Crypto

One million creditors are waiting in line following FTX crash

Published

7 months ago

November 16, 2022

One million creditors impacted following the recent FTX collapse

The recently-collapsed Crypto exchange platform, FTX could have more than 1 million creditors, as regulators open investigations.

FTX outlined a “severe liquidity crisis” in U.S. bankruptcy filings. The whole saga has prompted lawmakers to call for clearer rules on how the industry operates.

“FTX faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis last Friday,” the documents say. “Questions arose about Mr Bankman-Fried’s leadership and the handling of FTX’s complex array of assets and businesses under his direction.”

The company is in contact with financial regulators and has appointed five independent directors at each of its main companies.

The exchange was one of the world’s largest and filed for bankruptcy protection on Friday.

It’s one of the biggest crypto blowups ever. Panicked traders withdrew a whopping $6 billion from the platform in just 72 hours when the news broke.

FTX founder and former chief executive Sam Bankman-Fried says he expanded the business too quickly and failed to notice signs of trouble.

According to the filings at the bankruptcy court in the state of Delaware, Bankman-Fried stepped down from his role at 4.30am on Friday, following “consultation with his own legal counsel”.

The filing says the new leadership has been in contact with a number of agencies. These include “the U.S. Attorney’s Office, the U.S. Securities and Exchange Commission, and the Commodity Futures Trading Commission.” This is alongside dozens of federal, state and international regulatory agencies.

Crypto

Is the metaverse the future of social network?

Published

7 days ago

May 30, 2023

ticker NEWS

U.S. firms like Meta, the parent company of Facebook and Microsoft are going all in on the metaverse. Meanwhile, Chinese companies appear to be taking a more cautious approach amid tighter regulation.

#metaverse #china #unitedstates #tech #veronicadudo #ozsultan #crypto

Crypto

Who will win the global metaverse race?

Published

7 days ago

May 30, 2023

ticker NEWS

China is looking to invest in the metaverse market as numerous cities rollout policy proposals.

Technology continues to change our lives forever.

As new advancements are released to the public—safety continues to be a major concern.

People are interacting with computers in a different way, with the word Metaverse becoming a buzzword in both the tech and business industries.

While the term, “metaverse” is broad, it refers to a set of digital spaces online—including 3D—that allows people to do many things from socializing and learning to interacting and collaborating.

Analysts say it’s the next evolution in social connection and the successor to the mobile internet.

According to Morgan Stanley, the metaverse market could be worth $8 trillion in the future.

China’s technology giants are investing in the metavese and recently, numerous Chinese cities have announced policy proposals to attract and support metaverse companies.

This comes after tense year of regulatory scrutiny on the countries tech sector.

The Chinese city of Zhengzhou recently announced a series of policy proposals to support metaverse companies operating in the region.

The initiative involves the municipal government establishing a nearly $1.5 billion dedicated fund in an effort to foster growth and development in the industry.

So, is the metaverse taking the world by storm?

Oz Sultan from the Sultan Interactive Group joins us to discuss. #china #metaverse #veronicadudo #ozsultan #regulation #crypto #tech