Bitcoin (BTC) was recently trading at around $16,600, little changed over the past 24 hours. The largest cryptocurrency by market capitalization hovered over its latest $16,000 support for a ninth consecutive day. BTC dropped below its previous $19,000 support as the first threads of Sam Bankman Fried’s FTX...
Warren and Durbin, both longtime, outspoken crypto skeptics, said the collapse of FTX – which, until recently, had a $32 billion valuation and was largely perceived as one of the most stable exchanges in the industry – “justify our long-standing concerns that the crypto industry ‘is built to...
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives...
It’s been a chaotic week in the cryptocurrency space, with yet another centralised firm – this time FTX – going under. Against this backdrop, the all-important issue of custody of assets has been thrown into the limelight. I wrote a piece yesterday analysing how funds were flowing out of...
If, however, the funds don’t end up being recovered and the exchange gets shut down (as we’ve seen with Mt. Gox, QuadrigaCX, BTC-E, Cryptsy, Celsius and so many others), I would recommend classifying tokens lost on FTX as worthless investment losses, and taking a capital loss in the...
They Burned Down Crypto. Now They Want a Comeback Team Valhalla