The biggest crypto news and ideas of the day |
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Hello and welcome to The Node. This is Daniel Kuhn, here to take you through the latest in crypto news and why it matters. In today’s newsletter: |
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Binance to Relaunch Bid for Bankrupt Lender Voyager: Binance.US, the American arm of the world’s largest cryptocurrency exchange, is preparing to bid for bankrupt lending platform Voyager Digital, according to a person familiar with the plans. - FTX had previously won an auction for the firm, which is now back on the market after Sam Bankman-Fried’s exchange declared bankruptcy last week.
- Earlier this week, Binance CEO Changpeng “CZ” Zhao said his exchange is setting up an industry recovery fund to help rebuild the industry.
Gemini Suffers $485M Rush of Outflows Amid Contagion Fears: The Winklevoss-founded crypto exchange has seen larger withdrawals than its competitors recently, after the suspension of Gemini's yield-earning program sparked concerns over liquidity. - Data by blockchain intelligence platform Nansen shows that all crypto exchanges are seeing outflows, as investors take their capital out of centralized companies amid the market instability caused by FTX’s collapse.
New FTX Boss Condemns Sam Bankman-Fried's Managemen: New FTX CEO John J. Ray III issued a scathing assessment of "unprecedented" poor management practices by his predecessor, Sam Bankman-Fried, in a series of filings in a Delaware court. The news comes as SBF attempts to walk back comments made during a leaked Vox interview where he said “f*** regulators.” - "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information,” Ray, a former Enron lawyer, said.
- Meanwhile, Bahamian liquidators say FTX wasn’t authorized to file for bankruptcy in the U.S. as several more firms disclose their exposure to the defunct exchange.
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Putting the news into perspective |
(DALL-E/CoinDesk) Don't Let Crypto's Worst Get a Redemption Arc Sam Bankman-Fried said his biggest regret is filing for bankruptcy at collapsed exchange FTX, while he goes on the market to raise $8 billion. This erratic behavior shows a serious disconnect from reality, D.K. writes. What’s worse? He's not the only crypto villain trying to redeem themselves, rather than comply with the justice system. Don’t let Terra's Do Kwon or Three Arrow Capital's Su Zhu and Kyle Davies act like anti-heroes. Read the full article here. |
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Overheard on CoinDesk TV... |
"The real beneficiaries are going to be people with very big names and very large balance sheets. People like Fidelity and BNY Mellon." – Opimas CEO Octavio Marenzi, discussing who would benefit from the FTX debacle, on CoinDesk TV's "First Mover" |
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