Bitcoin and cryptocurrency

news.slashdot.org

FTX Owes Money To More Than a Million People, Court Filing Suggests - Slashdot

The embattled and now bankrupt cryptocurrency exchange FTX may owe more than a million people money, according to a Tuesday court filing (PDF). Motherboard reports: "The events that have befallen FTX over the past week are unprecedented. Barely more than a week ago, FTX, led by its co-founder...
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slashdot.org

California AG Issues Warning-Ladened Guidance For Public Interested In Buying Crypto - Slashdot

With the cryptocurrency market becoming ever more complex and intimidating, California Attorney General Rob Bonta had decided to issue guidance for novice crypto buyers. CoinTelegraph reports: The California Office of the Attorney General's website now features a page that will help those new...
slashdot.org
 
What regulators? Cryptocurrency is an attempt to avoid regulation and oversight as experienced by banks. To win "investors" globally. Then those in charge of cryptocurrency exchanges begin to absorb money from all possible global sources and become the new banking and lending centers.

In July, Elon Musk sold 75% of his Bitcoin.

www.euronews.com

Tesla has sold Bitcoin. Is this Musk’s cryptocurrency U-turn?

Tesla’s sale of its Bitcoin holdings comes after CEO Elon Musk promised to not sell the Bitcoin tesla owned. Is this Musk U-turning on crypto?
www.euronews.com www.euronews.com

I think most people will prefer real money to invisible money operating in uh... unregulated ways.
 
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Amid Ray’s first statements on the collapse of FTX, a jurisdictional fight over the company’s legal proceedings has emerged. Earlier in the week, officials in the Bahamas filed a Chapter 15 bankruptcy in a New York federal court asking a judge there to respect a liquidation effort that had commenced in the island nation.

At issue is an FTX subsidiary known as “FTX Digital” not involved in the US Chapter 11 case in which the Bahamas says significant customer assets reside. Ray on Thursday wrote in a court filing that the Chapter 15 case should be consolidated in the Delaware bankruptcy court.
Click to expand...
New FTX chief says crypto group’s lack of control worse than Enron (ft.com, registration or subscription may be required)
 
I read one cheerleader who pointed out that the "industry" is still young. But unlike actual banks in the U.S. where deposits are insured by the Federal Deposit Insurance Corporation, so-called crypto providers only offer better interest rates.
 
What's more, it's not clear who actually works for the company.

"The FTX Group’s approach to human resources combined employees of various entities and outside contractors, with unclear records and lines of responsibility," the bankruptcy filing explains.

"At this time, the Debtors [FTX] have been unable to prepare a complete list of who worked for the FTX Group as of the Petition Date, or the terms of their employment. Repeated attempts to locate certain presumed employees to confirm their status have been unsuccessful to date."

Nor does it appear the company had a functional accounting department. Ray says he's in the process of trying to produce reliable financial records but has outsourced this task because "The Debtors do not have an accounting department…"
Click to expand...
www.theregister.com

FTX chaos declared 'unprecedented' by Enron clean-up exec

Corporate funds bought employee homes, no accounting department, uncertainty about who's an employee, and other baffling behavior
www.theregister.com www.theregister.com
 
Remember a few years back when some-one unkindly compared crypto-currency to the 'Wild West' era, when a zoo of local banks each issued their own scrip, but one fraud, oopsie or bandito raid could break them ??

Nah, we were assured: 'Crypto' is safe, safe, safe...

Except, of course, when it is not...

Must hope the eponymous Nork hackers are among the many 'out of pocket'...

Disclosure: I have never 'mined' Bitcoin etc, nor have I any exposure to 'Crypto'.
Since my first, modest, Gov.UK-backed SAYE investments were utterly 'eaten' by that bout of inflation in the late-70s, I have been very, very wary of the potential pitfalls, swindles and 'gotchas' of peroptimistic financial forecasting. Thus, in the mid-90s, when my wife and I needed a mortgage, I held out for a 'trad' repayment scheme rather than the then-fashionable 'endowment' variety. So, when the housing market etc dipped, and a lot of people fell into 'negative equity', we were unscathed. We very nearly had to use our modest savings to 'bail out' several badly-stung relatives...
 
Grey Havoc said:
slashdot.org

El Salvador Plans to Buy More Bitcoin Every Day Despite Losing Millions Already - Slashdot

Nayib Bukele, the president of El Salvador, announced late Wednesday that his government plans to buy one Bitcoin every day starting on Thursday. Gizmodo reports: The current price of one Bitcoin is roughly $16,540, down 1.5% from a day earlier and down 73% from a year ago. Bitcoin was trading...
slashdot.org
Click to expand...

Until they run out of money? I think they are defining a new version of insanity.
 
science.slashdot.org

Will FTX's Collapse Strand Scientists? - Slashdot

"Last week's collapse of the cryptocurrency exchange FTX is sending aftershocks through the scientific community," writes Science magazine: An undergraduate physics major at the Massachusetts Institute of Technology (MIT) who founded FTX and quickly became a billionaire, 30-year-old Sam...
science.slashdot.org
 
Richard N said:
CRYPTO - FTX $32 Billion Collapse is Worst in USA History as no Cash, Cryptocurrency or Records
Click to expand...

I was watching that and two earlier names from the history of large scale fraud popped into my mind, Ivar Kreuger (Wikipedia) and Horatio Bottomly, M.P (Yes he did get elected to parliament...) (Wikipedia), both of whom's methods SBF seems to have made use of.
 
tech.slashdot.org

Silence From Digital Currency Group's Genesis Spooks Crypto - Slashdot

Genesis Global Trading has been eerily silent after announcing last week that its crypto lending unit would halt services in light of FTX's collapse. From a report: Five days have passed since its lending unit ceased withdrawals and new loan originations. And the lack of communication has opened...
tech.slashdot.org

www.telegraph.co.uk

Crypto broker Genesis at risk of bankruptcy as FTX contagion spreads

Crypto company has halted withdrawals on key products
www.telegraph.co.uk www.telegraph.co.uk
 
news.slashdot.org

Did Sam Bankman-Fried's Millions Buy the Media's Loyalty? - Slashdot

As the FTX fallout continues to unfold, Reason reports: The mainstream coverage of SBF and FTX is more than a little blase... SBF was heavily involved in Democratic Party politics: In the 2022 election cycle, he was the second most prolific funder of Democratic candidates. But he wasn't just a...
news.slashdot.org
 

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