Turner Wright

The Cointelegraph team has come up with a humorous guide for readers to employ with crypto skeptics and curious people while home during the holidays.

“The fall of FTX was not simply a result of sloppy business and management practices, but rather appears to have been caused by intentional and fraudulent tactics,” said the letter.

The former CEO describes his role in the exchange’s downfall as a failure in oversight, saying he should have been “more skeptical of large margin positions.”

According to the Chamber of Digital Commerce CEO, passing any kind of legislation — including bills on crypto and blockchain — will be “incredibly difficult” in a divided government.

Shytoshi Kusama reported Shiba Inu could work alongside Facebook and Decentraland by working on metaverse global policy at the World Economic Forum.

Changpeng Zhao first announced the fund following FTX filing for bankruptcy, saying it would be aimed at helping projects with liquidity issues but was not for “liars or frauds.”

“We’re not just talking about crypto assets, or cash assets, or physical assets — we’re also talking about information, and information here is an asset,” said James Bromley.

Though the mood among many who showed up in Austin was bullish, most commented on the collapse of FTX and the drop in the price of Bitcoin.

The hearing, titled, “Why Congress Needs to Act: Lessons Learned from the FTX Collapse,” will be one of the first in which U.S. lawmakers explore what happened with the exchange.

Japan’s Financial Services Agency requested the exchange suspend business orders on Nov. 10, prior to FTX Group declaring bankruptcy in the United States.

“I was on the cover of every magazine, and FTX was the darling of Silicon Valley,” said the former CEO on the crypto firm’s path to bankruptcy.

The U.S. lawmaker suggested four financial regulatory heads had done little to address “crypto billionaire bros” using digital assets for the evasion of sanctions and taxes.

“There is no sugarcoating it: the FTX collapse has been a dumpster fire,” said House Financial Services Committee ranking member Patrick McHenry.

Martin Gruenberg answered affirmatively to Senator Bob Menendez that there were “no cryptocurrency firms backed by the FDIC” and its coverage did not include crypto “of any kind.”

“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change,” said the SEC.

Banking giants including BNY Mellon, Citi, U.S. Bank and Wells Fargo will be issuing tokens and settling transactions through simulated central bank reserves as part of the pilot.

The Securities Commission of the Bahamas said it had to act “given the magnitude, urgency, and international implications of the unfolding events with regard to FTX.”

Martin Gruenberg was the FDIC’s acting chair while the agency issued cease-and-desist orders to crypto firms and suggested that payment stablecoins merited further consideration.

Authorities reportedly alleged Shin Hyun-seong earned roughly $105 million in profits from illegal sales of LUNA tokens before Terra’s collapse.

A source with knowledge of the investigations reportedly said New York authorities were looking into the collapse of FTX following the firm declaring bankruptcy on Nov. 11.

Amy Wu’s resignation followed the news 134 companies associated with the FTX Group would be filing for bankruptcy under Chapter 11 in the United States.

Sam Bankman-Fried no longer qualifies for a listing on the Bloomberg Billionaires Index, while Elon Musk’s reported net worth has dropped by more than $86 billion in recent days.

FTX Europe is one of roughly 130 companies in FTX Group that will be a part of bankruptcy proceedings in the United States.

FTX CEO Sam Bankman-Fried has resigned from his position but will “remain to assist in an orderly transition” before being succeeded by John Ray.

According to Press Secretary Karine Jean-Pierre, the administration and financial agencies will “closely monitor” developments in the crypto market.

“The news this week has been shocking, but we’ve also seen the community come together,” said CCI CEO Sheila Warren.

Minnesota Representative Tom Emmer did not provide any evidence to his claim that Gary Gensler was “helping SBF and FTX work on legal loopholes” but said he was looking into the matter.

“FTX’s FTT tokens are now worthless, and even worse, FTX.com customers are completely unable to access their funds,” said Maxine Waters.

Under the orders, FTX Japan will be required to suspend OTC derivatives transactions and related margins as well as new deposits from Nov. 10 to Dec. 9 unless the FSA steps in.

According to the FTX CEO, Alameda Research was also “winding down trading” but United States-based exchange FTX US “was not financially impacted” by recent events.