{"id":512131,"date":"2022-11-18T21:45:00","date_gmt":"2022-11-18T18:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-biz-ftx-fallout-leaves-blood-in-its-wake\/"},"modified":"2022-11-18T21:45:00","modified_gmt":"2022-11-18T18:45:00","slug":"crypto-biz-ftx-fallout-leaves-blood-in-its-wake","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-biz-ftx-fallout-leaves-blood-in-its-wake\/","title":{"rendered":"# Crypto Biz: FTX fallout leaves blood in its wake"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ab78171ca7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ab78171ca7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-ftx-fallout-leaves-blood-in-its-wake\/#%E2%80%9D_Crypto_Biz_FTX_fallout_leaves_blood_in_its_wake_%E2%80%9C\" >&#8221; Crypto Biz: FTX fallout leaves blood in its wake &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-ftx-fallout-leaves-blood-in-its-wake\/#Sam_Bankman-Fried_is_%E2%80%98under_supervision_in_Bahamas_looking_to_flee_to_Dubai\" >Sam Bankman-Fried is \u2018under supervision\u2019 in Bahamas, looking to flee to Dubai<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-ftx-fallout-leaves-blood-in-its-wake\/#FTX_fallout_continues_BlockFi_reportedly_mulling_bankruptcy_SALT_pauses_withdrawals_and_deposits\" >FTX fallout continues: BlockFi reportedly mulling bankruptcy, SALT pauses withdrawals and deposits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-ftx-fallout-leaves-blood-in-its-wake\/#Genesis_Global_halts_withdrawals_citing_%E2%80%98unprecedented_market_turmoil\" >Genesis Global halts withdrawals citing \u2018unprecedented market turmoil\u2019<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-ftx-fallout-leaves-blood-in-its-wake\/#FTX_bankruptcy_freezes_millions_worth_of_crypto_company_funds\" >FTX bankruptcy freezes millions worth of crypto company funds<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Crypto_Biz_FTX_fallout_leaves_blood_in_its_wake_%E2%80%9C\"><\/span>&#8221; Crypto Biz: FTX fallout leaves blood in its wake &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvMzBkZTc2MmMtY2UyYy00OGRkLWFmMmMtODQ2Mjg5Yjc4NTNjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-887bb764>Bitcoin (BTC) is the greatest monetary revolution of the modern age. By simply buying and holding Bitcoin, citizens are staging a peaceful protest against the indentured servitude brought on by fiat economics. In the process, they\u2019ve initiated one of the greatest wealth transfers of all time \u2014 a process that will take decades to play out fully.\u00a0<\/p>\n<p>Bitcoin has also galvanized a trillion-dollar cryptocurrency and blockchain industry \u2014 a double-edged sword that is both inspiring and frightening. Sam Bankman-Fried, the disgraced founder of the now-bankrupt FTX Group, is a case study of what can go wrong when pariahs are in charge of major corporations. Sam Bankman-Fried, or SBF as he\u2019s often called, has \u201csincerely apologized\u201d for defrauding investors, conning auditors and using customer funds to prop up FTX\u2019s sister hedge fund. We haven\u2019t even untangled the political web that SBF finds himself in \u2014 one that may include Gary Gensler of the United States Securities and Exchange Commission. <\/p>\n<p>This week\u2019s Crypto Biz continues to unpack the implosion of FTX, which, as of 10 days ago, was the second-largest digital asset exchange in the world. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Sam_Bankman-Fried_is_%E2%80%98under_supervision_in_Bahamas_looking_to_flee_to_Dubai\"><\/span>Sam Bankman-Fried is \u2018under supervision\u2019 in Bahamas, looking to flee to Dubai<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>After denying rumors that he fled to Argentina over the weekend, SBF was said to be under supervision in the Bahamas alongside FTX executives Gary Wang and Nishad Singh. A source familiar with the matter informed Cointelegraph that it would be difficult for the trio to leave the country on their own accord. The same source, who chose to remain anonymous, also claimed that Alameda Research CEO Caroline Ellison was trying to flee to Dubai to avoid extradition to the United States. Despite trying to convey a modest lifestyle to the public, SBF lives in a $40 million penthouse in the Bahamas. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"FTX_fallout_continues_BlockFi_reportedly_mulling_bankruptcy_SALT_pauses_withdrawals_and_deposits\"><\/span>FTX fallout continues: BlockFi reportedly mulling bankruptcy, SALT pauses withdrawals and deposits<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The fallout from the FTX debacle was both im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te and devastating as Bitcoin lender BlockFi halted platform activity, leading to credible rumors that it was on the verge of bankruptcy. In an official update to clients on Nov. 14, BlockFi said it had \u201csignificant exposure\u201d to FTX and its affiliated companies. Meanwhile, crypto lending company SALT also disclosed this week that it was halting platform activity, including pausing all deposits and withdrawals, due to the FTX contagion. As Cointelegraph reported, SALT CEO Shawn Owen has denied allegations that his company was \u201cgoing bust.\u201d But, things don\u2019t look good for SALT users at the moment. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Salt lending goes bust. <\/p>\n<p>If you currently have money on a lending platform or \u201cearn\u201d platform, GET IT OFF. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/eOIGG8yTrO\">pic.twitter.com\/eOIGG8yTrO<\/a><\/p>\n<p>\u2014 Coffeezilla (@coffeebreak_YT) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/coffeebreak_YT\/status\/1592567205727961089?ref_src=twsrc%5Etfw\">November 15, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Genesis_Global_halts_withdrawals_citing_%E2%80%98unprecedented_market_turmoil\"><\/span>Genesis Global halts withdrawals citing \u2018unprecedented market turmoil\u2019<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>On Nov. 16, the FTX contagion spilled over into the institutional markets as liquidity provider Genesis Global announced a temporary suspension of withdrawals due to \u201cunprecedented market turmoil.\u201d Genesis Global isn\u2019t a household name in crypto, but it does provide liquidity to Grayscale\u2019s Bitcoin Investment Trust, which currently has over $20 billion in net assets. Genesis managed to weather the Three Arrows Capital collapse earlier this year, having since filed a $1.2 billion claim against the failed hedge fund. It\u2019s unclear whether Genesis will survive the FTX meltdown, as it had $175 million worth of funds stuck on the exchange. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"FTX_bankruptcy_freezes_millions_worth_of_crypto_company_funds\"><\/span>FTX bankruptcy freezes millions worth of crypto company funds<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In addition to BlockFi, SALT and Genesis Global, several companies were left holding the bag on FTX\u2019s bankruptcy. Hedge fund Galois Capital is said to have as much as $50 million worth of crypto stuck on FTX. New Huo <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">Technology<\/a>, which owns the Hong Kong crypto exchange Hbit, has been unable to withdraw $18.1 million of digital assets from FTX. Nestcoin, a Nigerian Web3 startup, has reported similar problems but didn\u2019t disclose how much money was locked up on SBF\u2019s exchange. FTX touched every corner of the cryptocurrency market, leaving millions of people exposed. More details will come to light in the coming weeks and months. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">An update shared with our investors earlier today on the FTX incident and its impact on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Nestcoin?ref_src=twsrc%5Etfw\">@Nestcoin<\/a>. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/0Mjo4SYF7R\">pic.twitter.com\/0Mjo4SYF7R<\/a><\/p>\n<p>\u2014 YB (25,25) \u23f3 (@YeleBademosi) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/YeleBademosi\/status\/1592144271163142145?ref_src=twsrc%5Etfw\">November 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><em>Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-biz-ftx-fallout-leaves-blood-in-its-wake\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Crypto Biz: FTX fallout leaves blood in its wake &#8220; Bitcoin (BTC) is the greatest monetary revolution of the modern age. By simply buying and holding Bitcoin, citizens are staging a peaceful protest against the indentured servitude brought on by fiat economics. In the process, they\u2019ve initiated one of the greatest wealth transfers of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":512132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvMzBkZTc2MmMtY2UyYy00OGRkLWFmMmMtODQ2Mjg5Yjc4NTNjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74860,135234,89897,4978,117],"class_list":["post-512131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrency-exchange","tag-ftx","tag-sam-bankman-fried","tag-bankruptcy","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/512131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=512131"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/512131\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/512132"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=512131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=512131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=512131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}