#Cryptocrash
- Thread starter nsacpi
- Start date
nsacpi
Expects Yuge Games
Since FTX filed for bankruptcy last week, several large exchanges have sought to become more transparent. Last week, Binance published a brief account of its cryptocurrency holdings, though not its liabilities.
Binance chief Changpeng Zhao said the company would publish a fuller account of its finances within weeks, once a third-party auditor can complete its work. Zhao did not identify the auditor but said the same firm had also worked for FTX.
At Crypto.com, CEO Kris Marszalek held a video live stream Monday amid online rumors that the company had stopped processing withdrawals. Marszalek acknowledged that the number of withdrawals had temporarily surged after the company mishandled a transaction worth approximately $400 million that he says was inadvertently sent to the company’s account on a competitors’s exchange.
But he called rumors of a pause “absolutely not true,” adding: “We are operating as usual again.”
In what Marszalek touted as an effort to restore the trust of depositors, Crypto.com published a partial breakdown of its cryptocurrency holdings, revealing that as of Nov. 14, the company held at least $2.3 billion in cryptocurrency reserves. But the company’s outstanding liabilities are not publicly known and were not included in the initial report the company released after the collapse of FTX.
Marszalek downplayed Crypto.com’s exposure to FTX on Monday and assured investors that the company’s balance sheet is “tremendously robust.” He said a “third-party audit” of the exchange’s customer reserves would be released in the coming weeks.
https://www.washingtonpost.com/business/2022/11/16/ftx-collapse-crypto-exchanges-regulation/
good times for the auditing bidness
Binance chief Changpeng Zhao said the company would publish a fuller account of its finances within weeks, once a third-party auditor can complete its work. Zhao did not identify the auditor but said the same firm had also worked for FTX.
At Crypto.com, CEO Kris Marszalek held a video live stream Monday amid online rumors that the company had stopped processing withdrawals. Marszalek acknowledged that the number of withdrawals had temporarily surged after the company mishandled a transaction worth approximately $400 million that he says was inadvertently sent to the company’s account on a competitors’s exchange.
But he called rumors of a pause “absolutely not true,” adding: “We are operating as usual again.”
In what Marszalek touted as an effort to restore the trust of depositors, Crypto.com published a partial breakdown of its cryptocurrency holdings, revealing that as of Nov. 14, the company held at least $2.3 billion in cryptocurrency reserves. But the company’s outstanding liabilities are not publicly known and were not included in the initial report the company released after the collapse of FTX.
Marszalek downplayed Crypto.com’s exposure to FTX on Monday and assured investors that the company’s balance sheet is “tremendously robust.” He said a “third-party audit” of the exchange’s customer reserves would be released in the coming weeks.
https://www.washingtonpost.com/business/2022/11/16/ftx-collapse-crypto-exchanges-regulation/
good times for the auditing bidness
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sturg33
I
I'm fully supportive of letting these exchanges go bankrupt...
but they will be used for the government to take control of crypto.
the best part about bitcoin is the government literally can't. that is why the government and their academic cheerleaders hate it so much.
best they can do is make it illegal to have. they will probably do that one day "for our safety"
while simultaneously creating their own crypto.
funny, huh?
What am I missing here?
Is your position that politicians who benefitted from SBF’s donations *not* look further into the allegations against him? I’m guessing the guy didn’t walk up Maxine Waters and tell her he was channeling billions of dollars worth of assets out the back door. I’d be more concerned if the government didn’t want to check in on this.
Well I hope you’re wrong. A bipartisan investigation seems like a good first step.
Maybe you’re right. It seems like a ****ing political softball for them to go after a finance ghoul, though. “Blah, blah, blah, nobody is above the law, we’re here to protect you from billionaires, vote for us.”
I really think it comes down to a fundamental misunderstanding of the impact of the allegations that stem from a lack of knowledge of the world of Crypto. I think there’s probably an embarrassing amount of people in important roles in the media that treat Crypto like Monopoly money.
I don’t think they’re an ally to Crypto, but I think the same skepticism of Crypto that has brought you to that conclusion is also clouding their judgement on SBF. Just as the MSM doesn’t really embrace Crypto, I think they don’t really embrace crime related to Crypto as significant because the losses incurred is a bunch of “funny money.”
Didn’t you tell me several weeks ago how naive I was for suggesting that companies like PayPal do this?