News That Matters

Tag: cryptocurrency

FTX, collapsing crypto giant, no longer buying Calgary-based Bitvo
Global News

FTX, collapsing crypto giant, no longer buying Calgary-based Bitvo

Canadian crypto trading platform Bitvo Inc. says its deal to be acquired by FTX, the crypto-exchange giant that collapsed last week and filed for bankruptcy, will not go ahead. The company says that “in light of recent events” that its shareholder, Pateno Payments Inc., terminated its agreement with FTX Canada Inc. and FTX Trading Ltd.Bitvo announced the deal to be acquired by FTX earlier this year. Financial terms of the agreement were not disclosed. Trending Now Bitvo said Tuesday it has no material exposure to FTX or any of its affiliated entities.The company says its operations have and are expected to continue unaffected, with trading operations as well as withdrawals and deposits continuing. Story continues below advertisement It n...
FTX says “unauthorized access to certain assets has occurred” after declaring bankruptcy
Business

FTX says “unauthorized access to certain assets has occurred” after declaring bankruptcy

Just a day after FTX Trading announced it was filing for bankruptcy, the company's CEO said Saturday that "unauthorized access to certain assets has occurred.""An active fact review and mitigation exercise was initiated immediately in response," John Ray said in a statement, tweeted by the company's general counsel. "We have been in contact with, and are coordinating with law enforcement and relevant regulators."Reuters reported earlier Saturday that analysts had noticed "hundreds of millions of dollars of assets" were moved from the platform in "suspicious circumstances." Ray's statement also confirmed that the company "is in the process of removing trading and withdrawal functionality and moving as many digital assets as can be identified to...
Embattled Crypto Exchange FTX Files for Bankruptcy
News

Embattled Crypto Exchange FTX Files for Bankruptcy

By MATT OTT, AP Business WriterEmbattled cryptocurrency exchange FTX, short billions of dollars, is seeking bankruptcy protection following its collapse this week.FTX and its CEO and founder Sam Bankman-Fried are under investigation by the Department of Justice and the Securities and Exchange Commission to determine whether any criminal activity or securities offenses were committed. The person could not discuss details of the investigations publicly and spoke to The Associated Press on condition of anonymity.The investigation is centering on the possibility that the firm may have used customers’ deposits to fund bets at Bankman-Fried’s hedge fund, Alameda Research. In traditional markets, brokers are expected to separate client funds from other company assets. Violations can be punishe...