Cryptocurrency exchange AAX has suspended withdrawals, citing a glitch in a system upgrade. AAX is a relatively small crypto exchange: data from CoinGecko showed that trading volumes over the last month peaked at around $2 billion. Over the last 24 hours, that number had dwindled to around $180,000. By contrast, Coinbase volumes were more than […]
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Sam Bankman-Fried received numerous plaudits as he rapidly achieved superstar status as the head of cryptocurrency exchange FTX: the savior of crypto, the newest force in Democratic politics and potentially the world’s first trillionaire. Now the comments about the 30-year-old Bankman-Fried aren’t so kind after FTX filed for bankruptcy protection Friday, leaving his investors and […]
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Once hailed as crypto’s white knight, Sam Bankman-Fried has had a meteoric fall from heights after a bombshell report that questioned the stability of Bankman-Fried’s crypto empire, which consists of Alameda Research and FTX. The report by CoinDesk triggered an avalanche of customer withdrawals, with FTX seeing an estimated $6 billion in withdrawals over the […]
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With inflation still roaring, it is a hard time to make a case for the value of central banks. But the boy wizards of cryptocurrency have done it. The great benefit of crypto was said to be decentralization. This was accompanied by all manner of gasbagging about the liberating power of money unhinged from the […]
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On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message. “I’m sorry,” he told them. “I fucked up.” The reason for the mea culpa: His announcement half an hour earlier that FTX’s arch-rival, Binance, planned to mount a shock takeover of its main trading platform to save […]
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The Bam Bam Beach bitcoin bar, on an uncrowded beach in southwestern Portugal, is the meeting place. To get there, you drive past a boat harbor, oceanside hotels and apartment buildings, then park near a sleepy seafood restaurant and walk down a wooden path that cuts through a sand dune. Yellow bitcoin flags blow in […]
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Not long after dropping out of college to pursue a career in cryptocurrencies, Ben Weintraub woke up to some bad news. Weintraub and two classmates from the University of Chicago had spent the past few months working on a software platform called Beanstalk, which offered a stablecoin, a type of cryptocurrency with a fixed value […]
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The week after Ethereum’s Merge event saw macroeconomic factors pulling prices lower, even though many Ether investors were hoping for a surge. The week after Ethereum’s Merge event saw macroeconomic factors pulling prices lower, even though many Ether investors were hoping for a surge. On Friday, Bitcoin was close to falling under the $19,000 level […]
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While a number of crypto traders were hoping for a surge in Ether’s price after the long-awaited change, the first 24 hours after the Merge saw Ether falling by more than 8% to around $1,470 While a number of crypto traders were hoping for a surge in Ether’s price after the long-awaited change, the first 24 […]
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This week is a special one, for September 7, 2022 marks the first anniversary of El Salvador formally adopting Bitcoin as legal tender – the first country in the world to do so. A day before the law came into force, Bitcoin’s price was more than $50,000. On Friday, however, it was worth $20,634.97 This […]
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