Cryptocurrency & Mining - Page 4

The collapse of what was the world's second-largest cryptocurrency exchange, FTX, is still being felt across the cryptocurrency industry, and the individual at the center of it all, Sam Bankman-Fried, is now finding himself at the center of another collapse that happened back in May 2022.

A new report from the New York Times reveals that Manhattan prosecutors have launched an investigation into Sam Bankman-Fried's (SBF) involvement in the collapse of the Terra blockchain and its Luna stablecoin. The report claims that FTX pushed out a large number of sell orders of TerraUSD while simultaneously shorting the price of Luna, according to an unnamed source.

SBF is alleged to have manipulated the market, which created the domino effect that resulted in the collapse of the two interlinked currencies in a move to "make a fat profit". In November, SBF's cryptocurrency empire completely collapsed when $8 billion of customer funds was found in the company's balance sheets, resulting in SBF filing for chapter 11 bankruptcy and investigations launched by federal prosecutors and the Securities and Exchange Commission (SEC) over funds being transferred to FTX's sister company Alameda Research.

Sam Bankman-Fried has taken to his Twitter account to reveal that he won't likely be attending the upcoming US House Committee hearing regarding the collapse of FTX.

Sam Bankman-Fried (SBF), the former CEO of what was the world's second-largest cryptocurrency exchange before it went bust, FTX, has taken to his personal Twitter account to announce that he is still "learning and reviewing what happened" to cause the collapse of his cryptocurrency exchange, and that once he has finished figuring out what happened, he will appear in front of a House Committee. SBF has been accused of misappropriating customer funds, hence the investigation launched by the US House Financial Services Committee last month.

The US House, Financial Services Committee, is planning on holding a hearing in December where multiple people and companies involved in the collapse of FTX will speak, including people from Alameda Research, FTX's sister company that's closely tied to the collapse of the crypto exchange, Binance, which a major player in its downfall, and more. Many cryptocurrency investors believe that SBF is currently getting away with one of the biggest frauds in history, which is why many crypto holders hoped they would get some clarity on what happened at FTX at the upcoming House Committee hearing.

An artificial intelligence system has been taught how to play a video game and has learned how to beat top human players.

The video game that has since been mastered by an artificial intelligence (AI) is Stratego, and the AI system that is now beating top players is from Google's AI company DeepMind, which developed its latest artificial intelligence called DeepNash. Google engineers taught DeepNash how to play Stratego, which is a game that involves two players attempting to capture each other's flag, and according to DeepMind's Twitter post regarding the achievement, the game is more complicated than chess, Go, and poker.

For those that don't know, Stratego involves two players attempting to figure out each of their opponent's 40 game pieces that are in unknown locations across the board. According to DeepMind's website, Stratego is a "game of imperfect information" and requires each player to "balance all possible outcomes when making a decision", which makes it a much more complex game than chess, Go, or poker as it far more possible game states. For example, Go has more possible game states with a figure of ten to the power of 360, while Stratego has ten to the power of 535 game states.

Kraken announced on Wednesday that it is firing 30% of its workforce in response to the cryptocurrency market downturn.

The cryptocurrency exchange explained in a blog post that due to macroeconomic and geopolitical factors paired with the state of the financial markets, Kraken has experienced significantly lower trading volumes and fewer client sign-ups. In response to this overall downturn, Kraken says it will be reducing hiring frequency, avoiding large market commitments, and reducing its global workforce by approximately 1,100 people to adapt to current market conditions.

Kraken explains that all "Krakenites," or individuals that have been let go from the company, will receive 16 weeks of base pay inclusive of the paid leave period, performance bonuses, four months of healthcare continuation, an extended window of time for their vested stock options, immigration support, and outplacement support.

The saga of the collapse of what was the world's second-largest cryptocurrency exchange, FTX continues, with reports now coming out about FTX's top lawyers trying to take control away from former FTX CEO Sam Bankman-Fried.

Over the course of one week, the world's second-largest cryptocurrency exchange collapsed in slow motion over a liquidity crunch closely tied to FTX's sister company Alameda Research. Now that the implosion has occurred, the fallout is being felt throughout the cryptocurrency industry, with companies such as BlockFi recently filing for bankruptcy as the FTX fallout severely impacted them. Additionally, more details about the events behind the scenes leading up to the implosion are coming out.

According to new reports, as FTX was in the midst of crumbling, top FTX lawyers reportedly attempted to take away control of the company from former CEO Sam Bankman-Fried (SBF), who ignored messages from the lawyers that requested SBF prepare for bankruptcy and halt exchanges. Ryne Miller, a top FTX lawyer, wrote in an email to Mr. Bankman-Fried and other staff on November 10, "The exchanges must be halted immediately. The founding team is not currently in a cooperative posture."

On November 11, BlockFi paused withdrawals, which coincided with the same day FTX filed for bankruptcy and the fallout of what was the world's second-largest cryptocurrency exchange began.

On November 14, the cryptocurrency lender reported having "significant exposure" to the now-bankrupt FTX, and all its entities, with sources at the company speaking to the press and informing them that the company was currently preparing to file for bankruptcy. Fast forward to November 28, wherein an official statement, the New Jersey-based company announced it will be focusing on recovering all obligations owed to BlockFi, but "recoveries from FTX will be delayed" due to its bankruptcy.

Rewind back to June of this year, BlockFi announced that it signed a deal with FTX that enabled them a $250 million line of credit that gave the cryptocurrency lender access to capital that "further bolsters our balance sheet and platform strength," according to BlockFi CEO Zac Prince. BlockFi wrote on November 11, the same day that FTX filed for bankruptcy, that "we, like the rest of the world, found out about this situation through Twitter." Adding, the company was, "shocked and dismayed by the news regarding FTX and Alameda."

Binance has sent a whopping $2 billion worth of Bitcoin to an unknown wallet address, amounting to a total of 127,351 Bitcoin sent in a single transaction.

Whale Alert reported the transaction occurred on November 28, with on-chain data suggesting that the $2 billion was sent at 10:00 AM UTC and only cost Binance a fee of 0.000026 BTC, or $0.42. Following the collapse of what was the world's second-largest cryptocurrency exchange, FTX, many cryptocurrency holders are justifiably concerned with the movements of cryptocurrency exchanges, especially ones of such large volumes.

Unsurprisingly, the transaction caused a ripple effect of fear, uncertainty, and doubt (FUD) to spread online, which sparked a response from Binance CEO Changpeng "CZ" Zhao, who took to Twitter to explain that the $2 billion transaction was a part of Binance's proof-of-reserve (PoR) audits. These audits are to demonstrate that the cryptocurrency exchange holds the same number of funds it publicly claims to have, hence "proof-of-reserve".

The fallout of the implosion of what was the world's second-largest cryptocurrency exchange, FTX, is still being felt around the world and at the center of it all is former FTX CEO and co-founder Sam Bankman-Fried.

Sam Bankman-Fried, or as often referred to as SBF, was once touted as one of the most generous billionaires in the world, and since the utter collapse of the FTX cryptocurrency exchange, SBF has admitted the "ethics stuff" had been "mostly a front". FTX filed for Chapter 11 bankruptcy on November 11, the same day SBF stepped down as CEO, with Bloomberg now reporting that SBF's own lawyers are now dropping him as a client over several of his tweets that he has made since November 11.

Reports indicate that some of SBF's lawyers have thrown in the towel over SBF's "incessant and disruptive tweeting", with Paul Weiss counsel Martin Flumenbaum saying in a statement, "We informed Mr. Bankman-Fried several days ago, after the filing of the FTX bankruptcy, that conflicts have arisen that precluded us from representing him."

The most powerful rocket in the world has launched NASA's Orion spacecraft on a 25-day journey to the Moon and back to Earth as part of the space agency's Artemis program.

NASA has taken to its blog to outline and summarize what has long been the objective of the Artemis 1 mission. With the launch being the first hurdle NASA has now put behind it, the space agency has moved on to what's now up next for Orion. The small spacecraft is a critical mission for NASA's future Artemis mission as it will inform the agency on what changes/improvements it will need to make to reduce risk as well as yield better results.

The space agency recently announced on its blog that Orion performed a burn that successfully put it on its way to the Moon. When Orion was approximately 58,000 miles away from Earth, the small spacecraft used its cameras located on its solar panels and inside the cabin to snap some photographs. Those photographs can be found in the link below.

The downfall of FTX is still in mid-flight, with the former CEO and co-founder of the cryptocurrency exchange discussing his version of the events on his Twitter account.

The face of FTX, Sam Bankman-Fried (SBF), has been caught in a whirlwind of his own creation by being accused of mishandling customer assets through FTX's sister company called Alameda Research, who was purportedly using FTX customer money to make poorly placed trades. Additionally, reports have surfaced that Alameda Research routinely engaged in frontrunning, which is the act of making investment decisions based on insider knowledge.

In the case this case, Alameda Research is accused of making investment decisions with its insider knowledge of which new cryptocurrency tokens were being listed on the FTX exchange. Over the course of the last two days of the fallout following the declared bankruptcy by SBF, the former CEO has taken to his Twitter account to post "what happened" over two days, followed up by a few posts on what his goals are, with one of them being "is to do right by customers" and that "I'm meeting in-person with regulators and working with the teams to do what we can for customers. And after that, investors. But first, customers."