News

‘I never opened the code for FTX’: SBF has long, candid talk with vlogger
November 29, 2022 10:03 pm

The disgraced former head of the world’s second-largest cryptocurrency exchange tells his side of the story in candid but occasionally inarticulate interviews.

The creator of the FTSE100 launches indices for crypto
November 29, 2022 9:55 pm

The constituent coins that make up the indices have not yet been released, but it does include performance data for the first three quarters of 2022.

Sam Bankman-Fried Called to FTX Hearing by Texas Securities Regulator
November 29, 2022 9:52 pm
The Texas State Securities Board has been investigating FTX US since October.
Crypto Markets Today: Huobi’s HT Token Climbs After Exchange Discloses Airdrop
November 29, 2022 9:49 pm
The company will send a digital token to users via Huobi Prime, its exclusive token offering platform. Crypto Markets Today is CoinDesk’s daily newsletter diving into what happened in today's crypto markets.
US lawmaker questions major crypto exchanges on consumer protection amid FTX collapse
November 29, 2022 9:45 pm

Binance, Coinbase, Bitfinex, Gemini, Kraken and KuCoin were targets of one senator's probe into protections the firms had in place if a failure similar to FTX's occurred again.

Libertex crypto exchange head Vyacheslav Taran dies in helicopter crash in France
November 29, 2022 9:30 pm

Taran’s death is the third to shake the crypto world in recent weeks, following Amber Group’s Tiantian Kullander and MakerDao’s Nikolai Mushegian.

Crypto Services Firm Prime Trust Has Fired CEO Tom Pageler
November 29, 2022 9:25 pm
Crypto fintech Prime Trust’s CEO, Tom Pageler, was fired this week, CoinDesk has learned.
Crypto Exchange Bitfront Shuts Down Amid Industry Challenges
November 29, 2022 9:00 pm
Crypto Exchange Bitfront Shuts Down Amid Industry Challenges

Cryptocurrency exchange Bitfront has announced its intention to cease operations in the coming months, citing challenges facing the industry. The U.S. trading platform, backed by Japan’s social media giant Line, indicated the decision is unrelated to the collapse of FTX.

Line-Supported Digital Asset Exchange Bitfront Suspends New Sign-ups

Bitfront, a crypto exchange operating in the United States, has suspended new sign-ups and credit card payments while planning to cease operations in a few months’ time. The move comes despite efforts to overcome the current challenges in the “rapidly evolving” crypto industry, the company announced, quoted by Reuters and Bloomberg.

In the statement published on its website, the exchange explained it has “regretfully determined that we need to shut down Bitfront in order to continue growing the Line blockchain ecosystem and Link token economy.” The U.S.-based platform, which launched in 2020, is backed by the Japanese social media firm Line Corp.

Bitfront also pointed out that the decision to close down is not related to the problems of “certain exchanges that have been accused of misconduct,” an indirect reference to FTX, one of the largest global players in the market before it collapsed and filed for bankruptcy protection on Nov. 11 amid liquidity issues.

Other companies in the space, like Blockfi for example, have been hurt by exposure to FTX. The crypto lender announced on Monday it has petitioned for Chapter 11 bankruptcy protection along with eight of its affiliates. When Blockfi paused withdrawals earlier this month, it specifically cited the “lack of clarity” regarding the state of FTX at the time.

With a 24-hour volume of less than $94 million, only a dozen trading pairs and six coins, according to Coingecko, Bitfront has a small share of a market with a total trading volume of almost $57 billion over the same period, the Bloomberg report noted.

The exchange informed users that new sign-ups and card payments have been suspended on Nov. 28 while deposits in cryptocurrency and U.S. dollars will be halted on Dec. 30. It also urged customers to withdraw all their assets by March 31, 2023, when all withdrawals will be suspended as well.

Do you expect other crypto trading platforms to go out of business? Let us know in the comments section below.

FTX hacker reportedly transfers a portion of stolen funds to OKX after using Bitcoin mixer
November 29, 2022 8:45 pm

On-chain activity suggests that the hacker has sent at least 225 BTC (4.5 million) to OKX so far.

Beto O’Rourke Returned a $1M Campaign Donation From Sam Bankman-Fried: Report
November 29, 2022 8:31 pm
The former Texas Democratic candidate for governor was uncomfortable accepting such a large unsolicited donation, according to the Texas Tribune.
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