for offshore digital asset accounts.
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FTX stored private keys without encryption, the exchange's new chief saidFTX previously stored private keys without encryption, the new FTX chief John Ray III said. Just keeps getting better All by design. None of this is incompetence, it’s all highly calculated fraud
Source: TheBlock__ - 🏆 464. / 53 Read more »
FTX stored private keys without encryption, the exchange’s new chief said⬇ -10 FTX stored private keys without encryption, the exchange’s new chief said $FTT ftx cryptocurrency
Source: CryptoPanicCom - 🏆 563. / 51 Read more »
Binance temporarily halts withdrawals of stablecoin USDC as investor concerns mount after FTX collapseChangpeng Zhao, CEO of Binance, tweeted on Tuesday that the exchange is seeing an increase in withdrawals of USDC. Haha Bullish Oh look more FUD. WeAreSaitama download SaitaPro.
Source: CNBC - 🏆 12. / 72 Read more »
FTX Founder's Planned Testimony Punched Back at Current Management and Rival BinanceBefore FTX founder Sam Bankman-Fried was arrested last night for an alleged yearslong fraud, he had been planning to use [a House Financial Services Committee hearing](https://www.wsj.com/livecoverage/sam-bankman-fried-arres MrFTX is now MrFKD DOJ wasn't going to allow him to spill the dirt
Source: WSJ - 🏆 98. / 63 Read more »
Senators slam Sam Bankman-Fried for refusing to testify before banking panel on FTX collapseSenators Sherrod Brown and Pat Toomey said ex-FTX CEO Sam Bankman-Fried declined to testify at a committee hearing in 'an unprecedented abdication of accountability.' Wasn't he just arrested? Would they let him testify from jail? Wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering. Bernie Madoff got 150 years for his Ponzi but was already in his 70s and died after a few years. SBF will do 50+ years in Federal prison
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SBF denied bail, and U.S. senators take aim at FTX and crypto industry: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Kraken's incoming CEO Dave Ripley reacts to the implosion of FTX and discusses what he believes is in store for the future of the industry. Do people really give their hard earned money to these WS criminals? For what? The markets have basically turned into a computerized organized crime ring, high speed casino, not just crypto
Source: CNBC - 🏆 12. / 72 Read more »