CryptoBeaver

  The story of SBF could inspire directors to produce a movie called “The King of Crypto,” Saylor opined. The Executive Chairman of MicroStrategy and prominent bitcoin bull – Michael Saylor – likened the CEO of FTX – Sam Bankman-Fried – to the notorious Jordan Belfort, also known as “The Wolf of Wall Street.” In his view, SBF “was using stolen money” and cooperated with corrupt regulators to keep his business going. Make a Movie About Him Bitcoin evangelist Michael Saylor  believes  Bankman-Fried lobbied against “all of the virtues of the industry,” including bitcoin, by using counterfeit finances and bribing certain individuals. MicroStrategy’s Co-Founder went further, describing FTX’s CEO as “The Wolf of Wall Street” of the crypto sector. Hollywood should focus on him and produce a film called “The King of Crypto,” Saylor added: “I think this [crypto] crash accelerates regulatory intervention. I mean, in fact, in a sense, SBF is like the Jordan Belfort of the crypto era...

  Aside from losses resulting from the   FTX   hack, the bankrupt exchange is apparently unable to account for $1 billion to $2 billion of client funds, say people familiar with the matter, and its   balance sheet shows liabilities of $8,859 million   against assets of just $899 million.  FTX balance sheets shown to investors by Sam Bankman-Fried In addition, $10 billion was transferred to sister company Alameda Research and, perhaps most damagingly from a legal perspective, FTX insiders created a “back door” to its accounting systems, according to  Reuters  reports.  A back door to bypass oversight requirements opens the FTX leadership to charges that they were trying to shield their nefarious activities from the rest of the groups employees. These latest explosive findings follow an admission by the exchange that  "unauthorized transactions" had taken place . At least $600 billion lost in hack – and what is balance sheet itemization TR...

  Vitalik Buterin has shared some thoughts on SBF and the way the community has reacted to the whole fiasco so far. The co-founder of Ethereum has shared some thoughts on the FTX fallout and, more precisely, on the reaction toward the former CEO – Sam Bankman-Fried. It appears that the cryptocurrency community is unanimous in its stance against the action of Sam Bankman-Fried, the former CEO of FTX. The overwhelming majority of reactions are entirely negative, with many calling for prison time and the most severe regulatory punishments. Vitalik Buterin, the founder of Ethereum, has also  chipped  in on the matter. He believes that, as a public figure, SBF deserves everything he’s getting. He even said this is healthy in a bid to reaffirm important values for the community. On the other hand, though, “Sam the human being”  deserves support and love, according to Buterin. SBF the public figure deserves what it’s getting and it’s even healthy to have a good dunking sess...

  In what seems to be a repeated mistake, CryptoCom has once again sent money accidentally, only to recover it later. FTX’s collapse stirred the cryptocurrency market in a way that not many expected, but there’s some silver lining, however tiny it may seem. For once, most of the leading exchanges decided to go ahead with their proof-of-reserves and published the majority of their addresses that contained the funds stored on their platforms. CryptoCom is one of the exchanges that published their addresses, showcasing how much and what cryptocurrencies it stores on behalf of its customers. However, quickly after the information went public, members of the crypto community discovered a transaction for a whopping 320,000 ETH sent out from one of the exchange’s addresses. This represented roughly 80% of the ETH stored on CryptoCom. The company’s CEO, Kris Marszalek, gave an explanation of what happened: It was supposed to be a move to a new cold storage address, but was sent to a whitel...

  CZ believes that although the FTX fiasco will have cascading effects, the market will eventually heal itself. Changpeng Zhao (CZ), CEO of the world’s largest cryptocurrency exchange Binance, has expressed his belief in the ability of the crypto market to heal itself once the full impact of FTX’s implosion is felt. Speaking at a conference in Indonesia, CZ  said  that more companies would be affected by FTX’s downfall, considering how big the crypto exchange was.   “With FTX going down, we will see cascading effects. Especially for those close to the FTX ecosystem, they will be negatively affected,” he said, adding that in the end, the “market will heal itself.” CZ: Crypto Crisis Echoes 2008 Crash The Binance CEO likened the current crypto winter to the 2008 global market crash, the most severe financial crisis since the Great Depression. CZ noted that the global economic crisis is “probably an accurate analogy” to the recent happenings, adding that the full impact ...

  Elon Musk says he had a conversation with SBF prior to the Twitter deal. Here’s what he thought of him. Elon Musk recently said that he had a conversation with Sam Bankman-Fried before the Twitter deal. He also shared some predictions going forward. The world’s richest man recently joined a discussion on Twitter with over 60,000 listeners to talk about the  FTX hack  and bankruptcy. Musk revealed that he had a conversation with the exchange’s former CEO – Sam Bankman-Fried and that his opinion of him wasn’t the best. … I got a ton of people telling he’s got huge amounts of money that he wants to invest in the Twitter deal and I talked to him for about half an hour and I know my bullshit meter was redlining. It was like, this dude is bullshit – that was my impression. Musk said he hadn’t heard of him before that, while adding: […] Everyone including major investment banks – everyone was talking about him like he’s walking on water and has a zillion dollars. And that was ...

  With consumer confidence shaken, CZ believes that the event will serve as a “wake-up call” in the long term to learn how to deal with risks that come with the nascent industry.  FTX has lost several potential rescuers after shady details of the internal workings continue to emerge. The biggest setback was Binance pulling out of the deal. But according to the crypto giant’s CEO, the deal with FTX did not make sense. While speaking at the Indonesia Fintech Summit, Changpeng “CZ” Zhao  weighed  on the takeover that never materialized and the reason behind it. “From a financial perspective, there is a big hole. From new users, we have very high overlaps. We cover all the regions they cover and they have much less users than us. From a technology or product perspective, I think we have a superior product. They don’t have anything we don’t have.” According to CZ, the original intention was to “protect” the users. However, the  reports  of misappropriating user ...