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Last Updated : November 20, 2022 / 09:33 AM IST
Cryptocurrency roundup for November 20: Why Mark Cuban still believes in crypto, banks need to take over cryptocurrency, and more<!– Moneycontrol Daily | Your Essentials 7 –>
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.
Big Story
Crypto Fund Sino Global Had Deep Ties to FTX Beyond Equity Investment
Sino Global Capital, one of Asia’s biggest and most well-known crypto investors, led by Matthew Graham, tweeted a statement this week that its “direct exposure to FTX exchange was confined to mid-seven figures held in custody.” The wording of the statement leaves open the question of how big the firm’s indirect exposure might be – including a portfolio of digital tokens that stood at $129 million as recently earlier this year, according to investor documents; many of those tokens, including the Solana blockchain’s SOL, were among those closely associated with Sam Bankman-Fried, the once-billionaire crypto whiz-kid-turned-pariah who ran FTX. More here
FTX Saga
FTX’s Sam Bankman-Fried Gave New Meaning To ‘420-69,’ Taking Home $300M: Where Is It Now?
The shocking and appalling details of FTX’s collapse are still being uncovered, but new information issued by The Wall Street Journal shows that Sam Bankman-Fried cashed out 71.31% of a top-up to a series B funding round in 2021, taking home $300 million. In a play on the Elon Musk-loved ‘420-69’ joke, FTX initiated a $420,690,000 top-up to a series B funding round in October 2021, which attracted 69 investors, valuing the then-healthy company at $25 billion. Details here
Mark Cuban
Here’s Why Mark Cuban Still Believes In Crypto Despite FTX Breakdown
Mavericks owner and investor Mark Cuban still believes in crypto, even though the entire cryptocurrency market is reeling under the FTX collapse. His optimism is based on the key underlying technologies that allow crypto transactions to be made, known as smart contracts. Cuban says that smart contracts will be a great tool in creating valuable applications for everyone in the crypto market. Continue reading
Sam Bankman Fried
FTX’s Sam Bankman-Fried Cashed Out $300 Million During Funding Spree
When FTX raised $420 million from an array of big-name investors in October last year, the cryptocurrency exchange said the money would help grow the business, improve user experience and allow it to engage more with regulators. Left unmentioned was that nearly three-quarters of the money, $300 million, went instead to FTX founder Sam Bankman-Fried, who sold some of his personal stake in the company, according to FTX financial records reviewed by The Wall Street Journal and people familiar with the transaction. Full story here
Crypto-Regulation
FTX illustrated why banks need to take over cryptocurrency
FTX — the three letters on everyone’s lips in recent days. For those active in the crypto space, it has been a shattering blow as a tumultuous year for crypto nears an end. The repercussions are severe, with over a million people and businesses owed money following the collapse of the crypto exchange, according to bankruptcy filings. With investigations into the collapse ongoing, it will certainly push forward regulatory changes, either via lawmakers or through federal agencies. More here
Market Buzz
Bitcoin and Ether in green as crypto m-cap declines
Major cryptocurrencies were trading in the green early on November 20 even as the global crypto market cap increased 0.82 percent to $836.91 billion over the last day. The total crypto market volume declined 22.77 percent to $33.17 billion over the last 24 hours. Total volume in DeFi stood at $2.18 billion, which is 22.77 percent of the total crypto market 24-hour volume. The volume of all stablecoins was $2.18 billion, which is 90.16 percent of the total crypto market 24-hour volume. Details here
MC Podcast | Why are investors ignoring LIC and what can change sentiment?
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